Increasing prevalence of chronic diseases, advancements in diagnostic techniques, and government initiatives to develop healthcare infrastructure are some key factors expected to drive market growth
According to Emergen Research, the global MRI (Magnetic Resonance Imaging) systems market size was USD 6,097.8 Million in 2019 and is expected to reach USD 8249.3 Million by 2027 and register a revenue CAGR of 3.8% during the forecast period, 2021-2028.
Market Dynamics:
Magnetic resonance imaging (MRI) is a medical imaging technology that creates detailed images of human body using computer-generated radio waves and magnetic field to diagnose various problems. The use of MRI and the comprehensive images it creates has greatly aided brain research. MRI systems allows practitioners to see which areas of the brain have been damaged while the patient is still alive. This technology is commonly used in imaging test for spinal cord and brain and has helped in diagnosing brain injury from trauma, multiple sclerosis, aneurysms of cerebral vessels, spinal cord disorders, stroke, and disorders of inner ear and eye. This has been boosting demand for magnetic resonance imaging and is expected to drive market revenue growth during the forecast period.
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In addition the demand for MRI technology is rising due to increasing cases of cancer globally. According to World Health Organization report, 9.6 million people globally have died from cancer in 2018. Further, technological advancements in MRI systems such as superconducting (SC) magnets, and software applications, neuroimaging including MR spectroscopy, and development of intraoperative MRI enhance the system usage for various applications which has further boosted revenue growth of the market. However, high cost of MRI systems and noisy image acquisition of the system as compared to CT are some factors expected to restrain market revenue growth over the forecast period. Further, many people suffer from claustrophobia and being in an MRI scanner might be really uncomfortable for them, which can also act as a growth limiting factor.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Breast Imaging Segment Revenue to Expand at a Rapid CAGR:
Breast imaging segment is expected to register a rapid revenue CAGR over the forecast period attributed to increasing number of patients suffering from breast cancer. According to the report of World Health Organization (WHO), 2.3 million women were diagnosed with breast cancer in 2020. Breast cancer can be detected using MRI in conjunction with mammography, especially in women with dense breast tissue or who are at high risk of the disease.
Hospitals Segment to Register Significant Revenue Growth:
Hospitals segment is expected to register significant revenue growth over the forecast period due to presence of highly skilled healthcare professionals, rising disposal income of individuals, increasing government investments to develop healthcare infrastructure in developed and developing countries, and improved government and private insurance coverage and plans for healthcare services.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period due to ongoing technological advancements in the field of MRI, availability of improved healthcare services, and presence of key players in the region. Further, increasing number of chronic illnesses and neurological diseases in the United States and rising awareness of daily health checkups on early disease diagnosis are some other factors expected to contribute to market growth in the region.
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Major Companies in the Market Include:
- Siemens Healthineers,
- GE Healthcare,
- Bruker Corpoartion
- Canon Medical Systems,
- Koninklijke Philips NV
- Aurora Imaging Technology Inc.
- Neusoft Medical Systems Co, Ltd
- Fujifilm
- Fonar Corporation
- Aspect Imaging
For the purpose of this report, Emergen Research has segmented the global MRI (Magnetic Resonance Imaging) systems market based on field strength, architecture, application, end-use, and region:
Field Strength Outlook (Revenue, USD Million; 2017–2027)
- Very High Field MRI Systems
- High Field MRI Systems
- Low-To-Mid Field MRI Systems
Architecture Outlook (Revenue, USD Million; 2017–2027)
- Open MRI Systems
- Closed MRI Systems
Application Outlook (Revenue, USD Million; 2017–2027)
- Brain & Neurological
- Spine & Musculoskeletal
- Vascular
- Abdominal
- Cardiac
- Breast
- Others
End-Use Outlook (Revenue, USD Million; 2017–2027)
- Hospitals
- Diagnostics Centers
- Ambulatory Care Centers
- Others
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Regional Outlook (Revenue, USD Million; 2017–2027)
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- France
- K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- A.E.
- South Africa
- Turkey
- Rest of MEA
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