Magnetic Resonance Imaging (MRI) Systems Market Insights
The Global MRI Systems Market Size was valued at $5,772.48 million in 2020, and is projected to reach $8,450.98 million by 2030, registering a CAGR of 3.9% from 2021 to 2030. Magnetic Resonance Imaging Systems uses a non-invasive imaging technology to investigate anatomy and function of the body in both aspects such as health and disease without the use of damaging ionizing radiation. It can be used in detection, diagnosis, and treatment monitoring of various chronic diseases. It is based on technology that excites and detects the changes occurred in protons found in the tissue fluid. It can differentiate between white matter and grey matter in the brain. It is the only imaging modality in demand as it does not use x-rays when frequent imaging is required for diagnosis or therapy, especially in the brain.
There are two types of MRI Systems available that include closed MRI and open MRI. Closed MRI Systems includes a large magnet and radio wave that sends signals and receives signals from the body. The open MRI Systems uses magnetic bottom & top and in this, all four sides are open reducing the risk of panic attacks and claustrophobia.
The growth of the MRI Systems Market is driven by increase in geriatric population and rise in incidence of diseases such as brain tumor, breast cancer, prostate cancer, scoliosis, and sclerosis. Moreover, technological growth such as superconducting (SC) magnets, open architecture, high-field MRI, and software applications are other factors that contribute toward the growth of the market. However, decline in restitution rates for MRI procedures and scarcity of helium gas deposits are expected to hinder the growth of the market. Conversely, the advantage of MRI in detection of the early molecular and cellular changes in Alzheimer disease provides lucrative opportunities in the growth of the market.
What is the impact of COVID-19 pandemic on the MRI Systems Market?
Coronavirus (COVID-19) was discovered in late December, 2019 in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted from humans to humans. The outbreak of COVID-19 pandemic has affected the MRI Systems Market, health facilities, their supply chain, and demand for MRI devices. However, the COVID-19 pandemic led to rise in the prices of MRI imaging, which resulted in increase in the prices of MRI Systems. Moreover, the delayed manufacturing, shipment, and payment of the MRI Systems players also affected the Magnetic Resonance Imaging Systems Market.
In addition, limited movement of people during the implementation of lockdown impacted the MRI Systems industry. Overall, the impact of COVID-19 on the MRI Systems Market was recorded to be fairly negative. This was attributed to disturbances in production, import & export of raw material and finished goods and increase in the demand and supply gap due to shutdowns in various COVID-19 affected countries, and large number of workers falling ill during the pandemic. However, this situation is expected to change post COVID-19 pandemic in the coming years.
The MRI Systems Market is segmented on the basis of architecture type, field strength, and region. On the basis of architecture type, it is bifurcated into open MRI and closed MRI Systems. On the basis of field strength, it is classified into low-field Systems, high-field Systems, and medium-field Systems. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Architecture Type Segment Review
By architecture type, the market is categorized into open MRI and closed MRI Systems. The closed MRI Systems segment dominates the global MRI Systems Market in 2020, and is anticipated to continue this trend during the forecast period owing to key factors such as advantages of using closed MRI Systems over open MRI Systems, rise in demand for closed MRI Systems, surge in prevalence of chronic diseases, advancements in the MRI Systems, and the launch of new products.
By Architecture Type
Closed Mri segment is projected as one of the most lucrative segment.
Field Strength Segment Review
By field strength, the Magnetic Resonance Imaging Systems Market is segregated into low-field Systems, high-field Systems, and medium-field Systems. The medium-field Systems segment accounted for the majority of market share in the 2020 owing to rise in prevalence of chronic diseases in both developed as well as developing countries, rise in demand for medical imaging, increase in government initiatives, and surge in the adoption of medium-field MRI Systems in the hospitals & healthcare centers.
By Field Strenth
Medium Field segment is projected as one of the most lucrative segment.
Region Segment Review
North America accounted for major share of the global MRI Systems Market in 2020, and is expected to remain dominant throughout the forecast period. This was attributed to increase in number of chronic disease patients, rise in spread of hospitals awareness toward adoption of MRI Systems, surge in demand for MRI Systems, availability of advanced healthcare facilities with trained medical professionals, presence of most of the key players, and surge in investment made by governments in the healthcare Systems. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period majorly due to improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced medical facilities, development of the R&D sector, rise in healthcare reforms, and technological advancements in the field of healthcare.
By Region
Asia-Pacific would exhibit the highest CAGR of 5.2% during 2020-2030.
Key benefits for stakeholders
- This report provides a detailed quantitative analysis of the current MRI Systems Market trends and forecast estimations from 2020 to 2030, which assists to identify the prevailing market opportunities.
- An in-depth market analysis includes analysis of various regions, which is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of factors that drive and restrain the growth of the global the MRI Systems Market is provided.
- The projections in this report are made by analyzing the current trends and future market potential from2020 to 2030, in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help in understanding competitive outlook of the market.
Magnetic Resonance Imaging (MRI) Systems Market Report Highlights
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Analyst Review
The MRI system market holds a substantial scope for growth globally as it is in its growth stage. High cost and excessive time in comparison with other scanning systems are major limitations for purchasing an MRI system. However, recent innovations, emerging technology to provide high efficiency, varying field strength ranging, low-field, clear picture quality, and reduced risk associated with MRI scanning enable the technology to reach a wider population. Moreover, numerous players have entered in the MRI system market with innovative products.
The factors such as rise in geriatric population in western countries and surge in incidence of diseases such as brain tumor, breast cancer, prostate cancer, scoliosis, and sclerosis boost growth of the market. Moreover, technological growth such as superconducting (SC) magnets, open architecture, high-field MRI, and software applications are other factors that contribute toward the growth of the market. However, decline in restitution rates for MRI procedures and scarcity of helium gas deposits are expected to hinder the growth of the market. Conversely, the advantage of MRI in detection of the early molecular and cellular changes in Alzheimer disease provides lucrative opportunities in the growth of the market.
North America accounted for major share of the global MRI systems market share in 2020, and is expected to remain dominant throughout the forecast period. This was attributed to increase in number of chronic disease patients, rise in spread of hospital awareness toward adoption of MRI systems, surge in demand for MRI systems, availability of advanced healthcare facilities with trained medical professionals, presence of most of the key players, and surge in investment made by governments in the healthcare system. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period majorly due to improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced medical facilities, development of the R&D sector, rise in healthcare reforms, and technological advancements in the field of healthcare.
The total market value of MRI Systems Market is $8,450.94 million in 2030.
Top companies such as General Electric Company, Hitachi Ltd., Siemens AG, Toshiba Corporation, Koninklijke Philips N.V., Shimadzu Corporation held a high market position in 2020. These key players held a high market postion owing to the strong geographical foothold in different regions.
Stationary scanners segment is the most influencing segment owing to rise in prevalence of chronic diseases, advancements in the MRI systems and the launch of new products.
The forcast period for MRI Systems Market is 2020 to 2030
The market value of MRI Systems Market in 2020 is $5,772.48 million.
The base year is 2020 in MRI systems market
Increase in investment in the medical imaging, surge in geriatric population and the launch of new products are the key trends in the MRI Systems Market report.
Asia-Pacific has the highest growth rate of 5.2% in the market which is growing due to presence of large patient population, strong presence of key players, increase in number of hospitals equipped with advanced medical imaging equipment along with surge in utilization of MRI systems.
Yes, the MRI Systems Market companies are profiled in the report.
Yes, the MRI Systems Market report provides PORTER Analysis
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