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MRI Systems Market

Technological advancements in medical imaging technologies and introduction of novel hybrid MRI systems will propel the overall market

MRI Systems Market Segmented By Open MRI Systems, Closed MRI Systems, Architecture in Hospital, Ambulatory Surgical Centers, Diagnostic Centers, Academic & Research Institutes

MRI Systems Market Outlook (2023-2033)

The global revenue from the MRI systems market stands at US$ 9.2 Bn in 2022, with the global market expected to grow at a CAGR of 6.1% to reach a valuation of approximately US$ 17.7 Bn by the end of 2033.

Report Attribute Details

Market Size (2022)

US$ 9.2 Bn

Projected Market Value (2033)

US$ 17.7 Bn

Global Market Growth Rate (2023-2033)

6.1% CAGR

Market Share of Top 5 Countries

74.6%

As assessed by Persistence Market Research, 1.5T MRI systems by strength are expected to hold a market value of around US$ 8.2 Bn by 2033. Overall, MRI systems market sales account for approximately 32.8% revenue share in the global medical imaging market, which was valued at around US$ 28.02 Bn in 2022.

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Sales Analysis of MRI Systems Market from 2014 to 2022 Vs Market Outlook for 2023 to 2033

The global market recorded a historic CAGR of 5.2% in the last 8 years from 2014 to 2022.

The physical phenomenon known as nuclear magnetic resonance (NMR) is the foundation of magnetic resonance imaging (MRI). Powerful magnetic fields and radiofrequency electromagnetic radiation are used in MRI devices instead of ionising radiation.

The first factor making MRI a desirable imaging choice is the absence of dangers associated with ionising radiation.

The second is that entirely different images than those obtained with computed tomography are obtained with MRI since the imaging principle of MRI is based on the magnetic characteristics of tissues rather than the attenuation of X-rays.

The anatomical and functional properties of human tissues are revealed by MRI, and by adjusting the acquisition parameters, distinct structures and functional properties can be emphasised or suppressed, assisting in diagnosis.

The assessment of image quality in the acquired MR pictures is based on easy methods that can be used on-site with the software of each MRI machine or remotely using one of the many paid or open-source viewers fully compliant with the Digital Imaging and Communications in Medicine (DICOM) standard of MRI images.

The use of deep learning technology and applications in radiography is one of the most significant upcoming developments. The effects and influence of these technological advancements on image acquisition and reporting may alter standard clinical practise.

The global market is thus likely to show high growth over the coming years at a CAGR of 6.1% and reach a global market size of US$ 17.7 Bn by 2033.

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How Can the Global MRI Systems Market Grow?

Emergence of Cellular MRI, and Incorporation of Deep Learning

Oncology and regenerative medicine are both employing cell-based therapies that are currently under development. Innovative imaging techniques that make it possible to effectively monitor the delivery, longevity, movement, biodistribution, and integration of transplanted cells will have a significant positive impact on preclinical, translational, and medical research on cell-based therapies.

In comparison to other imaging modalities, magnetic resonance imaging (MRI) has a number of advantages for determining the outcome of transplanted cells in both preclinical and clinical settings. These benefits include the capacity to co-register anatomical structures with molecular mechanisms and adaptive changes, as well as the ability to imaging transplanted cells longitudinally at a high spatial resolution without the use of ionising radiation.

However, because cellular MRI is still in its early stages, it currently encounters a variety of challenges that help open prospects for further research and expansion.

Furthermore, radiology has always been greatly influenced by technological advancements and novel breakthroughs. The development of image archiving and communication technologies, which eventually superseded analogue X-ray films, dominated the end of the past century.

In contrast, machine learning (ML) and deep learning (DL) architectures and techniques may be the dominant novelty of the current millennium. DL has the potential to be a disruptive technology that has a substantial impact on daily clinical practise and radiological operations.

In recent studies, DL algorithms have even surpassed human readers in several image identification tasks. Applications for DL include lesion or organ identification, segmentation, and categorization of lesions.

The potential for DL-assisted decision support systems is now being explored, according to recent studies, through the use of DL technology to prognostic and mortality evaluations in cancer and non-cancer patients.

With emerging advancements in the field of imaging technologies, the global market is expected to gain traction in terms of growth, over the forecasted years.

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Can the MRI Systems Market Growth Be Affected in Any Way?

Limitations of Indication Specific MRI Equipment

For many myocardial diseases, cardiac magnetic resonance (CMR) imaging, one of the uses of MRI systems, has a wide variety of clinical applications and a high degree of accuracy. Recent research has demonstrated the immense benefit of CMR in the diagnosis of various disorders, often modifying the treatment regimen.

Despite this, it is frequently underutilised, presumably since it is perceived to be more costly, has fewer patient-friendly attributes, and requires more time to perform assessments than some other imaging modalities.

Despite the fact that CMR is a crucial imaging method for cardiac phenotyping, there exists, a variety of ways in which it might be utilised efficiently. One drawback is how long it takes, especially in individuals with erratic heartbeats and rhythms that impair image quality.

In addition to patient-related aspects, the pulse sequences, 2D or 3D acquisition, reader expertise, analytic techniques, mathematical models, and method of contour identification also influence the duration of the examination and post-processing time for CMR.

Moreover, to produce high-quality images and minimise artefacts, breath holding for 10 to 20 seconds is necessary. The quality of the photographs may be diminished due to patient-related compliance issues or intolerance to the examination.

In such circumstances, the scan time can be decreased by using a number of novel and alternative techniques, such as compressed sensing.

With the presence of several limitations, as well as the presence of alternative technologies, the growth of the market is expected to be hampered throughout the forecasted years, owed to the aforementioned factors.

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Country-wise Insights

Why is the U.S. MRI Systems Market Booming?

“Introduction of Hybrid MRI and Increasing Novel Product Launch Activities”

The U.S. accounted for around 97.8% market share in the North America market in 2022. The provision of universal health care coverage in United States, the growing emphasis on early diagnosis, the strong foothold of key market competitors, and a strongly outlined healthcare infrastructure are among the main factors attributing to the industry's development. Other important drivers include the adoption of hybrid MRI systems.

Additionally, the market expansion is anticipated to be boosted by an increase in attempts from the key industry players for the launch of innovative products. For instance, in November 2021, at the Radiological Society of North America (RSNA) meeting, FUJIFILM Healthcare Americas Corporation unveiled velocity MRI System, their innovative, high-field open MRI system. Such launches will increase consumer demand of the highly innovative technologies, propelling market expansion.

Will Germany Be a Lucrative Market for MRI Systems?

“Presence of Insurance Reimbursement”

Germany held around 25.4% market share of the Europe market in 2022. The availability of universal healthcare coverage, which lowers the cost of numerous procedures including MRI and encourages people to undergo tests or treatments on a regular basis, is one of the key reasons contributing to the market's expansion. The majority of European nations offer universal health coverage, and depending on the nation, the cost of an MRI scan is either partially or fully covered.

The Association of Private Health Insurance in Germany, National Association of Statutory Health Insurance Physicians and Hungarian National Health Insurance Fund in Hungary, National House of Health Insurance in Romania, among others, are some of the prominent insurance companies across Europe.

Availability of insurance based reimbursement on utilization of imaging technologies and procedures will propel the overall market within the country.

How is China Emerging as a Prominent MRI Systems Market?

“Large Burden of Chronic Disease Owed to a High Geriatric Population”

China held a market share of about 65.1% of the East Asia market in 2022. One of the most important reasons impacting market growth in China is the fact that the country has one of the greatest burdens of chronic diseases in the world, as well as being one of the most inhabited.

Given that older people are more prone to a variety of ailments, including cardiovascular problems and other chronic diseases, China has a substantial proportion of older people, indicating that the country faces a significant danger of chronic diseases.

As a result, the expanding older population will be one of the primary drivers of the market's future rise.

Category-wise Insights

Which Strength of Equipment is Driving Demand within the Global MRI Systems Market?

“Less Burden of Cost and Provision of Precise Image Outputs”

1.5T MRI systems dominated the global market in 2022 by strength and further, expected to hold a market value of around US$ 8.2 Bn by 2033. 1.5T short-bore MRI technology is the industry standard and most commonly utilised in scanners. The 1.5T MRI is a tried-and-true equipment with outstanding imaging results.

Longer 1.5T scan sequences can also improve image quality dramatically. Furthermore, the 1.5T MRI equipment has significantly decreased annual expenditures.

3.0T MRIs, on the other hand, necessitate a cooler and significantly more power. Even though the 3.0T MRIs create enhanced image resolutions, the product cost constraints and equipment management costs relatively hamper its adoption, making the 1.5T MRI equipment the highest share gaining segment within the global market.

Which Architecture for MRI Systems is Largely of Focus within the Global MRI Systems Market?

“Ease of Imaging and Enhanced Imaging Technologies”

Open systems held a share of about 57.4% in 2022 globally. These shortcomings of patient accommodation and compliance are overcome by open MRI systems, with which the patient is positioned between two plates. In the medical field, open MRI scanners are frequently employed. Early open MRI scanners featured weak magnetic fields, produced images that were of poorer quality than those produced by most closed systems, and demanded longer examination times.

Modern open scanners come with technologies that have stronger magnetic fields and better image quality.

The patient lies on an examining table rather than inside a cylindrical tube. The magnetic field needed for the examination is produced by massive magnets that are placed horizontally both above and below the exam table. The patient might feel comfortable on the sides because there is a lot of free space.

To obtain angle imaging planes, certain models also allow for tilting the magnets in relation to the examination table.

Which End User Provides the Global MRI Systems Market With a Large Share?

“Operational Capacity and Considerations for Costs in Institutional Settings”

Hospitals held a share of about 43.2% in 2022 within the global market. In several facets of contemporary medicine, magnetic resonance (MR) imaging has made a substantial contribution. MR imaging has developed into a significant development technique in clinical practice and medical research because to its high picture resolution, tissue characterization, and functional assessment of diverse organs and systems.

Hospitals provide capacity management considerations while setting up radiology equipment. Moreover, the operational costs associated with the equipment, as well as considerations to MRI safety are evaluated within institutional settings.

Moreover, with the availability of a large patient pool, comprehensive medical care, as well as skilled technicians for evaluation of each procedure, the hospitals segment holds the largest share within the overall market, globally.

Competition Landscape

Mergers, acquisitions, and the constant search for superior methods for identifying medical conditions are the major strategies employed by manufacturers to boost the sales of their products since the healthcare industry is driven by innovation.

The need for MRI Systems will continue to increase as innovation and output both grow.

Some key instances of development include:

  • In 2019, FDA approved Clariscan MRI Systems contrast agent, expanding the GE Healthcare portfolio for U.S. patients and radiologist.
  • At the beginning of the 2021 European Congress of Radiology in March 2021, Hitachi Medical Systems unveiled two new permanent open MRI systems. The workflow solution SynergyDrive is supported by both platforms.

Similarly, the team at Persistence Market Research has tracked recent developments related to companies in the MRI systems market, which are available in the full report.

MRI Systems Industry Report Scope

Attribute Details

Forecast Period

2023-2033

Historical Data Available for

2014-2022

Market Analysis

USD Million for Value

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Argentina
  • Mexico
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Russia
  • BENELUX
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • China
  • Japan
  • South Korea
  • Australia
  • New Zealand
  • Turkey
  • GCC
  • North Africa
  • South Africa

Key Market Segments Covered

  • Strength
  • Architecture
  • End User
  • Region

Key Companies Covered

  • Siemens
  • GE Healthcare
  • Neusoft Medical Systems, Inc.
  • Canon
  • Philips
  • AllTech Medical Systems.
  • Hitachi Medical Corporation
  • Canon Medical Systems Corp
  • China Resources Wandong Medical Equipment Co Ltd.
  • Shimadzu Corporation
  • Toshiba Medical Systems Corporation
  • Carestream Health
  • Barco
  • Nordion inc.

Report Coverage

  • Market Forecast
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & Pricing

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Key Segments Covered in Global MRI Systems Industry Research

Strength:

  • <0.5T
  • 1.5T
  • 3T
  • >3T

Architecture:

  • Open
  • Closed

End User:

  • Hospitals
  • Academics & Research Institute
  • Ambulatory Surgical Centers
  • Diagnostic Centers

Region:

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East & Africa

- Companies Covered in This Report -

  • Seimens Healthineers
  • GE Healthcare
  • Neusoft Medical Systems, Inc.
  • Canon
  • Philips
  • AllTech Medical Systems.
  • Hitachi Medical Corporation
  • Canon Medical Systems Corp
  • China Resources Wandong Medical Equipment Co Ltd.
  • Shimadzu Corporation
  • Toshiba Medical Systems Corporation
  • Carestream Health
  • Barco
  • Nordion inc.

- Frequently Asked Questions -

The global market is currently valued at around US$ 9.2 Bn in 2022.

Sales of the market are set to witness growth at a CAGR of 6.1% and be valued at around US$ 17.7 Bn by 2033.

Demand for the global market increased at a 5.7% CAGR from 2014 to 2022.

The U.S., China, Japan, Germany, and India account for most demand within the market, currently holding around 74.6% market share.

The U.S. accounts for around 97.8% share of the North American market in 2022.

Latin America accounts for around 1.5% share of the global market in 2022.

The China market held a share of about 65.1% in the East Asia market in 2022.

Germany held around 25.4% market share of the Europe market in 2022.

Brazil market is expected to grow at a 6.7% CAGR during the forecast period.

The market in India is set to expand at a 7.1% CAGR over the forecast period.

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