The magnetic resonance imaging equipment market size was USD 6.71 billion in 2021. The market is projected to grow from USD 7.12 billion in 2022 to USD 11.03 billion in 2029 at a CAGR of 6.5% during the 2022-2029 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Magnetic Resonance Imaging Equipment Market, 2022-2029.” Factors such as the ability to diagnose, treat, & manage a variety of critical disorders along with the procedure being completely non-invasive will increase the footprint of the market during the forecast period. Additionally, the rising number of product launches and increasing adoption of high-strength equipment will drive the market growth.
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The global healthcare industry has grown and is expected to deliver even more in the future. Healthcare industry is growing at a steady pace and is speculated to ascend on this growth scale in the future. Healthcare industry is made of certain key sectors such as healthcare services and facilities, medical equipment, hospital supplies, pharmaceuticals, and we offer detailed reports on these sectors with accuracy. Healthcare is one of the most vital requirements and thus, is an ever-increasing market.
- March 2021: Subtle Medical, announced that it received clearance from the U.S. Food and Drug Administration (FDA) for the second generation of its SubtleMR image enhancement technology. This software is a virtual renovation to existing MRI machines that can enhance scanner performance across the entire fleet.
Drivers & Restraints
Increasing Prevalence of Chronic & Serious Disorders and Technological Advancements to Augment Market
Factors, such as rising demand for medical imaging due to rising chronic disorders and increasing technological advancements, will fuel the magnetic resonance imaging equipment market growth during the forecast period. Additionally, attributes, such as superior imaging properties and the ability to detect anomalies in the brain and spinal cord, will increase the footprint of the market. Also, rising application scope for imaging techniques and improvements in field strength & computing power will boost the growth of the market.
However, higher costs of equipment will limit the growth of the market during the forecast period.
Strength, Application, End-User, and Region are Studied
Based on strength, the market can be divided into less than 1.5 T, 1.5 T, and more than 1.5 T.
With respect to application, the market can be broken down into musculoskeletal, neurology, cardiology, body imaging, and others.
By end-user, the market can be segmented into hospitals, ambulatory surgical centers, and diagnostic centers.
In terms of geography, the market can be categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Asia Pacific to Hold Largest Market Share Due to Rising Adoption of Imaging Technology
Asia Pacific will witness the largest magnetic resonance imaging equipment market share owing to the increasing adoption of expensive imaging systems and rising healthcare expenditure. Additionally, rising imaging procedural volume and increasing patient population will increase the footprint of the market. Also, improving technological advancements and the presence of various prominent players will fuel the growth of the market.
Europe will hold considerable market share in terms of global contribution due to the rising volume of procedures, rising healthcare expenditure, and rising adoption of technologically advanced systems.
North America will witness growing CAGR during the forecast period due to the rising adoption of advanced systems and increasing usage of advanced diagnostics.
Various Products within their Portfolios & Expanding Business Ideas to Push Prominent Players Toward Dominance
The sector of magnetic resonance imaging equipment comprises various market players that are emerging and established. Prominent players combine a robust product portfolio and control a majority of the market by introducing the latest generation of products. These players have further established their foothold on a global level and are constantly improving their expansive overview. For example, in May 2021, RSIP Vision announced its new prostate MRI-to-ultrasound registration tool. The company claims that this method will utilize a registered MRI scan from the prostate for visualizing information from an in-op ultrasound image. This combinative image is expected to provide the surgeon with precise and real-time information during surgery. The market is also occupied by smaller-sized organizations that contain limited products within their portfolios.
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List of Key Players Present in the Market
- GENERAL ELECTRIC COMPANY (GE Healthcare) (Boston, U.S.)
- Siemens Healthineers AG (Munich, Germany)
- Koninklijke Philips N.V. (Amsterdam, Netherlands)
- Canon Medical Systems Corporation (Tochigi, Japan)
- Hitachi, Ltd. (Tokyo, Japan)
- Esaote SpA (Genova, Italy)
- Time Medical Holding (Shatin, Hong Kong)
- Shenzhen Anke Hi-tech Co., Ltd. (Shenzhen, China)
- Shenzhen Basda Medical Apparatus Co., Ltd. (Shenzhen, China)
- Fonar Corporation (New York, U.S.)
Table Of Content
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Market Size & Forecast (in Volume) – By Key Region, 2016-2027
- Cost of MRI Test Procedure (Key Countries)
- MRI Procedures per year (Key Countries)
- Technological Developments
- Region-wise Installed Base MRI System – 2019
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