The MRI market in Europe is expected to grow at a CAGR of 5% from 2022 to 2027 and be worth USD 1.58 billion in 2027 from USD 1.24 billion in 2022.
The aging population is much more likely to be prone to various health issues, and MRI plays a vital role in different treatment procedures. The aging population is significantly growing in Europe and is expected to increase demand levels for MRI systems in European countries. The total population in Germany was 83 million in 2019, of which 16.2 million are above 67 years old, and this value is predicted to be increased to 12.4 million by 2040.
Additionally, the YOY increase in chronic diseases such as neurological diseases and other disorders is directly fuelling the number of diagnostic procedures, which is predicted to favor the MRI Market growth in Europe. Extensive usage of MRI for various medical applications is expected to act as a driving factor for market growth.
High costs associated with the MRI systems and treatments, unfavorable reimbursement for recent technologies, and shortage of skilled radiologists are expected to challenge the market growth during the forecast period.
This research report on the Europe MRI Market has been segmented and sub-segmented into the following categories:
By Field Strength:
Geographically, Europe is closely following North America in leading the majority of the share in the global MRI Market during the forecast period.
The German MRI Market is estimated to lead the European market among all the other nations during the forecast period. Rising awareness about the advantages provided by the early diagnosis of the disease and advancements in technologies towards healthcare are expected to support the market in Germany.
The UK MRI Market is expected to grow at a prominent rate due to the availability of skilled professional employees for operating the MRI systems. A growing number of hospitals in the UK provide complete MRI scanning procedures. These hospitals are equipped with state-of-the-art MRI scanners to provide a quality life for patient care, heart, lungs, bones, breast, and abdomen are propelling the growth of the UK MRI Market.
Other countries such as France, Italy, and Spain are expected to hike at a decent CAGR during the forecast period.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in the European MRI Market are Hitachi Medical Corporation, Toshiba Medical Systems, Siemens Healthcare, GE Healthcare, Imris Inc., Fonar Corporation, Esaote S.P.A, Neusoft Medical System, Aurora Medical Imaging, and Philips Healthcare.
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