Magnetic Resonance Imaging Market Growth By 2030: Increase In Demand For Neurological Procedures

The global magnetic resonance imaging market is forecast to reach USD 10.33 Billion by 2030, according to a new report by Reports and Data. Magnetic Resonance Imaging (MRI) is a non-invasive scanning technology that produces three-dimensional detailed anatomical images by incorporating powerful magnets and radiofrequency, unlike the X-Rays and CT Scans which make use of ionizing radiation technology. Inside parts of various joints, ligaments, cartilage, muscles, tendons, and other injured parts of the body, especially for the disorders of the soft tissues, which cannot be observed with X-Rays and CT scan, can be projected through MRI system. Rising number of geriatric population and increasing incidences of Alzheimer's disease and cancerous and non-cancerous tumors are few diseases that highly require magnetic resonance imaging for the treatments and procedures. An increased awareness about healthcare & wellness, changing neurological & cerebrospinal disease patterns, government supports, and escalating volumes of implementation of the MRI units in various healthcare centers is expected to boost the further rapid growth of this market.

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The North American market is forecasted to grow with a CAGR of 4.9% during the forecast period, owing to its rising geriatric population and extensive demand for MRI units in the hospitals and ambulatory surgery centers. Asia Pacific, with its elevated growth in the healthcare industry and escalating volumes of neurological patients in China, India, and Japan, is likely to achieve a significant market share. China and India are some of the fastest-growing markets, while the United States and Japan hold some of the most prominent players in the market.

Further key findings from the report suggest

    • Online retailing supply of the medical instrument and devices has been trendy in emerging nations like China and India mainly. Online retailers can offer reduced prices compared to the medical stores and offline vendors due to the non-involvement of distributor chains in the business process. This sub-segment is expected to grow at a CAGR of 7.0% during the forecast period.
    • Closed MRI units take detailed images of the anatomy in a narrow cylindrical body through a bore. Open MRI units, on the other hand, is not enclosed and designed as an alternative to patients with symptoms of anxiety or claustrophobia. The closed MRIs are more efficient as they can incorporate a higher magnetic field and an enclosed periphery for a much detailed scanning.
    • Ambulatory surgery centers are modern kind of healthcare facility centers, which are focused on providing immediate surgical care and releasing the patients right after the surgery. The ambulatory surgery centers have a more convenient alternative to the hospitals based outpatient procedures, maintaining a strong track record of quality care with positive patient outcomes. Ambulatory surgery centers are expected to grow the fastest at a rate of 7.9% throughout the forecast period.

Competitive Landscape:

The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.

Top Companies Profiled in the Report:

GE Healthcare, Koninklijke Philips N.V., Siemens Healthineers AG, Canon Medical Systems Corporation, Hitachi Medical Systems, Sanrad Medical Systems Pvt. Ltd Inc., Esaote SpA, Shenzhen Anke Hi-Tech Co., Ltd., Time Medical Systems, and FONAR Corporation.

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Magnetic Resonance Imaging Market Segmentation:

Field Strength Outlook (Revenue, USD Billion; 2019-2030)

  • High Field MRI Systems
  • Low-to-Mid-Field MRI Systems
  • Very-High-Field MRI Systems

Architecture Outlook (Revenue, USD Billion; 2019-2030)

  • Closed MRI Systems
  • Standard Bore MRI
  • Wide-Bore MRI
  • Open MRI Systems

Regional Outlook:

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
  • Latin America (Brazil, Rest of LATAM)
  • Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.

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