Global Magnetic Resonance Imaging Market by Application (Spine & Musculoskeletal, Brain & Neurological) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global magnetic resonance imaging market was valued at USD5.3 billion in 2020. It is expected to grow at a compound annual rate (CAGR of 6.0%) between 2021 and 2028. Magnetic resonance imaging (MRI), is a powerful diagnostic tool for diagnosing diseases such as spine lesions, tumors and strokes that impact the brain and blood vessels. Market growth will be affected by the increasing incidence of these diseases. According to the American Cancer Society, 1,762,450 new cases of cancer were reported in the U.S. in 2019. MRI machines will also be more widely adopted due to the increasing demand for fast and efficient diagnostic procedures. These MRI machines are being installed in many countries. According to OECD, the US had 37.6 MRI units per million people in 2017.

The MRI market is growing because of advances in diagnostic techniques like open MRI, visualization software and superconducting magnetics. Recent advancements in MRI technology can be attributed mainly to the software. Software advancements have made it possible to perform faster contrast scans, and simplify the imaging workflow. U.S. FDA approved GE Healthcare's MAGiC software in September 2016. This software allows for eight contrasts to be delivered in one acquisition, saving you a lot of time. The market growth for cardiology is expected to be driven by the introduction of compatible MRI systems that are compatible with cardiac pacemakers. In order to produce sharp, precise and accurate images in a shorter time, intravenous injections of various paramagnetic contrast agents, such as gadolinium DTPA, can be used. The market will grow due to these technological advances in MRI. COVID-19 is expected not to be a positive impact on the MRI market. COVID-19 has had a major impact on outpatient imaging services. New York's metropolitan health system reported a 87.0% decrease in outpatient imaging services. This is expected to have an impact on the MRI market.

Market growth is expected to be boosted by recent innovations such as diffusion and diffusion tensor image with tractography, neuroimaging, including MR spectroscopy and functional imaging using bold techniques. Market growth is also expected to be driven by intraoperative MRI's increasing development and use in various applications, such as neurosurgery. Diffusion-weighted MR imaging can be used to detect strokes within 30 minutes. Market growth is expected to be driven by technological advances in MRI machines that can be used for different applications.

Impact of COVID19: 2.2% growth in 2020, compared to 5.9% in 2019.

The use of high magnetic frequency MRI systems is increasing in popularity. Various universities are now conducting research and studies on them. The University of Minnesota conducted an MRI of the human body in February 2018 using a 10.5T MRI machine. This machine will open up new possibilities for diagnosing a wide variety of diseases, including Alzheimer's, heart disease and cancer.

Despite the many benefits of MRI systems, it is expensive to buy and install them. This is limiting market growth, especially in the developing world. The average price of a low- to medium strength MRI machine costs more than USD 1,000,000. Additionally, the increasing demand for helium gas to cool MRI machines is causing increased wait times and reducing productivity. Market growth is also affected by delayed product approvals and frequent product recalls, which are largely due to a strict regulatory framework.

Architecture Insights

Closed MRI systems dominated the market, accounting for 75.8% of the total market in 2020. Closed MRI systems use powerful magnetic fields and high frequency radio waves to produce detailed images. This allows for precise slice selection and error-free analysis.

Closed MRI patients may feel claustrophobic or disturbed by the loud noise. These issues could lead to inaccurate results. Market players are working to develop wide bore and open-MRI systems that are suitable for obese and claustrophobic patients. To calm the children who are using MRI machines for pediatric purposes, some manufacturers even include cartoons and drawings on the machines. The Adventure series of MRI machines from GE Healthcare is specifically designed for pediatric imaging.

Open MRI systems have less privacy, which reduces anxiety and claustrophobia among patients. This makes open MRI systems more effective in diagnosing neonates. Radiologists prefer a closed MRI system. Numerous clinical trials are being done to determine the effectiveness of open MRI systems in diagnosing neonatal diseases. The U.S. FDA approved in July 2017 the first MRI machine to be used for head and brain imaging in neonatal intensive care units. The segment's growth is expected to be boosted by ongoing clinical trials and approval of products for open MRI systems.

Field Strength Insights

Market share was 35.3% for the mid-field strength segment in 2020. This market is expected to see significant growth over the forecast period. These field strength MRI machines are able to capture images with greater precision and can be purchased at a relatively affordable price. Field strength of low field strength MRI machines is less than 1.5T. Mid field strength MRI machines range from 1.5T to 3T. High field strength MRI machinery has a field strength greater than 3T.

The forecast period will see the lowest growth in the low-field strength MRI machine segment. Low field strength MRI machine segments are being replaced by high field and mid field strength MRI devices mainly because of their advantages such as image clarity, integration with AI, and other benefits. Despite their low installation costs, detailed imaging will continue to be a major focus of MRI machine adoption.

The forecast period will see the highest growth rate for the high field segment. Various studies are currently being done to determine the effectiveness of high-field strength MRI machines in clinical applications. A few players have begun to develop high-field MRI machines, and they are now receiving approval from the regulatory agency. Siemens Healthineers, for MagnetomTerra 7T MRI system, received approval from the U.S. FDA in October 2017. These high-field strength MRI machines can only be installed in very limited hospitals and study centres, such as the Mayo Clinic, Brigham and Women's Hospital and The University of Southern California. The universities are able to increase their study portfolio by installing these high-field strength MRI machines. 7T MRI machines currently are only used for brain and knee imaging. This is due to the absence of advanced coils that can be used for clinical applications. The segment will grow during the forecast period if advanced coils are developed to expand the use of 7T MRI machines.

End-use Insights

Due to increasing hospital MRI installations, the hospital segment dominated and held 39.8% of the market in 2020. Segment growth is expected to be driven by the increasing use of rapid MRI (rMRI), in emergency and trauma care centers, and the rising number of MRI installations in teaching hospitals.

The segment of imaging centers is expected to see a significant increase in revenue during the forecast period. There is a growing demand for non-invasive diagnostics, which has led to the creation of many centers that can offer services such as MRI. Many medical professionals have started their own centers that offer MRI at a reasonable price to meet the growing demand. This has led to the widespread adoption of MRI in the medical service. This will in turn drive the segment growth over the forecast period.

The segment of ambulatory care centers is expected to see the fastest growth rate over the forecast period. The segment is expected to grow due to the increasing number of ambulatory health centers in rural areas.

Application Insights

The market leader in brain and neurological imaging was MRI systems. They accounted for 24.2% of the total market. This is because the scans they produce are better than those produced by computerized tomography scans. The breast imaging market is also expected to expand rapidly as more people are diagnosed with the disease. MRI techniques provide quantitative information on cancer by identifying the tissue's biological and physical characteristics.

MRI is quickly becoming the preferred method of imaging spinal and musculoskeletal structures. The spin-echo technique is used to produce sharp contrast images between subarachnoid and spinal space. This technique is widely used in trauma and emergency care units. The Spin-echo technique allows for detailed analysis of internal injuries to the soft tissues and spinal cord. According to the Association of Safe International Road Travel (ASIRT), approximately 20-50 million people are disabled or injured each year from road accidents.

MRI can be used to diagnose conditions such as spinal infection, osteoporosis and shingles. These conditions can be detected early and will impact the treatment and life expectancy. According to the American Cancer Society in 2018, approximately 23,880 cases involving malignant brain and spinal cord tumors are expected to be reported. According to the American Association of Neurological Surgeons (AANS), approximately 26,170 to 65.400 people are diagnosed annually with vertebral Ostemyelitis. MRI is a tool that allows for early diagnosis and evaluation of these conditions.

Regional Insights

North America was the dominant market, accounting for 37.7% of the total revenue in 2020. Imaging analysis is in high demand due to the rising incidence of chronic diseases such as breast cancer, neurological disorders, and cardiovascular disorders. This region will continue to dominate the market for the forecast period. The market is expected to grow due to technological innovations and the increasing incidence of chronic diseases.

High per capita incomes and well-defined healthcare policies in Europe are driving increased demand for advanced diagnostic imaging techniques. The segment will continue to grow due to technological advances in the region and large investments in healthcare research.

Asia Pacific will experience the fastest growth over the forecast period, due to an increasing number of elderly people and growing demand for advanced imaging techniques. The growth of the Asian medical tourism industry is expected to boost the industry's advanced medical imaging sector growth over the forecast period. With a rapidly growing healthcare service industry and skilled healthcare staff, countries like India, China, Japan, and Japan creating growth opportunities, advanced healthcare facilities and services at lower costs than those in developed North America and Europe, countries such as Japan, India, China, or North America are opening up new markets.

Market Share Insights & Key Companies

To increase the adoption of MRI machines in medical imaging, key players are working to develop MRI machines that have high field strengths. These players also form strategic alliances to develop and adopt advanced software that can improve the output of medical image. The market leader in magnetic resonance imaging (MRI), are:

• GE Healthcare

• Hitachi Medical Systems America AG.

• Siemens AG

• Toshiba Corporation

• Aurora Imaging Technologies, Inc.

• Koninklijke Philips N.V.

• Esaote SPA

• Sanrad Medical Systems Pvt. Ltd.

Up Market Research published a new report titled “Magnetic Resonance Imaging Market research report which is segmented by Application (Spine & Musculoskeletal, Brain & Neurological), By Players/Companies Siemens AG, Koninklijke Philips NV, Sanrad Medical Systems Pvt Ltd, Toshiba Corporation, GE Healthcare, Aurora Imaging Technologies Inc, Hitachi Medical Systems America AG, Esaote SPA”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Magnetic Resonance Imaging Market Report Segments:

The market is segmented by Application (Spine & Musculoskeletal, Brain & Neurological).

Magnetic Resonance Imaging Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Magnetic Resonance Imaging Market

Overview of the regional outlook of the Magnetic Resonance Imaging Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Magnetic Resonance Imaging Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Magnetic Resonance Imaging Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Spine & Musculoskeletal

                2. Brain & Neurological

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Magnetic Resonance Imaging Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Magnetic Resonance Imaging Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.