MRI Systems Market

Analysis from GMI Research finds that the Magnetic Resonance Imaging Market earned revenues of USD 5.2 billion in 2021 and forecast to touch USD 7.2 billion in 2029 will grow at a CAGR of 4.2% from 2022-2029.

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Market Dynamic

Key Drivers and Emerging Trends

Rising awareness of early diagnostics is anticipated to propel the market’s growth during the forecast period. In 2017, WHO launched the guide to cancer early diagnosis, which has led to the MRI system’s rising demand. MRI creates pictures of soft tissue parts of the body that are sometimes hard to see using other imaging tests. In addition, recent advancements in the MRI systems technology like neuroimaging, including MR spectroscopy, diffusor tensor imaging with tractography, functional imaging and others, have raised the bar for the market in recent times. Furthermore, the rising prevalence of chronic and non-chronic diseases is also acting as a driving factor for the market. For instance, in 2018, according to National Cancer Institute, more than 1,735, 350 new cases of cancer is expected to be diagnosed every year. According to CDC more than 795,000 individuals in the U.S. suffered from strokes, which has substantially propelled the growth of the market.

Technological advancements in the MRI systems have led to faster image timing, refined image quality with higher spatial resolution which have changed the landscape for the market. For instance, novel technology launched by the key players like Siemens, GE Healthcare, and Philips will lead to market development. For instance, in 2019, GE Healthcare’s launched New imaging tech and intelligent apps namely AIR Recon DL, Critical Care Suite which helps in MRI reconstruction. Hence these initiatives by the key players have created an opportunity for the market.

Restraint in the MRI Systems Market

However, how cost associated with the imaging equipment is the primary factor which is likely to hamper the growth of the market.

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Application – Segment Analysis

Based on the application, breast cancer is expected to dominate the market over the forecast period. This is due to the increasing cancer burden across the globe, which has helped the segment maintain dominance in the market. According to WHO more than 9.6 million people died from cancer in 2018 and according to NCBI more than 15% of all new cancer deaths are from breast cancer, which has substantially added value to the growth of the segment.

End-User – Segment Analysis

Based on the end-user, the hospital segment is expected to dominate the market. This is due to the government’s strategic initiatives of different regions, which has contributed to the growth of the market. For instance, according to “Department of Health and Social Care”, in 2020, the prime minister confirmed US$ 4.3 billion for 40 hospitals which is one of the biggest hospitals building programme in the generation.

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Regional – Segment Analysis:

Based on the region, the North America region is expected to dominate the market over the forecast period. This is due to high installation of MRI systems in the region. For instance, according to “Organization for Economic Co-operation and Development”, the number of numbers of MRI systems in U.S. per million of population in 2019 was 39 which is highest across the globe, leading to the regional growth of the market. Furthermore, major key players have a strong presence in the region and generate more share from the North America region, like GENERAL ELECTRIC COMPANY, Siemens Healthcare GmbH, which shows the market’s huge potential.

Top Market Players

Various notable players operating in the market, include, Hitachi, Siemens Healthcare GmbH, CANON MEDICAL SYSTEMS, GENERAL ELECTRIC COMPANY, Koninklijke Philips N.V., Aspect Imaging., Bruker, AURORA HEALTHCARE, ESAOTE SPA, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., among others. 

Key Developments:

• • In 2018, Koninklijke Philips N.V. officially entered into a partnership with Hologic Inc. which aimed at providing integrated solutions by providing solutions to the healthcare professionals.

Segments covered in the Report:

The global MRI systems market has been segmented on the basis of type, application, end-user, and regions. Based on type, the market is segmented into open, closed, and standing. Based on application, the market is segmented into neurology, cardiology, musculoskeletal and others. Based on end-user, the market is segmented into hospitals, diagnostic centers, ambulatory surgical centers and others. 

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Key questions answered in this research report:

• • At what pace is global MRI systems market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in MRI Systems market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global MRI systems market?
  • Which type generated maximum revenues in 2021 and identify the most promising type during the forecast period?
  • What are the various application areas of global MRI systems market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global MRI Systems Market by Type

• • Open
  • Closed
  • Standing

Global MRI Systems Market by Application

• • Neurology
  • Cardiology
  • Musculoskeletal
  • Others

Global MRI Systems Market by End-User

• • Hospitals
  • Diagnostic Centers
  • Ambulatory Surgical Centers
  • Others

Global MRI Systems Market by Region

• • North America MRI Systems Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By Application
    • By End-User
    • US Market All-Up
    • Canada Market All-Up
  • Europe MRI Systems Market (Option 2: As a part of the free 25% customization)
    • By Type
    • By Application
    • By End-User
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific MRI Systems Market (Option 3: As a part of the free 25% customization)
    • By Type
    • By Application
    • By End-User
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW MRI Systems Market (Option 4: As a part of the free 25% customization)
    • By Type
    • By Application
    • By End-User
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the MRI Systems (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Hitachi
  • Siemens Healthcare GmbH
  • CANON MEDICAL SYSTEMS
  • GENERAL ELECTRIC COMPANY
  • Koninklijke Philips N.V.
  • Aspect Imaging.
  • Bruker
  • AURORA HEALTHCARE
  • ESAOTE SPA
  • Shenzhen Mindray Bio-Medical Electronics Co., Ltd.