MRI Systems Market expected to reach $8.45 Billion Globally, by 2030

According to a new report published by Allied Market Research, titled, “MRI Systems Market by Architecture Type and Field Strength: Global Opportunity Analysis and Industry Forecast, 2021–2030,"

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.

MRI is a diagnostic technique that makes use of nuclear magnetic resonance of atoms within the body generated by use of radio waves to provide detailed information about structures of internal body parts, such as minor damages to ligaments, tendons, and muscles that cannot be seen with the X-ray, ultrasound, or computed tomography (CT) scan. An MRI scan is a method of obtaining images of interiors of humans and animals.

The growth of the MRI Systems Market is driven by increase in geriatric population in western countries 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.

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 Magnetic Resonance Imaging Systems Market, health facilities, their supply chain, and demand for MRI devices. However, the COVID-19 pandemic led to increase 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 affected the Magnetic Resonance Imaging Systems Market.

In addition, limited movement of people during the implementation of lockdown also 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 due to the shutdowns in various COVID-19 affected countries, and large number of workers falling ill during the pandemic and increase in the demand & supply gap. However, this situation is expected to change post COVID-19 pandemic in the coming years. 

Based on architecture type, the market is categorized into open MRI and closed MRI Systems. The closed MRI Systems segment dominated the global market in 2020, and is anticipated to continue this trend during the forecast period owing to the 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.

On the basis of field strength, the Magnetic Resonance Imaging Systems Market is segregated into low-field system, high-field system, and medium-field system. The medium-field system segment accounted for the majority of market share in 2020 owing to rise in prevalence of chronic diseases in both developed as well as developing countries, surge in demand for medical imaging, increased government initiatives, and rise in the adoption of medium-field MRI Systems in the hospitals & healthcare centers.

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 rise 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, surge in healthcare reforms, and technological advancements in the field of healthcare.

Key Findings Of The Study

• Based on architecture type, the closed MRI Systems segment held majority share and growing with the rate of 4.2% share in the global market in 2020.
• On the basis of field strength, the medium-field system segment held largest market share in 2020 and is expected to remain dominant throughout the forecast period.
• Based on region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 5.2% during the forecast period.