Magnetic Resonance Imaging Market Size to Surpass USD 13.6 Bn by 2030

Precedence Research
Precedence Research

According to Precedence Research, the global magnetic resonance imaging market size is expected to surpass around USD 13.6 billion by 2030 and growing at a noteworthy CAGR of 4.82% over the forecast period 2022 to 2030.

Ottawa, Sept. 27, 2022 (GLOBE NEWSWIRE) -- The global magnetic resonance imaging market was valued at USD 8.9 billion in 2021. MRI systems provide early diagnosis of the diseases which helps the patients to start their treatment well in advance. A detailed image of the pathological changes in the body of the individual helps the healthcare professional to arrive at a suitable diagnosis.

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Regional Snapshots

The region of North America has emerged as the largest market for magnetic resonance imaging technique as a result of the huge number of patients that reside in this particular sector. The high disposable income available with the people has emerged as a major reason for the growth of the market in this particular area. The availability of advanced health care facilities in the region of North America has encouraged the consumers to opt for better imaging techniques that provides an accurate diagnosis.

The region of Europe has also shown a tremendous growth over the period of time as a result of the advanced health care facilities that are provided to the people by the government. The existence of the key market players in this region has also helped it to record a considerable revenue.

Key Takeaways:

  • By strength, the midfield strength segment has accounted 73% revenue share in 2021.

  • By end user, the hospital segment hit highest revenue share in 2021.

  • The closed MRI system segment accounted highest market share in 2021.

  • North America has reached 39% revenue share in 2021.

Report highlights

  • On the basis of architecture, the segment of closed MRI system has emerged as the largest segment which provides powerful magnetic fields that helps to obtain a better image. A high frequency radio wave is produced with the help of this closed MRI system that enables the operator to obtain a detailed slice section of the individual. The reports produced with the help of a closed MRI system are error free.

  • On the basis of field strength, the segment of midfield strength has emerged as the largest segment as it helps to obtain and accurate image. A higher precision is obtained with the help of this technology. The cost of the images obtained with the help of a midfield strength is comparatively affordable as compared to the other segments.

  • On the basis of end user, the segment of hospital has emerged as the largest segment as a result of the availability of various facilities under a single roof. A huge number of patients visit the hospital sector on a regular basis which helps the market to record a considerable revenue over the period of time. A faster growth is expected from the segment of imaging centers as the hospitals are adopting the pattern of outsourcing their facilities. The increasing demand for diagnosis with non-invasive methods is helping this segment to record a considerable revenue over the period of time. The number of individual imaging centers is rapidly increasing with their demand among the potential consumers.

  • On the basis of application, the segment of neurological and brain imaging has emerged as the largest segment as a result of the huge number of patients that are present in the global market. The rapidly increasing number of road traffic accidents that are taking place all over the world as a result of rapid urbanization has helped this segment to record a considerable revenue over the period of time which is expected to grow further. A significant growth is expected from the segment of breast imaging as a huge number of females all over the world suffer with breast disorders which require detailed examinations to arrive at a suitable diagnosis.

  • On the basis of geography, the region of North America has emerged as the largest market.

Recent developments

  • In March 2021 - Hitachi introduced two permanent MRI systems in the beginning of 2021 European Congress of radiology. This technology provides motion free images at high speed. It also provides easy operation that provides fast return of images. It provides maximum comfort to the patients.

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Scope of the Report

Report Attributes

Details

Market Size in 2021

USD 8.9 Billion

Revenue Forecast by 2030

USD 13.6 Billion

North America Market Share

39% in 2021

Europe Market Share

29% in 2021

CAGR

4.82% from 2022 to 2030

Base Year

2021

Forecast Year

2022 to 2030

Key Players

GE Healthcare, Siemens AG, Esaote SPA, Aurora Imaging Technologies, Inc., Koninklijke Philips N.V., Toshiba Corporation, Sanrad Medical Systems Pvt ltd, Fujifilm

Market dynamics

Drivers

The introduction of this technology was considered as one of the massive milestones as it happens to be an extremely efficient procedure which is noninvasive and potentially harmless as compared to the other procedures available across the world. Detailed images provided with the use of this technology in order to detect the abnormal humans in the human body will help in the growth of the market during the forecast period. In the recent years there has been an increase in the cases of cancer and the magnetic resonance imaging technology plays a significant role in detecting cancer.

Restraints

Many patients are not very comfortable to enter into the closed magnetic resonance imaging machines as it makes them feel claustrophobic which emerges as a major restraining factor for the growth of the market. The high cost associated with the MRI system hampers the growth of the market as it becomes unaffordable for the common people. Patients with implants are not compatible with the MRI systems and hence the images are not clear. The constant fluctuations in the reimbursement facilities regarding the MRI systems hampers the growth of the market considerably.

Opportunities

Technological advancements will also play a significant role in the growth of the market during the forecast period. There are many advantages which are associated with the use of this technology as it provides better quality images and this technique is extremely beneficial for vascular imaging due to which the need for this technology will continue to grow well in the coming years. The systems have high strength and superior quality of imaging as they provide good visualization to the analyzer and image sensitivity which will help in the growth of the market.

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Challenges

Lack of skilled professionals operating the magnetic resonance imaging machines has emerged as a major challenge for the growth of the market. Absence of skilled professionals leads to an unclear image which hampers the final diagnosis of the patients. Advanced magnetic resonance imaging techniques are very costly which hampers the growth of the market to a great extent. MRI systems are not compatible with the patients who have implants and hence provide unclear images that hampers the final diagnosis of the patients. The high cost associated with the usage of advanced technologies emerges as another major challenge for the growth of the market.

Market Segmentation

By Architecture

  • Closed system

  • Open system

By Type

  • Conventional

  • Bio-based

By Process

  • Trans-Esterification

  • Direct Esterification

By Field Strength

  • Mid field strength

  • Low field strength

  • High field strength

By Application

  • Obstructive sleep apnea

  • Brain and neurological

  • Spine and musculoskeletal

  • Vascular

  • Abdominal

  • Cardiac

  • Breast

  • Others

By End User

  • Imaging centers

  • Hospitals

  • Ambulatory surgical centers

  • Others

By Geography

  • North America

  • Europe

  • Asia-Pacific

  • Latin America

  • Middle East & Africa (MEA)

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