Magnetic Resonance Imaging Market

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 [Low Field Strength, Mid Field Strength, and High Field Strength], Spine & Musculoskeletal [Low Field Strength, Mid Field Strength, and High Field Strength], Vascular [Low Field Strength, Mid Field Strength, and High Field Strength], Abdominal [Low Field Strength, Mid Field Strength, and High Field Strength], Cardiac [Low Field Strength, Mid Field Strength, and High Field Strength], Breast [Low Field Strength, Mid Field Strength, and High Field Strength], and Other [Low Field Strength, Mid Field Strength, and High Field Strength]), 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

  • Report ID: HC-2592
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 3
  • No. Of Pages: 200
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  • Pub. Date: Upcoming
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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 Market

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.

Attributes

Details

Report Title

Magnetic Resonance Imaging Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Architecture (Closed MRI and Open MRI), Field Strengths (Low Field Strength, Mid Field Strength, and High Field Strength), Applications (Brain & Neurological [Low Field Strength, Mid Field Strength, and High Field Strength], Spine & Musculoskeletal [Low Field Strength, Mid Field Strength, and High Field Strength], Vascular [Low Field Strength, Mid Field Strength, and High Field Strength], Abdominal [Low Field Strength, Mid Field Strength, and High Field Strength], Cardiac [Low Field Strength, Mid Field Strength, and High Field Strength], Breast [Low Field Strength, Mid Field Strength, and High Field Strength], and Other [Low Field Strength, Mid Field Strength, and High Field Strength]), End-users (Imaging Centers, Hospitals, Ambulatory Surgical Centers, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

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.

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.

Magnetic Resonance Imaging Market

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.

Magnetic Resonance Imaging Market

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.

Magnetic Resonance Imaging Market

Segments

Segments Covered in the Report

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
    • Low Field Strength
    • Mid Field Strength
    • High Field Strength
  • Spine and musculoskeletal
    • Low Field Strength
    • Mid Field Strength
    • High Field Strength
  • Vascular
    • Low Field Strength
    • Mid Field Strength
    • High Field Strength
  • Abdominal
    • Low Field Strength
    • Mid Field Strength
    • High Field Strength
  • Cardiac
    • Low Field Strength
    • Mid Field Strength
    • High Field Strength
  • Breast
    • Low Field Strength
    • Mid Field Strength
    • High Field Strength
  • Other
    • Low Field Strength
    • Mid Field Strength
    • High Field Strength

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.

Magnetic Resonance Imaging Market

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Magnetic Resonance Imaging Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Magnetic Resonance Imaging Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Magnetic Resonance Imaging Market - Supply Chain
  4.5. Global Magnetic Resonance Imaging Market Forecast
     4.5.1. Magnetic Resonance Imaging Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Magnetic Resonance Imaging Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Magnetic Resonance Imaging Market Absolute $ Opportunity
5. Global Magnetic Resonance Imaging Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Magnetic Resonance Imaging Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Magnetic Resonance Imaging Demand Share Forecast, 2019-2026
6. North America Magnetic Resonance Imaging Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Magnetic Resonance Imaging Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Magnetic Resonance Imaging Demand Share Forecast, 2019-2026
7. Latin America Magnetic Resonance Imaging Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Magnetic Resonance Imaging Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Magnetic Resonance Imaging Demand Share Forecast, 2019-2026
8. Europe Magnetic Resonance Imaging Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Magnetic Resonance Imaging Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Magnetic Resonance Imaging Demand Share Forecast, 2019-2026
9. Asia Pacific Magnetic Resonance Imaging Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Magnetic Resonance Imaging Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Magnetic Resonance Imaging Demand Share Forecast, 2019-2026
10. Middle East & Africa Magnetic Resonance Imaging Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Magnetic Resonance Imaging Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Magnetic Resonance Imaging Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Magnetic Resonance Imaging Market: Market Share Analysis
  11.2. Magnetic Resonance Imaging Distributors and Customers
  11.3. Magnetic Resonance Imaging Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)

Segments Covered in the Report

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
    • Low Field Strength
    • Mid Field Strength
    • High Field Strength
  • Spine and musculoskeletal
    • Low Field Strength
    • Mid Field Strength
    • High Field Strength
  • Vascular
    • Low Field Strength
    • Mid Field Strength
    • High Field Strength
  • Abdominal
    • Low Field Strength
    • Mid Field Strength
    • High Field Strength
  • Cardiac
    • Low Field Strength
    • Mid Field Strength
    • High Field Strength
  • Breast
    • Low Field Strength
    • Mid Field Strength
    • High Field Strength
  • Other
    • Low Field Strength
    • Mid Field Strength
    • High Field Strength

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.

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.

Magnetic Resonance Imaging Market

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