Which Regions Will Contribute Largely To The Growth Of The Magnetic resonance imaging Market By 2028

 Magnetic Resonance Imaging Industry Overview

The global magnetic resonance imaging market size was valued at USD 5.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2021 to 2028. Magnetic resonance imaging (MRI) is an efficient diagnostic machine for identifying diseases related to spine lesions, tumors, and stroke impacting the area of blood vessels and brain. 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. Various countries are installing these MRI machines. For instance, as per OECD, in 2017 the number of MRI units installed in the U.S. was 37.6 per million population.

Advancements in diagnostic techniques such as open MRI, visualization software, and superconducting magnets are fueling the growth of the MRI market. The recent advances seen in MRI technology are mainly on the software. These software advancements help in enabling faster contrast scans and simplifies imaging workflow. In September 2016, GE Healthcare’s Magic (Magnetic Resonance Image Compilation) software received U.S. FDA approval. This software helps in delivering eight contrasts in single acquisition in a fraction of time. Moreover, the development of cardiac pacemaker compatible MRI systems is also expected to propel the market growth in cardiology segment. Furthermore, various paramagnetic contrast agents such as gadolinium-DTPA are used as an intravenous injection to provide sharp, precise, and accurate images within a shorter time frame. These technological advancements in MRI are expected to propel the market growth during the forecast period.COVID-19 is expected to have a negative impact on MRI market. COVID-19 has majorly impacted the outpatient imaging services. New York metropolitan health system reported 87.0% reduction in the outpatient imaging services, thereby, expected to impact the MRI market.

Gather more insights about the market drivers, restrains and growth of the Global Magnetic Resonance Imaging market


Various recent advancements such as diffusion and diffusion tensor imaging with tractography, neuroimaging including MR spectroscopy, perfusion imaging and functional imaging using the bold technique is expected to boost market growth during the forecast period. Also, the growing development of intraoperative MRI and usage of the same in various applications such as neurosurgery is expected to propel the market growth during the forecast period. Moreover, diffusion-weighted MR imaging is mainly used to detect stroke within 30 minutes of its occurrence. Therefore, advancements in MRI machines to enhance its usage for various applications is expected to drive the market growth during the forecast period.

Browse through Grand View Research's Medical Imaging Industry Research Reports.

  • Superconducting Magnets Market - Global superconducting magnets market is predicted to witness brisk growth over the next seven years owing to increase in demand from the various end-use industries. Magnets created from super conducting wire coils are known as superconducting magnets. The ability of these magnets to provide extremely high magnetic fields with low operational costs is touted to bolster the global market.

 

  • Cardiology Information System Market - The global cardiology information system market is anticipated to witness growth over the forecast period. Increasing the prevalence of cardiovascular diseases coupled with the growing demand for productive data management tools in the cardiology departments are key drivers for this market.

 

Magnetic Resonance Imaging Market Segmentation

Grand View Research has segmented the global magnetic resonance imaging market based on architecture, field strength, end-use, application, and region:

  • Architecture Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)
    • Closed System
    • Open System

 

  • Field Strength Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)
    • Low Field Strength
    • Mid Field Strength
    • High Field Strength

 

  • Application Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)
    • 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

 

  • End-use Outlook (Revenue, USD Million, 2016 - 2028)
    • Hospitals
    • Imaging Centers
    • Ambulatory Surgical Centers
    • Others

 

  • Regional Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

Market Share Insights

  • 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).
  • 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.


Key Companies profiled:

Some prominent players in the global magnetic resonance imaging market include

  • 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.


Order a free sample PDF of the Magnetic Resonance Imaging Market Intelligence Study, published by Grand View Research. 

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