The European MRI market is projected to witness a compound annual growth rate of 1.01% to grow to US$4.032 billion by 2026, from US$3.759 billion in 2019. MRI refers to magnetic resonance imaging which is a medical imaging technique in which strong magnetic fields and radio waves are used to generate the images of the organs of the body. The primary factors supplementing the demand for MRI systems in the European region include the constantly rising burden of a variety of diseases such as CVDS, brain disorders, and others. According to the European Society of Cardiology, there are more than 6 million new cases of CVD in the European Union and more than 11 million in Europe as a whole, every year. Smoking, alcohol consumption, and levels of mean blood cholesterol are the main CVD risk factors causing CVD. Moreover, the booming aging population in many countries of the region is further projected to supplement the market growth since old aged people are more susceptible to chronic conditions such as brain disorders, vascular diseases, and heart conditions among others. According to the Ageing Europe Statistics, 2021, the older people (defined as those aged 65 years or more) will increase significantly, rising from 90.5 million at the start of 2019 to reach 129.8 million by 2050.
Germany is expected to hold a significant share in the market.
Based on country, the Europe MRI market is segmented into Germany, France, UK, Italy, and others. The European MRI market is also projected to show growth during the next five years owing to the fact that the health spending in many parts of the region such as Germany, France, and the UK has increased at a steady pace in the past years. By country, Germany is projected to hold a significant share in the European market on account of the presence of a well-established healthcare system, the high burden of CVDs in the country, and the increased health spending by the country. In 2019, the health expenditure in Germany amounted to 410.8 billion euros, or 4,944 euros per inhabitant, and is further expected to increase every year.
The growing prevalence of diseases is expected to drive the market of MRI in the region.
One of the key factors complementing the demand for MRI systems across Europe is the growing prevalence of diseases in many countries. MRI uses powerful magnetic fields, computers, and radio waves for capturing detailed images of the internal functioning of body parts. MRI is widely used to monitor, detect, and treatment of a variety of diseases related to the chest, brain, and others. Thus, a significantly growing prevalence of a range of diseases in the region is playing a critical role in shaping up the European MRI market growth during the forecast period. For instance, according to reports from the European Commission, cardiovascular diseases are the leading cause of death in the European Union. According to the NCBI, around 45% of the total deaths in the European Union are due to CVD. More than 4 million Europeans die every year from CVD, primarily from coronary heart disease (CHD) and stroke. Furthermore, the burden of CVDs is anticipated to increase in the coming years due to the growing aging population in many countries of the region coupled with the unhealthy living lifestyle.
Additionally, the prevalence of diseases related to neurological disorders is also high in the region, which is further projected to amplify the demand for MRI scans, thus positively impacting the European MRI market growth during the coming years. For instance, according to the data from the European Academy of Neurology, more than half of the European population (approximately 60%) suffer from a neurological disease. Also, the death and disease burden due to neurological diseases is high and ranks number three among all disease groups in Europe.
COVID-19 significantly affected the diagnostics and treatment business of major healthcare companies in 2020. Companies like Siemens Healthcare GmbH and Phillips along with others recorded a substantial decline in their revenue on account of changes in industry and market circumstances caused by the COVID-19 outbreak. Moreover, due to the second covid wave in the second half of the year 2020, the countries in the region had imposed several restrictive measures, which also had harmed the market revenue growth. In the year 2021, the market is expected to register a slight improvement, due to the introduction of vaccines and the easing of COVID-19 restrictions. Major companies stated that the market is expected to improve in the year 2021 and would also be expected to register significant growth in the years 2022 and 2023.
|Market size value in 2019||US$3.759 billion|
|Market size value in 2026||US$4.032 billion|
|Growth Rate||CAGR of 1.01% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Application, End-User Industry, And Country|
|Regions covered||Germany, France, Italy, United Kingdom, Others|
|Companies covered||General Electric, Siemens Healthineers AG, Canon Medical Systems Corporation, Koninklijke Philips N.V., Hitachi Medical Systems Europe Holding AG, Esaote SpA, IMRIS, MR Solutions|
|Customization scope||Free report customization with purchase|
Siemens Healthineers AG
Canon Medical Systems Corporation
Koninklijke Philips N.V.
Hitachi Medical Systems Europe Holding AG
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