Magnetic Resonance Imaging Systems Market
Magnetic Resonance Imaging Systems Market Forecasts to 2030 - Global Analysis By Product (Mammography Systems, Nuclear Imaging Systems, Ray Imaging Systems, Ultrasound Systems and Computed Tomography (CT) Scanners), Architecture (Open MRI Systems and Closed MRI Systems), Field Strength, Application, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $5.53 BN |
|
Projected Year Value (2030) |
US $8.54 BN |
|
CAGR (2023 - 2030) |
6.4% |
|
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 |
Asia Pacific |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Magnetic Resonance Imaging Systems Market is accounted for $5.53 billion in 2023 and is expected to reach $8.54 billion by 2030 growing at a CAGR of 6.4% during the forecast period. Magnetic Resonance Imaging (MRI) systems are sophisticated medical imaging devices that use powerful magnets, radio waves, and a computer to generate detailed images of the internal structures of the human body. MRI is a non-invasive imaging technique that has become a crucial tool in medical diagnostics due to its ability to produce high-resolution images of soft tissues, such as the brain, muscles, organs, and joints.
According to the US Bureau of Labor Statistics, the demand for diagnostic medical sonographers is projected to grow 10% from 2021 to 2031, which is faster than the average for all other occupations.
Market Dynamics:
Driver:
Increasing prevalence of chronic diseases
The increasing prevalence of chronic diseases plays a significant role in propelling the Magnetic Resonance Imaging (MRI) Systems market. Chronic neurological disorders, such as Alzheimer's disease, multiple sclerosis, and Parkinson's disease, often require detailed imaging for accurate diagnosis and treatment planning. It helps in visualizing soft tissues, cartilage, and bone structures, facilitating accurate diagnosis and treatment planning. Ongoing technological advancements in MRI systems, such as improved image resolution, faster scan times, and enhanced patient comfort, contribute to the increasing adoption of MRI for chronic disease diagnosis.
Restraint:
High initial & operational costs
High initial costs and ongoing operational expenses can strain the budgets of healthcare institutions, particularly those facing financial constraints. The substantial upfront cost of acquiring MRI systems can be a barrier for many healthcare providers, especially those in resource-constrained settings. It may lead to a longer payback period for healthcare providers, affecting the overall return on investment. In addition to initial costs, the ongoing operational expenses related to maintenance, energy consumption, and upgrades can be significant.
Opportunity:
Precision medicine & personalized imaging
Precision medicine involves customizing medical care based on individual patient characteristics, such as genetics, lifestyle, and environment. By integrating MRI data into precision medicine approaches, healthcare providers can develop personalized treatment plans. MRI provides detailed images of soft tissues and organs, enabling clinicians to assess the specific characteristics of a patient's condition. Early identification of conditions improves patient outcomes. This dynamic feedback loop contributes to more effective and personalized healthcare interventions.
Threat:
Competition from alternative imaging technologies
While MRI is a widely used and valuable diagnostic imaging modality, it faces competition from other imaging technologies that may offer different advantages or be more suitable for specific clinical applications. Some imaging technologies, like X-ray and ultrasound, are more widely available and accessible in various healthcare settings compared to MRI. These devices offer flexibility and ease of use in various clinical environments, challenging the traditional dominance of large, fixed MRI systems.
Covid-19 Impact
The COVID-19 pandemic has had significant effects on the healthcare industry, including the market for Magnetic Resonance Imaging (MRI) systems. The pandemic led to disruptions in global supply chains and manufacturing processes. This affected the production and delivery of medical devices. Healthcare institutions around the world faced unprecedented challenges due to the surge in COVID-19 cases. During the peak of the pandemic, many non-urgent and elective medical procedures were postponed to reduce the risk of virus transmission. As healthcare systems began to recover from the initial impact of the pandemic, there was a gradual return to elective procedures and diagnostic imaging services.
The ultrasound systems segment is expected to be the largest during the forecast period
The ultrasound systems segment is estimated to have a lucrative growth, due to its versatility, safety and real-time images. Ultrasound imaging is versatile and non-invasive, making it valuable for various medical applications. It helps in cardiac imaging, vascular imaging, diagnostic imaging, musculoskeletal imaging and many more. The absence of ionizing radiation and the ability to provide dynamic images are further making it an essential tool in modern healthcare.
The ultra-high-field MRI systems segment is expected to have the highest CAGR during the forecast period
The ultra-high-field MRI systems segment is anticipated to witness the highest CAGR growth during the forecast period. Ultra-high-field MRI systems operate at field strengths higher than the conventional 1.5 Tesla (T) or 3T. These systems typically operate at field strengths of 7T and above. The increased field strength provides several uses and benefits in the field of medical imaging. It’s more comprehensive and detailed imaging studies propels the segment growth.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period, owing to the increasing healthcare budgets and investments in upgrading medical infrastructure. The aging population in several APAC countries, such as Japan and China, has led to an increased demand for diagnostic imaging, including MRI scans. Various governments in the APAC region have initiated healthcare reforms and invested in upgrading medical facilities. Also, some countries in the Asia-Pacific region, such as India, Malaysia, and Thailand, have become prominent destinations for medical tourism. Ongoing R&D activities in the field of medical imaging, further drives the market growth.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to the advanced healthcare infrastructure, research facilities, and a focus on advanced medical diagnostics. Europe is known for its strong emphasis on research and development in the medical imaging field. Investments in healthcare infrastructure and technology by both public and private sectors in European countries impact the adoption and utilization of MRI systems. Also, collaborations between medical institutions, research organizations, and industry players are common in Europe. The market has exhibited steady growth over the years.
Key players in the market
Some of the key players profiled in the Magnetic Resonance Imaging Systems Market include GE Healthcare, Siemens Healthineers AG, Time Medical, Fonar Corporation, Esaote SPA, Canon Medical Systems, Hitachi Limited, Koninklijke Philips N.V., Nordion Inc., Onex Corporation, Shimadzu Corporation, Toshiba Corporation, Aurora Imaging Technologies, Fujifilm Holdings Corporation, Bruker Corporation, Imricor Medical Systems Inc, Sanrad Medical Systems Pvt Limited and AllTech Medical Systems.
Key Developments:
In August 2023, Fujifilm Healthcare Americas Corporation announced FDA 510(k) clearance of its new 1.5 Tesla magnetic resonance imaging (MRI) system, the ECHELON Synergy. The system employs Synergy DLR, Fujifilm’s proprietary Deep Learning Reconstruction (DLR) technology powered by artificial intelligence (AI), to enhance the sharpness of images and acquire scans faster, contributing to higher throughput, image quality and patient satisfaction.
In July 2022, Canon Medical has unveiled the Vantage Fortian at ECR 2022. The new MRI system features innovative workflow solutions, image enhancement, and accelerated scan technology, which together contribute to reducing the time required for MRI procedures.
In May 2022, Bruker announced the launch of innovative 7 Tesla and 9.4 Tesla conduction-cooled Maxwell magnets for its market-leading preclinical magnetic resonance imaging (MRI) systems portfolio.
Products Covered:
• Mammography Systems
• Nuclear Imaging Systems
• Ray Imaging Systems
• Ultrasound Systems
• Computed Tomography (CT) Scanners
Architectures Covered:
• Open MRI Systems
• Closed MRI Systems
Field Strengths Covered:
• Low-To-Mid-Field MRI Systems
• High & Very-High-Field MRI Systems
• Ultra-High-Field MRI Systems
Applications Covered:
• Neurology
• Oncology
• Cardiology
• Urology
• Gynaecology
• Radiology
• General Imaging
• Vascular
• Other Applications
End Users Covered:
• Physician’s Clinics
• Ambulatory Care Centers
• Diagnostic Imaging Centers
• 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 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 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 Systems Market, By Product
5.1 Introduction
5.2 Mammography Systems
5.3 Nuclear Imaging Systems
5.3.1 Standalone Systems
5.3.2 Positron Emission Tomography (PET) Systems
5.4 Ray Imaging Systems
5.4.1 Portable X-Ray Imaging Systems
5.4.2 Stationary X-Ray Imaging Systems
5.4.3 Direct Radiography Systems
5.4.4 Computed Radiography Systems
5.5 Ultrasound Systems
5.5.1 2D Ultrasound Systems
5.5.2 3D & 4D Ultrasound Systems
5.5.3 Doppler Ultrasound Systems
5.5.4 Contrast-Enhanced Ultrasound Systems
5.5.5 Trolley/Cart Based Ultrasound Systems
5.5.6 Compact/Handheld Ultrasound Systems
5.5.7 Point-Of-Care (POC) Ultrasound Systems
5.6 Computed Tomography (CT) Scanners
5.6.1 Cone-Beam Scanners
5.6.2 Conventional Scanners
6 Global Magnetic Resonance Imaging Systems Market, By Architecture
6.1 Introduction
6.2 Open MRI Systems
6.3 Closed MRI Systems
7 Global Magnetic Resonance Imaging Systems Market, By Field Strength
7.1 Introduction
7.2 Low-To-Mid-Field MRI Systems
7.3 High & Very-High-Field MRI Systems
7.4 Ultra-High-Field MRI Systems
8 Global Magnetic Resonance Imaging Systems Market, By Application
8.1 Introduction
8.2 Neurology
8.3 Oncology
8.4 Cardiology
8.5 Urology
8.6 Gynaecology
8.7 Radiology
8.8 General Imaging
8.9 Vascular
8.10 Other Applications
9 Global Magnetic Resonance Imaging Systems Market, By End User
9.1 Introduction
9.2 Physician’s Clinics
9.3 Ambulatory Care Centers
9.4 Diagnostic Imaging Centers
9.5 Other End Users
10 Global Magnetic Resonance Imaging Systems Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 GE Healthcare
12.2 Siemens Healthineers AG
12.3 Time Medical
12.4 Fonar Corporation
12.5 Esaote SPA
12.6 Canon Medical Systems
12.7 Hitachi Limited
12.8 Koninklijke Philips N.V.
12.9 Nordion Inc.
12.10 Onex Corporation
12.11 Shimadzu Corporation
12.12 Toshiba Corporation
12.13 Aurora Imaging Technologies
12.14 Fujifilm Holdings Corporation
12.15 Bruker Corporation
12.16 Imricor Medical Systems Inc
12.17 Sanrad Medical Systems Pvt Limited
12.18 AllTech Medical Systems
List of Tables
1 Global Magnetic Resonance Imaging Systems Market Outlook, By Region (2021-2030) ($MN)
2 Global Magnetic Resonance Imaging Systems Market Outlook, By Product (2021-2030) ($MN)
3 Global Magnetic Resonance Imaging Systems Market Outlook, By Mammography Systems (2021-2030) ($MN)
4 Global Magnetic Resonance Imaging Systems Market Outlook, By Nuclear Imaging Systems (2021-2030) ($MN)
5 Global Magnetic Resonance Imaging Systems Market Outlook, By Standalone Systems (2021-2030) ($MN)
6 Global Magnetic Resonance Imaging Systems Market Outlook, By Positron Emission Tomography (PET) Systems (2021-2030) ($MN)
7 Global Magnetic Resonance Imaging Systems Market Outlook, By Ray Imaging Systems (2021-2030) ($MN)
8 Global Magnetic Resonance Imaging Systems Market Outlook, By Portable X-Ray Imaging Systems (2021-2030) ($MN)
9 Global Magnetic Resonance Imaging Systems Market Outlook, By Stationary X-Ray Imaging Systems (2021-2030) ($MN)
10 Global Magnetic Resonance Imaging Systems Market Outlook, By Direct Radiography Systems (2021-2030) ($MN)
11 Global Magnetic Resonance Imaging Systems Market Outlook, By Computed Radiography Systems (2021-2030) ($MN)
12 Global Magnetic Resonance Imaging Systems Market Outlook, By Ultrasound Systems (2021-2030) ($MN)
13 Global Magnetic Resonance Imaging Systems Market Outlook, By 2D Ultrasound Systems (2021-2030) ($MN)
14 Global Magnetic Resonance Imaging Systems Market Outlook, By 3D & 4D Ultrasound Systems (2021-2030) ($MN)
15 Global Magnetic Resonance Imaging Systems Market Outlook, By Doppler Ultrasound Systems (2021-2030) ($MN)
16 Global Magnetic Resonance Imaging Systems Market Outlook, By Contrast-Enhanced Ultrasound Systems (2021-2030) ($MN)
17 Global Magnetic Resonance Imaging Systems Market Outlook, By Trolley/Cart Based Ultrasound Systems (2021-2030) ($MN)
18 Global Magnetic Resonance Imaging Systems Market Outlook, By Compact/Handheld Ultrasound Systems (2021-2030) ($MN)
19 Global Magnetic Resonance Imaging Systems Market Outlook, By Point-Of-Care (POC) Ultrasound Systems (2021-2030) ($MN)
20 Global Magnetic Resonance Imaging Systems Market Outlook, By Computed Tomography (CT) Scanners (2021-2030) ($MN)
21 Global Magnetic Resonance Imaging Systems Market Outlook, By Cone-Beam Scanners (2021-2030) ($MN)
22 Global Magnetic Resonance Imaging Systems Market Outlook, By Conventional Scanners (2021-2030) ($MN)
23 Global Magnetic Resonance Imaging Systems Market Outlook, By Architecture (2021-2030) ($MN)
24 Global Magnetic Resonance Imaging Systems Market Outlook, By Introduction (2021-2030) ($MN)
25 Global Magnetic Resonance Imaging Systems Market Outlook, By Open MRI Systems (2021-2030) ($MN)
26 Global Magnetic Resonance Imaging Systems Market Outlook, By Closed MRI Systems (2021-2030) ($MN)
27 Global Magnetic Resonance Imaging Systems Market Outlook, By Field Strength (2021-2030) ($MN)
28 Global Magnetic Resonance Imaging Systems Market Outlook, By Low-To-Mid-Field MRI Systems (2021-2030) ($MN)
29 Global Magnetic Resonance Imaging Systems Market Outlook, By High & Very-High-Field MRI Systems (2021-2030) ($MN)
30 Global Magnetic Resonance Imaging Systems Market Outlook, By Ultra-High-Field MRI Systems (2021-2030) ($MN)
31 Global Magnetic Resonance Imaging Systems Market Outlook, By Application (2021-2030) ($MN)
32 Global Magnetic Resonance Imaging Systems Market Outlook, By Neurology (2021-2030) ($MN)
33 Global Magnetic Resonance Imaging Systems Market Outlook, By Oncology (2021-2030) ($MN)
34 Global Magnetic Resonance Imaging Systems Market Outlook, By Cardiology (2021-2030) ($MN)
35 Global Magnetic Resonance Imaging Systems Market Outlook, By Urology (2021-2030) ($MN)
36 Global Magnetic Resonance Imaging Systems Market Outlook, By Gynaecology (2021-2030) ($MN)
37 Global Magnetic Resonance Imaging Systems Market Outlook, By Radiology (2021-2030) ($MN)
38 Global Magnetic Resonance Imaging Systems Market Outlook, By General Imaging (2021-2030) ($MN)
39 Global Magnetic Resonance Imaging Systems Market Outlook, By Vascular (2021-2030) ($MN)
40 Global Magnetic Resonance Imaging Systems Market Outlook, By Other Applications (2021-2030) ($MN)
41 Global Magnetic Resonance Imaging Systems Market Outlook, By End User (2021-2030) ($MN)
42 Global Magnetic Resonance Imaging Systems Market Outlook, By Physician’s Clinics (2021-2030) ($MN)
43 Global Magnetic Resonance Imaging Systems Market Outlook, By Ambulatory Care Centers (2021-2030) ($MN)
44 Global Magnetic Resonance Imaging Systems Market Outlook, By Diagnostic Imaging Centers (2021-2030) ($MN)
45 Global Magnetic Resonance Imaging Systems Market Outlook, By Other End Users (2021-2030) ($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
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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