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  • Published On : Sep 2020
  • Code : CMI443
  • Industry : Medical Imaging
  • Pages : 150
  • Formats :

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.

Global magnetic resonance imaging (MRI) systems market is estimated to be valued at US$ 5,464.3 million in 2022 and is expected to exhibit a CAGR of 3.7% during the forecast period (2022-2030).

Figure 1. Global Magnetic Resonance Imaging (MRI) Systems Market (%), by Type, 2022

Magnetic Resonance Imaging (MRI) Systems  | Coherent Market Insights

Increasing number of product launches by the key market players is anticipated to propel the market growth

Increase number of product launches by the key market players is expected to drive growth of the global magnetic resonance imaging (MRI) systems market over the forecast period. For instance, in July 2022, Cannon Medical, a medical equipment company launched new MRI system at ECR (European Congress of Radiology) 2022 meeting. The new MRI system incorporates innovative workflow solutions, image enhancement, and quicker scan technologies, all of which lead to shorter MRI procedure times.

Figure 2. Global Magnetic Resonance Imaging (MRI) Systems Market (%), by Region, 2022

Magnetic Resonance Imaging (MRI) Systems  | Coherent Market Insights

Increasing prevalence of chronic disorders is expected to fuel growth of the magnetic resonance imaging (MRI) systems market.

Increasing prevalence of chronic disorders is expected to propel growth of the global magnetic resonance imaging (MRI) systems market over the forecast period. For instance, according to the American Cancer Society’s report, January 2022, there will be an estimated 1.9 million new cancer cases diagnosed and 609,360 cancer deaths in the U.S.

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 Magnetic Resonance Imaging (MRI) Systems Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2022: US$ 5,464.3 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2030
Forecast Period 2022 to 2030 CAGR: 3.7% 2030 Value Projection: US$ 7,281.8 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By 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 number of product launches
  • Increasing prevalence of chronic disorders
Restraints & Challenges:
  • Mixed results with MRI screening

Global Magnetic Resonance Imaging (MRI) Systems Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.

COVID-19 has affected the economy in three main ways: by directly affecting production and demand of drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, U.A.E., Egypt, and others, faced problems with regard to the transportation of drugs and vaccines from one place to another. However, the COVID-19 had a positive impact on the magnetic resonance imaging (MRI) systems market, owing to the increase in the use of MRI systems by hospitals and diagnostic centers. For instance, in June 2021, according to an article published in Magnetic Resonance Imaging, international multidisciplinary journal encompassing physical, life, and clinical science investigations, stated that in case of CT (Computed Tomography) scan  is not available, it is advisable to conduct a chest MRI for patients with suspected or confirmed COVID-19.

Global Magnetic Resonance Imaging (MRI) Systems Market: Key Developments

In March 2021, Hitachi, Ltd., a Japanese multinational conglomerate corporation, announced a launch of new open MRI systems, APERTO Lucent Plus, a 0.4T permanent open MRI, and the AIRIS Vento Plus, a 0.3T at ECR (European Congress of Radiology) 2021 meeting. New MRI systems with Synergy Drive workflow solutions are designed to optimize workflow and reduce scan time. The Synergy Drive workflow solution aids in overcoming barriers in the MRI scanning process from the start of the procedure such as, patient registration through post-processing and picture sharing of the MRI scans.

Global Magnetic Resonance Imaging (MRI) Systems Market: Restraint

Mixed results with MRI screening is expected to hinder growth of the global magnetic resonance imaging (MRI) systems 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 regarding rate of recall for additional imaging or interventions.

Key Players

Major players operating in the global  magnetic resonance imaging (MRI) systems 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

Magnetic resonance Imaging (MRI) is an advanced medical imaging technique employed to image the anatomy and physiological processes in the body of an individual. MRI can be a suitable option to examine sports injuries, vascular abnormalities, prostrate problems, pelvic problems of females, assessment of the gastrointestinal tract, and to investigate several conditions of nose, throat and ear. Patients with preexisting implants cannot be scanned with MRI. Increasing prevalence of chronic disorders, new product approval, and increasing healthcare infrastructure in developing economies is expected to assist the market growth during the forecast period. Moreover, major players in the global magnetic resonance imaging (MRI) market are focused on adopting mergers and acquisitions strategies to enhance their market share which is also expected to drive the growth of the market.

Market Dynamics

Increasing incidence of acquisitions by market players is expected to drive the growth of the global magnetic resonance imaging (MRI) systems market for the forecast period. For instance, in November 2021, Canon Medical, a medical equipment company acquired Skope Magnetic Resonance Technologies AG, a company providing MRI users with unprecedented imaging quality and performance. Skope's experience in MRI sensorics, signal processing, and image reconstruction extends from signal acquisition to picture production as a result, MRI scanning with reproducible picture quality, high image detail, and time savings is possible with this acquisition. Canon Medical Systems welcomes the Skope team and will use its ability to drive MRI system research and development, committed to breakthrough MRI solutions for uncompromised patient care. Canon Medical System acquisition concluded a contract to acquire all shares of Skope Magnetic Resonance Technologies AG.

Key features of the study:

  • This report provides an in-depth analysis of the global magnetic resonance imaging (MRI) systems market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2022–2030), considering 2021 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global magnetic resonance imaging (MRI) systems market   based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study 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
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global magnetic resonance imaging (MRI) systems market  report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global magnetic resonance imaging (MRI) systems market

Detailed Segmentation:

  • Global Magnetic Resonance Imaging (MRI) Systems Market, By Type:
    • Open
    • Closed
  • Global Magnetic Resonance Imaging (MRI) Systems Market, By Field Strength:
    • High Field
    • Mid Field
    • Low Field
  • Global Magnetic Resonance Imaging (MRI) Systems Market, By Region:
    • North America
      • By Country
        • U.S.
        • Canada
    • Latin America
      • By Country
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • By Country
        • Germany
        • U.K.
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Country
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • By Country
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • By Region/Country
        • South Africa
        • Central Africa
        • North Africa
  • Company Profiles
    • Seimens AG *
      • Company Highlights
      • Products Portfolio
      • Key Highlights
      • Financial Performance
      • Strategies
    • Koninklijke Philips N.V.
    • Medtronic plc
    • Aurora Imaging Technologies Inc.
    • General Electric Company
    • Hitachi Ltd.
    • Esaote SpA
    • The InterMed Group
    • Canon Medical Systems Corporation

 “*” marked represents similar segmentation in other categories in the respective section.

Frequently Asked Questions

Global magnetic resonance imaging (MRI) systems market size is estimated to be valued at US$ 5,464.3 million in 2022 and is expected to exhibit a CAGR of 3.7 % between 2022 and 2030.
Factors such as increasing number of product launches, increasing prevalence of chronic disorders are expected to drive the market growth.
North America region is the leading region segment in the market. 
The major factors hampering growth of the market include mixed results with MRI screening.
Major players operating in the 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

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