Open System MRI Market Research Report, Size , Growth, Trends, Opportunity Analysis, Industry Forecast - 2022-2026

The open system MRI market share is expected to increase by USD 342.26 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.6%.

This open system MRI market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers open system MRI market segmentation by type (low field scanner, medium field scanner, and high field scanner) and geography (North America, Europe, Asia, and the Rest of the World (ROW)). The open system MRI market report also offers information on several market vendors, including Alltech Inc., ASG Superconductors Spa, Aspect Imaging Ltd., AURORA HEALTHCARE US Corp., Barco NV, Beijing Wandong Medical Technology Co. Ltd., Bruker Corp., Canon Inc., Esaote Spa, FONAR Corp., FUJIFILM Holdings Corp., General Electric Co, Koninklijke Philips NV, Medonica Co. Ltd., Neusoft Corp., Shanghai Electric Group, Shimadzu Corp., Siemens AG, Sotera Health Co., and Toshiba Corp. among others.

What will the Open System MRI Market Size be During the Forecast Period?

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Open System MRI Market: Key Drivers, Trends, and Challenges

The increasing prevalence of diseases coupled with a growing geriatric population is notably driving the open system MRI market growth, although factors such as the high cost of MRI may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the open system MRI industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.

Key Open System MRI Market Driver

The increasing prevalence of diseases coupled with a growing geriatric population is one of the key drivers supporting open system MRI market growth. MRIs are most frequently used to examine the central nervous system (CNS), orthopedic, and CVDs. They are also used to detect breast cancer. The worldwide prevalence of cardiovascular, neurological, and orthopedic health conditions is significantly increasing. The prevalence and incidence of CVDs have increased across the globe. Therefore, CVDs need to be diagnosed as early as possible for further medical interventions to avoid medical complications and reduce mortality rates. Open system MRI help in identifying detailed information on the type and severity of a wide range of CVDs, mitigating the risks of patients getting panicked due to claustrophobia. Furthermore, the rise in the incidences and prevalence of CVDs are, therefore, increasing the demand for open system MRI and thereby boosting the growth of the global market during the forecast period. The incidence of many orthopedic diseases such as osteoarthritis, arthritis, rheumatoid arthritis, and osteoporosis are also increasing. Therefore, such orthopedic conditions require medical imaging to assess the patient's condition for further treatment. The increasing incidence of orthopedic diseases is also raising the demand for open system MRI across healthcare facilities throughout the forecast period.

Key Open System MRI Market Trend

Software advancement in MRI technology is one of the key trends in the open system MRI market trends. A few of the significant advances in MRI technology have been on the software and computing side, allowing end-users to capture faster and more accurate scans with greater details. For instance, Siemens Healthineers offers an imaging application called the Simultaneous Multi-Slice (SMS), which can speed up the acquisition time of two-dimensional (2D) imaging by a factor of three, enabling advanced MRI applications such as diffusion tensor imaging (DTI) and blood oxygenation level-dependent (BOLD) in the clinical routine. Therefore, such advancements are expected to fuel the adoption of advanced open system MRI across the healthcare sector globally, fostering the growth of the global open system MRI market during the forecast period.

Key Open System MRI Market Challenge

The high cost of MRI is one of the factors hindering the open system MRI market growth. The cost of MRI systems varies based on the field strength of the scanner used. The image quality of the high field strength MRI systems is clear and detailed. Therefore, the overall cost of a high field strength open system MRI is higher compared with a low field strength open system MRI. With the high cost of investment and regular repair work involved, very few vendors can provide high-quality MRI systems that could last for about 15 years. Furthermore, due to budget constraints, many end-users are increasingly adopting refurbished MRI systems. These systems provide significant cost savings compared to new MRI systems. Many small- and medium-sized hospitals are also renting advanced MRI systems to provide MRI imaging services without undertaking any risky long-term commitments. There are several companies, such as KWIPPED, which offer MRI systems for rent. The increasing adoption of refurbished MRI systems and renting them can prompt the market players to lower the prices of their MRI systems. This would adversely affect their bottom line and overall profitability. As a result, the market growth of open system MRI would be restricted during the forecast period.

This open system MRI market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global open system MRI market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the open system MRI market during the forecast period.

Who are the Major Open System MRI Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• Alltech Inc.
• ASG Superconductors Spa
• Aspect Imaging Ltd.
• AURORA HEALTHCARE US Corp.
• Barco NV
• Beijing Wandong Medical Technology Co. Ltd.
• Bruker Corp.
• Canon Inc.
• Esaote Spa
• FONAR Corp.
• FUJIFILM Holdings Corp.
• General Electric Co
• Koninklijke Philips NV
• Medonica Co. Ltd.
• Neusoft Corp.
• Shanghai Electric Group
• Shimadzu Corp.
• Siemens AG
• Sotera Health Co.
• Toshiba Corp.

 

This statistical study of the open system MRI market encompasses successful business strategies deployed by the key vendors. The open system MRI market is fragmented and the vendors are deploying growth strategies such as organic and inorganic growth strategies to compete in the market.

Product Insights and News

• Aspect Imaging Ltd. - The company offers open-system MRIs such as the M5 compact MRI system. 

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The open system MRI market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Open System MRI Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the open system MRI market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Open System MRI Market?

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42% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for the open system MRI market in North America. Market growth in this region will be faster than the growth of the market in other regions.

The growing prevalence of medical conditions such as cardiovascular diseases (CVDs), improved healthcare infrastructure, favorable reimbursement policies, strong presence of established vendors, increasing number of MRI examinations, and rising adoption of MRI systems will facilitate the open system MRI market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the outbreak of COVID-19 negatively impacted the open system MRI market in North America. Due to the adverse effects of COVID-19, a large number of healthcare facilities were forced to lay off employees. This, in turn, resulted in the temporary closure of several healthcare units specialized in diagnosis through magnetic imaging. Therefore, the growth of the open system MRI market in North America declined in 2020. However, in 2021, as a result of large-scale vaccination campaigns and the restoration of operations in healthcare units, a larger inflow of patients resuming routine health check-ups and diagnoses in healthcare facilities has been observed in this region as compared to 2020 due to the suspension of lockdown restrictions. Therefore, higher demand for heart check-ups and diagnoses from healthcare facilities will lead to the increased demand for open system MRI in North America.

What are the Revenue-generating Type Segments in the Open System MRI Market?

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The open system MRI market share growth by the low field scanner segments will be significant during the forecast period. Their adaptations are now being proposed that have distinct advantages over high-field MRI systems in various aspects. As a result, many vendors are focusing on developing low-field MRI scanners that enhance the comfort of patients and provide an accurate diagnosis. For instance, Voxelgrids innovations private limited, an MRI technology startup based in Bengaluru, Karnataka, India, introduced lightweight, ultra-fast, next-generation low-field MRI scanners in September 2021, compact with an exceptionally small footprint and can be easily installed on any floor of a hospital. Therefore, such developments are expected to fuel the demand for low-field scanners, propelling the growth of the global market during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the open system MRI market size and actionable market insights on the post-COVID-19 impact on each segment.

 

Open System MRI Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 5.6%
Market growth 2022-2026	$ 342.26 million
Market structure	Fragmented
YoY growth (%)	5.0
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 42%
Key consumer countries	US, Canada, Germany, UK, and China
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Alltech Inc., ASG Superconductors Spa, Aspect Imaging Ltd., AURORA HEALTHCARE US Corp., Barco NV, Beijing Wandong Medical Technology Co. Ltd., Bruker Corp., Canon Inc., Esaote Spa, FONAR Corp., FUJIFILM Holdings Corp., General Electric Co, Koninklijke Philips NV, Medonica Co. Ltd., Neusoft Corp., Shanghai Electric Group, Shimadzu Corp., Siemens AG, Sotera Health Co., and Toshiba Corp.
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, and Market condition analysis for the 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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What are the Key Data Covered in this Open System MRI Market Report?

• CAGR of the market during the forecast period 2022-2026.
• Detailed information on factors that will drive open system MRI market growth during the next five years.
• Precise estimation of the open system MRI market size and its contribution to the parent market.
• Accurate predictions on upcoming trends and changes in consumer behavior.
• The growth of the open system MRI industry across North America, Europe, Asia, and the Rest of the World (ROW).
• A thorough analysis of the market’s competitive landscape and detailed information on vendors.
• Comprehensive details of factors that will challenge the growth of open system MRI market vendors.

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