Global Magnetic Resonance Imaging Market

Magnetic Resonance Imaging (MRI) Market Size, Share, Growth Analysis, By architecture(Closed MRI systems, Standard bore MRI), By Field Strength(Low Field Strength, mid Field Strength and high Field Strength) - Industry Forecast 2024-2031

Report ID: SQMIG35G2138 | Region: Global | Published Date: February, 2024
Pages: 265 | Tables: 62 | Figures: 75

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Magnetic Resonance Imaging Market size was valued at USD 4.8 billion in 2021 and is poised to grow from USD 5.2 billion in 2022 to USD 9 billion by 2030, growing at a CAGR of 7.1% in the forecast period (2023-2030).

Magnetic Resonance Imaging market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'GE Healthcare', 'Siemens Healthineers', 'Philips Healthcare', 'Toshiba Medical Systems Corporation', 'Hitachi Medical Systems', 'Esaote SpA', 'Shimadzu Corporation', 'Carestream Health, Inc.', 'Hologic, Inc.', 'Fujifilm Holdings Corporation', 'Samsung Medison Co., Ltd.', 'Neusoft Medical Systems Co., Ltd.', 'Aurora Imaging Technology, Inc.', 'Beijing Wandong Medical Equipment Co., Ltd.', 'Time Medical Systems Co., Ltd.', 'Medtronic', 'Mindray Medical International Limited', 'Xingaoyi Medical Equipment Co., Ltd.', 'United Imaging Healthcare Co., Ltd.', 'China Resources Wandong Medical Equipment Co., Ltd.'

Increasing Prevalence of Chronic and Serious Diseases  Drive the Market Growth.  Due to the increasing prevalence of almost all types of severe and chronic diseases, there has been a consistent high demand for medical imaging in today's current medical scenario. To effectively diagnose, treat, and manage chronic illness, an effective and technologically advanced imaging technique is required. Magnetic resonance imaging technology allows medical professionals to effectively use it as a treatment method due to its superior imaging properties and qualities. Imaging can be used to diagnose a variety of diseases, including brain and spinal cord anomalies, various types of cancers, injuries, certain types of cardiological problems, cysts, and tumours. Almost all of the medical conditions listed above have a high incidence rate worldwide. The increasing introduction of effective and low-cost imaging in emerging markets is expected to boost the market's growth rate during the forecast period.

One of the key prevailing market trends is the increasing number of product launches in the high strength segment, combined with the rising adoption of these high strength systems. Advances in technology have resulted in the development and subsequent marketing of high-strength imaging equipment. in October 2020, Siemens Healthcare GmbH will launch the Biograph Vision Quadra, a tomography/computed tomography (PET/CT) scanner to develop therapies and procedures to improve health outcomes. Several benefits associated with higher strength equipment, such as improved imaging qualities, are especially beneficial to certain types of imaging, such as vascular imaging. Superior imaging qualities, such as increased image sensitivity and better visualisation of physiological processes, are found in higher strength systems. According to Wainscot Media, Philips will participate in an urgent research project in April 2021 to investigate a potentially revolutionary use of this technology in cardiology.

The market was dominated by North America. The rising prevalence of chronic diseases in this region, such as breast cancer, cardiovascular disorders, and neurological diseases, is increasing the demand for imaging analysis. Throughout the forecast period, the region is expected to maintain its dominance. MRI is expected to grow during the forecast period due to technological advancements and an increase in the prevalence of chronic conditions. Rapidly growing European countries with high per capita income and well-defined healthcare policies, such as the United Kingdom, France, and Germany, are seeing an increase in demand for advanced diagnostic imaging modalities. Furthermore, the region's constant technological advancement, as well as large investments in healthcare research, are expected to propel the segment's growth.

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