Magnetic Resonance Imaging (MRI) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Magnetic Resonance Imaging Market is segmented by Architecture (Closed MRI Systems and Open MRI Systems), Field Strength (Low Field MRI Systems, High Field MRI Systems, Very High Field MRI Systems and Ultra-high MRI Systems), Application (Oncology, Neurology, Cardiology, Gastroenterology, Musculoskeletal, and Other Applications), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers the value (in USD million) for the above segments.

Market Snapshot

Magnetic Resonance Imaging Market Summary
Study Period: 2019-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 6.1 %
Magnetic Resonance Imaging Market Major Players

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

The magnetic resonance imaging (MRI) market was valued at USD 8,030.4 million in 2021, and it is expected to reach USD 11,567.6 million by 2027, registering a CAGR of 6.10% during the forecast period.

During the early pandemic, due to the lockdown restrictions, suspension of non-urgent scheduled visits and hospitalizations, and stringent social distancing norms, the demand for MRI imaging reduced which affected the studied market. For instance, according to the research study “Impact of the Coronavirus Disease 2019 (COVID-19) Pandemic on Imaging Case Volumes’ published in May 2020 reported that the total imaging volume in 2020 (weeks 1-16) declined by 12.29% compared with 2019. It also reported that post-COVID-19 (weeks 10-16) revealed a greater decrease (28.10%) in imaging volumes across all patient service locations. The same source also reported that 88% decline was seen at week 16 in outpatient imaging, and MRI contributed to a nearly 74% decline which shows a negative impact of the COVID-19 on the studied market. However, owing to the long-term impact of the COVID-19 on the body and large-scale vaccination programs running around the world, the studied market is expected to regain its full potential over the years.

Personalized care is evolving as an integral part of medicine, and molecular imaging is gaining prominence using non-invasive processes for accurate diagnosis and determination of diseases. Multimodality imaging is playing a crucial role, primarily after the introduction of integrated positron emission tomography/computed tomography (PET/CT) and commercialization of combined PET/magnetic resonance imaging (PET/MRI) systems which is expected to have a significant impact on the growth of the studied market. For instance, according to the research study titled “Simultaneous PET–MR imaging could improve the diagnosis of heart disease”, published in July 2021, the simultaneous PET–MR scanning combined with a single image reconstruction framework enables the comprehensive assessment of cardiovascular disease with improved PET image quality that could significantly improve the diagnosis of heart diseases, and thus, the companies in the area are innovating and launching hybrid imaging systems which is expected to boost growth in the MRI market over the forecast period. For example, in October 2020, United Imaging Healthcare presented its advanced magnetic resonance imaging system at the 83rd China International Medical Equipment Fair (CMEF 2020), the uMR Omega and the Ultra-High-Field 9.4T Preclinical MR with PET Insert.

The other growth driving factor for the MRI market during the forecast period includes the presence of universal health coverage in many major countries around the world, which reduces the cost of various procedures including MRI and encourages people to take tests or treatment at regular interval which is expected to have a significant impact on the growth of the studied market. For example, in the United States, about 80%-90% of the citizens have health coverage which is primarily covered by Medicare, Medicaid, and the State Children's Health Insurance Program (SCHIP) and in Canada, Medicare provides health insurance to its citizens in Canada.

Furthermore, the increasing adoption of the MRI systems in the emerging markets owing to the high burden of chronic diseases and increased demand of better and advanced diagnostic imaging solutions will also augment the growth of the MRI market in these regions during the forecast period of the study. For instance, in November 2021, a sophisticated MRI facility was launched at the National Brain Research Centre (NBRC), Manesar in Haryana, India. The National Brain Research Centre (NBRC) is India's premier institute dedicated to Neuroscience Research and Education, and MRI Scanner PRISMA 3T MRI from Siemens was installed at the facility. However, due to the high cost of the MRI systems and associated procedures coupled with the decreasing helium availability, the growth of the MRI market is expected to be hampered during the forecast period of the study.

Scope of the Report

Magnetic resonance imaging is a medical imaging technique, which is used in radiology to produce pictures of the anatomy and the physiological processes of the body. These pictures are further used to diagnose and detect the presence of abnormalities in the body.

The magnetic resonance imaging market is segmented by architecture (closed MRI systems and open MRI systems), field strength (low field MRI systems, high field MRI systems, very high field MRI systems and ultra-high MRI systems), application (oncology, neurology, cardiology, gastroenterology, musculoskeletal, and other applications), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.

Architecture
Closed MRI Systems
Open MRI Systems
Field Strength
Low Field MRI Systems
High Field MRI Systems
Very High Field MRI Systems and Ultra-high MRI Systems
Application
Oncology
Neurology
Cardiology
Gastroenterology
Musculoskeletal
Other Applications
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America

Report scope can be customized per your requirements. Click here.

Key Market Trends

The Oncology Segment in Application is Expected to Hold a Significant Market Share Over the Forecast Period

Magnetic resonance imaging (MRI) is an imaging test that can be used for the detection of a tumor/cancerous cells in the body, and it can be used to look for signs that cancer may have metastasized (spread) from where it started to another part of the body. MRI system uses powerful magnets and radio waves to make detailed, computer-generated cross-section pictures of the body which is later used by the doctors in the diagnosis of cancerous cell/tissue.

Cancer is one of the most prevalent forms of chronic disease, globally, and as MRI is used for the detection of cancer/tumor as well as in the planning of the treatment such as surgery or radiation therapy for cancer patients, and thus, with the increasing burden of cancer cases around the world, the use of MRI systems is expected to increase which will fuel the growth of the studied market. For instance, according to the Global Cancer Observatory (Globocan) Statistics 2020, there were 19.3 million new cases of cancer all over the world accounting both sexes in 2020 and the same source reported that the incidence of cancer is growing at rapid pace in the world and estimated that the number of new cases of cancer in both sexes will reach to 30.2 million by 2040 which is expected to have a significant impact on the growth of the studied segment.

Further, with the growing demand of MRI systems around the world owing to the rising burden of cancer, the market players in the area are developing and launching advanced MRI systems and new research studies being conducted to determine the usefulness of MRI in various setting are anticipated to boost the growth of the studied segment of oncology. For instance, in May 2019, Ezra launched its full-body MRI scanning program which can detect up to 11 cancers in men and13 in women. The Ezra Full-Body Scan is available for USD 1,950, and single-region scans (such as pelvic or abdominal) are available for as little as USD 675. Therefore, owing to the wide application of MRI systems in the cancer diagnostics and treatment, coupled with the rising burden of cancer, the use of MRI systems in MRI segment is expected to increase over the forecast period of the study and segment will grow in the studied market.

Magnetic Resonance Imaging Market: Estimated Number of New Cancer Cases (in million), Global, 2020-2040

North America is Expected to Dominate the Magnetic Resonance Imaging (MRI) Market Over the Forecast Period

North America dominates the MRI market and is expected to show a similar trend over the forecast period, owing to the high prevalence of chronic diseases in the region, the presence of a universal healthcare system in the United States and Canada, and new product launches and approvals.

For instance, in October 2021, Subtle Medical received approval from Health Canada for their suite of artificial intelligence-powered image enhancement solutions, SubtleMR and SubtlePET, which are a virtual upgrade to existing magnetic resonance imaging (MRI) and positron emission tomography (PET) machines that can boost scanner’s performance and improves patient comfort during medical imaging exams. Chronic diseases such as cancer, neurological disorders, cardiovascular disorders, and others are also highly prevalent in the region which is further expected to boost the demand for MRI scans for better diagnostics and the studied market will grow.

Moreover, in North America, the United States is expected to hold a major market share in the MRI market during the forecast period due to the high prevalence and incidence chronic diseases, presence of robust healthcare infrastructure and Medicare, and presence of major market players in the country who are continuously evolving and launching advanced MRI systems in the market. For instance, according to the American Heart Association 2021 report, about 126.9 million adults in the United States had some form of cardiovascular disease (CVDs) between 2015 and 2018 and, 121.5 million adults had hypertension, which further increases the need and demand for MRI systems to detect and diagnose various heart conditions and state of the blood vessels and CVDS. This is expected to be one of the major driving factors for the growth of the MRI market in the United States. Further, the introduction and launch of new and advanced MRI systems in the country by the key market players in the area are further expected to augment the growth of the studied market in the region. For instance, in February 2020, Hyperfine Inc. received clearance from the Food and Drug Administration for its advanced bedside magnetic resonance imaging (MRI) system called Swoop Portable MRI device, which is less costly, consumes less power, and is lighter than the available conventional MRI systems in the market. Therefore, owing to the above-mentioned factors, the North America region is expected to hold a major market share in the global magnetic resonance imaging market over the forecast period of the study.

Magnetic Resonance Imaging (MRI) Market: Growth Rate by Region

Competitive Landscape

The global magnetic resonance imaging market is highly competitive and consists of several major players. In terms of market share, a few of the major players currently dominate the market. However, with technological advancements and quality service provisions, mid-size to smaller companies are increasing their market presence by introducing new products at less prices. Companies, like Siemens Healthineers, GE Healthcare, Canon Medical Systems, and Philips Healthcare, hold a significant market share in the global magnetic resonance imaging market.

Recent Developments

  • In November 2021, Fujifilm Healthcare Americas Corporation unveiled its advanced, high field open MRI system called Velocity MRI System at the 2021 Radiological Society of North America (RSNA). The Velocity MRI system is Fujifilm’s newest MRI scanner, designed to streamline workflow and enhance the patient experience with its unique open gantry, integrated radiofrequency (RF) coils, and reconstruction technologies.
  • In March 2021, Hitachi launched two new permanent open MRI systems at the start of the 2021 European Congress of Radiology. The APERTO Lucent Plus Open MRI provides high-speed exams with motion-free images and easy siting and operation for fast return-of-image and an open design that maximizes patient comfort. 

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Introduction of Hybrid MRI Systems

      2. 4.2.2 Availability of Universal Health Coverage in North America, Europe, and Several Asian Countries

      3. 4.2.3 Increasing Adoption in Emerging Markets

    3. 4.3 Market Restraints

      1. 4.3.1 High Cost of MRI Systems

      2. 4.3.2 Declining Helium Availability

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Architecture

      1. 5.1.1 Closed MRI Systems

      2. 5.1.2 Open MRI Systems

    2. 5.2 Field Strength

      1. 5.2.1 Low Field MRI Systems

      2. 5.2.2 High Field MRI Systems

      3. 5.2.3 Very High Field MRI Systems and Ultra-high MRI Systems

    3. 5.3 Application

      1. 5.3.1 Oncology

      2. 5.3.2 Neurology

      3. 5.3.3 Cardiology

      4. 5.3.4 Gastroenterology

      5. 5.3.5 Musculoskeletal

      6. 5.3.6 Other Applications

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle-East and Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle-East and Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Aurora Imaging Technology

      2. 6.1.2 Canon Medical Systems Corporation

      3. 6.1.3 Shenzhen Anke High-tech Co., Ltd

      4. 6.1.4 Esaote SpA

      5. 6.1.5 GE Healthcare

      6. 6.1.6 Fujifilm Holdings Corporation

      7. 6.1.7 Koninklijke Philips NV

      8. 6.1.8 Neusoft Medical Systems Co. Ltd

      9. 6.1.9 Fonar Corporation

      10. 6.1.10 Siemens Healthcare GmbH

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape Covers - Business Overview, Financials, Products and Strategies, and Recent Developments

You can also purchase parts of this report. Do you want to check out a section wise price list?

Frequently Asked Questions

The Global Magnetic Resonance Imaging (MRI) Market market is studied from 2019 - 2027.

The Global Magnetic Resonance Imaging (MRI) Market is growing at a CAGR of 6.1% over the next 5 years.

The Global Magnetic Resonance Imaging (MRI) Market is valued at 8030 Million USD in 2019.

The Global Magnetic Resonance Imaging (MRI) Market is valued at 11567 Million USD in 2027.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Siemens Healthcare GmbH, Canon Medical Systems Corporation, GE Healthcare, Fujifilm Holdings Corporation, Koninklijke Philips N.V. are the major companies operating in Global Magnetic Resonance Imaging (MRI) Market.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!