As per our research report, the global MRI Market size is estimated to be worth USD 8.36 billion by 2026 from USD 6.52 billion in 2021, growing at a CAGR of 5.10% during the forecast period.
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 can even generate 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.
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 are a few of the key factors driving the global MRI market.
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, the introduction of MRI-compatible pacemakers will considerably expand the number of eligible MRI treatments. The increasing demand for rapid and effective diagnostic treatments is likely to 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 market is predicted to expand 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 systems market forward. Older people have various problems, such as cardiovascular and neurological disorders, which fuels market demand.
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 also reducing processing time. Players in the MRI systems market will see considerable growth opportunities as a result of this. 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.
The market's growth is projected to be limited by the high cost of MRI systems, incompatibility of MRI systems in some patients, and declining reimbursement rates for MRI therapies. The growth of the global magnetic resonance imaging market is further is expected to be hampered by delayed product approval, 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. The cardiology area is likely to be negatively affected by COVID-19. On the other hand, most healthcare providers favor imaging over the 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, during a pandemic, imaging technologies may be more widely used.
Market Size Available
2020 to 2026
2021 to 2026
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 on Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa
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.
This research report on the global MRI Market has been segmented and sub-segmented based on the field strength, architecture, application, and region.
MRI Market - By Field Strength:
Based on Field strength, the Low to Midfield strength segment dominated the market in 2020 and is anticipated to expand significantly over the forecast period. These field strength MRI machines aid in the capture of images with more accuracy and are accessible at a low cost.
During the forecast period, the high field segment is predicted to develop at the fastest rate in the future. 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 are awaiting regulatory permission. During the forecast period, improved coils to broaden the use of 7T MRI machines are projected to drive segment growth.
MRI Market - By Architecture:
Based on the Architecture, the Closed MRI systems segment held the largest share of the worldwide MRI market, 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.
MRI Market - By Application:
Based on the application, because the brain scans generated by MRI systems are of higher quality than those produced by computed tomography scans, the Brain segment dominated the market and accounted for the greatest market share. 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.
For spinal imaging, MRI is quickly becoming the dominant technique. The spin-echo method is used to provide elevated pictures of the spinal cord and subarachnoid region. This method can be used in a variety of emergency and trauma care settings.
MRI Market - By Region:
Geographically, North America accounted for the largest share in the global MRI Market in 2020, followed by Asia-Pacific. North America led the market in 2020, 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.
Asia-Pacific will be the fastest-growing region because of the increase in the spending limit. In addition, due to the expanding elderly population and increased demand for advanced imaging modalities, Asia Pacific is anticipated to grow at the highest rate 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.
KEY MARKET PLAYERS:
This report's notable companies leading 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.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Field Strength
5.1.2 low to mid field
5.1.3 High Field
5.1.4 Very High Field
5.1.5 Ultra High Field
5.1.6 Y-o-Y Growth Analysis, By Field Strength
5.1.7 Market Attractiveness Analysis, By Type
5.1.8 Market Share Analysis, By Field Strength
5.2 Architecture .
5.2.2 Open MRI
5.2.3 Closed MRI
5.2.4 Y-o-Y Growth Analysis, By Type
5.2.5 Market Attractiveness Analysis, By Type
5.2.6 Market Share Analysis, By Type
5.3.7 Y-o-Y Growth Analysis, By Application
5.3.8 Market Attractiveness Analysis, By Application
5.3.9 Market Share Analysis, By Application
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Field Strength
220.127.116.11 By Architecture
18.104.22.168 By Application
6.1.4 Market Attractiveness Analysis
22.214.171.124 By Geographical Area
126.96.36.199 By Field Strength
188.8.131.52 By Architecture
184.108.40.206 By Application
6.1.5 Market Share Analysis
220.127.116.11 By Geographical Area
18.104.22.168 By Field Strength
22.214.171.124 By Architecture
126.96.36.199 By Application
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Hitachi Medical Corporation
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Toshiba Medical Systems
8.3 Siemens Healthcare
8.4 GE Healthcare
8.5 Imris Inc.
8.6 Fonar Corporation
8.7 Esaote S.P.A
8.8 Neusoft Medical System
8.9 Aurora Medical Imaging
8.10 Philips Healthcare
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures