Impact Analysis of Covid-19

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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

Magnetic Resonance Imaging (MRI)  | Coherent Market Insights

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.

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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

Magnetic Resonance Imaging (MRI)  | Coherent Market Insights

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.

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 M&A strategies to enhance their market share which is also expected to drive the growth of the market.

Key features of the study:

  • This report provides in-depth analysis of the Global Magnetic Resonance Imaging (MRI) market  and provides market size (US$ million) and compound annual growth rate (CAGR %) for the forecast period (2020–2027), considering 2019 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 strategy adopted by key players
  • It profiles key players in the Global Magnetic Resonance Imaging (MRI) market  based on the following parameters – company overview, financial performance, product portfolio, market presence, distribution strategies, key developments, strategies, and future plans
  • 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, technology up-gradation, market expansion, and marketing tactics
  • The Global Magnetic Resonance Imaging (MRI) 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) market

Detailed Segmentation:

  • Global Magnetic Resonance Imaging (MRI) Market, By Type:
    • Open
    • Closed
  • Global Magnetic Resonance Imaging (MRI) Market, By Field Strength:
    • High field
    • Mid field
    • Low field
  • Global Magnetic Resonance Imaging (MRI) Market, By Region:
    • North America
      • By Type:
        • Open
        • Closed
      • By Field Strength
        • High field
        • Mid field
        • Low field
      • By Country
        • U.S.
        • Canada
    • Latin America
      • By Type:
        • Open
        • Closed
      • By Field Strength
        • High field
        • Mid field
        • Low field
      • By Country
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • By Type:
        • Open
        • Closed
      • By Field Strength
        • High field
        • Mid field
        • Low field
      • By Country
        • U.K.
        • Germany
        • France
        • Spain
        • Italy
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Type:
        • Open
        • Closed
      • By Field Strength
        • High field
        • Mid field
        • Low field
      • By Country
        • China
        • Japan
        • India
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • By Type:
        • Open
        • Closed
      • By Field Strength
        • High field
        • Mid field
        • Low field
      • By Country
        • GCC Countries
        • Israel
        • Rest of Middle East
    • Africa
      • By Type:
        • Open
        • Closed
      • By Field Strength
        • High field
        • Mid field
        • Low field
      • By Country
        • North Africa
        • Central Africa
        • South Africa
  • Company Profiles
    • Seimens AG *
      • Company Overview
      • Product Portfolio
      • Key Highlights
      • Financial Overview
      • 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.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Type
      • Market Snippet, By Field Strength
      • Market Snippet, By Country
      • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Impact Analysis
    • Key Highlights
    • Product launch
    • PEST Analysis
    • Technological Advancements
    • Regulatory Scenario
    • Mergers and Acquisitions
  4. Global Magnetic Resonance Imaging (MRI) Market, By Type, 2019 – 2027, (US$ Mn)
    • Introduction
      • Market Share Analysis, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017 – 2027
      • Segment Trends
    • Open
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Closed
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
  5. Global Magnetic Resonance Imaging (MRI) Market, By Field Strength, 2019 – 2027, (US$ Mn)
    • Introduction
      • Market Share Analysis, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017 – 2027
      • Segment Trends
    • High field
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Mid field
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Low field
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
  6. Global Magnetic Resonance Imaging (MRI) Market, By Region, 2019 – 2027, (US$ Mn)
    • Introduction
      • Market Share Analysis, By Region, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, For Regions, 2017–2026
    • North America
      • Market Size and Forecast, By Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Field Strength, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • U.S.
        • Canada
    • Latin America
      • Market Size and Forecast, By Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Field Strength, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • Market Size and Forecast, By Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Field Strength, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • Germany
        • U.K.
        • France
        • Spain
        • Italy
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Market Size and Forecast, By Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Field Strength, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • China
        • Japan
        • India
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • Market Size and Forecast, By Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Field Strength, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • GCC Countries
        • Israel
        • Rest of Middle East
    • Africa
      • Market Size and Forecast, By Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Field Strength, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • North Africa
        • Central Africa
        • South Africa
  7. Competitive Landscape
    • Company Profiles
      • Seimens AG
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Koninklijke Philips N.V.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Medtronic plc
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Aurora Imaging Technologies Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • General Electric Company
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Hitachi Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Esaote SpA
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • The InterMed Group
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Canon Medical Systems Corporation
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 22 market data tables and 14 figures on “Magnetic Resonance Imaging (MRI) Market - Global forecast to 2027”.

Frequently Asked Questions

The Global Magnetic Resonance Imaging (MRI) market size was valued at US$ 5,107.3 million in 2019 and is estimated to exhibit a CAGR of 3.3% between 2020 and 2027.
Closed Magnetic Resonance Imaging (MRI) segment held the major market share in 2019 owing to an increasing prevalence of chronic disorders is expected to propel growth of the market.
Major factor driving the growth of Global Magnetic Resonance Imaging (MRI) market during the forecast period increasing prevalence of chronic disorders, increasing research & development , and adoption of expansion strategies from major companies.
Major factors hampering the growth of the Global Magnetic Resonance Imaging (MRI) market during the forecast period constitutes of high cost.
North America market is expected to generate the highest revenue during the forecast period.
Some of the key players operating in the market are 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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