Magnetic Resonance Imaging (MRI) Market Analysis

Magnetic Resonance Imaging (MRI) is an advanced medical imaging technique employed to image the anatomy and physiological processes in the body of an individual. These images are formed by MRI scanners using high power magnets, strong magnetic fields, radio waves and magnetic field gradients.

Statistics:

The global magnetic resonance imaging (MRI) market is estimated to account for US$ 6,637.2 Mn in terms of value by the end of 2027.

Global Magnetic Resonance Imaging (MRI) Market: Drivers

Increasing prevalence of chronic disorders is expected to propel growth of the global magnetic resonance imaging (MRI) market over the forecast period. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.

Moreover, increasing geriatric population is also expected to aid in growth of the global magnetic resonance imaging (MRI) market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.          

Statistics:

North America held dominant position in the global magnetic resonance imaging (MRI) market in 2019, accounting for 36.8% share in terms of value, followed by Europe and Asia Pacific, respectively.

Figure 1: Global Magnetic Resonance Imaging (MRI) Market Share (%) Value, By Region, 2019

Global Magnetic Resonance Imaging (MRI) Market: Restraints

Mixed results with MRI screening is expected to hinder growth of the global magnetic resonance imaging (MRI) market. For instance, in November 2019, researchers from University Medical Center Utrecht, The Netherlands, reported that supplementing mammography with magnetic resonance imaging (MRI) for patients with dense breast tissue reduced the rate of interval cancers by half, but with a "concerning" rate of recall for additional imaging or interventions.

Moreover, high cost of integration of silent scan technology in magnetic resonance imaging is also expected to limit the market growth. For instance, the integration of silent scan technology in MRI costs between US$ 0.6 Mn and US$ 1 Mn.

Magnetic Resonance Imaging (MRI) Market Report Coverage

Report Coverage	Details
Base Year:	2019	Market Size in 2019:	US$ 5,107.3 Mn
Historical Data for:	2016 to 2019	Forecast Period:	2020 to 2027
Forecast Period 2020 to 2027 CAGR:	3.3%	2027 Value Projection:	US$ 6,637.2 Mn
Geographies covered:	North America: U.S., Canada Latin America: Brazil, Argentina, Mexico, Rest of Latin America Europe: Germany, U.K., France, Spain, Italy, Russia, Rest of Europe Asia Pacific: China, Japan, India, Australia, South Korea, ASEAN, Rest of Asia Pacific Middle East: GCC Countries, Israel, Rest of Middle East Africa: North Africa, Central Africa, South Africa
Segments covered:	By Product Type: Open, Closed. By Field Strength: High field, Mid field, Low field.
Companies covered:	Seimens AG, Koninklijke Philips N.V., Medtronic plc, Aurora Imaging Technologies Inc., General Electric Company, Hitachi Ltd., Esaote SpA, The InterMed Group, and Canon Medical Systems Corporation
Growth Drivers:	Increasing prevalence of chronic disorders Approval and launch of new products
Restraints & Challenges:	High Cost

Global Magnetic Resonance Imaging (MRI) Market: Opportunities 

Launch of software to support radiologists in MRI-guided procedures is expected to offer lucrative growth opportunities for players in the global magnetic resonance imaging (MRI) market. For instance, in November 2019, Qlarity Imaging, a developer of computer-aided breast cancer diagnostic system, announced to introduce complementary software to support radiologists in MRI-guided procedures.

Moreover, R&D in magnetic resonance imaging is also expected to aid in growth of the market. For instance, in December 2019, researchers from Profound Medical reported that the minimally invasive MRI-guided transurethral ultrasound ablation (Tulsa) treatment effectively treats prostate cancer with minimal side effects.

Statistics:

The global magnetic resonance imaging (MRI) market was valued at US$ 5,107.3 Mn in 2019 and is forecast to reach a value of US$ 6,637.2 Mn by 2027 at a CAGR of 3.3% between 2020 and 2027.

Figure 2: Global Magnetic Resonance Imaging (MRI) Market Value (US$ Mn), 2016 – 2027

Market Trends/Key Takeaways

Major players in the global magnetic resonance imaging (MRI) market are focused on adopting partnership and collaboration strategies to enhance their market share. For instance, in December 2019, GE Healthcare signed a multi-year agreement with Affidea B.V., a provider of medical services, to deploy imaging and digital technologies across the Affidea network, which includes provision of 60 new MRIs, 50 ultrasound devices, 40 CT scanners and 30 X-rays machines in the next three years.

Launch of MRI compatible monitoring systems is expected to propel growth of the global magnetic resonance imaging (MRI) market. For instance, in December 2019, Iradimed Corporation announced completion of the CE Mark renewal process for its MRI compatible patient vital signs monitoring systems. The company resumed shipments of the systems into European Commission markets after the renewal.

Global Magnetic Resonance Imaging (MRI) Market: Competitive Landscape

Major players operating the global Magnetic Resonance Imaging (MRI) market include, Seimens AG, Koninklijke Philips N.V., Medtronic plc, Aurora Imaging Technologies Inc., General Electric Company, Hitachi Ltd., Esaote SpA, The InterMed Group, and Canon Medical Systems Corporation.

Global Magnetic Resonance Imaging (MRI) Market: Key Developments

Major players in the global magnetic resonance imaging (MRI) market are focused on adopting M&A strategies to enhance their market share. For instance, in February 2020, The InterMed Group acquired Sigma Imaging Technologies, a provider of MRI/CT/PET systems including mobile units, and offers equipment evaluation, refurbishment, installation, removal, relocation and storage.