Enjoy complimentary customisation on priority with our Enterprise License!
The 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 MRI, and the expanding clinical applications of MRI.
This mri systems market report extensively covers market segmentation by product (closed MRI systems and open MRI systems), type (fixed MRI and mobile 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.
To learn more about this report, View Report Sample
The technological advances in MRI are notably driving the market growth, although factors such as the rise in adoption of refurbished 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 MRI systems market growth is the technological advances in MRI. Some of the key areas of technological advancements in MRI systems include magnetic field strength, power consumption, signal-to-noise ratio (SNR), design, and software. For instance, the new generation MRI systems are featured with a 70-cm bore size, unlike traditional 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 MRI system features involves innovative workflow solutions, /image enhancement, and accelerated scan technology, which together contributed to reducing the time required for MRI procedures. Thus the innovation of such advanced technologies can significantly drive the MRI systems market growth during the forecast period.
A key factor shaping the MRI systems market growth is the focus on development of helium-free 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 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, MRI Solutions offers the world's first commercial first helium-free 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 MRI systems can significantly drive the MRI systems market growth during the forecast period.
Rise in the adoption of refurbished MRI systems is one of the key challenges hindering the MRI systems market growth. There is an increase in adoption of refurbished MRI systems in the global 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 MRI systems is that these devices provide significant cost savings compared with the new 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 MRI systems which can hinder the 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 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 MRIs systems such as Embrace Neonatal 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 MRI systems segment will be significant during the forecast period. Closed 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.
Get a glance at the market contribution of various segments View the PDF Sample
The closed MRI systems segment was valued at USD 4,545.41 million in 2017 and continue to grow by 2021. A closed 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 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 MRI systems help in obtaining high-quality /images and throughput. Such factors will increase segment growth during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
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 MRI examinations, and the rising adoption of 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 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.
Technavio categorizes the global magnetic resonance imaging (MRI) systems market as a part of the global healthcare equipment market. The parent global healthcare equipment market covers products and companies engaged in research and development (R&D) of a variety of product categories, including capital equipment, instruments, implants, accessories, and consumables that are used for the diagnosis, monitoring, and treatment of various diseases. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
|
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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
