Magnetic Resonance Imaging Market
Global Magnetic Resonance Imaging Market Size, Share & Trends Analysis Report by Architecture (Closed MRI System and Open MRI Systems), by Application (Cardiology, Oncology, Neurology, Gastroenterology, Musculoskeletal, and Others), by Field Strength (Low-To-Mid-Field MRI Systems, High-Field MRI Systems, and Very-High-Field MRI Systems) Forecast 2020-2026 Update Available - Forecast 2024-2030
The global magnetic resonance imaging (MRI) market is anticipated to grow at a substantial CAGR during the forecast period. MRI devices are electromagnetic imaging devices, which use radiofrequency to produce medical images. The major factors that are augmenting the growth of the MRI market include cohesive government policies in developing countries including China and India, as well as the increasing need for accurate MRI systems. In addition, the introduction of hybrid MRI systems, availability of universal health coverage in developed economies, and rising adoption of MRI systems in emerging economies are the major factors stimulating the growth of the MRI market.
Further, personalized care is evolving as an integral part of medicine, and molecular imaging is gaining prominence through the use of non-invasive processes for accurate diagnosis and determination of diseases. Multimodality imaging is playing a crucial role, primarily after the introduction of integrated positron emission tomography/computed tomography (PET/CT) and commercialization of combined PET/magnetic resonance imaging (PET/MRI) systems. PET/MRI is offering significant advantages, including excellent contrast and resolution. Moreover, it reduces ionizing radiation, as compared to MRI. Therefore, PET/MRI has a promising modality for oncologic imaging of some parts of the body, such as the brain, neck, head, liver, and pelvis. PET/MRI is a promising diagnostic and imaging tool, with a potential for further development in clinical indications and technical efficiency improvements. In the future, it can be used for personalized medicine approach and diagnostics, therapy decision, and therapy effect assessment. Furthermore, the aforementioned factors are expected to aid the growth of the market studied.
Segmental Outlook
The market is segmented on the basis of architecture, application, and field strength. By architecture, the market is segmented into closed MRI systems and open MRI systems. By application, the market is categorized into cardiology, oncology, neurology, gastroenterology, musculoskeletal, and others. By field strength, the market is fragmented into low-to-mid-field MRI systems (<1.5t), high-field MRI systems (1.5t to 3t), and very-high-field MRI systems (4t and above).
Among architecture, the closed MRI systems category is expected to lead the market due to the increasing prevalence of chronic diseases and the aging population across the globe. The closed MRI refers to a tube-like tunnel, which is the original shape of most of the MRI systems available in the market. By field strength, the high-field MRI systems (1.5t to 3t) category is expected to lead the market during the forecast period. High-field MRI systems fall in the category of high precision and affordability. Wide-bore MRIs of a field strength of 1.5T and more, are gaining popularity. These wide-bore MRI machines offer high-quality images and better diagnostic detail associated with a high field MRI scanner and the comfort of an open MRI scanner.
Regional Outlook
Geographically, the market is scrutinized by evaluating several regions including North America, Europe, Asia-Pacific, and the Rest of the World. North America is anticipated to be one of the largest markets in terms of value. In North America, the increasing adoption is majorly due to the reimbursement of MRI scans, as most insurance companies, including Medicare, reimburses the cost of MRI scans. The market is also experiencing growth due to the presence of major companies in the region, such as GE Healthcare, Siemens, Canon Medical Systems Corp., among others.
While, Asia-Pacific is estimated to be the fastest-growing market for MRI, during the forecast period. China was estimated to be one of the largest markets, globally, in 2019, due to its large patient pool and growing middle class. Moreover, aggressive healthcare reforms by the Chinese government from 2009 onward, including the hierarchical medical system and the new rural cooperative medical system, would provide high growth opportunities in the MRI market.
Global Magnetic Resonance Imaging Market Growth by Region, 2020-2026
Market Players Outlook
Key players operating in the MRI market include Siemens AG, Canon Medical Systems Corp., Inc., GE Healthcare; Hologic, Inc; Fonar Corp.; and Koninklijke Philips N.V. These players have adopted various strategies such as mergers, acquisitions, product launches, geographical expansion, and more. For instance, in November 2020, Siemens launched its smallest and most lightweight whole-body MRI named High-V MRI. Moreover, in 2019, Fujifilm acquired Hitachi’s diagnostic imaging-related business for $1.7 billion. Fujifilm intended to expand its healthcare portfolio with this move.
The Report Covers
- Market value data analysis of 2019 and forecast to 2026.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global female infertility diagnosis and treatment market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Geography
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
2.3. Regulations
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Canon Medical Systems Corp.
3.1.1.1. Overview
3.1.1.2. Financial Analysis
3.1.1.3. SWOT Analysis
3.1.1.4. Recent Developments
3.1.2. Siemens AG
3.1.2.1. Overview
3.1.2.2. Financial Analysis
3.1.2.3. SWOT Analysis
3.1.2.4. Recent Developments
3.1.3. GE Healthcare(General Electronics Co.)
3.1.3.1. Overview
3.1.3.2. Financial Analysis
3.1.3.3. SWOT Analysis
3.1.3.4. Recent Developments
3.1.4. Koninklijke Philips N.V.
3.1.4.1. Overview
3.1.4.2. Financial Analysis
3.1.4.3. SWOT Analysis
3.1.4.4. Recent Developments
3.2. Key Strategy Analysis
4. Market Determinants
4.1. Motivators
4.2. Restraints
4.3. Opportunities
5. Market Segmentation
5.1. Global Magnetic Resonance Imaging (MRI) Market by Architecture
5.1.1. Closed MRI Systems
5.1.2. Open MRI Systems
5.2. Global Magnetic Resonance Imaging (MRI) Market by Application
5.2.1. Oncology
5.2.2. Neurology
5.2.3. Cardiology
5.2.4. Gastroenterology
5.2.5. Musculoskeletal
5.2.6. Others
5.3. Global Magnetic Resonance Imaging (MRI) Market by Field Strength
5.3.1. Low-To-Mid-Field MRI Systems (<1.5t)
5.3.2. High-Field MRI Systems (1.5t to 3t)
5.3.3. Very-High-Field MRI Systems (4t and Above)
6. Regional Analysis
6.1. North America
6.1.1. United States
6.1.2. Canada
6.2. Europe
6.2.1. UK
6.2.2. Germany
6.2.3. Italy
6.2.4. Spain
6.2.5. France
6.2.6. Rest of Europe
6.3. Asia-Pacific
6.3.1. China
6.3.2. India
6.3.3. Japan
6.3.4. Rest of Asia-Pacific
6.4. Rest of the World
7. Company Profiles
7.1. Agilent Technologies, Inc.
7.2. Amber Diagnostics, Inc.
7.3. Aurora Imaging Technology, Inc.
7.4. Bruker Corp.
7.5. Canon Medical Systems Corp.
7.6. Esaote SpA
7.7. Fonar Corp.
7.8. Fujifilm Holdings Corp.
7.9. GE Healthcare
7.10. Hitachi Medical Corp.
7.11. Hologic, Inc.
7.12. Koninklijke Philips N.V.
7.13. Medtronic Plc
7.14. Planmed Oy
7.15. Shenzhen Mindray Bio-Medical Electronics
7.16. Sanrad Medical Systems Pvt. Ltd.
7.17. Sectra AB
7.18. Shared Imaging LLC
7.19. Siemens AG
7.20. Time Medical Holdings Co. Ltd.
1. GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET RESEARCH AND ANALYSIS BY ARCHITECTURE, 2019-2026($ MILLION)
2. GLOBAL CLOSED MRI SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
3. GLOBAL OPEN MRI SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
4. GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2019-2026 ($ MILLION)
5. GLOBAL MRI FOR ONCOLOGY MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
6. GLOBAL MRI FOR NEUROLOGY MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
7. GLOBAL MRI FOR CARDIOLOGY MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
8. GLOBAL MRI FOR GASTROENTEROLOGY MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
9. GLOBAL MRI FOR MUSCULOSKELETAL MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
10. GLOBAL MRI FOR OTHER APPLICATIONS MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
11. GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET RESEARCH AND ANALYSIS BY FIELD STRENGTH, 2019-2026 ($ MILLION)
12. GLOBAL LOW-TO-MID-FIELD MRI SYSTEMS (<1.5T) MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
13. GLOBAL HIGH-FIELD MRI SYSTEMS (1.5T TO 3T) MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
14. GLOBAL VERY-HIGH-FIELD MRI SYSTEMS (4T AND ABOVE)MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
15. GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
16. NORTH AMERICA MRI MARKET RESEARCH AND ANALYSIS BY ARCHITECTURE, 2019-2026($ MILLION)
17. NORTH AMERICA MRI MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2019-2026($ MILLION)
18. NORTH AMERICA MRI MARKET RESEARCH AND ANALYSIS BY FIELD STRENGTH, 2019-2026($ MILLION)
19. NORTH AMERICA MRI MARKET RESEARCH AND ANALYSIS BY COUNTRY,2019-2026($ MILLION)
20. EUROPE MRI MARKET RESEARCH AND ANALYSIS BY ARCHITECTURE, 2019-2026($ MILLION)
21. EUROPE MRI MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2019-2026($ MILLION)
22. EUROPE MRI MARKET RESEARCH AND ANALYSIS BY FIELD STRENGTH, 2019-2026($ MILLION)
23. EUROPE MRI MARKET RESEARCH AND ANALYSIS BY COUNTRY 2019-2026($ MILLION)
24. ASIA-PACIFIC MRI MARKET RESEARCH AND ANALYSIS BY ARCHITECTURE, 2019-2026($ MILLION)
25. ASIA-PACIFIC MRI MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2019-2026($ MILLION)
26. ASIA-PACIFIC MRI MARKET RESEARCH AND ANALYSIS BY FIELD STRENGTH, 2019-2026($ MILLION)
27. ASIA-PACIFIC MRI MARKET RESEARCH AND ANALYSIS BY COUNTRY 2019-2026($ MILLION)
28. REST OF THE WORLD MRI MARKET RESEARCH AND ANALYSIS BY ARCHITECTURE, 2019-2026($ MILLION)
29. REST OF THE WORLD MRI MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2019-2026($ MILLION)
30. REST OF THE WORLD MRI MARKET RESEARCH AND ANALYSIS BY FIELD STRENGTH, 2019-2026($ MILLION)
1. GLOBAL MRI MARKET SHARE BY ARCHITECTURE, 2019 VS 2026 (%)
2. GLOBAL MRI MARKET SHARE BY APPLICATION, 2019 VS 2026 (%)
3. GLOBAL MRI MARKET SHARE BY FIELD STRENGTH, 2019 VS 2026 (%)
4. GLOBAL MRI MARKET SHARE BY GEOGRAPHY, 2019 VS 2026 (%)
5. US MRI MARKET SIZE, 2019-2026 ($ MILLION)
6. CANADA MARKET MRI SIZE, 2019-2026 ($ MILLION)
7. UK MRI MARKET SIZE, 2019-2026 ($ MILLION)
8. GERMANY MRI MARKET SIZE, 2019-2026 ($ MILLION)
9. FRANCE MRI MARKET SIZE, 2019-2026 ($ MILLION)
10. ITALY MRI MARKET SIZE, 2019-2026 ($ MILLION)
11. REST OF EUROPE MRI MARKET SIZE, 2019-2026 ($ MILLION)
12. CHINA MRI MARKET SIZE, 2019-2026 ($ MILLION)
13. INDIA MRI MARKET SIZE, 2019-2026 ($ MILLION)
14. JAPAN MRI MARKET SIZE, 2019-2026 ($ MILLION)
15. REST OF ASIA-PACIFIC MRI MARKET SIZE, 2019-2026 ($ MILLION)
16. REST OF WORLD MRI MARKET SIZE, 2019-2026 ($ MILLION)
