The MRI (Magnetic Resonance Imaging) Systems Market is expected to be valued at USD 8,249.3 Million in 2027 from USD 6,097.8 Million in 2019, registering a CAGR of 3.8% through the forecast period. The market is observing exponential growth due to the rising occurrences of target disorders such as breast, spinal, abdominal, and musculoskeletal cancer, among others. Breast cancer is the most prevalent cancer type and a leading cause of cancer death among women. In 2018, over two million women were diagnosed with breast cancer. Various government initiatives to increase awareness about women’s health and promote plans to enhance healthcare facilities, such as mammography systems, are driving the industry growth.
Moreover, the growing caseload of cardiac and vascular diseases is further contributing to industry growth. The increasing usage of MRI systems in the early detection of conditions pertaining to neurological, musculoskeletal, spine, vascular, and cardiac issues are further fueling the market growth. Additionally, one of the significant elements responsible for the exponential growth of the industry is the rapidly escalating geriatric populace of the world. Increasing occurrences of complications, such as cardiovascular diseases and neurological diseases, in the geriatric population are augmenting the demand for MRIs, thereby propelling the market growth.
Growing incidences of target diseases, technological advancements in MRI systems, and the rising awareness about the advantages of early detection are bolstering the industry’s expansion. However, the surging costs associated with MRI scanning and MRI systems can potentially impede the industry’s expansion in the estimated timeframe.
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Key Highlights from the Report:
- MRI systems are advantageous as it allows the imaging of soft tissues that are possibly hard to observe through other imaging modalities. MRI is extremely precise and accurate in identifying and locating certain cancers. Furthermore, an MRI system using a contrast dye is the highly preferred and apt imaging procedure for screening for brain and spinal cord tumours.
- The diagnostic centers sub-segment is estimated to register a significantly high CAGR in the projected timeframe. This can be ascribed to the growing deployment of MRI systems and skilled radiologists and specialist personnel in diagnostic centers to bolster the process of screening and detecting diseases in individuals showing certain symptoms.
- North America occupied an enormous share of the industry in 2019 and is projected to retain its dominance over the estimated timeline. The dominance can be accredited to the surging adoption of cutting-edge medical technologies, state-of-the-art healthcare infrastructure, the growing caseload of target disorders, and the implementation of numerous healthcare initiatives for augmenting consciousness about the early-stage diagnosis of diseases in the region.
- Major companies operating in the market include Siemens Healthineers, Canon Medical Systems, Bruker Corporation, GE Healthcare, Aurora Imaging Technology Inc., Neusoft Medical Systems Co. Ltd., Fujifilm, Koninklijke Philips NV, Aspect Imaging, and Fonar Corporation, among others.
- Fujifilm, a Japanese photography, biotechnology, and medical equipment MNC, gained a controlling stake in Hitachi Diagnostic Imaging Business, in December 2019, in an acquisition deal valued at USD 1.6 Billion.
For the purpose of this report, Emergen Research has segmented the Global MRI (Magnetic Resonance Imaging) Systems Market on the basis of field strength, architecture, application, end-user, and region:
Field Strength Outlook (Revenue, USD Billion; 2017-2027)
- Low-To-Mid Field MRI Systems
- High Field MRI Systems
- Very High Field MRI Systems
Architecture Outlook (Revenue, USD Billion; 2017-2027)
- Closed MRI Systems
- Open MRI Systems
Application Outlook (Revenue, USD Billion; 2017-2027)
- Brain & Neurological
- Spine & Musculoskeletal
- Breast Cancer
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals & Clinics
- Ambulatory Care Centers
- Diagnostics Centers
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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