MRI (Magnetic Resonance Imaging) Market

The global MRI (Magnetic Resonance Imaging) Market is valued at USD 5.32 Billion in 2022 and is projected to reach a value of USD 8.44 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.9% between 2023 and 2030.

Premium Insights

Cancer is a chronic disease that affects millions of people throughout the world. MRI is used for cancer patients to diagnose the disease and plan treatments like radiation therapy or surgery. As a result, the use of MRI systems is anticipated to rise along with the global burden of cancer cases, supporting the market's expansion. For instance, 229,200 Canadians were expected to receive cancer diagnoses in 2022, according to Canadian Cancer Statistics published in October 2021. Lung, breast, colorectal, and prostate cancers are anticipated to continue being the most frequently diagnosed in the US in 2021, making up 46% of all diagnoses.

• New MRI applications and technologies are being created using AI. AI may automate the examination of MRI scans, for instance, which can help to increase the precision and effectiveness of diagnosis.
• North America generated more than 38.2% of revenue share in 2022
• Asia Pacific is expected to grow at the quickest rate from 2023 to 2030
• The Closed systems segment accounted for the largest market growth. It contributed over 67.5% of the total revenue share in 2022 due to its inherent safety, superior image quality, and growing preference for patient comfort.
• Mid Field Strength segment revealed the most significant market growth, contributing more than 46.2% of the total revenue share in 2022
• Brain and neurological accounted for a significant market revenue of 23.5% in 2022
• Hospitals segment accounted for 37.2% of the total revenue share in 2022

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Economic Insights

The MRI (Magnetic Resonance Imaging) market is experiencing significant economic growth during the forecast period. The rise in chronic illness prevalence, growing healthcare costs, and expanding demand for non-invasive imaging procedures contribute to this trend. Beyond the numbers, the market's economic impact affects the effectiveness of the healthcare system, patient outcomes, and research breakthroughs. The market is expanding due to new developments in high-resolution imaging, patient comfort, and automation. The market is increasing because of the rising demand for better healthcare infrastructure in developing nations. For instance, the National Brain Research Centre (NBRC), Manesar, in Haryana, India, debuted a high-tech MRI facility in November 2021. The Siemens MRI Scanner PRISMA 3T MRI was placed at the National Brain Research Centre (NBRC), India's top institution for neuroscience research and teaching.

Top Market Trends

• Increasing demand for MRI (Magnetic Resonance Imaging)s in the healthcare industry: MRIs are in greater demand in the healthcare sector since they are used to diagnose various illnesses, including cancer, heart disease, and neurological diseases.
• Creation of novel MRI techniques: The quality of the pictures and the number of applications for MRI (Magnetic Resonance Imaging) are being improved through the development of new MRI (Magnetic Resonance Imaging) technologies, including high-field MRI and functional MRI.
• Rise of mobile MRI (Magnetic Resonance Imaging)s: Mobile MRIs are becoming increasingly popular since they can be transported to various locations. Patients who reside in rural areas or cannot drive to a hospital for an MRI scan can now more easily receive MRIs.
• Increased focus on patient safety: Safety is receiving more attention from MRI producers, who are working to provide safe MRI equipment. To do this, the danger of exposure to radiation and other hazards is decreased by adopting innovative materials and technology.
• Personalized medicine: MRI is being used to develop personalized medicine approaches, which tailor treatment to the individual patient. This is done by using MRI to identify biomarkers that can be used to predict the risk of disease or monitor the effectiveness of treatment.

Market Segmentation

MRI (Magnetic Resonance Imaging) The global MRI (Magnetic Resonance Imaging) market can be categorized into Architecture, Field Strength, Application, End use. The MRI (Magnetic Resonance Imaging) market can be categorized into Closed System, Open System based on Architecture. The MRI (Magnetic Resonance Imaging) market can be categorized into Low Field Strength , Mid Field Strength , High Field Strength based on Field Strength. The MRI (Magnetic Resonance Imaging) market can be categorized into Obstructive Sleep Apnea(OSA), Brain and neurological , Spine and musculoskeletal, Vascular , Abdominal , Cardiac , Breast , Others based on Application. The MRI (Magnetic Resonance Imaging) market can be categorized into Hospitals , Imaging centers , Ambulatory Surgical Centers , Others based on End use.

Based on Architecture

Closed Systems hold the largest share

Closed systems effectively restrict the magnetic field and radio waves inside the scanner and put safety first. This reduces the dangers associated with radiation exposure for both patients and operators. Furthermore, a more uniform magnetic field, which results in less picture distortion, is responsible for their capacity to produce images of superior quality when compared to open MRI (Magnetic Resonance Imaging) systems. Closed MRI systems are more convenient thanks to their more manageable size, which makes it simpler for patients to enter and depart the machine. This convenience solidifies the closed MRI systems' dominant position in the market and is especially important for patients with claustrophobia or limited mobility.

Based on Field Strength

Mid Field Strength will dominate the market during Forecast Period

Mid-field strength MRI systems will dominate the market during the forecast period. Notably, their cost-effectiveness is advantageous, providing a more inexpensive option to high-field strength MRI systems, making them financially viable for hospitals and clinics. Additionally, these systems display amazing image quality comparable to their high-field counterparts, assuring precise diagnostic results. Mid-field strength MRI systems have a weaker magnetic field, which improves patient comfort by reducing claustrophobia risk and making scanning more tolerable for those who need it.

Based on Application

Brain and neurological will lead the market during the forecast period

The brain and neurological application segment will dominate the MRI (Magnetic Resonance Imaging) market throughout the forecast period. MRI scans, essential for the correct diagnosis and continuing monitoring of these illnesses, are becoming increasingly in demand due to the rising prevalence of neurological disorders, including maladies like Alzheimer's disease, Parkinson's disease, and multiple sclerosis. Concurrently, groundbreaking developments in MRI technology, including functional MRI and diffusion tensor imaging, reveal minute aspects of the brain and open up new avenues for detecting and treating neurological problems.

Based on End-use

Hospitals account for significant revenue

Hospitals secure the highest market share for MRI (Magnetic Resonance Imaging). The increased demand for MRI scans, essential for identifying and treating various illnesses, highlights their crucial function in medical settings. The capacity to purchase and maintain MRI equipment within hospitals makes it possible to guarantee regular patient accessibility. Additionally, hospitals are well-equipped to run and sustain MRI systems, further bolstering their pivotal role in enabling comprehensive and efficient diagnostic imaging services.

Based on Region

North America will lead the market

North America to lead the market for MRI (Magnetic Resonance Imaging) during the forecast period. The region's popularity is supported by the high prevalence of illnesses that may be diagnosed and treated using MRI, such as cancer, cardiovascular ailments, and neurological problems. In addition, North America dominates the market due to high healthcare spending per person there, which drives up demand for MRI scans. The area benefits from a sizable pool of qualified workers proficient in using and maintaining MRI equipment, increasing accessibility and knowledge. The innovative approach taken by North America in creating and deploying cutting-edge MRI technologies has been a key factor in the development of the industry and the market.

Competitive Landscape

The global MRI (Magnetic Resonance Imaging) market is fragmented, including key players striving for innovation and market share. Partnerships, collaborations, and strategic acquisitions are common strategies to expand product portfolios, foster technological innovation, and amplify global reach. For instance, FUJIFILM Healthcare introduced the Velocity MRI System in December 2021. It has an open gantry. This cutting-edge, high-field available MRI technology is designed to simplify procedures and enhance patient care.

The players in the global MRI (Magnetic Resonance Imaging) market include Siemens Healthcare, Philips Healthcare, Canon Medical Systems Corporation, Neusoft Medical Systems Co. Ltd, Aurora Imaging Technologies, GE, Esaote, Bruker Corporation, Fonar Corporation, Hitachi Medical Corporation, Toshiba Medical Systems among others.

Recent Market Developments

• June 2021: A strategic partnership between Philips and Akumin Inc., a leading provider of outpatient diagnostic imaging services in the United States, has been announced. Through this partnership, Akumin's outpatient imaging centers can use Philips' new Radiology Operations Command Center and co-develop clinical standards for its MR and CT imaging modalities.

Segmentation of the Global MRI (Magnetic Resonance Imaging) Market