Magnetic Resonance Imaging (MRI) Equipment Market
Number of pages: 100 | Report Format: PDF | Published date: December 08, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market size value in 2021 |
US$ 6.97 billion |
|
Revenue forecast in 2030 |
US$ 12.07 billion |
|
Growth Rate |
CAGR of 6.30 % from 2022 to 2030 |
|
Base year for estimation |
2021 |
|
Forecast period |
2022-2030 |
|
Segments covered |
Strength, Type, Application, End User, and Region |
|
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global magnetic resonance imaging (MRI) equipment market was pegged at US$ 6.97 billion in 2021 and is expected to witness a CAGR of 6.30 % during the forecast period.
Market Fundamentals
Magnetic Resonance Imaging, also known as MRI, is a noninvasive medical imaging procedure that creates precise images of practically every internal body structure, including the organs, bones, muscles, and blood arteries. MRI scanners use a large magnet and radio waves to create images of the body. Like X-Rays, no radiation is produced during an MRI exam. Magnetic resonance imaging (MRI) is the most used diagnostic imaging technique in medical imaging for the diagnosis of cancer, bone damage, neurological diseases, etc. Magnetic Resonance Imaging (MRI) is classified based on type as open magnetic resonance imaging equipment, wide-bore magnetic resonance imaging equipment, closed magnetic resonance imaging equipment.
[3453535]
Market Dynamics
The global magnetic resonance imaging (MRI) equipment market is mainly driven by the introduction of novel products, technological advancements such as the launch of helium-free compact MRI machines, larger bore MRI equipment, artificial intelligence, MR-guided theranostics, and the increasing adoption of high-field MRI systems. Additionally growing geriatric population, and rising prevalence of chronic & infectious diseases are contributing to the growth of the global magnetic resonance imaging market. Moreover, increasing awareness about the benefits of early diagnosis and favorable reimbursement policies are fueling the global magnetic resonance imaging market. However, the high cost of equipment and low adoption rate for novel equipment are holding back the growth of the magnetic resonance imaging market.
Market Ecosystem
The global magnetic resonance imaging (MRI) equipment market has been analyzed from five perspectives: strength, type, application, end user, and region.
Magnetic Resonance Imaging (MRI) Equipment Market by Strength
[2424343]
Based on strength, the global magnetic resonance imaging (MRI) equipment market has been segmented into very high-field (MRI) systems (4T and above), high-field (MRI) systems (1.5T to 3T), and low-field (MRI) systems (<1.5T). High-field (MRI) system (1.5T to 3T) is leading the global magnetic resonance imaging market owing to high magnetitic field strength providing high accuracy of diagnosis, better image quality, and reduced diagnosis time. Additionally, increasing demand for high-field (MRI) systems, high adoption rate, high affordability, strong product portfolio, technological advancements, and multipurpose use in the diagnosis & research segment are also contributing to the growth of the high-field (MRI) systems magnetic resonance imaging market. Moreover, the rising prevalence of chronic diseases such as cardiovascular diseases, neurological diseases, and rising cancer cases are driving the growth of the global high field (MRI) system magnetic resonance imaging market growth.
Magnetic Resonance Imaging (MRI) Equipment Market by Type
Based on type, the global magnetic resonance imaging (MRI) equipment market has been segmented into open systems, closed systems, and wide bore systems. Closed systems are leading the global magnetic resonance imaging market owing, to maximum disease screening, high-quality imaging pictures, high precision & accuracy of diagnosis, and their application for multiple condition diagnosis. Additionally, less time required for diagnosis and high magnetic resonance for better diagnosis are boosting the growth of the closed system magnetic resonance imaging (MRI) equipment market.
Magnetic Resonance Imaging (MRI) Equipment Market by Application
Based on application, the global magnetic resonance imaging (MRI) equipment market is segmented into cardiology, neurology, musculoskeletal, neurology, and others. The musculoskeletal segment is leading the global magnetic resonance imaging market owing to the increasing prevalence of rheumatoid arthritis, degenerative spine diseases, and other joint diseases. Additionally, the need for high accuracy for the diagnosis of musculoskeletal diseases such as arthritis, ligaments break, etc., and high-definition images for better diagnosis are also contributing to the growth of the musculoskeletal magnetic resonance imaging (MRI) equipment market.
Magnetic Resonance Imaging (MRI) Equipment Market by End User
Based on end user, the global magnetic resonance imaging (MRI) equipment market has been segmented into hospitals & clinics, ambulatory surgical centers, and diagnostics centers. Hospitals & clinics segment leading the global magnetic resonance imaging market owing to increasing patient footfall for diagnosis and treatment, availability of emergency services, and adoption of novel technologies. Additionally, favorable reimbursement policies and increasing medical tourism are also fueling the hospital & clinics magnetic resonance imaging market.
Magnetic Resonance Imaging (MRI) Equipment Market by Region
Based on region, the global magnetic resonance imaging (MRI) equipment market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the global magnetic resonance imaging (MRI) equipment market in terms of revenue share. The large share of North America in the global market can be attributed to the increasing adoption of novel equipment, the high presence of key players, favorable reimbursement policies, and increasing awareness about the benefits of early diagnosis. Additionally developed infrastructure and increasing healthcare expenditure budget are contributing to the growth of the magnetic resonance imaging market.
Competitive Landscape
Some of the prominent players operating in the global magnetic resonance imaging (MRI) equipment market are
Strategic Developments
High accuracy of diagnosis, technological advancements such as artificial intelligence, MR-guided theragnostic, and the introduction of novel equipment such as compact MRI equipment are driving the global magnetic field resonance imaging (MRI) equipment market growth.
The expected CAGR for the global magnetic resonance imaging (MRI) equipment market is 6.3% during the forecast period from 2022 to 2030.
The estimated market size of the global magnetic resonance imaging (MRI) equipment market is US$ 12.07 billion in 2030.
GENERAL ELECTRIC COMPANY (GE Healthcare), Siemens Healthineers AG, Koninklijke Philips N.V., Canon Medical Systems Corporation, Hitachi, Ltd., Esaote SpA, Time Medical Holding, Shenzhen Anke Hi-tech Co., Ltd., Shenzhen Basda Medical Apparatus Co., Ltd., Shenzhen, Mindray Bio-Medical Electronics Co., Ltd., Fonar Corporation, Fujifilm Holding Corp, Aspect Imaging, Bruker, Aurora Imaging Technology, and Neusoft Medical Systems among others
North America is the key growth region in the global magnetic resonance imaging (MRI) equipment market.
*Insights on financial performance are subject to the availability of information in the public domain