Magnetic Resonance Imaging Market
PUBLISHED: 2023 ID: SMRC24461
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Magnetic Resonance Imaging Market

Magnetic Resonance Imaging Market Forecasts to 2030 - Global Analysis By Type (Bio-Based and Conventional), Design, Field Strength, Process, Application, End User and By Geography

4.8 (69 reviews)
4.8 (69 reviews)
Published: 2023 ID: SMRC24461

This report covers the impact of COVID-19 on this global market
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Years Covered

2021-2030

Estimated Year Value (2023)

US $5.2 BN

Projected Year Value (2030)

US $8.3 BN

CAGR (2023 - 2030)

7.0%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

North America

Highest Growing Market

Asia Pacific


According to Stratistics MRC, the Global Magnetic Resonance Imaging Market is accounted for $5.2 billion in 2023 and is expected to reach $8.3 billion by 2030 growing at a CAGR of 7.0% during the forecast period. Strong magnetic fields and radio waves are used in magnetic resonance imaging (MRI), a non-invasive imaging method, to provide detailed images of the body's internal components. It excels at creating detailed, high-resolution pictures of soft tissues like ligaments, muscles, brains, and organs. 

According to the Global Cancer Observatory, an estimated 2,261,419 new breast cancer cases were diagnosed in 2020 globally, with about 684,996 deaths occurring due to the disease. It is also said to be highly prevalent in females than any other cancer.

Market Dynamics: 

Driver: 

Expanding use of coatings based on nanotechnology

Because magnetic resonance imaging (MRI) can give thorough, non-invasive imaging of soft tissues and organs, it has become more and more popular as the need for quick and reliable diagnostic methods increases. As a result, medical facilities are using MRI machines at a higher rate and the need for more rapid and effective diagnostic processes has sparked advancements in MRI technology. Moreover, to increase picture quality and shorten scan times, manufacturers are creating higher-field-strength MRI equipment, faster imaging sequences, and better software algorithms. These developments address the demand for more efficient patient care and faster diagnosis thus driving the growth of the market

Restraint:

Emergence of alternative technologies

Computed tomography (CT) scans, ultrasound, positron emission tomography (PET), and more recent modalities like molecular imaging and AI-driven diagnostics are among the alternatives that compete with MRI for market share. This heightened competition might cause a decline in the proportion of MRI-based diagnostic procedures. Developments in substitute technologies could bring new capabilities or functionalities that were previously only available with MRI. The relative advantages that MRI systems formerly possessed may be diminished by advancements in CT or ultrasound picture quality or capabilities, for instance, which could have an effect on MRI demand.

Opportunity:

Rising demand for point-of-care MRI

The total MRI market is growing due to the rising demand for POC MRI equipment. POC systems serve a variety of contexts outside of standard hospital environments, such as clinics, urgent care facilities, and remote sites. They are made for smaller rooms or portable installations. Moreover, the increased market penetration and greater accessibility to MRI technologies are the results of this expansion. And the manufacturer competitiveness is boosted by the need for POC MRI, which also encourages innovation in the creation of MRI systems that are more portable, small, and easy to use. To suit the changing needs of healthcare professionals, companies concentrate on developing sophisticated point-of-care (POC) systems with better imaging capabilities, faster scan times, and expanded functions.

Threat:

Lack of qualified personnel 

Technical acquaintance and practical experience are essential for operating complex and sophisticated MRI systems. However, there is a chronic lack of qualified sonographers in key healthcare markets. The US Bureau of Labor Statistics projects that between 2021 and 2031, there will be a 10% increase in demand for diagnostic medical sonographers at a quicker rate of growth than the average for all other occupations. In 2020, Sao Paulo, Brazil had ten radiologists for every 100,000 people, while less than three radiologists were found for every 100,000 people in the northern region of the nation which hampered the growth of the market.

Covid-19 Impact

Many healthcare facilities were forced to prioritize COVID-19 care during the early stages of the epidemic, which resulted in the suspension or cancelation of non-urgent medical procedures, such as MRI scans. As a result, MRI installations and usage temporarily declined. There is more interest in telemedicine and remote monitoring as a way to minimize patient visits to medical facilities and lower exposure dangers. Since MRI scans cannot be done remotely and need specialist equipment, this development may not have a direct effect on the MRI business.

The brain & neurological segment is expected to be the largest during the forecast period

The brain & neurological segment is estimated to have a lucrative growth, as it is a potent imaging method for seeing the body's intricate internal components, such as the brain and nervous system tissues, is magnetic resonance imaging (MRI). Without using ionizing radiation, it creates detailed images of the brain by combining radio waves and strong magnetic fields.  MRI can be used to monitor changes in the brain over time for neurological diseases that are chronic. This monitoring aids physicians in evaluating the course of the disease, the efficacy of treatment, and any adjustments that should be made to patient care plans.

The open system segment is expected to have the highest CAGR during the forecast period

The open system segment is anticipated to witness the highest CAGR growth during the forecast period, because in comparison to closed-bore MRI machines, open MRI machines are designed with a larger, less restrictive footprint. Instead of a tunnel-like enclosure, they usually contain two flat magnets above and below the patient. More access and visibility are made possible by the open design, which makes it a better option for people who might feel uncomfortable or claustrophobic in conventional closed MRI machines. 

Region with largest share:

North America is projected to hold the largest market share during the forecast period this was ascribed to several factors, including a rise in the number of patients with chronic illnesses, a rise in hospital awareness regarding the adoption of MRI systems, a spike in the demand for MRI systems, the availability of sophisticated healthcare facilities staffed by qualified medical professionals, the presence of the majority of the major players, and an increase in government investment in the healthcare systems which drives the growth of the market.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to an aging population and rising demand for advanced imaging modalities, furthermore, throughout the projected period, the expanding advanced medical imaging market is expected to be supported by the expanding medical tourism sector in Asian nations. With their fast growing healthcare service industries, availability of highly qualified healthcare personnel, and ability to provide advanced healthcare facilities and services at a lesser cost than established nations in North America and Europe, countries like India, China, and Japan are opening up new business prospects.

Key players in the market

Some of the key players profiled in the Magnetic Resonance Imaging Market include Hitachi Healthcare, Esaote SPA, Fujifilm Holdings Corporation, Aurora Imaging Technologies, Inc., Shimadzu Corporation, GE Healthcare, Siemens Healthineers, Canon Medical Systems, Koninklijke Philips N.V., Hologic Inc., Bruker Corporation, Fonar Corporation, Shenzhen Anke High-tech Co. Ltd, Neusoft Medical Systems Co. Ltd, Onex Corporation, Nordion Inc., Xingaoyi and Time Medical Holding 

Key Developments:

In October 2023, Hitachi Announces Consolidation of Healthcare Business into Hitachi High-Tech through Company Split. Through the Company Split, Hitachi High-Tech will promote the healthcare business based on “Diagnosis x Treatment x Digital” and create healthcare innovation.

In October 2023, Fujifilm Completes Acquisition of Electronic Chemicals Business from Entegris; Rebranded as FUJIFILM Electronic Materials Process Chemicals. The acquisition adds a comprehensive product lineup in electronic chemicals

In July 2023, Hitachi forms strategic research collaboration with Mass General Brigham in the field of regenerative medicine and GCT. Hitachi will also contribute to the advancement of GCT through cell culturing and the development of the culturing process required in GCT

Types Covered:
• Bio-Based
• Conventional
         
Designs Covered:
• Open System
• Closed System
• Standard
• Wide-Bore

Field Strengths Covered:
• High-Field Magnetic Resonance Imaging
• Low-To-Mid-Field Magnetic Resonance Imaging
• Very-High-Field Magnetic Resonance Imaging

Processes Covered:
• Direct Esterification
• Trans-Esterification

Applications Covered:
• Brain & Neurological
• Obstructive Sleep Apnea (OSA)
• Vascular
• Gastroenterology
• Breast
• Cardiology
• Spine & Musculoskeletal
• Other Applications

End Users Covered:
• Ambulatory Surgical Centers
• Imaging Centers
• Hospitals
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary    
      
2 Preface     
 2.1 Abstract    
 2.2 Stake Holders   
 2.3 Research Scope   
 2.4 Research Methodology  
  2.4.1 Data Mining  
  2.4.2 Data Analysis  
  2.4.3 Data Validation  
  2.4.4 Research Approach  
 2.5 Research Sources   
  2.5.1 Primary Research Sources 
  2.5.2 Secondary Research Sources 
  2.5.3 Assumptions  
      
3 Market Trend Analysis   
 3.1 Introduction   
 3.2 Drivers    
 3.3 Restraints   
 3.4 Opportunities   
 3.5 Threats    
 3.6 Application Analysis  
 3.7 End User Analysis   
 3.8 Emerging Markets   
 3.9 Impact of Covid-19   
      
4 Porters Five Force Analysis   
 4.1 Bargaining power of suppliers  
 4.2 Bargaining power of buyers  
 4.3 Threat of substitutes  
 4.4 Threat of new entrants  
 4.5 Competitive rivalry   
      
5 Global Magnetic Resonance Imaging Market, By Type  
 5.1 Introduction   
 5.2 Bio-Based   
 5.3 Conventional   
      
6 Global Magnetic Resonance Imaging Market, By Design
 6.1 Introduction   
 6.2 Open System   
 6.3 Closed System   
 6.4 Standard    
 6.5 Wide-Bore   
      
7 Global Magnetic Resonance Imaging Market, By Field Strength
 7.1 Introduction   
 7.2 High-Field Magnetic Resonance Imaging 
 7.3 Low-To-Mid-Field Magnetic Resonance Imaging
 7.4 Very-High-Field Magnetic Resonance Imaging
      
8 Global Magnetic Resonance Imaging Market, By Process
 8.1 Introduction   
 8.2 Direct Esterification   
 8.3 Trans-Esterification   
      
9 Global Magnetic Resonance Imaging Market, By Application
 9.1 Introduction   
 9.2 Brain & Neurological  
 9.3 Obstructive Sleep Apnea (OSA) 
 9.4 Vascular    
 9.5 Gastroenterology   
 9.6 Breast    
 9.7 Cardiology   
 9.8 Spine & Musculoskeletal  
 9.9 Other Applications   
      
10 Global Magnetic Resonance Imaging Market, By End User
 10.1 Introduction   
 10.2 Ambulatory Surgical Centers  
 10.3 Imaging Centers   
 10.4 Hospitals    
 10.5 Other End Users   
      
11 Global Magnetic Resonance Imaging Market, By Geography
 11.1 Introduction   
 11.2 North America   
  11.2.1 US   
  11.2.2 Canada   
  11.2.3 Mexico   
 11.3 Europe    
  11.3.1 Germany   
  11.3.2 UK   
  11.3.3 Italy   
  11.3.4 France   
  11.3.5 Spain   
  11.3.6 Rest of Europe  
 11.4 Asia Pacific   
  11.4.1 Japan   
  11.4.2 China   
  11.4.3 India   
  11.4.4 Australia   
  11.4.5 New Zealand  
  11.4.6 South Korea  
  11.4.7 Rest of Asia Pacific  
 11.5 South America   
  11.5.1 Argentina  
  11.5.2 Brazil   
  11.5.3 Chile   
  11.5.4 Rest of South America 
 11.6 Middle East & Africa  
  11.6.1 Saudi Arabia  
  11.6.2 UAE   
  11.6.3 Qatar   
  11.6.4 South Africa  
  11.6.5 Rest of Middle East & Africa 
      
12 Key Developments    
 12.1 Agreements, Partnerships, Collaborations and Joint Ventures
 12.2 Acquisitions & Mergers  
 12.3 New Product Launch  
 12.4 Expansions   
 12.5 Other Key Strategies  
      
13 Company Profiling    
 13.1 Hitachi Healthcare   
 13.2 Esaote SPA   
 13.3 Fujifilm Holdings Corporation  
 13.4 Aurora Imaging Technologies, Inc. 
 13.5 Shimadzu Corporation  
 13.6 GE Healthcare   
 13.7 Siemens Healthineers  
 13.8 Canon Medical Systems  
 13.9 Koninklijke Philips N.V.  
 13.10 Hologic Inc.   
 13.11 Bruker Corporation   
 13.12 Fonar Corporation   
 13.13 Shenzhen Anke High-tech Co. Ltd 
 13.14 Neusoft Medical Systems Co. Ltd 
 13.15 Onex Corporation   
 13.16 Nordion Inc.   
 13.17 Xingaoyi    
 13.18 Time Medical Holding  
      
List of Tables     
1 Global Magnetic Resonance Imaging Market Outlook, By Region (2021-2030) ($MN)
2 Global Magnetic Resonance Imaging Market Outlook, By Type   (2021-2030) ($MN)
3 Global Magnetic Resonance Imaging Market Outlook, By Bio-Based (2021-2030) ($MN)
4 Global Magnetic Resonance Imaging Market Outlook, By Conventional (2021-2030) ($MN)
5 Global Magnetic Resonance Imaging Market Outlook, By Design (2021-2030) ($MN)
6 Global Magnetic Resonance Imaging Market Outlook, By Open System (2021-2030) ($MN)
7 Global Magnetic Resonance Imaging Market Outlook, By Closed System (2021-2030) ($MN)
8 Global Magnetic Resonance Imaging Market Outlook, By Standard (2021-2030) ($MN)
9 Global Magnetic Resonance Imaging Market Outlook, By Wide-Bore (2021-2030) ($MN)
10 Global Magnetic Resonance Imaging Market Outlook, By Field Strength (2021-2030) ($MN)
11 Global Magnetic Resonance Imaging Market Outlook, By High-Field Magnetic Resonance Imaging (2021-2030) ($MN)
12 Global Magnetic Resonance Imaging Market Outlook, By Low-To-Mid-Field Magnetic Resonance Imaging (2021-2030) ($MN)
13 Global Magnetic Resonance Imaging Market Outlook, By Very-High-Field Magnetic Resonance Imaging (2021-2030) ($MN)
14 Global Magnetic Resonance Imaging Market Outlook, By Process (2021-2030) ($MN)
15 Global Magnetic Resonance Imaging Market Outlook, By Direct Esterification (2021-2030) ($MN)
16 Global Magnetic Resonance Imaging Market Outlook, By Trans-Esterification (2021-2030) ($MN)
17 Global Magnetic Resonance Imaging Market Outlook, By Application (2021-2030) ($MN)
18 Global Magnetic Resonance Imaging Market Outlook, By Brain & Neurological (2021-2030) ($MN)
19 Global Magnetic Resonance Imaging Market Outlook, By Obstructive Sleep Apnea (OSA) (2021-2030) ($MN)
20 Global Magnetic Resonance Imaging Market Outlook, By Vascular (2021-2030) ($MN)
21 Global Magnetic Resonance Imaging Market Outlook, By Gastroenterology (2021-2030) ($MN)
22 Global Magnetic Resonance Imaging Market Outlook, By Breast (2021-2030) ($MN)
23 Global Magnetic Resonance Imaging Market Outlook, By Cardiology (2021-2030) ($MN)
24 Global Magnetic Resonance Imaging Market Outlook, By Spine & Musculoskeletal (2021-2030) ($MN)
25 Global Magnetic Resonance Imaging Market Outlook, By Other Applications (2021-2030) ($MN)
26 Global Magnetic Resonance Imaging Market Outlook, By End User (2021-2030) ($MN)
27 Global Magnetic Resonance Imaging Market Outlook, By Ambulatory Surgical Centers (2021-2030) ($MN)
28 Global Magnetic Resonance Imaging Market Outlook, By Imaging Centers (2021-2030) ($MN)
29 Global Magnetic Resonance Imaging Market Outlook, By Hospitals (2021-2030) ($MN)
30 Global Magnetic Resonance Imaging Market Outlook, By Other End Users (2021-2030) ($MN)
      
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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