Magnetic Resonance Imaging (MRI) Systems Market to be Worth $10.35 Billion by 2030 - Exclusive Report by Meticulous Research®
Magnetic Resonance Imaging (MRI) Systems Market by Design (Close, Open, Portable), Field Strength (Low Field, 3T, 5T, 7T Scanner), Application (Vascular, Brain, Neuro, Breast, Cardiac, Paediatric, Extremity, Whole Body), End User - Global Forecast to 2030
Redding, California, March 22, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Magnetic Resonance Imaging (MRI) Systems Market by Design (Close, Open, Portable), Field Strength (Low Field, 3T, 5T, 7T Scanner), Application (Vascular, Brain, Neuro, Breast, Cardiac, Paediatric, Extremity, Whole Body), and End User - Global Forecast to 2030,’ published by Meticulous Research®, the magnetic resonance imaging (MRI) systems market is projected to reach $10.35 billion by 2030, at a CAGR of 6.3% from 2023 to 2030.
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Magnetic resonance imaging (MRI) systems are being widely incorporated in clinical settings. The demand for MRI systems is increasing due to their wide applications in neuroimaging, cardiac MRI, and other healthcare conditions. MRI images enable physicians to make more accurate and faster decisions for treatment in cases of complex health conditions where other tests are ambiguous. MRI systems provide high-resolution images and accurate measurements.
The safety offered by MRI systems, particularly to patients at risk of undergoing multiple scans due to complex congenital heart diseases, has also fueled the increased adoption of these systems. Furthermore, the wide applications of MRI in neuro imaging, breast imaging, vascular imaging, musculoskeletal and extremity imaging, and pediatric imaging are expected to drive the magnetic resonance imaging (MRI) systems market.
Other factors driving this market's growth are the rising awareness about the importance of early disease diagnosis, the growing demand for high-field MRI scans, the rising incidence of cardiac, neurological, and oncological disorders, and rising healthcare expenditure. However, the high cost of MRI systems and low reimbursement rates restrains the market’s growth.
Furthermore, the growing penetration of MRI systems in developing economies, the development of zero/low radiation MRI systems, and technological advancements in MRI systems are expected to offer significant market growth opportunities. However, the shortage of skilled professionals for MRI in many developing countries is a major challenge to the market’s growth.
Rising Incidence of Cardiac, Neurological, and Oncological Disorders to Drive Magnetic Resonance Imaging (MRI) Systems Market’s Growth
According to data published by the World Health Organization (WHO) in 2021, cardiac diseases are the leading causes of death globally. Furthermore, according to data published by the British Heart Foundation in 2022, there are nearly 550 million people with heart and circulatory disease globally, and the number is expected to rise due to changing lifestyles and growth in the aging population. Cardiac MRI systems are being adopted globally for diagnosing a wide range of heart disorders. These conditions include congenital heart disease, coronary heart disease, and inherited heart conditions such as dilated cardiomyopathy, hypertrophic cardiomyopathy, and cardiac tumors. Countries such as the U.K. have promoted the adoption of cardiac MRI in hospitals due to its advantages which have increased the number of scans conducted annually by 15–20%.
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The growing applications of MRI in neurological disorders have also triggered the adoption of these systems. According to data published by the WHO in 2022, nervous system disorders are the second leading cause of death globally, with stroke, migraine, dementia, meningitis, and epilepsy among the major contributors. MRI images are useful for examining spinal cord and brain injuries and other conditions such as abscesses, tumors, congenital abnormalities, and subdural hematoma. Many neurological conditions are preventable and can be treated using MRI systems. Thus, MRI is highly preferred by physicians to find tumors in the body to determine whether a tumor is cancerous. Furthermore, the advantages of MRI in oncological disorders include locating the size and location of a tumor, planning treatment such as radiation therapy or surgery, and determining if the treatment is working.
The magnetic resonance imaging (MRI) systems market is segmented based on Design (Closed MRI Systems, Open MRI Systems, Portable and Handheld MRI Systems), Field Strength (3T Scanners, 5T Scanners, Low-Field (1.2t or less) Scanners, 7T Scanners), Application (Neuro Imaging, Whole Body Imaging, Breast Imaging, Cardiac Imaging, Vascular Imaging, Musculoskeletal and Extremity Imaging, Pediatric Imaging), End User (Diagnostic Imaging Centers, Hospitals, and Other End Users), and Geography. The study also evaluates industry competitors and analyzes their market shares at the country and regional levels.
Based on design, in 2023, the closed MRI systems segment is expected to account for the largest share of the magnetic resonance imaging (MRI) systems market. The large market share of this segment is attributed to the advantages offered by closed MRI systems over open MRI systems, including quicker scanning rate, diagnoses of a wider range of diseases, and the production of higher-quality images. However, the portable and handheld MRI systems segment is expected to register the fastest growth rate during the forecast period. The growth of this segment is attributed to the benefits offered by portable and handheld MRI systems, including the non-requirement of a high power supply and quench pipe and ease of installation & movability.
Based on field strength, the 3T scanners segment is expected to account for the largest share of the magnetic resonance imaging (MRI) systems market. The large market share of this segment is attributed to the benefits offered by 3T MRI scanners, including high scan quality & speed and the ability to pick up more signals from tissues and organs, resulting in sharper, clearer images which make it suitable for the diagnosis of numerous neurological as other chronic disorders.
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Based on application, the musculoskeletal and extremity imaging segment is projected to register the fastest growth rate during the forecast period. The wider coverage of conditions in musculoskeletal and extremity imaging for cases of bone infections, nerve damage, tumors, fractures, and degenerative joint diseases drives the growth of this segment. In addition, the rising number of patients with osteoporosis at high risk of fractures is fueling the segment's growth.
Based on geography, in 2023, North America is expected to account for the largest share of the magnetic resonance imaging (MRI) systems market, followed by Europe and Asia-Pacific. Furthermore, in 2023, the U.S. is expected to be the largest market shareholder in North America. The market growth in the U.S. is attributed to the high disposable incomes of the population, the rising number of patients with chronic diseases, and favorable government investments for supporting the installation of magnetic resonance imaging (MRI) systems in various healthcare facilities.
However, Asia-Pacific region is expected to witnesss a rapid growth during the forecast period. The growth of this regional market is attributed to the increasing geriatric population, the rising prevalence of chronic diseases in developing countries across Asia-Pacific, the increasing healthcare investments in countries such as China and India, and the high preference for MRI images by physicians due to its wide advantages in selecting appropriate diagnosis plan. Furthermore, government initiatives promoting advanced technological systems for accurate diagnosis drive the growth of this regional market.
The report also includes an extensive assessment of the key growth strategies adopted by leading market players between 2020 and 2022. In the last couple of years, the magnetic resonance imaging (MRI) systems market has witnessed various strategic developments. Some of the key players operating in the magnetic resonance imaging (MRI) systems market are Aurora Imaging Technology, Inc. (U.S.), Esaote S.p.A (Italy), Fonar Corporation (U.S.), GE Healthcare (U.S.), FUJIFILM Holdings Corporation (Japan), Bruker Corporation (U.S.), Aspect Imaging Ltd. (Israel), Philips Healthcare (Netherlands), Siemens Healthcare (Siemens Healthcare), Toshiba Medical Systems Corporation (Japan), Canon Inc. (Japan), and Hyperfine, Inc. (U.S.).
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Scope of the Report:
Magnetic Resonance Imaging (MRI) Systems Market, by Design,
Closed MRI Systems
Open MRI Systems
Portable and Handheld MRI Systems
Magnetic Resonance Imaging (MRI) Systems Market, by Field Strength
3T Scanners
5T Scanners
Low-Field (1.2t or less) Scanners
7T Scanners
Magnetic Resonance Imaging (MRI) Systems Market, by Application
Neuro Imaging
Whole Body Imaging
Breast Imaging
Cardiac Imaging
Vascular Imaging
Musculoskeletal and Extremity Imaging
Pediatric Imaging
Magnetic Resonance Imaging (MRI) Systems Market, by End User
Diagnostic Imaging Centers
Hospitals
Other End Users
Note: Other End Users include Ambulatory Surgical Centers and Academic Institutes.
Magnetic Resonance Imaging (MRI) Systems, by Geography
North America
U.S.
Canada
Europe
Germany
France
Italy
U.K.
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
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