Global MRI market was valued at around USD6 billion in 2020 and is expected to witness a growing CAGR of around 8% during the forecast period to reach around USD9.4 billion through 2026. This growth is attributed to technological advancements such as the inclusion of MRI with PET or CT in diagnostic procedures as these provide imaging possibilities with less exposure to harmful radiations. MRI devices are finding wide applications in the detection of severe internal injuries. Furthermore, the increasing patient pool suffering from neurological and musculoskeletal disorders coupled with the growing need for quick and effective diagnostic procedures is acting as key growth drivers for the global MRI market. With the growing prevalence of health conditions such as tumors, spine lesions and stroke, the market is anticipated to grow further in the coming years.
Moreover, increasing awareness about chronic disorders and early diagnosis are propelling the growth of the global MRI market. In addition to this, growing expenditure on healthcare and increasing government support for MRI are supporting the market growth. However, the global MRI market is also facing some restraints. The high cost of MRI devices and their installation might hamper the market growth. Furthermore, insufficient reimbursement policies in various countries and delayed product approval due to a stringent regulatory framework are also anticipated to pose a challenge for the manufacturers.
The global MRI market can be segmented based on field of strength, type, architecture, application, end user and region. Based on field strength, the market can be segmented into high-field MRI systems that ranges from 1.5t to 3t, low-to-mid-field MRI systems that ranges <1.5t and very-high-field MRI systems that ranges 4t and above. Among them, high-field MRI systems accounted for the largest market share in 2020 as they are available at comparatively affordable prices and help in capturing images with higher precision. However, very-high-field MRI systems are expected to achieve a higher growth in CAGR during the forecast period owing to increasing approval from the regulatory bodies for the development of these systems.
Major companies operating in the global MRI market include GE Healthcare, Aurora Imaging Technologies, Inc., Sanrad Medical Systems Pvt ltd., Aspect Imaging, Esaote SpA, Fonar Corporation, Hitachi Ltd, Neusoft Medical Systems Co. Ltd, Koninklijke Philips NV, Siemens Healthcare GmbH, Canon Medical Systems Corporation, Mindray Medical International Limited, Hologic, Inc., Nordion Inc., and United Imaging Healthcare Co., Ltd., among others. The market players are adopting growth strategies like collaborations and are investing in new technology for introducing advanced MRI devices into the global market.
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Objective of the Study:
- To analyze the historical growth in the market size of the global MRI market from 2016 to 2020.
- To estimate and forecast the market size of the global MRI market from 2021 to 2026 and growth rate until 2026.
- To forecast the global MRI market based on field of strength, type, architecture, application, end user, company and regional distribution.
- To identify drivers and challenges for the global MRI market.
- To examine competitive developments such as expansions, new product launches, mergers and acquisitions etc. in the global MRI market.
- To identify and analyze the profile of leading players operating in the global MRI market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of MRI companies across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research was able to include the companies which could not be identified due to the limitations of secondary research.
TechSci Research calculated the global MRI market size using a bottom-up approach, where data for various end user industries and its application across various product types were recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- MRI device manufacturers/companies/partners and other stakeholders
- Government bodies such as regulating authorities and policy makers
- Organizations, industry associations, forums and alliances related to MRI
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as MRI device manufacturing companies, end users etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global MRI market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Global MRI Market, By Field Strength:
o High-Field MRI Systems
? 1.5t MRI Systems
? 3t MRI Systems
o Low-To-Mid-Field MRI Systems (<1.5t)
o Very-High-Field MRI Systems (4t and Above)
- Global MRI Market, By Type:
- Global MRI Market, By Architecture:
o Closed MRI Systems
o Open MRI Systems
- Global MRI Market, By Application:
o Brain and Neurological
o Spine and Musculoskeletal
- Global MRI Market, By End User:
o Imaging Centers
o Ambulatory Surgical Centers
- Global MRI Market, By Region:
? South Korea
? United Kingdom
o North America
? United States
o South America
o Middle East & Africa
? South Africa
? Saudi Arabia
Company Profiles: Detailed analysis of the major companies present in the global MRI market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
- Profit margin analysis in case of direct and indirect sales channel.