Global MRI Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Field Strength (Low To Midfield, High Field, Very High Field and Ultra-High Field), Architecture (Open MRI and Closed MRI), Application (Brain, Spine, Cardiac, Breast and Abdomen) & Region - Industry Forecast (2024 to 2029)

Updated On: January, 2024
ID: 1874
Pages: 190

Global MRI Market Size (2024 to 2029)

As per our research report, the global MRI market is estimated to be worth USD 9.23 billion by 2029 from USD 7.19 billion in 2024, growing at a CAGR of 5.10% during the forecast period.

Current Scenario of the Global MRI Market

Magnetic resonance imaging (MRI) is a useful diagnostic tool for detecting diseases such as lesions in the spine, cancers, and strokes that affect the blood vessels and brain. MRI technology is safe and feasible because, unlike other imaging technologies, it does not generate ionizing radiation. MRI devices can generate images in any plane and 3D isotropic images. One of the most significant achievements of modern healthcare research is imaging technology. Many imaging technologies are utilized in healthcare procedures, including CT, X-Ray, ultrasound imaging, and MRI. MRI is the most popular imaging method among these technologies due to its significant benefits over other imaging technologies regarding scan quality and capacity to capture soft tissues. Diffusion-weighted MRI is also commonly utilized to identify stroke within 30 minutes of its beginning. Increased employment is being created by expanding medical device businesses and improving diagnostic and therapeutic treatment options.

MARKET DRIVERS

Rising awareness of the benefits of early diagnosis, technical developments leading to replacing low-field MRI systems with high-field MRI systems, and the development of new helium resources propel the global MRI market growth. Academic institutes, research laboratories, hospitals, and physicians are all interested in advances in MRI techniques such as superconducting (SC) magnets, open architecture, high-field MRI, and software applications. Furthermore, introducing MRI-compatible pacemakers will considerably expand the number of eligible MRI treatments. The increasing demand for rapid and effective diagnostic treatments will likely drive MRI machine usage. Various paramagnetic contrast agents, such as gadolinium-DTPA, are injected intravenously to provide sharper, more precise, and accurate images in less time. During the forecast period, the MRI market is predicted to grow further due to the increasing development of intraoperative MRI and its use in different applications, such as neurosurgery. Technology advancements, such as quiet MRIs, are expected to propel the MRI market forward. Aged people usually suffer from various problems, such as cardiovascular and neurological disorders, which fuels the use of MRI and promotes market growth.

Diffusion and diffusion tensor imaging with tractography, neuroimaging comprising MR spectroscopy, perfusion imaging, and functional imaging utilizing the bold approach are likely to drive market growth throughout the forecast period. Because high-magnitude MRI systems are becoming more popular, different colleges are doing research or studies on them. This machine is intended to pave the way for new ways to diagnose diseases, including Alzheimer's, heart disease, diabetes, and cancer. Technological advancements in MRI systems, such as 7T, a high-resolution MRI, will improve the comfort of imaging the interior structure and functioning of the CNS while reducing processing time. Because of this, players in the MRI systems market will see considerable growth opportunities. Through new product releases, partnerships, and training experts for various MRI systems, healthcare businesses primarily focus on delivering enhanced healthcare facilities and goods to boost their economic opportunities.

MARKET RESTRAINTS

The market's growth is projected to be limited by the high cost of MRI systems, the incompatibility of MRI systems in some patients, and declining reimbursement rates for MRI therapies. In addition, the growth of the global MRI market is expected to be hampered by delayed product approval, a lack of skilled professionals, and frequent product recalls owing to the industry's strict regulatory structure.

COVID-19 Impact on the global MRI market

The MRI market is anticipated to be negatively affected by COVID-19 due to the fast spread of the virus from one person to another at an early stage of the pandemic. COVID-19 has had a significant influence on outpatient imaging services. Cardiology is likely to be negatively affected by COVID-19. On the other hand, most healthcare providers favor imaging over other COVID-19 screening options because it gives a primary diagnosis in a short amount of time. COVID-19 and its effect on various patients in each demographic have been tested using all imaging modalities, including magnetic resonance imaging. COVID-19 can cause more significant problems in those who have underlying medical issues. As a result, imaging technologies may be more widely used during a pandemic. However, the global MRI market is expected to be showcasing a healthy growth rate in the coming years due to the growing adoption of new normalization and decreasing impact of COVID-19.

REPORT COVERAGE

REPORT METRIC

DETAILS

Market Size Available

2023 to 2029

Base Year

2023

Forecast Period

2024 to 2029

Segments Analysed

By Field Strength, Architecture, Application & Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis; DROC; PESTLE Analysis; Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Analysed

North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa

Companies Analysed

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.

SEGMENTAL ANALYSIS

Global MRI Market By Field Strength

Based on field strength, the low to midfield strength segment dominated the MRI market in 2023 and is anticipated to expand significantly over the forecast period. These field-strength MRI machines aid in capturing images with more accuracy and are accessible at a low cost.

The high field segment is predicted to grow fastest during the forecast period. Various investigations are being carried out to understand further the effectiveness of high-field strength MRI scanners in various therapeutic applications. Some companies have already begun building high-field MRI scanners and await regulatory permission. During the forecast period, improved coils to broaden the use of 7T MRI machines are projected to drive segment growth.

Global MRI Market By Architecture

Based on the architecture, the closed MRI systems segment held the largest share of the worldwide MRI market in 2023, and it is expected to grow at the fastest rate over the forecast period. This is because closed MRI systems are more powerful and provide better picture quality and throughput than open MRI systems.

Global MRI Market - By Application

Based on the application, the brain segment dominated the market because the brain scans generated by MRI systems are of higher quality than those produced by computed tomography scans. As a result, it accounted for the most significant market share in 2023. Similarly, the breast imaging market is projected to develop substantially as the incidence of breast cancer continues to rise, creating a demand for detecting risk factors.

On the other hand, the spine segment is anticipated to showcase healthy growth during the forecast period. For spinal imaging, MRI is quickly becoming the dominant technique. The spin-echo method provides elevated pictures of the spinal cord and subarachnoid region. This method can be used in various emergency and trauma care settings.

REGIONAL ANALYSIS

Geographically, the MRI market in North America accounted for the largest share of the global in 2023, followed by Asia-Pacific. North America led the market in 2023, accounting for the largest revenue share. The rising prevalence of chronic diseases in this area, such as breast cancer, cardiovascular disease, and neurological disease, drives up demand for imaging analysis. Because of the United States' well-established healthcare system and the activities being carried out by numerous organizations, this area is anticipated to expand its market share in the future. In North America, Siemens and Philips are the major companies.

The MRI market in the Asia-Pacific is estimated to be the fastest-growing region owing to the growing improvements in the healthcare infrastructure and increasing healthcare spending. In addition, due to the growing aging population and increased demand for advanced imaging modalities, Asia Pacific is anticipated to grow at the highest CAGR over the forecast period. Furthermore, with a fast-developing healthcare service business and many qualified healthcare workers, countries like India, China, and Japan provide growth opportunities.

The Europe MRI market is predicted to hold a considerable share of the global market during the forecast period and had decent occupancy of the global market in 2021. The growing disposable income from the EU countries such as the UK, Germany, Italy, and France, increasing developments in the healthcare infrastructure, and growing demand for imaging technologies are propelling the MRI market in the European region.

The Latin American MRI market is expected to be promising in the coming years.

The MRI market in MEA captured a moderate share of the global market in 2023 and is expected to grow at a steady CAGR during the forecast period.

KEY MARKET PLAYERS

A few of the notable companies operating in the global 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.

DETAILED SEGMENTATION OF THE GLOBAL MRI MARKET INCLUDED IN THIS REPORT

This global MRI market research report has been segmented and sub-segmented based on the field strength, architecture, application, and region.

By Field Strength

  • Low To Midfield
  • High Field
  • Very High Field
  • Ultra-High Field

By Architecture

  • Open MRI
  • Closed MRI

By Application

  • Brain
  • Spine
  • Cardiac
  • Breast
  • Abdomen

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

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Frequently Asked Questions

How much was the global MRI market worth in 2023?

The global MRI market was valued at USD 6.85 billion in 2023.

What is the growth rate of the MRI market?

The global MRI market is anticipated to be growing at a CAGR of 5.1% from 2024 to 2029.

Which region dominated the MRI market in 2023?

North America had the dominating share among all the regions in the global market in 2023.

What are the companies playing a leading role in the MRI market?

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 are some of the noteworthy companies in the MRI market.

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