Magnetic Resonance Imaging Systems Market Forecasts to 2030 - Global Analysis By Product, Architecture, Field Strength, Application, End User and By Geography

According to Stratistics MRC, the Global Magnetic Resonance Imaging Systems Market is accounted for $5.53 billion in 2023 and is expected to reach $8.54 billion by 2030 growing at a CAGR of 6.4% during the forecast period. Magnetic Resonance Imaging (MRI) systems are sophisticated medical imaging devices that use powerful magnets, radio waves, and a computer to generate detailed images of the internal structures of the human body. MRI is a non-invasive imaging technique that has become a crucial tool in medical diagnostics due to its ability to produce high-resolution images of soft tissues, such as the brain, muscles, organs, and joints.

According to the US Bureau of Labor Statistics, the demand for diagnostic medical sonographers is projected to grow 10% from 2021 to 2031, which is faster than the average for all other occupations.

Market Dynamics:

Driver:

Increasing prevalence of chronic diseases

The increasing prevalence of chronic diseases plays a significant role in propelling the Magnetic Resonance Imaging (MRI) Systems market. Chronic neurological disorders, such as Alzheimer's disease, multiple sclerosis, and Parkinson's disease, often require detailed imaging for accurate diagnosis and treatment planning. It helps in visualizing soft tissues, cartilage, and bone structures, facilitating accurate diagnosis and treatment planning. Ongoing technological advancements in MRI systems, such as improved image resolution, faster scan times, and enhanced patient comfort, contribute to the increasing adoption of MRI for chronic disease diagnosis.

Restraint:

High initial & operational costs

High initial costs and ongoing operational expenses can strain the budgets of healthcare institutions, particularly those facing financial constraints. The substantial upfront cost of acquiring MRI systems can be a barrier for many healthcare providers, especially those in resource-constrained settings. It may lead to a longer payback period for healthcare providers, affecting the overall return on investment. In addition to initial costs, the ongoing operational expenses related to maintenance, energy consumption, and upgrades can be significant.

Opportunity:

Precision medicine & personalized imaging

Precision medicine involves customizing medical care based on individual patient characteristics, such as genetics, lifestyle, and environment. By integrating MRI data into precision medicine approaches, healthcare providers can develop personalized treatment plans. MRI provides detailed images of soft tissues and organs, enabling clinicians to assess the specific characteristics of a patient's condition. Early identification of conditions improves patient outcomes. This dynamic feedback loop contributes to more effective and personalized healthcare interventions.

Threat:

Competition from alternative imaging technologies

While MRI is a widely used and valuable diagnostic imaging modality, it faces competition from other imaging technologies that may offer different advantages or be more suitable for specific clinical applications. Some imaging technologies, like X-ray and ultrasound, are more widely available and accessible in various healthcare settings compared to MRI. These devices offer flexibility and ease of use in various clinical environments, challenging the traditional dominance of large, fixed MRI systems.

COVID-19 Impact

The COVID-19 pandemic has had significant effects on the healthcare industry, including the market for Magnetic Resonance Imaging (MRI) systems. The pandemic led to disruptions in global supply chains and manufacturing processes. This affected the production and delivery of medical devices. Healthcare institutions around the world faced unprecedented challenges due to the surge in COVID-19 cases. During the peak of the pandemic, many non-urgent and elective medical procedures were postponed to reduce the risk of virus transmission. As healthcare systems began to recover from the initial impact of the pandemic, there was a gradual return to elective procedures and diagnostic imaging services.

The ultrasound systems segment is expected to be the largest during the forecast period

The ultrasound systems segment is estimated to have a lucrative growth, due to its versatility, safety and real-time images. Ultrasound imaging is versatile and non-invasive, making it valuable for various medical applications. It helps in cardiac imaging, vascular imaging, diagnostic imaging, musculoskeletal imaging and many more. The absence of ionizing radiation and the ability to provide dynamic images are further making it an essential tool in modern healthcare.

The ultra-high-field MRI systems segment is expected to have the highest CAGR during the forecast period

The ultra-high-field MRI systems segment is anticipated to witness the highest CAGR growth during the forecast period. Ultra-high-field MRI systems operate at field strengths higher than the conventional 1.5 Tesla (T) or 3T. These systems typically operate at field strengths of 7T and above. The increased field strength provides several uses and benefits in the field of medical imaging. It's more comprehensive and detailed imaging studies propels the segment growth.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period, owing to the increasing healthcare budgets and investments in upgrading medical infrastructure. The aging population in several APAC countries, such as Japan and China, has led to an increased demand for diagnostic imaging, including MRI scans. Various governments in the APAC region have initiated healthcare reforms and invested in upgrading medical facilities. Also, some countries in the Asia-Pacific region, such as India, Malaysia, and Thailand, have become prominent destinations for medical tourism. Ongoing R&D activities in the field of medical imaging, further drives the market growth.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the advanced healthcare infrastructure, research facilities, and a focus on advanced medical diagnostics. Europe is known for its strong emphasis on research and development in the medical imaging field. Investments in healthcare infrastructure and technology by both public and private sectors in European countries impact the adoption and utilization of MRI systems. Also, collaborations between medical institutions, research organizations, and industry players are common in Europe. The market has exhibited steady growth over the years.

Key players in the market:

Some of the key players profiled in the Magnetic Resonance Imaging Systems Market include GE Healthcare, Siemens Healthineers AG, Time Medical, Fonar Corporation, Esaote SPA, Canon Medical Systems, Hitachi Limited, Koninklijke Philips N.V., Nordion Inc., Onex Corporation, Shimadzu Corporation, Toshiba Corporation, Aurora Imaging Technologies, Fujifilm Holdings Corporation, Bruker Corporation, Imricor Medical Systems Inc, Sanrad Medical Systems Pvt Limited and AllTech Medical Systems.

Key Developments:

In August 2023, Fujifilm Healthcare Americas Corporation announced FDA 510(k) clearance of its new 1.5 Tesla magnetic resonance imaging (MRI) system, the ECHELON Synergy. The system employs Synergy DLR, Fujifilm's proprietary Deep Learning Reconstruction (DLR) technology powered by artificial intelligence (AI), to enhance the sharpness of images and acquire scans faster, contributing to higher throughput, image quality and patient satisfaction.

In July 2022, Canon Medical has unveiled the Vantage Fortian at ECR 2022. The new MRI system features innovative workflow solutions, image enhancement, and accelerated scan technology, which together contribute to reducing the time required for MRI procedures.

In May 2022, Bruker announced the launch of innovative 7 Tesla and 9.4 Tesla conduction-cooled Maxwell magnets for its market-leading preclinical magnetic resonance imaging (MRI) systems portfolio.

Products Covered:

• Mammography Systems
• Nuclear Imaging Systems
• Ray Imaging Systems
• Ultrasound Systems
• Computed Tomography (CT) Scanners

Architectures Covered:

• Open MRI Systems
• Closed MRI Systems

Field Strengths Covered:

• Low-To-Mid-Field MRI Systems
• High & Very-High-Field MRI Systems
• Ultra-High-Field MRI Systems

Applications Covered:

• Neurology
• Oncology
• Cardiology
• Urology
• Gynaecology
• Radiology
• General Imaging
• Vascular
• Other Applications

End Users Covered:

• Physician's Clinics
• Ambulatory Care Centers
• Diagnostic Imaging Centers
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances