Magnetic Resonance Imaging Systems Market - Forecast (2022 - 2027)

The magnetic Resonance Imaging Systems Market size in 2019 is estimated to be $6.38 billion, growing at a CAGR of 3.9% during the forecast period 2022-2027. Magnetic Resonance Imaging (MRI) is a technique used in radiology that produce a picture of the inside of the body. It uses strong magnetic field magnetic, field gradients, and radio waves to produce a detailed image of the internal organs and structure of the body. It is a painless and non-invasive procedure. Magnetic resonance imaging (MRI) scan is used for Imaging tissue of the brain and spinal cord, tumors, cysts, heart. Increasing technological advancement in MRI system coupled with rising adoption of MRI in developing countries is the major factors driving the growth of the market. Moreover, the growing prevalence of chronic diseases and rising awareness about the benefits of early diagnosis further enhance the overall market demand for Magnetic Resonance Imaging Systems during the forecast period 2022-2027.

Report Coverage

The report: “Magnetic Resonance Imaging Systems Market - Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Magnetic Resonance Imaging Systems Market:

• By Architecture : Closed MRI System, Open MRI system
• By Field Strength : Low Field MRI Systems, High Field MRI Systems, Very High Field MRI Systems
• By Application : Oncology, Neurology, Cardiology, Gastroenterology, and Others
• By Geography : North America, Europe, Asia-Pacific, and Rest of the World

Key Takeaways

• In 2019, North America dominates the Magnetic Resonance Imaging Systems Market owing to increasing advancement in MRI system and the well established healthcare system. The increasing prevalence of chronic diseases coupled with the rising adoption of MRI system in hospitals and clinics are driving the market growth of Magnetic Resonance Imaging Systems.
• Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Magnetic Resonance Imaging Systems Market report.
• High cost of MRI system and incompatibility of MRI systems in some cases are challenging the growth of the market.

Magnetic Resonance Imaging Systems Market Segment Analysis - By Architecture

Based on the Architecture, Magnetic Resonance Imaging Systems Market is segmented into a Closed MRI System, an Open MRI system. The Closed MRI System segment is projected to be the fastest-growing segment and is projected to grow at a CAGR of 3.5% during the forecast period 2022-2027. This is owing to its capability of taking detailed images of the body that and as they aid in the diagnosis of several diseases.

Magnetic Resonance Imaging Systems Market Segment Analysis - By Field Strength

Based on the Field Strength, Magnetic Resonance Imaging Systems Market is segmented into Low Field MRI Systems, High Field MRI Systems, Very High Field MRI Systems. In 2019, Very High Field MRI Systems held the largest share in the Magnetic Resonance Imaging Systems market. This is mainly owing to high demand for advance MRI system in hospitals and clinics. Moreover, it provides very high image quality is also contributing to the growth of this segment.

Magnetic Resonance Imaging Systems Market Segment Analysis - By Application

Based on the Application, Magnetic Resonance Imaging Systems Market is segmented into Oncology, Neurology, Cardiology, Gastroenterology, Others. In 2019, the Neurology segment held the largest share in the Magnetic Resonance Imaging Systems market. This mainly owing to MRI is the best tool for diagnostic imaging and neuroscience research. Moreover, 97% of MRI sites perform the brain examinations and 1 in 4 clinical MRI is for brain scanning.

Magnetic Resonance Imaging Systems Market Segment Analysis - Geography

North America dominated the Magnetic Resonance Imaging Systems market share accounting for 41% of the market in 2019. This is mainly owing to the well established healthcare sector in this region coupled with the rising prevalence of chronic diseases such as heart disease, cancer, and diabetes. According to, National Centre for chronic disease prevention and Health Prevention (NCCDPHP), chronic diseases are the leading causes of death in America. Around six in ten American live with altleast one chronic diseases such as heart problem, cancer or diabetes.

However, the Asia-Pacific region is projected to be the fastest-growing during the forecast period 2022-2027. This is owing to increasing awareness among people about early diagnosis coupled with rising healthcare spending.

Magnetic Resonance Imaging Systems Market Drivers

Increasing prevalence of chronic diseases

The increasing prevalence of chronic diseases such as neurological and oncological diseases coupled with rising generic populations are some factors driving the growth of the Magnetic Resonance Imaging Systems market. Moreover, increasing awareness about the benefits of early diagnosis is also set to increase the market growth.

Increasing Technological Advancement

Increasing technological advancement in MRI system such as the inclusion of MRI with PET or CT, to provide imaging with less exposure to harmful radiations coupled with rising adoption of high field strength MRI in developing countries is some factors driving the growth of the market. Moreover rising disposable income of the people coupled with increasing spending on healthcare further contribute to the growth of the market.

Magnetic Resonance Imaging Systems Market Challenges

The high cost of MRI system and incompatibility of MRI system in some patients such as non-removable substances in their body are challenging the growth of the market. Moreover, the lack of skilled professionals are also further restraining its market growth during the forecast period 2022-2027.

Magnetic Resonance Imaging Systems Industry Outlook

Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Magnetic Resonance Imaging Systems Market. Magnetic Resonance Imaging Systems top 10 companies are Siemens Healthineers, GE Healthcare, Canon Medical Systems, Philips Healthcare, Aurora Imaging Technology, Neusoft Medical Systems Co., Esaote SpA, Toshiba Corporation, and Aspect Imaging.

Acquisitions/Product Launches:

• In 5 September 2018, Royal Philips, a global leader in health technology has launched the new innovation Ingenia Ambition X 1.5T MR. This helps expand the Ingenia MRI portfolio.
• In November 2018, Siemens Healthineers has launched two new MRI scanners, the Magnetom Lumina 3-tesla scanner and the Magnetom Altea 1.5-tesla system.

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