Magnetic Resonance Imaging Market, By Architecture (Open system, Closed system) By Field Strength (Low Field Strength, Mid Field Strength, High Field Strength), By Application (Obstructive Sleep Apnea (OSA), Brain and neurological, Spine and musculoskeletal, Vascular, Abdominal, Cardiac, Breast, Other) By End-Use (Hospitals, Imaging Centers, Ambulatory Surgical Centers, Others), By Region - Global Analysis Forecast Till 2030

The global magnetic resonance imaging market was worth USD 5.4 billion in 2021 and is expected to grow at an 8% CAGR from 2022 to 2030.

Magnetic Resonance Imaging (MRI) is a powerful diagnostic tool for detecting diseases related to spine lesions, tumors, and strokes that affect blood vessels and the braiseveralng prevalence of diseases is propelling the market forward. According to the International Agency for Research on Cancer, there will be 19,292,789 new cancer cases worldwide in 2020. Furthermore, the growing demand for quick and accurate diagnostic procedures is expected to drive the adoption of MRI machines. According to the OECD, the number of MRI units installed in the United States in 2020 was 34.54 per million population. In addition, the incorporation of artificial intelligence in MRI is expected to boost market growth.

Magnetic resonance imaging (MRI), a widely used diagnostic tool, has revolutionized medical imaging. However, its compatibility with pacemakers has posed challenges in the past. Thanks to advancements in technology, modern MRI machines have been designed to safely accommodate patients with pacemakers. MRI imaging machines now offer exceptional clarity and precision, enabling healthcare professionals to conduct detailed examinations, such as MRI knee imaging. Magnetic imaging, an essential component of MRI processing, allows for the creation of high-resolution images by utilizing the principles of magnetic resonance. Additionally, dynamic MRI techniques enable real-time visualization of internal structures and functions. With its remarkable capabilities, magnetic resonance imaging has secured a significant market share and size, contributing to the growth of the MRI market. Statistical data further demonstrates the increasing utilization and demand for MRI systems, including open MRI systems, within the healthcare industry.

Market Dynamics

Drivers:

Superconducting (SC) magnets, open architecture, high-field MRI, and software applications are piquing the interest of academic institutes, research laboratories, hospitals, and physicians. Furthermore, the compatible pacemakers will significantly increase the number of patients eligible for MRI procedures.

Replacement is driving the growth of MRI systems in developed markets such as North America and Europe. The primary factors driving the new wave of replacement are the introduction of MRI scanners with larger patient bores and the replacement of existing MRI systems that have reached optimum utilization.

Restraints:

MRI machines are available in a range of sizes and magnetic strengths. The average price of an MRI system with a magnetic strength of 1.5T or less is around USD XX million. Furthermore, even refurbished low-field MRI systems can cost millions of dollars. The high price of MRI solutions is expected to limit market growth.

Moreover, MRI systems can potentially cause malfunctioning or permanent damage to implantable devices such as pacemakers and ICDs. Furthermore, orthopedic implants such as screws, plates, or artificial joints distort MRI images. As a result, the incompatibility of MRI systems for patients with implants hurts the market's growth potential.

Key players:

• Siemens Healthcare GmbH

• Koninklijke Philips N.V.

• Toshiba cooperation

• GE Healthcare

• Hitachi Medical systems

• Esaote SpA

• Sanrad Medical Systems Pvt. Ltd

• Aurora Imaging Technologies, Inc.

• Fujifilm Holdings Corporation

• Canon Medical Systems Corporation

• AllTech Medical Systems

Market Segmentation:

Magnetic Resonance Imaging Market, By Architecture Outlook

• • Open system

  • Closed system

Magnetic Resonance Imaging Market, By Field Strength Outlook

• • Low Field Strength

  • Mid Field Strength

  • High Field Strength

Magnetic Resonance Imaging Market, By Application Outlook

• • Obstructive Sleep Apnea (OSA)

  • Brain and neurological

  • Spine and musculoskeletal

  • Vascular

  • Abdominal

  • Cardiac

  • Breast

  • Other

Magnetic Resonance Imaging Market, By By End-Use

• • Hospitals

  • Imaging Centers

  • Ambulatory Surgical Centers

  • Others

Magnetic Resonance Imaging Market, By Region

• • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East & Africa

Regional Analysis

Geographically, the North American region has dominated the market and will continue to do so in the coming years. This segment held a larger market share in terms of revenue, which is expected to grow during the forecast period. The rising prevalence of chronic diseases such as cardiovascular disease, breast cancer, and neurological disorders will increase demand for these techniques. During the forecast period, technological advancements will also drive market growth. The use of these machines has increased rapidly in European countries.

The Asia Pacific region will also see significant growth in the coming years as the region's geriatric population grows and the demand for advanced imaging grows. Countries like China, Japan, and India will benefit greatly from this market in the coming years. Japan will provide a large number of growth opportunities as its healthcare industry expands rapidly. The availability of skilled personnel in the healthcare sector will also play a significant role in market growth.

Scope of the Report:

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