Market Size of Europe Open System MRI Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 385.80 Million |
| Market Size (2029) | USD 552.07 Million |
| CAGR (2024 - 2029) | 7.43 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Open System MRI Market Analysis
The Europe Open System MRI Market size is estimated at USD 385.80 million in 2024, and is expected to reach USD 552.07 million by 2029, growing at a CAGR of 7.43% during the forecast period (2024-2029).
During the COVID-19 pandemic, the European open system MRI market slowed down due to mandated social distancing measures, closures of companies, and international travel restrictions implemented, which limited economic activity. For instance, Siemens Healthcare saw a decline in its imaging business and in major modalities like MRI. Nevertheless, the market is expected to recover quickly during the forecast period.
The major factors driving the growth of the European open system MRI market are the growing incidence of age-associated chronic diseases, changing lifestyles, and high demand for safe and accurate diagnostic methods. Open MRI is used to accommodate claustrophobic, obese, and pediatric patients. ECIS estimated that the cancer burden rose to 2.8 million new cases (all types, excluding non-melanoma skin cancer) and 1.5 million deaths in 2021 in Europe. Therefore all these factors support the European open system MRI market.
The need for improvements in the quantity and quality of highly-precise MRI equipment is also expected to increase with time to tackle increasing diseases and populations. These government initiatives are also bound to boost the market growth in the healthcare sector. In 2021, the UK government introduced the "Medicines and Medical Device Act", which gave the Secretary of State broad powers to adopt a new regulatory framework for medical devices and medicines. Thus, the aforementioned factors are driving the growth of the European open system MRI market.
However, the high cost of devices may impede the market growth.
