The global magnetic resonance imaging market size is expected to be worth around US$ 20.7 billion by 2030, according to a new report by Vision Research Reports.
The global magnetic resonance imaging market size was valued at US$ 6.3 billion in 2020 and is anticipated to grow at a CAGR of 7.0% during forecast period 2021 to 2030.
Report Coverage
Report Scope | Details |
Market Size | US$ 20.7 Bn by 2030 |
Growth Rate | CAGR of 7.0% From 2021 to 2030 |
Base Year | 2021 |
Forecast Period | 2021 to 2030 |
Segments Covered | Architecture, field strength, application, end-use |
Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Companies Mentioned | GE Healthcare; Hitachi Medical Systems America AG; Siemens AG; Toshiba Corporation; Aurora Imaging Technologies, Inc.; Koninklijke Philips N.V.; Esaote SPA; Sanrad Medical Systems Pvt. Ltd |
Growth Factors
The growing prevalence of chronic diseases such as cardiovascular, neurological, cancer, and urological is expected to drive the market. Rising chronic diseases is a global healthcare concern. In the U.S., over half of the adult population suffers from these chronic diseases. Around 75.0% of the total healthcare expenditure in the U.S. is used for providing care for these chronic conditions.
The increasing prevalence of these diseases is expected to play an important role in market growth. For instance, as per the American Cancer Society, in 2019, 1,762,450 new cancer cases were recorded in the U.S. In addition to this, the growing demand for quick and effective diagnostic procedures is expected to contribute towards the adoption of MRI machines.
By Architecture Analysis
The closed MRI system segment dominated the market and accounted for the largest market share of 75.8% in 2020. The closed MRI system uses powerful magnetic fields and high-frequency radio waves to obtain detailed images. Closed structure enables getting detailed slice selection and error free analysis.
Open MRI systems are less enclosed which in turn reduces the level of anxiety and claustrophobia in patients. This advantage, in turn, makes an open MRI system effective for diagnosis in neonates. However, closed MRI system is always preferred by the radiologists.
By Field Strength Analysis
The mid field strength segment dominated the market and held the largest market share of 35.3% in 2020 and is expected to experience significant growth during the forecast period. These field strength MRI machines helps in capturing image with higher precision and are available in comparatively affordable prices.
The low field strength MRI machine segment is expected to experience the least growth during the forecast period. This is because low field strength MRI machines are getting replaced by mid field and high field strength MRI machines mainly due to the advantages associated with them, such as image clarity and integration with AI.
The high field segment is expected to experience the fastest growth rate during the forecast period. Various research studies are being conducted to understand the efficiency of high field strength MRI machines in various clinical applications.
By End-use Analysis
The hospital segment dominated the market and held the largest market share of 39.8% in 2020 mainly due to the growing installation of MRI units in the hospitals.
The imaging centers segment is expected to experience a significant growth rate during the forecast period. Growing demand for non-invasive diagnosis is leading to the development of various individual centers which can provide services like MRI.
The ambulatory care centers segment is expected to experience the fastest growth rate during the forecast period. Growing government initiatives to improve and increase the number of ambulatory care centers to increase reach in rural areas is expected to propel the segment growth during the forecast period.
By Application Analysis
MRI systems used for brain and neurological imaging dominated the market and accounted for the largest market share of 24.2% in 2020 as scans produced are of superior quality than those by computerized tomography scans.
MRI is rapidly becoming the preferred method for spinal and musculoskeletal imaging. It uses the spin-echo technique to yield sharp contrast images between the spinal cord and subarachnoid space.
MRI has wide applications in diagnosis of conditions such as osteoporosis, spinal infection, shingles, Scheuermann’s disease, spinal osteoarthritis, and spinal tumors.
By Regional Analysis
North America dominated the market and accounted for the largest revenue share of 37.7% in 2020. Increasing incidence of chronic diseases in this region, which includes breast cancer, cardiovascular disorders, and neurological diseases is creating a demand for imaging analysis.
Rapidly growing European countries such as the U.K., France, and Germany that have a high per capita income and well-defined healthcare policies are showing increased demand for advanced diagnostic imaging modalities.
Asia Pacific is expected to exhibit to experience the fastest growth during the forecast period due to the increasing geriatric population and growing demand for advanced imaging modalities.
Key Players
GE Healthcare
Hitachi Medical Systems America AG.
Siemens AG
Toshiba Corporation
Aurora Imaging Technologies, Inc.
Koninklijke Philips N.V.
Esaote SPA
Sanrad Medical Systems Pvt. Ltd.
Market Segmentation
By Architecture
Closed System
Open System
By Field Strength
Low Field Strength
Mid Field Strength
High Field Strength
By Application
Brain and neurological
Low Field Strength
Mid Field Strength
High Field Strength
Spine and musculoskeletal
Low Field Strength
Mid Field Strength
High Field Strength
Vascular
Low Field Strength
Mid Field Strength
High Field Strength
Abdominal
Low Field Strength
Mid Field Strength
High Field Strength
Cardiac
Low Field Strength
Mid Field Strength
High Field Strength
Breast
Low Field Strength
Mid Field Strength
High Field Strength
Other
Low Field Strength
Mid Field Strength
High Field Strength
By End-use
Hospitals
Imaging Centers
Ambulatory Surgical Centers
Others
Regional
North America
U.S.
Canada
Europe
U.K.
Germany
Italy
France
Spain
Sweden
Russia
The Netherlands
Austria
Belgium
Denmark
Norway
Portugal
Finland
Asia Pacific
India
China
Japan
Thailand
South Korea
Singapore
Malaysia
Philippines
Taiwan
Indonesia
Vietnam
Latin America
Brazil
Mexico
Argentina
Colombia
Chile
Middle East & Africa
South Africa
Saudi Arabia
UAE
Kuwait
Qatar
The Magnetic Resonance Imaging market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Magnetic Resonance Imaging market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Magnetic Resonance Imaging market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Magnetic Resonance Imaging market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Magnetic Resonance Imaging market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Magnetic Resonance Imaging capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Magnetic Resonance Imaging by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Magnetic Resonance Imaging market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Magnetic Resonance Imaging market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Magnetic Resonance Imaging market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Magnetic Resonance Imaging industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Magnetic Resonance Imaging market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Magnetic Resonance Imaging market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Magnetic Resonance Imaging market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Magnetic Resonance Imaging market. These factors have benefited the growth of the global market for Magnetic Resonance Imaging. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Magnetic Resonance Imaging. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Magnetic Resonance Imaging are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are:
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Application Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Magnetic Resonance Imaging Market, By Architecture
7.1. Magnetic Resonance Imaging Market, by Architecture, 2021-2030
7.1.1. Closed System
7.1.1.1. Market Revenue and Forecast (2017-2030)
7.1.2. Open System
7.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 8. Global Magnetic Resonance Imaging Market, By Field Strength
8.1. Magnetic Resonance Imaging Market, by Field Strength, 2021-2030
8.1.1. Low Field Strength
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Mid Field Strength
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. High Field Strength
8.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Magnetic Resonance Imaging Market, By Application
9.1. Magnetic Resonance Imaging Market, by Application, 2021-2030
9.1.1. Brain and neurological
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Brain and neurological
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Vascular
9.1.3.1. Market Revenue and Forecast (2017-2030)
9.1.4. Abdominal
9.1.4.1. Market Revenue and Forecast (2017-2030)
9.1.5. Cardiac
9.1.5.1. Market Revenue and Forecast (2017-2030)
9.1.6. Breast
9.1.6.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Magnetic Resonance Imaging Market, By End-use
10.1. Magnetic Resonance Imaging Market, by End-use, 2021-2030
10.1.1. Hospitals
10.1.1.1. Market Revenue and Forecast (2017-2030)
10.1.2. Imaging Centers
10.1.2.1. Market Revenue and Forecast (2017-2030)
10.1.3. Ambulatory Surgical Centers
10.1.3.1. Market Revenue and Forecast (2017-2030)
10.1.4. Others
10.1.4.1. Market Revenue and Forecast (2017-2030)
Chapter 11. Global Magnetic Resonance Imaging Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Architecture (2017-2030)
11.1.2. Market Revenue and Forecast, by Field Strength (2017-2030)
11.1.3. Market Revenue and Forecast, by Application (2017-2030)
11.1.4. Market Revenue and Forecast, by End-use (2017-2030)
11.1.5. U.S.
11.1.5.1. Market Revenue and Forecast, by Architecture (2017-2030)
11.1.5.2. Market Revenue and Forecast, by Field Strength (2017-2030)
11.1.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.1.5.4. Market Revenue and Forecast, by End-use (2017-2030)
11.1.6. Rest of North America
11.1.6.1. Market Revenue and Forecast, by Architecture (2017-2030)
11.1.6.2. Market Revenue and Forecast, by Field Strength (2017-2030)
11.1.6.3. Market Revenue and Forecast, by Application (2017-2030)
11.1.6.4. Market Revenue and Forecast, by End-use (2017-2030)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Architecture (2017-2030)
11.2.2. Market Revenue and Forecast, by Field Strength (2017-2030)
11.2.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.4. Market Revenue and Forecast, by End-use (2017-2030)
11.2.5. UK
11.2.5.1. Market Revenue and Forecast, by Architecture (2017-2030)
11.2.5.2. Market Revenue and Forecast, by Field Strength (2017-2030)
11.2.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.5.4. Market Revenue and Forecast, by End-use (2017-2030)
11.2.6. Germany
11.2.6.1. Market Revenue and Forecast, by Architecture (2017-2030)
11.2.6.2. Market Revenue and Forecast, by Field Strength (2017-2030)
11.2.6.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.6.4. Market Revenue and Forecast, by End-use (2017-2030)
11.2.7. France
11.2.7.1. Market Revenue and Forecast, by Architecture (2017-2030)
11.2.7.2. Market Revenue and Forecast, by Field Strength (2017-2030)
11.2.7.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.7.4. Market Revenue and Forecast, by End-use (2017-2030)
11.2.8. Rest of Europe
11.2.8.1. Market Revenue and Forecast, by Architecture (2017-2030)
11.2.8.2. Market Revenue and Forecast, by Field Strength (2017-2030)
11.2.8.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.8.4. Market Revenue and Forecast, by End-use (2017-2030)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Architecture (2017-2030)
11.3.2. Market Revenue and Forecast, by Field Strength (2017-2030)
11.3.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.4. Market Revenue and Forecast, by End-use (2017-2030)
11.3.5. India
11.3.5.1. Market Revenue and Forecast, by Architecture (2017-2030)
11.3.5.2. Market Revenue and Forecast, by Field Strength (2017-2030)
11.3.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.5.4. Market Revenue and Forecast, by End-use (2017-2030)
11.3.6. China
11.3.6.1. Market Revenue and Forecast, by Architecture (2017-2030)
11.3.6.2. Market Revenue and Forecast, by Field Strength (2017-2030)
11.3.6.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.6.4. Market Revenue and Forecast, by End-use (2017-2030)
11.3.7. Japan
11.3.7.1. Market Revenue and Forecast, by Architecture (2017-2030)
11.3.7.2. Market Revenue and Forecast, by Field Strength (2017-2030)
11.3.7.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.7.4. Market Revenue and Forecast, by End-use (2017-2030)
11.3.8. Rest of APAC
11.3.8.1. Market Revenue and Forecast, by Architecture (2017-2030)
11.3.8.2. Market Revenue and Forecast, by Field Strength (2017-2030)
11.3.8.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.8.4. Market Revenue and Forecast, by End-use (2017-2030)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Architecture (2017-2030)
11.4.2. Market Revenue and Forecast, by Field Strength (2017-2030)
11.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.4. Market Revenue and Forecast, by End-use (2017-2030)
11.4.5. GCC
11.4.5.1. Market Revenue and Forecast, by Architecture (2017-2030)
11.4.5.2. Market Revenue and Forecast, by Field Strength (2017-2030)
11.4.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.5.4. Market Revenue and Forecast, by End-use (2017-2030)
11.4.6. North Africa
11.4.6.1. Market Revenue and Forecast, by Architecture (2017-2030)
11.4.6.2. Market Revenue and Forecast, by Field Strength (2017-2030)
11.4.6.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.6.4. Market Revenue and Forecast, by End-use (2017-2030)
11.4.7. South Africa
11.4.7.1. Market Revenue and Forecast, by Architecture (2017-2030)
11.4.7.2. Market Revenue and Forecast, by Field Strength (2017-2030)
11.4.7.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.7.4. Market Revenue and Forecast, by End-use (2017-2030)
11.4.8. Rest of MEA
11.4.8.1. Market Revenue and Forecast, by Architecture (2017-2030)
11.4.8.2. Market Revenue and Forecast, by Field Strength (2017-2030)
11.4.8.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.8.4. Market Revenue and Forecast, by End-use (2017-2030)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Architecture (2017-2030)
11.5.2. Market Revenue and Forecast, by Field Strength (2017-2030)
11.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.5.4. Market Revenue and Forecast, by End-use (2017-2030)
11.5.5. Brazil
11.5.5.1. Market Revenue and Forecast, by Architecture (2017-2030)
11.5.5.2. Market Revenue and Forecast, by Field Strength (2017-2030)
11.5.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.5.5.4. Market Revenue and Forecast, by End-use (2017-2030)
11.5.6. Rest of LATAM
11.5.6.1. Market Revenue and Forecast, by Architecture (2017-2030)
11.5.6.2. Market Revenue and Forecast, by Field Strength (2017-2030)
11.5.6.3. Market Revenue and Forecast, by Application (2017-2030)
11.5.6.4. Market Revenue and Forecast, by End-use (2017-2030)
Chapter 12. Company Profiles
12.1. GE Healthcare
12.1.1. Company Overview
12.1.2. Architecture Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Hitachi Medical Systems America AG.
12.2.1. Company Overview
12.2.2. Architecture Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Siemens AG
12.3.1. Company Overview
12.3.2. Architecture Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Toshiba Corporation
12.4.1. Company Overview
12.4.2. Architecture Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Aurora Imaging Technologies, Inc.
12.5.1. Company Overview
12.5.2. Architecture Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Koninklijke Philips N.V.
12.6.1. Company Overview
12.6.2. Architecture Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Esaote SPA
12.7.1. Company Overview
12.7.2. Architecture Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Sanrad Medical Systems Pvt. Ltd.
12.8.1. Company Overview
12.8.2. Architecture Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms