Global Open MRI Systems Market by Field Strength (High, Medium, Low), by Application (Spine, Cardiac, Brain, Abdominal, Breast) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

In 2018, the global open MRI system market was worth USD 906.0 million. It is expected to grow at a 6.4% CAGR by 2026. The market is expected to grow due to the increasing incidence of chronic and age-related diseases, lifestyle changes, and the high demand for accurate, safe diagnostic methods. According to the American Cancer Society in 2016, brain and spine cancer accounted approximately 1.3% of all cancers in America. This is likely to have a positive impact on the market's growth over the forecast period.

Patients with claustrophobia and panic attacks are more likely to accept open MRI systems than patients who have suffered from them. Open systems are preferred for scanning infants. They can also accommodate heavier and more obese patients. Open systems are preferred by hospitals and diagnostic centers because they permit diagnostic imaging for a wide variety of conditions.

This market for open MRI systems has seen a significant increase in demand due to growing geriatric populations and increasing incidence of cancer worldwide. According to the American Society of Clinical Oncology, 60% of cancer patients are 65 years old or older. Due to the availability of more effective treatments and a growing life expectancy, there will be a greater demand for repeat diagnostic scans that can help with disease management.

The demand for these devices is expected to rise as more diagnostic imaging techniques are used. According to the Organisation for Economic Cooperation and Development (OECD), 111 scans were performed per 1,000 residents in the United States in 2017. Similar results were seen in Canada where 51 MRI exams were done on each 1,000 residents in 2017. This is expected to increase the growth rate over the forecast period.

Market growth is expected to be driven by the rising trend in preventive healthcare and the high demand for early diagnosis. The major players are focused on creating advanced open systems that have high image quality and strength. This will increase the demand for open MRI system, which in turn should boost the market.

Field Strength Insights

The market can be divided into three segments based on field strength: low, medium and high. Devices with less than 0.5T strength are called low field strength systems. Medium field systems are devices with 0.5T-0.9T strength, while high field systems have MRI systems that exceed 0.9T. The market's largest share was held by the low-field strength system. High field strength systems can be used in many conditions, including spine and musculoskeletal disorders. These systems are expected to increase market demand in both developed and developing countries.

Due to the limitations of open structures, the market only has a few high strength systems. The highest expected CAGR for the high strength system segment will be during the forecast period. This is due to the many ongoing studies and positive results, as well as technological advances in these systems that enhance images.

Application Insights

The market can be divided into several segments based on application: brain, spine and abdominal, breast and cardiac. In 2018, the brain segment held the largest share. The brain segment accounted for the largest share in 2018. The segment's growth is expected to be driven by the increasing geriatric population over the forecast period. Due to increasing incidences of neurological conditions, there is an increase in the demand for diagnostic tools. The brain segment will grow if more open systems are developed for diagnosing neurological conditions.

The forecast period will see a significant increase in breast imaging using open MRI systems. Open MRI systems are needed for Breast imaging. According to the World Cancer Research Fund in 2018, there were 2 million new cases of breast cancer.

MRI can be used to diagnose spinal anomalies, such as trauma injuries in bone, ligament, or disc. It also helps determine compression and inflammation of the spinal cord & nerves. Open MRI systems are expected to increase in popularity for spine imaging due to the many benefits they offer.

Regional Insights

North America accounted for the largest market share in 2018, due to its large number of market leaders and high adoption rate of advanced diagnostic technologies. The forecast period will see growth due to favorable government policies and an increase in the number ambulatory diagnostic centres in the region.

In 2019, Europe accounted to the second largest open MRI system market. According to OECD in 2015, Germany accounted the most MRI scans in Europe. In 2015, the country had 136 scans for every 1,000 residents. The segment's growth is expected to be driven by the rapidly changing healthcare system and the supportive policies of the government in the region.

Asia Pacific is expected to grow at the fastest rate of CAGR over the forecast period, due to the presence in the region of developing economies such as India and China. The market will see increased demand for advanced MRI systems due to the increasing medical tourism in the region as well as intense competition between healthcare service providers.

Market Share insights for Open MRI Systems

ESAOTE, Hitachi Medical Systems Corporation, Koninklijke Philips and Siemens Healthcare are some of the most prominent players. These companies are focused on growth strategies like the launch of new products and innovations in existing products as well as mergers & acquisitions. Hitachi's introduction of 1.2T MRI and its integration with SoftSound technology are considered important landmarks in the market.

Market Report Scope Open MRI Systems

The report covers segments

This report provides a forecast of revenue growth at the global, regional, and country levels. It also analyzes industry trends in each sub-segment from 2015 to 2026. Grand View Research has divided the global open MRI system market report on the basis field strength, region, and application.

• Field Strength Outlook (Volume of '000 Units; Revenue USD Million, 2015-2026)

  • Low

  • Medium

  • High

• Application Outlook (Volume of '000 Units; Revenue USD Million, 2015-2026)

  • Brain

  • Spine

  • Abdominal

  • Breast

  • Cardiac

  • Other

• Regional Outlook (Volume of '000 Units; revenue, USD Million, 2015-2026)

  • North America

    • The U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

These are the most frequently asked questions about this report

b. Global open MRI system market was valued at USD 959.1 Million in 2019, and is forecast to grow to USD 1,015 millions in 2020.

b. Global open MRI system market is expected grow at a 6.4% compound annual growth rate from 2019 to 2026, to reach USD 1.4 Billion by 2026.

b. With a 37.8% share in 2019, North America dominated open MRI system market. This is due to the increasing presence of large market players and high adoption of advanced diagnostic technology.

b. GE Healthcare and Hitachi Medical Systems are some of the key players in the open MRI system market. Koninklijke Philips and Siemens Healthcare are also major players.

b. Market growth is being driven by the increasing incidence of chronic age-related diseases, changing lifestyles, as well as the high demand for accurate and safe diagnostic methods.

Up Market Research published a new report titled “Open MRI Systems Market research report which is segmented by Field Strength (High, Medium, Low), by Application (Spine, Cardiac, Brain, Abdominal, Breast), By Players/Companies Siemens Healthcare, Koninklijke Philips, GE Healthcare, Hitachi Medical Systems, Canon Medical Systems Corporation, ESAOTE”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

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 Open MRI Systems Market Report Segments:

The market is segmented by Field Strength (High, Medium, Low), by Application (Spine, Cardiac, Brain, Abdominal, Breast).

Open MRI Systems 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 Open MRI Systems Market

Overview of the regional outlook of the Open MRI Systems 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 Open MRI Systems Market Report:

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

                1. High

                2. Medium

                3. Low

                1. Spine

                2. Cardiac

                3. Brain

                4. Abdominal

                5. Breast

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

We have studied the Open MRI Systems 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 Open MRI Systems 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.