Global Magnetic Resonance Imaging Systems
Market Report
2024
Magnetic resonance imaging system market was valued at USD 6.57 billion in 2022 and will reach USD 9.16 billion by 2030, registering a CAGR of 4.5 % for the forecast period 2023-2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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The global magnetic resonance imaging system market was valued at USD 6.57 billion in 2022 and will reach USD 9.16 billion by 2030, registering a CAGR of 4.5 % for the forecast period 2023-2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Magnetic Resonance Imaging Systems Market Sales Revenue 2022 | $ 6.57 Billion |
Global Magnetic Resonance Imaging Systems Market Sales Revenue 2030 | $ 9.16 Billion |
Global Magnetic Resonance Imaging Systems Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 4.5% |
Market Split by Architecture |
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Market Split by Application |
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Market Split by Field Strength |
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Market Split by End User |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Magnetic Resonance Imaging Systems Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Magnetic Resonance Imaging System (MRI) is a technique that uses no harmful ionizing radiation to examine the structure and function of the body in both health and diseases. Disease detection, diagnosis, and therapy monitoring are frequently done using it. The MRI system is founded on cutting-edge technology that stimulates and monitors changes in protons found in the water that makes up biological tissues. Powerful magnets are used in MRIs to create a strong magnetic field that compels the body's protons to align with it. After that, the patient is pulsed with radiofrequency energy, which stimulates the protons and causes them to spin out of balance and struggle against the magnetic field.
The rise in the incidences of various diseases like brain tumors, cancers including breast cancer, prostate cancer, sclerosis, myocardial ischemia, and other diseases is anticipated to drive the market expansion of MRIs. For instance, according to WHO, around 9.4 million people die throughout the world every year due to cardiovascular diseases and about 23.3 million people are likely to die due to cardiovascular diseases by the year 2030, therefore the rising number of various diseases among people will proliferate the demand for MRI which will further augment the market growth.
Factors that contribute to the growth of the market include a rising number of technological advancements such as superconducting (SC) magnets, open architecture, high-field MRI, and software applications. The increasing number of new product launches by the market players is expected to drive the growth of the market. For example, in July 2022 a medical equipment company named Canon launched a new MRI system at the European Congress of Radiology. This system is incorporated with innovative workflow solutions, quick scan technology, and image enhancement, leading to a short time for MRI procedures.
Helium is the essential component for the magnetic resonance imaging system as it acts as a coolant for this system. Thousands of liters of helium are required for the cooling of the magnets of the magnetic resonance imaging system after use. The scarcity of helium deposits is restraining the market expansion due to the COVID-19 pandemic restrictions many countries have placed restrictions on industrial activities as a result companies producing helium could not keep up with demand during the pandemic so the scarcity was produced which hindered the market growth. It can be overcome by switching from helium-based cooling systems to traditional hydrocarbon refrigerants like ammonia and carbon dioxide or cryo cooling which utilizes the electric current.
The COVID-19 pandemic harmed the market for MRI systems, healthcare facilities, their supply chain, and consumer demand for MRI equipment. However, the COVID-19 epidemic caused MRI imaging costs to soar, which in turn raised the cost of MRI systems. Additionally, the magnetic resonance imaging systems market was impacted by the MRI Systems players' delayed manufacture, shipments, and payments. Additionally, the industry MRI Systems was harmed by the restricted movement of persons during the implementation of the lockdown. In general, COVID-19 had a rather unfavorable effect on the market for MRI systems. This was linked to industrial disruptions, the import and export of raw materials and completed goods, an increase in the demand and supply imbalance as a result of closures in numerous COVID-19-impacted nations, as well as a sizable number of workers being ill during the epidemic. However, after the COVID-19 pandemic, this condition is anticipated to be changed.
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Bruker launched Novel 7 tesla and 9.4 tesla preclinical Maxwell MRI magnets for its MRI systems portfolio which do not require helium or nitrogen refills for cooling the magnets as they offered high field sensitivity and resolution for advanced preclinical MRI.
Elucirem (Gadopiclenol) is a new macrocyclic gadolinium-based contrast agent with high relaxivity used in adults and children aged 2 years and older, for contrast-enhanced magnetic resonance imaging (MRI). The product is used to detect and analyze lesions with abnormal vascularity in the central nervous system (brain, spine, and associated tissues) and body (hand, thorax, abdomen, and musculoskeletal)
Top Companies Market Share in Magnetic Resonance Imaging Systems Industry: (In no particular order of Rank)
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In terms of market share, North America dominated the worldwide MRI systems market and is predicted to do so going forward. This was attributed to an increase in the number of patients with chronic diseases, an increase in the adoption of MRI systems by hospitals, a rise in the demand for MRI systems, the availability of advanced healthcare facilities with skilled medical personnel, the presence of the majority of the key players, and an increase in government investment in healthcare systems, development of the R&D sector, an increase in healthcare reforms, and technological advancements in the field.
The current report Scope analyzes Magnetic Resonance Imaging Systems Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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Global Magnetic Resonance Imaging Systems Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Magnetic Resonance Imaging Systems Industry growth. Magnetic Resonance Imaging Systems market has been segmented with the help of its Architecture, Application Field Strength, and others. Magnetic Resonance Imaging Systems market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
Closed system magnetic resonance imaging system held the largest market share in 2022:
Based on the architecture segment type, the market is segmented into open magnetic resonance imaging systems and closed magnetic resonance imaging systems. The closed system held the largest share as it is widely used as compared to the open system magnetic resonance imaging systems. This closed system consists of big magnetic waves and radio waves and the impulse image is seen in computers that are connected to the scanner. It also provides error-free analysis due to which the closed system held the largest share in the global MRI market.
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The neurology segment is anticipated to account for the largest share throughout the forecast period:
By application, the market is divided into neurology, oncology, musculoskeletal, cardiology, and gastroenterology. Functional MRI measures minute changes in blood flow associated with brain activity and can be used to pinpoint the areas of the brain responsible for specific functions, evaluate the effects of a stroke or other illness, or guide brain therapy. Functional MRI can show brain conditions that are hidden from view by traditional imaging techniques which is anticipated to account for the largest share of the neurology segment.
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Rising demand for high field strength magnetic resonance imaging systems:
Based on field strength the market is divided into high-field strength MRI systems, low-field strength MRI systems, and medium-field-strength MRI systems. Due to the high-resolution capacity the demand for high-field strength MRI systems is rising. A high-field strength MRI system is employed during a functional MRI of the brain to assess minute blood flow alterations in the cerebral cortex. It facilitates the capture of photos with more precision and is reasonably priced. High-performance superconductors, including titanium and niobium, are employed to create a magnetic field in the very powerful system. It provides scanning, excellent picture quality, and the capability to view bodily physiological processes. Additionally, it offers precise imaging of intricate anatomical structures.
The imaging center segment is anticipated to increase at the fastest rate:
By end user, the market is divided into hospitals, imaging centers, and ambulatory surgical centers. During the projection period, the sector for imaging centers is anticipated to increase at the fastest rate. Growing demand for non-invasive diagnostics is encouraging the emergence of numerous specialized facilities that may offer services like MRI. Many medical professionals launched facilities that offer MRI at a reasonable price to suit this rising need. This is encouraging the use of MRI in this field of medicine, which is anticipated to drive segment growth for the forecast period.
Research Associate at Cognitive Market Research
Anushka Gore is a seasoned market researcher specializing in the dynamic landscape of the Pharmaceutical industry. With a keen analytical mind and a deep passion for healthcare advancements, she has dedicated herself unraveling the intricate market trends and consumer behaviors that shape the future of medical technologies and services.
Anushka Gore is a seasoned market researcher specializing in the dynamic landscape of the medical devices & consumables industry. She has dedicated herself unraveling the intricate market trends and consumer behaviors that shape the future of medical technologies and services. Her expertise in Market Research and business intelligence has equipped her with the skills necessary to analyze complex information and provide strategic recommendations.
In her current role, Anushka is a highly motivated and detail-oriented research analyst with a passion for uncovering valuable insights from data. She thrives in dynamic environments where her analytical abilities and research expertise can contribute to informed decision-making for businesses. Her collaborative approach facilitated effective communication of insights, fostering a data-driven culture within the organization.Anushka remains an invaluable asset in the dynamic landscape of market research.
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The Global Magnetic Resonance Imaging Systems Market is witnessing significant growth in the near future.
In 2023, the Open System segment accounted for noticeable share of global Magnetic Resonance Imaging Systems Market and is projected to experience significant growth in the near future.
The Neurology segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Toshiba Corporation , Shimadzu Corporation and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
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Architecture | Open System, Closed System |
Application | Neurology, Oncology, Cardiology, Gastroenterology, Musculoskeletal |
Field Strength | Low field strength, High field strength, Mid-field strength |
End User | Hospitals, Imaging Centers, Ambulatory surgical centers |
List of Competitors | Toshiba Corporation, Siemens AG, Shimadzu Corporation, Nordian INC, Onex Corporation, Hitachi Ltd, GE Healthcare, Barco N.V, Koninklijke Philips N.V, Canon Inc, Guerbet, Bruker, Alltech Medical Systems. |
This chapter will help you gain GLOBAL Market Analysis of Magnetic Resonance Imaging Systems. Further deep in this chapter, you will be able to review Global Magnetic Resonance Imaging Systems Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Architecture Analysis 2019 -2031, will provide market size split by Architecture. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Architecture Analysis 2019 -2031
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Chapter 11 Market Split by Application Analysis 2019 -2031
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Chapter 12 Market Split by Field Strength Analysis 2019 -2031
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Chapter 13 Market Split by End User Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Magnetic Resonance Imaging Systems market
Chapter 14 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Open System have a significant impact on Magnetic Resonance Imaging Systems market? |
What are the key factors affecting the Open System and Closed System of Magnetic Resonance Imaging Systems Market? |
What is the CAGR/Growth Rate of Neurology during the forecast period? |
By type, which segment accounted for largest share of the global Magnetic Resonance Imaging Systems Market? |
Which region is expected to dominate the global Magnetic Resonance Imaging Systems Market within the forecast period? |
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