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The Magnetic Resonance Imaging (MRI) systems market size is estimated to grow at a CAGR of 6.32% between 2022 and 2027. The market size is forecast to increase by USD 2,494.99 million. The growth of the market depends on several factors, including the increasing prevalence of diseases coupled with growing geriatric population, the technological advances in Magnetic Resonance Imaging (MRI), and the expanding clinical applications of Magnetic Resonance Imaging (MRI).
This (MRI) systems market report extensively covers market segmentation by product (closed Magnetic Resonance Imaging (MRI) systems and open Magnetic Resonance Imaging (MRI) systems), type (fixed Magnetic Resonance Imaging (MRI)and mobile Magnetic Resonance Imaging (MRI), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The technological advances in Magnetic Resonance Imaging (MRI) are notably driving the market growth, although factors such as the rise in adoption of refurbished Magnetic Resonance Imaging (MRI) systems may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the Magnetic Resonance Imaging (MRI) systems market growth is the technological advances in Magnetic Resonance Imaging (MRI). Some of the key areas of technological advancements in Magnetic Resonance Imaging (MRI) systems include magnetic field strength, power consumption, signal-to-noise ratio (SNR), design, and software. For instance, the new generation Magnetic Resonance Imaging (MRI) systems are featured with a 70-cm bore size, unlike traditional Magnetic Resonance Imaging (MRI) systems with 55-cm to 60-cm bore size. For instance, in July 2022, Canon unveiled the Vantage Fortian at ECR 2022.
Additionally, the new Magnetic Resonance Imaging (MRI) system features involves innovative workflow solutions, image enhancement, and accelerated scan technology, which together contributed to reducing the time required for Magnetic Resonance Imaging (MRI) procedures. Thus the innovation of such advanced technologies can significantly drive the Magnetic Resonance Imaging (MRI systems market growth during the forecast period.
A key factor shaping the Magnetic Resonance Imaging (MRI) systems market growth is the focus on development of helium-free Magnetic Resonance Imaging (MRI) systems. As helium is an essential component in (MRI) systems and due to the severe shortage of helium worldwide the demand has been significantly increasing over the past decades. As a result, the manufacturing of Magnetic Resonance Imaging (MRI) systems has become expensive.
In order to overcome this crisis, vendors are focusing on the R&D of helium-free (MRI) systems. For instance, Magnetic Resonance Imaging (MRI)Solutions offers the world's first commercial first helium-free Magnetic Resonance Imaging (MRI) scanners whose new magnet design uses superconducting wire to replace the traditional liquid helium cooling jacket. Thus the research and development of helium-free Magnetic Resonance Imaging (MRI) systems can significantly drive the Magnetic Resonance Imaging (MRI) systems market growth during the forecast period.
Rise in the adoption of refurbished Magnetic Resonance Imaging (MRI) systems is one of the key challenges hindering the Magnetic Resonance Imaging (MRI) systems market growth. There is an increase in adoption of refurbished Magnetic Resonance Imaging (MRI) systems in the global Magnetic Resonance Imaging (MRI) systems market. Some of the significant end-users include many small diagnostic centers and standalone hospitals.
One of the main reason for the increasing adopting of refurbished Magnetic Resonance Imaging (MRI) systems is that these devices provide significant cost savings compared with the new Magnetic Resonance Imaging (MRI) equipment. It also offer additional benefits such as warranty and after-sales services. Thus, such a rise in demand is increasing the market share for refurbished Magnetic Resonance Imaging (MRI) systems which can hinder the Magnetic Resonance Imaging (MRI) systems market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Magnetic Resonance Imaging (MRI) systems Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aspect Imaging Ltd.: The company offers Magnetic Resonance Imaging (MRIs systems such as Embrace Neonatal Magnetic Resonance Imaging (MRI) System. Also, under this segment the company deliver more affordable, easy to use MR Imaging solutions that generate quality scans for confident reading and assessment.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the closed Magnetic Resonance Imaging (MRI) systems segment will be significant during the forecast period. Closed Magnetic Resonance Imaging (MRI) systems are classified into a wide bore, also known as an open bore and a narrow bore. The bore is the area wherein the patient is scanned.
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The closed Magnetic Resonance Imaging (MRI) systems segment was valued at USD 4,545.41 million in 2017 and continue to grow by 2021. A closed Magnetic Resonance Imaging (MRI)system is a tube-like tunnel in structure with a high magnetic field, generally between 1.5T to 3.0T or above, which successfully generates detailed images of the organs. Closed Magnetic Resonance Imaging (MRI) systems are used to screen and diagnose conditions related to the heart, brain, spine, breast, and abdominal abnormalities. It provides fast scanning of organ abnormalities in patients due to the high and enclosed magnetic field. The superconducting magnets used in closed Magnetic Resonance Imaging (MRI) systems help in obtaining high-quality images and throughput. Such factors will increase segment growth during the forecast period.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America was the largest region of the market in 2022 and would continue to be the largest segment of the market in 2027. The US and Canada are significant revenue contributors to the market in North America. The market growth in the region can be attributed to the growing prevalence of several medical conditions, the improved healthcare infrastructure, favorable reimbursement policies, the strong presence of established vendors, the increasing number of Magnetic Resonance Imaging (MRI) examinations, and the rising adoption of Magnetic Resonance Imaging (MRI) systems.
In 2020, North America was one of the regions that were severely affected by the COVID-19 pandemic, with a large number of COVID-19-infected cases in the US, Canada, and Mexico. However, the US was one of the first countries to start vaccination drives in 2021, which resulted in a decline in the number of COVID-19 cases, thus reducing the pressure on the healthcare system and allowing medical professionals to carry out surgical procedures on other patients. Moreover, from 2021 onward, economic activities in the region resumed and started gaining their pace due to the substantial investments made by governments in developing healthcare infrastructure, besides allowing the medical industry to work with the full workforce to cater to the surging demand for several healthcare-related issues. Thus, the region is expected to witness pent-up demand for healthcare services, which will drive the growth of the regional market during the forecast period.
The Magnetic Resonance Imaging (MRI) systems market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Magnetic Resonance Imaging (MRI) systems Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.32% |
Market growth 2023-2027 |
USD 2,494.99 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.0 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 41% |
Key countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aspect Imaging Ltd., AURORA HEALTHCARE US Corp., Bruker Corp., Canon Inc., Esaote Spa, FONAR Corp., FUJIFILM Corp., GE Healthcare Technologies Inc., Hologic Inc., Koninklijke Philips NV, MR Solutions Ltd., Neusoft Corp., Onex Corp., Sanrad Medical Systems Pvt ltd, Shenzhen Anke High tech Co., Shimadzu Corp., Siemens Healthineers AG, and Time Medical Holding Co Ltd |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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