Augmenting demand for medium field strength MRI systems and higher investments in healthcare R&D programs boost market development.
Market Size – USD 5.87 Billion in 2019
Market Growth – CAGR of 4.6%
Market Trends – Increasing MRI procedures for neurological disorders and growing usage across ambulatory surgical centers
The global magnetic resonance imaging (MRI) market is estimated to be valued at USD 8.50 Billion by 2027, growing at a CAGR of 4.6% during the forecast period. The magnetic resonance imaging (MRI) system is a diagnostic machine that detects various disorders related to the brain and blood vessels, such as tumors, spine lesions, and stroke. It is a non-invasive medical imaging technique producing 3D anatomical images of the scanned body parts by using a powerful magnetic field and radiofrequency. The MRI systems are more viable than X-rays, and CT scans when it comes to examining the innermost parts of joints, cartilage, muscles, ligaments, tendons, and other body parts thoroughly.
Leading companies operating in the global magnetic resonance imaging (MRI) market include GE Healthcare, Siemens Healthineers AG, Koninklijke Philips N.V., Hitachi Medical Systems, Canon Medical Systems Corporation, Sanrad Medical Systems Pvt. Ltd. Inc., Time Medical Systems, Shenzhen Anke Hi-Tech Co., Ltd., Esaote SpA, and FONAR Corporation.
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The global magnetic resonance imaging (MRI) market is expected to grow at a rapid pace over the next few years, supported by various growth-influencing factors. The burgeoning demand for advanced diagnostic procedures, rapidly growing geriatric population and the rising number of people suffering from cancerous and non-cancerous tumors are the crucial factors propelling the demand for magnetic resonance imaging procedures. The global market growth is further accredited to the rising prevalence of oncological, neurological, and cardiovascular disorders worldwide. Growing awareness about advanced diagnostic techniques, increasing adoption of advanced MRI machines across hospitals, rising number of diagnostic centers, and augmenting government funding for healthcare R&D activities are the other pivotal factors leading to the fast-paced market growth.
- Based on machine type, the closed MRI sub-segment is leading the global magnetic resonance imaging (MRI) market in terms of revenue share. Closed MRI units are more efficient in comparison to the open MRI units as they take higher-resolution anatomical images in an enclosed periphery, incorporating a higher magnetic field and detailed scanning capabilities.
- The ambulatory surgical centers sub-segment is the most dominant among the various end-user segments. These healthcare facilities provide immediate care for patients and are relatively more convenient as they offer better outpatient services. Hence, these centers require highly advanced MRI machines to provide faster and more effective patient outcomes. The segment is projected to register a robust CAGR of 7.9% over the forecast timeframe.
- The North American magnetic resonance imaging (MRI) market is projected to be the leading regional segment, with the fastest CAGR of 4.9%. The market in this region has gained immense traction due to growing geriatric population, augmenting demand for MRI systems across hospitals and ambulatory centers, rising prevalence of neurological and cardiovascular conditions patients in China, and the presence of state-of-the-art healthcare infrastructure.
- In October 2020, the leading medical imaging company, Hyperfine Research, was given the Best Practices Product Innovation Award 2020 by Frost & Sullivan for its ground-breaking portable MRI system, dubbed Swoop™. The new product is the first-of-its-kind point-of-care MRI device that can be wheeled to the patient’s bedside and operated via a wireless tablet.
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For the purpose of this report, the global magnetic resonance imaging (MRI) market is segmented based on machine type, field strength, application, sales channel, end-user, and region:
Machine Type Outlook (Revenue, USD Billion; 2017-2027)
- Open MRI
- Closed MRI
Field Strength Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
Sales Channel Outlook (Revenue, USD Billion; 2017-2027)
- Online Retail Stores
- Medical Stores
- Brand Outlets
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Ambulatory Surgical Centers
- Clinics & Diagnostic Centers
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Table of Contents:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2027
Chapter 3. Indicative Metrics
Chapter 4. Magnetic Resonance Imaging Market Segmentation & Impact Analysis
4.1. Magnetic Resonance Imaging Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
126.96.36.199. Extensive rise in the number of patients with neurological & spinal disorders globally
188.8.131.52. Technological advancements in magnetic resonance imaging system
184.108.40.206. Growing incidences of geriatric neurological diseases
220.127.116.11. Impressive improvements in the healthcare sectors in the emerging nations of Asia Pacific
4.2.3. Market restraints analysis
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