Magnetic Resonance Imaging Market by Architecture (Closed MRI and Open MRI), Field Strength (Low Field Strength, Mid Field Strength, and High Field Strength), Applications (Brain & Neurological, Spine & Musculoskeletal , Vascular, Abdominal, Cardiac, Breast, and Other ), End-users (Imaging Centers, Hospitals, Ambulatory Surgical Centers, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

The global magnetic resonance imaging market size was valued USD 5.3 Billion in 2020 and is anticipated to expand at a CAGR of 6% during the forecast period, 2021–2028. The growth of the market is attributed to the increasing prevalence of chronic diseases.

Magnetic resonance imaging (MRI) is an effective machine for discovering diseases related to stroke, spine lesions, and tumors. In 2019, 1,762,450 new cancer cases were recorded in the US, reported by the American Cancer Society. In 2017, 37.6 per million population number of MRI units were installed in the US. The recent advancements in MRI technology are mostly based on software. These software advancements help in enabling quick contrast scans and disentangle imaging workflow.

The COVID-19 situation has majorly affected the magnetic resonance imaging market. According to New York metropolitan health system, 87% decrease in the outpatient imaging services was recorded in 2020. However, recent advancements such as diffusion tensor imaging with neuroimaging including MR spectroscopy, tractography, functional imaging using the bold technique, and perfusion imaging is positively influencing the market growth. Moreover, diffusion-weighted MRI is majorly used to recognize stroke within 30 minutes of its commencement.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing demand for effective and quick diagnostic methods is estimated to contribute toward the adoption of MRI machines.
• Various advancements in diagnostic techniques, such as deployment of visualization software, open MRI, and superconducting magnets are driving the market growth.
• Evolution of cardiac pacemaker MRI systems is further expected to boost the market growth in cardiology segment.
• Increasing development of intraoperative MRI and usage of intraoperative MRI in various applications is expected to accelerate the market growth during the forecast period.

Scope of the Report

The report on the global magnetic resonance imaging market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Open MRI segment is expected to grow at a substantial pace

Based on architecture, the global magnetic resonance imaging market is bifurcated into closed MRI and open MRI. The open MRI segment is anticipated to account for a key share of the market owing to increasing product approval of open MRI systems and ongoing clinical trials. However, the closed MRI segment is expected to effective in diagnosing various types of problems.

Mid Field Strength Segment is projected to expand at a considerable CAGR

On the basis of field strengths, the market is segregated into low field strength, mid field strength, and high field strength. The mid field strength segment to account for a significant share of the market owing to high precision in capturing images and comparatively affordable prices. On the other hand, the high field strength segment is anticipated to expand at a robust pace during the forecast period due to development of advanced coils to widen the application of 7T MRI machines.

Brain & Neurological segment is expected to expand at a robust growth rate

In terms of applications, the market is classified into brain & neurological, spine & musculoskeletal, vascular, abdominal, breast, and others. Each segment consists of sub-segments, which are further divided into low field strength, mid field strength, and high field strength. The brain & neurological segment is estimated to account for a major share of the market as scans produced are of superior quality and adopted by most of the medical practitioners. Meanwhile, the spine & musculoskeletal segment is anticipated to expand at a rapid pace during the forecast period due to wide applications in emergency and trauma care units.

Hospitals segment is expected to register a high CAGR

In terms of end-users, the market is segmented into imaging centers, hospitals, ambulatory surgical centers, and others. The hospitals segment accounts for a considerable share of the market owing to rising number of MRI installments. Conversely, the imaging centers segment is anticipated to expand at a rapid pace during the forecast period due to increasing demand for non-invasive diagnosis.

North America is anticipated to constitute a major market share

In terms of regions, the global magnetic resonance imaging market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to account for a major market share owing to increasing incidence of chronic diseases and technological innovations. The market of Asia Pacific is anticipated to expand at a high CAGR during the forecast period due to increasing geriatric population and growing demand for advanced imaging modalities.

Segments

The global magnetic resonance imaging market has been segmented on the basis of

Architecture

• Closed System
• Open System

Field Strengths

• Low Field Strength
• Mid Field Strength
• High Field Strength

Applications

• Brain and neurological
• Spine and musculoskeletal
• Vascular
• Abdominal
• Cardiac
• Breast
• Others

End-users

• Hospitals
• Imaging Centers
• Ambulatory Surgical Centers
• Others

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• GE Healthcare
• Hitachi Medical Systems America AG.
• Siemens AG
• Toshiba Corporation
• Aurora Imaging Technologies, Inc.
• Koninklijke Philips N.V.
• Esaote SPA
• Sanrad Medical Systems Pvt. Ltd.

Competitive Landscape

Key players competing in the magnetic resonance imaging market are GE Healthcare; Hitachi Medical Systems America AG; Siemens AG; Toshiba Corporation; Aurora Imaging Technologies, Inc.; Koninklijke Philips N.V.; Esaote SPA; and Sanrad Medical Systems Pvt. Ltd.

Major players are continuously indulging in activities such as mergers and acquisitions, research and developments, investments for innovative products and collaborations.