The global magnetic resonance imaging systems market is projected to witness growth at a CAGR of 4.72% during the forecast period to reach the total market size of US$9.478 billion by 2026, increasing from US$6.864 billion in 2019.
Magnetic resonance imaging (MRI) systems are used for medical imaging purposes which help in the diagnosis and monitoring the treatment of various conditions. The scanners in the MRI system make use of strong magnetic fields and radiofrequency energy to make digital images of the required different parts of the body. The market growth is attributed to the rapidly increasing geriatric population and growing incidence of chronic diseases which require an early diagnosis for proper treatment. According to Forbes, 2019, the number of individuals 65 years and older increased by 33%, from 37.2 to 49.2 million people between 2007 to 2017. The number is further expected to continue rising, doubling to 98 million by 2060. Further, the 85 years and older population are expected to increase by more than 8 million by 2040, which will drive the market growth as more patients will require magnetic resonance imaging (MRI) scans to diagnose and monitor the treatment of several health conditions. In addition, according to the World Health Organization, approximately 1.3 million people die each year as a result of road traffic crashes. Often road accidents, lead to complicated musculoskeletal and spinal injuries which have resulted in the increasing demand for advanced MRI systems for better and error-free imaging.
The competitive landscape of MRI systems is promoting investments in the magnetic resonance imaging systems market. This is because there are various diseases which if diagnosed early would help in saving lives of many individuals who otherwise remain unaware and hence, can be benefited from the effective treatment procedures recommended by the medical professionals. Open magnetic resonance systems and closed magnetic resonance systems are in demand and are commercially available to a large consumer base. Also, the growing awareness amongst the patients and the accuracy and reliability of MRI scans are expected to increase the demand for the global magnetic resonance imaging systems market during the forecast period. Furthermore, the technological advancements, owing to the increasing investments in research and development by the key players, are leading to significant improvements in digitalized MRI machines, thus increasing their adoption based on their applications.
By type, the closed MRI systems are estimated to dominate the market as they are more powerful and offer higher image quality and throughput than the open MRI systems. By magnetic field strength, the very high field (3.0T to 7.0T) segment, is expected to grow at the highest CAGR as it is currently in the nascent stage, is expected to grow exponentially in the years to come. Several universities are conducting research or studies on MRI systems. In February 2018, scientists at the University of Minnesota performed an MRI of the human body using a 10.5T MRI machine. By application, the cerebral segment is expected to account for a notable market share as the brain and neurological imaging produced using the MRI systems are of superior quality as compared to those by computerized tomography scans. By end-user, the hospital's segment is estimated to hold a dominant market share owing to the increasing installation of MRI units in the hospitals, rising applications of rapid MRI (rMRI) in trauma and emergency care centers. Geographically, Europe and North America have a significant market share owing to the prevalence of chronic diseases and the adoption of technologically advanced medical imaging systems, a well-established healthcare system, and the initiatives that are being carried out by the various organizations in the region. The Middle East and Africa and the Asia Pacific regions are expected to grow during the forecast period due to the increasing adoption of the technology and the rising geriatric population in the region.
The global population has been on a constant rise, due to which more number MRI scans are taking place on a day-to-day basis. According to the World Bank, the world population was 7.592 billion which increased to 7.674 billion in 2019. The continuous rise in the population will be favorable for the magnetic resonance imaging systems market as an increased population would mean the number of people suffering from medical conditions, worldwide would be more, which, in turn, would result in increasing the demand for magnetic resonance imaging systems in the long run.
The major restraint for the magnetic resonance imaging systems market is the high costs associated with the procurement, installation, and maintenance of the MRI machine. The MRI machine is very costly as it is a very specialized machine. The MRI machines are priced between INR 30,00,000 up to 4 Crores, depending on the specifications. The high costs associated with the machines make it difficult for the small players in the market to purchase these machines, which may hamper the market growth.
The Covid-19 pandemic moderately impacted the magnetic resonance imaging systems market as due to the nationwide lockdown restrictions, many patients deferred their ongoing treatments and postponed their diagnosis to avoid public places which hampered the market growth. The demand for new MRI systems by hospitals, clinics, etc. witnessed a brief halt during the second quarter of 2020. However, the MRI systems are largely being used in the assessment of post-covid complications, globally which will contribute to the market growth.
The global magnetic resonance imaging systems market is highly competitive due to a huge consumer base and the presence of diversified market players. There is a growing need for the adoption of magnetic resonance imaging systems owing to the rising awareness of early diagnosis. Some of the key market players are General Electric Company, Siemens Healthineers AG, Hitachi, Ltd., Koninklijke Philips N.V., Canon Medical Systems Corporation, IMRIS, Inc., Esaote SpA, Alltech Medical Systems, Inc., and MR. SOLUTIONS LTD. The intense competition in the magnetic resonance imaging systems market is paving way for innovative product launches, mergers & acquisitions, and other strategies to augment the market share. For instance, in November 2020, Siemens Healthineers AG launched the smallest and most lightweight whole-body MRI named High-V MRI.
|Market size value in 2019||US$6.864 billion|
|Market size value in 2026||US$9.478 billion|
|Growth Rate||CAGR of 4.72% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Magnetic Field Strength, Application, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||General Electric Company, Siemens Healthineers AG, Hitachi, Ltd., Koninklijke Philips N.V., Canon Medical Systems Corporation, IMRIS, Inc., Esaote SpA, Alltech Medical Systems, Inc., MR. SOLUTIONS LTD.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the magnetic resonance imaging systems market size by 2026?
A1. The global magnetic resonance imaging systems market is projected to reach a market size of US$9.478 billion in 2026.
Q2. What is the size of global magnetic resonance imaging systems market?
A2. Magnetic Resonance Imaging Systems (MRI) Market was valued at US$6.864 billion in 2019.
Q3. What are the growth prospects for the magnetic resonance imaging systems market?
A3. The magnetic resonance imaging systems market is projected to grow at a CAGR of 4.72% over the forecast period.
Q4. Which region holds the maximum market share of the magnetic resonance imaging systems market?
A4. Geographically, Europe and North America have a significant share of the magnetic resonance imaging systems market.
Q5. What factors are anticipated to drive the magnetic resonance imaging systems market growth?
A5. The magnetic resonance imaging systems market growth is attributed to the rapidly increasing geriatric population and growing incidence of chronic diseases which require an early diagnosis for proper treatment.
General Electric Company
Siemens Healthineers AG
Koninklijke Philips N.V.
Canon Medical Systems Corporation
Alltech Medical Systems, Inc.
MR. SOLUTIONS LTD.
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