The Europe Magnetic Resonance Imaging market studied is anticipated to grow with a CAGR of 6.3% during the forecast period. The major factors attributing to the growth of the Europe Magnetic Resonance Imaging market are the introduction of hybrid MRI systems, availability of universal health coverage in Europe, and increasing emphasis on early diagnosis.

The usage of MRI is steadily growing, for instance, personalized care is evolving as an integral part of medicine where molecular imaging is increasing its contribution significantly through the use of non-invasive processes for accurate diagnosis and determination of diseases. As per Germany Federal Statistical Office 2020 report, currently there about 83 million population in Germany. of these 16.2 million population are above 67 years of age and this number is projected to reach 21.4 million in 2040. As the number of the elderly population is expected to increase in near future who are more prone to chronic conditions such as neurological diseases, and other disorders which increases diagnostic procedures and ultimately drives the market over the forecast period.

Multimodality imaging is playing a crucial role after the introduction of integrated positron emission tomography/computed tomography (PET/CT) and then commercialization of combined PET/magnetic resonance imaging (PET/MRI) systems. Similarly, MRI has been used with other powerful imaging techniques, such as when MRI is combined with radiography, it is used to treat infertility patients. The combination of Magnetic Particle Imaging (MPI) with MRI provides access to high-quality images of tissues and organ inside the body. All these factors are helping the market growth. However there are few factors which may restrain the market growth such as the high cost of MRI systems.

Key Market Trends

Open MRI Systems Segment is Expected to Grow with High CAGR Over the Forecast Period in the Europe Magnetic Resonance Imaging (MRI) Market

An open MRI system has a larger opening compared to that of a standard MRI system. Claustrophobic people may feel better by using an open MRI machine. An open MRI system is also easy to use for people who are very obese or overweight. However, not all the medical diagnostic centers have this kind of open MRI machines. The major advantage of the open MRI systems is its cost, regardless of some exceptions. Many developed countries such as Germany and the UK are investing in these open MRI machines for the betterment of patients. This is fueling the demand for open MRI systems. Additionally, companies, such as Hitachi, are having a well-known product for open MRI systems.

Furthermore, according to the Organisation for Economic Co-operation and Development (OECD), in 2018, the average per capita healthcare expenditure in Switzerland was around USD 73,17 and in Denmark was around USD 5,300. Thus, owing to the above factors and along with high healthcare expenditure factor is expected to show growth in the coming years.

Competitive Landscape

The Europe Magnetic Resonance Imaging market is consolidated competitive and consists of a few major players. In terms of market share, few of the major players currently dominate the market. With the increasing prevalence of diseases, technological advancements and increasing ageing population few other players are also expected to enter into the market in the coming years. Some of the major players of the market are GE Healthcare (GE Company), Hitachi Medical Systems, Koninklijke Philips NV, Siemens, and Canon Medical Systems Corporation are among others.

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