Magnetic Resonance Imaging (MRI) Systems Market Size Worth US$ 6,637.2 Mn at a CAGR of 3.3% By 2028 | Future Insights, Regional Outlook, Share Analysis and Global Perfusion Systems Industry Trends

Magnetic Resonance Imaging (MRI) is a modern medical imaging method that is used to visualize a person’s anatomy and physiological processes. MRI scanners create these pictures by combining high-powered magnets, powerful magnetic fields, radio waves, and magnetic field gradients.

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Statistics:

The global magnetic resonance imaging (MRI) market is expected to be worth US$ 6,637.2 Million by 2027

Global Magnetic Resonance Imaging (MRI) Market: Drivers

The rising incidence of chronic diseases is expected to drive growth in the global magnetic resonance imaging (MRI) market during the forecast period. According to the American Cancer Society, there are 1,762,450 new cases of cancer reported and 606,880 cancer deaths in the U.S. in 2019. Furthermore, the growing elderly population is expected to support the growth of the global magnetic resonance imaging (MRI) market. According to the United States Census Bureau, by 2034, the elderly population in the U.S. is expected to increase to 77 million.

Statistics:

North America accounted for the largest share in the global magnetic resonance imaging (MRI) market in 2019, contributing for 36.8% of the market share, trailed by Europe and the Asia Pacific.

Global Magnetic Resonance Imaging (MRI) Market: Restraints

Uncertain results from MRI screening are expected to hamper the global magnetic resonance imaging (MRI) market growth over the forecast period. For instance, researchers from the University Medical Center Utrecht in the Netherlands announced in November 2019 that combining mammography with magnetic resonance imaging (MRI) for patients with thick breast tissue lowered interval cancers by 50%, but with a “concerning” rate of recall for further imaging or therapies.

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• Current and future of global Magnetic Resonance Imaging (MRI) Systems Market outlook in the developed and emerging markets
• The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period.
• Regions/countries that are expected to witness the fastest growth rates during the forecast period
• The latest developments, market shares, and strategies that are employed by the major market players

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Furthermore, the high price of integrating silent scan technology into magnetic resonance imaging is expected to hinder the global magnetic resonance imaging (MRI) market growth over the forecast period. For instance, integrating silent scan technology onto an MRI cost around US$ 0.6 million and US$ 1 million.

Global Magnetic Resonance Imaging (MRI) Market: Opportunities

The introduction of software to assist radiologists in MRI-guided operations is expected to provide attractive development prospects for major market players. For instance, Qlarity Imaging, a manufacturer of computer-aided breast cancer diagnostic systems, reported in November 2019 that it will release supplementary software to help radiologists in MRI-guided operations.

Furthermore, magnetic resonance imaging R&D is expected to contribute to market growth. For instance, Profound Medical announced in December 2019 that the minimally invasive MRI-guided transurethral ultrasound ablation (Tulsa) therapy efficiently cures prostate cancer with minimal adverse effects.

Statistics:

The global magnetic resonance imaging (MRI) market was worth US$ 5,107.3 million in 2019 and is expected to grow at a CAGR of 3.3 % to US$ 6,637.2 million by 2027.

Market Trends/Key Takeaways

Major players in the global magnetic resonance imaging (MRI) market are focusing on collaboration and partnership tactics to increase their market share. For instance, GE Healthcare completed a multi-year agreement with Affidea B.V., a medical services provider, in December 2019 to utilize imaging and digital technologies from across the Affidea network, including the granting of 50 ultrasound devices, 30 X-ray machines, 60 new MRIs, and 40 CT scanners over the next three years.

The introduction of MRI-compatible monitoring systems is expected to drive the global Magnetic Resonance Imaging (MRI) market growth over the forecast period. For instance, Iradimed Corporation reported in December 2019 that the CE Mark renewal procedure for their MRI compatible patient vital sign monitoring devices had already been completed. Following the renewal, the company resumed exports of the systems into European Commission markets.

Global Magnetic Resonance Imaging (MRI) Market: Competitive Landscape

Some of the key players contributing to the global Magnetic Resonance Imaging (MRI) market are Medtronic plc, The InterMed Group, Hitachi Ltd., Aurora Imaging Technologies Inc., Canon Medical Systems Corporation, General Electric Company, Koninklijke Philips N.V., Siemens AG, and Esaote SpA.

Global Magnetic Resonance Imaging (MRI) Market: Key Developments

The global magnetic resonance imaging (MRI) market’s major players are focusing on mergers and acquisitions strategies to gain more market share. For instance, The InterMed Group acquired Sigma Imaging Technologies in February 2020, a supplier of CT/PET/MRI systems, such as mobile units, as well as equipment assessment, refurbishment, installation, removal, transfer, and storage.

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Table of Contents

1. Research Objectives and Assumptions
   • Research Objectives
   • Assumptions
   • Abbreviations
2. Market Purview
   • Report Description
     • Market Definition and Scope
   • Executive Summary
     • Market Snippet, By Type
     • Market Snippet, By Field Strength
     • Market Snippet, By Country
     • Coherent Opportunity Map (COM)
3. Market Dynamics, Regulations, and Trends Analysis
   • Market Dynamics
     • Drivers
     • Restraints
     • Market Opportunities
   • Impact Analysis
   • Key Highlights
   • Product launch
   • PEST Analysis
   • Technological Advancements
   • Regulatory Scenario
   • Mergers and Acquisitions
4. Global Magnetic Resonance Imaging (MRI) Market, By Type, 2019 – 2027, (US$ Mn)
   • Introduction
     • Market Share Analysis, 2020 and 2027 (%)
     • Y-o-Y Growth Analysis, 2017 – 2027
     • Segment Trends
   • Open
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
   • Closed
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
5. Global Magnetic Resonance Imaging (MRI) Market, By Field Strength, 2019 – 2027, (US$ Mn)
   • Introduction
     • Market Share Analysis, 2020 and 2027 (%)
     • Y-o-Y Growth Analysis, 2017 – 2027
     • Segment Trends
   • High field
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
   • Mid field
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
   • Low field
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
6. Global Magnetic Resonance Imaging (MRI) Market, By Region, 2019 – 2027, (US$ Mn)
   • Introduction
     • Market Share Analysis, By Region, 2020 and 2027 (%)
     • Y-o-Y Growth Analysis, For Regions, 2017–2026
   • North America
     • Market Size and Forecast, By Type, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Field Strength, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
       • U.S.
       • Canada
   • Latin America
     • Market Size and Forecast, By Type, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Field Strength, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
       • Brazil
       • Mexico
       • Argentina
       • Rest of Latin America
   • Europe
     • Market Size and Forecast, By Type, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Field Strength, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
       • Germany
       • U.K.
       • France
       • Spain
       • Italy
       • Russia
       • Rest of Europe
   • Asia Pacific
     • Market Size and Forecast, By Type, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Field Strength, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
       • China
       • Japan
       • India
       • Australia
       • South Korea
       • ASEAN
       • Rest of Asia Pacific
   • Middle East
     • Market Size and Forecast, By Type, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Field Strength, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
       • GCC Countries
       • Israel
       • Rest of Middle East
   • Africa
     • Market Size and Forecast, By Type, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Field Strength, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
       • North Africa
       • Central Africa
       • South Africa