Magnetic Resonance Imaging (MRI) Systems Market Share Estimation, Growth Outlook, Future Insights, Industry Outlook and Global Trends By 2023

Magnetic Resonance Imaging (MRI) Systems Market Scope

Magnetic resonance imaging (MRI) systems market will be worth USD 5 Billion in 2023, evaluates MRFR (Market Research Future). MRFR also expects the magnetic resonance imaging MRI market growth to be 3.5% between 2018 and 2023 (analysis period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.

Cutting edge technologies and intensive researches have resulted in the introduction of multiple advanced magnetic resonance imaging equipment that helps patients have longer and healthier lives. Magnetic resonance imaging technology is a diagnostic system that obtains information from the body’s interior and is extensively used in additional technical applications. A magnetic resonance imaging procedure helps create a 3D image of either the object or the patient that is being studied, without causing any hurt and without the use of ionizing radiation. With the substantial growth in the number of disorders related to neurology, spine, cardiovascular, orthopedic, neck and head, prostate and abdominal, the demand for advanced magnetic resonance imaging equipment has surged exponentially worldwide.

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Furthermore, the expansion of the geriatric pool is likely to enhance the need for innovative health care technologies and services, since this demography is quite susceptible to multiple diseases, like cardiovascular diseases, orthopedic (osteoporosis), and more. These diseases require early identification or diagnosis, which could help reach the appropriate decision, ensuring effective treatment. Therefore, for accurate diagnosis of these disorders, imaging equipment such as magnetic resonance imaging system is increasingly being used in healthcare. Also, with the immense pressure on the government to explore new ways to technically upgrade the healthcare facilities while bringing down the financial burden could be favorable for the global industry.

Rapidly improving healthcare infrastructure across developing economies, along with the surging awareness with regard to advanced treatment options for neurology, spine, cardiovascular, orthopedic, abdominal, prostate and head and neck related ailments has bolstered the deployment of modern magnetic resonance imaging equipment in the Middle East, Asia Pacific, Africa and Latin America. Industry contenders are also focusing on creating MRI machines that have impressive field strength, which helps boost their application scope and by extension, their demand. For instance, in November 2020, Massachusetts General Hospital‘s team created an economic, portable, low-power, head only, compact MRI scanner that could be wheeled into the surgical room, placed in an ambulance or mounted in clinics or doctors’ offices. The system allows point-of-care brain imaging even in remote areas, where MRIs are generally unavailable.

Magnetic Resonance Imaging (MRI) Systems Market Segmentation

Magnetic resonance imaging (MRI) systems industry has been considered for type, field strength, disease application and end user.

Taking into account type, the market primarily caters to closed MRI, open MRI, wide-bore MRI and standard bore MRI.

Depending on field strength, the key segments can be very-high-field MRI systems, 1.5t MRI systems, high-field MRI systems, low-to-mid-field MRI systems, 3t MRI systems, and others.

Considering the disease application, the segments include cardiovascular MRI, brain and neurological MRI, spine and musculoskeletal MRI, breast MRI, pelvic and abdominal MRI, and others

With respect to end user, the market has been split into hospitals and clinics, diagnostic imaging centers, pharmaceutical &biotechnology companies and research laboratories.

Magnetic Resonance Imaging (MRI) Systems Market Regional Outlook

Europe, Americas, MEA or Middle East and Africa and Asia Pacific or APAC are the top markets for MRI systems.

America remains the market leader, observing the highest demand and use of magnetic resonance imaging (MRI) systems. The key reasons responsible for the region’s lead in the global market could be the heavy burden of neurological, ophthalmic and cardiovascular disorders, especially among the geriatric populace. Rigorous government efforts as well as spending on researches pertaining to medical devices along with the escalating demand for correct diagnosis also benefit the regional market. Substantial awareness level regarding the toxic effects of using radiation imaging, and the huge numbers of pharmaceutical firms present in the region also induces significant market growth.

APAC is touted to witness the fastest growth, as it demonstrates maximum growth possibilities. The massive patient pool, willingness to adopt latest healthcare technologies and government initiatives to improve the healthcare infrastructure are some of the top growth boosters. The improving insurance schemes and policies for patients, cheap costs of clinical trials and the intensive researches conducted by the prominent vendors in the region also enhance the market size. The rising number of players setting up their manufacturing units in Singapore, Japan, China, Australia and Korea also boosts the APAC market’s growth potential.

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Magnetic Resonance Imaging (MRI) Systems Market Firms

Hitachi, Siemens AG, Canon Medical Systems, Xingaoyi, Philips, Toshiba Corporation, Aurora Imaging Technologies, Inc., GE Healthcare, Toshiba Corporation, are among some of the top market firms listed in the MRFR study.

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