Magnetic Resonance Imaging Systems Market Size to Reach USD 8,562.7 Million in 2028 Growing at a CAGR of 3.8%, according to Emergen Research

Emergen Research has published its latest report titled “MRI (Magnetic Resonance Imaging) Systems Market, By Field Strength (High-field MRI systems, Low-to-mid-field MRI systems, Very-high-field MRI systems), By Architecture (Open MRI systems, Closed MRI systems, Standard bore MRI systems, Wide bore MRI systems), By Application (Brain & Neurological Disorders, Spine & Musculoskeletal Disorders, Vascular Disorders, Cardiac Disorders, Abdominal Disorders, Breast Disorders, Others), By End-use (Hospitals & Clinics, Diagnostic Centers, Ambulatory Care Centers, Others), and By Region, Forecast to 2028”

According to Emergen Research, the global MRI systems market size was USD 6,329.5 million in 2020 and is expected to reach USD 8,562.7 million in 2028 and register a revenue CAGR of 3.8% during the forecast period, 2021-2028. 

Market Dynamics:

The global MRI (magnetic resonance imaging) systems market revenue growth is supported by factors such as increasing prevalence of cardiovascular, vascular, musculoskeletal, neurological, spine, and abdominal disorders worldwide, rising awareness of early diagnosis and treatment of chronic ailments, rise in global geriatric population, and technological advances in MRI diagnostic techniques such as superconducting magnets, open MRI, and visualization software. Growing demand for minimally invasive diagnostic techniques, rising investments in research & development programs for more advanced MRI systems, development of MRI-compatible cardiac pacemakers and paramagnetic contrast agents including gadolinium-DTPA for use in intravenous injections, and rapid adoption of diffusion tensor imaging and neuroimaging techniques such as MR spectroscopy and perfusion imaging are other major factors expected to drive the global market revenue growth over the upcoming years. 

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COVID-19 Impact Analysis:

  • Social distancing and restrictions severely disrupted businesses and operations
  • Lockdowns caused disruptions in transportation and logistics
  • Impacted manufacturing activities and mining operations globally 
  • Took a toll on economy of various countries
  • Caused sudden and drastic downturn in economic activity 
  • Disrupted agriculture, fisheries, dairy, and other sectors
  • Caused loss of employment and financial crisis
  • Supply impacts were further compounded owing to reduced disposable income
  • Emergence of variants  continue to cause concerns and impact normal routines

Breast Disorders Segment Accounted for Largest Revenue Share in 2020:

Based on application, the global MRI (magnetic resonance imaging) systems market is segmented into brain & neurological disorders, spine & musculoskeletal disorders, vascular disorders, cardiac disorders, abdominal disorders, breast disorders, and others. The breast disorders segment accounted for the largest revenue share in the global market in 2020. Rising prevalence of breast cancer across the globe, government initiatives to raise awareness of breast cancer among women, and technological advancements in cancer diagnostic methods are key factors contributing to the revenue growth of this segment.

Hospitals & Clinics Segment to Account for Fastest Revenue Growth Rate:

Based on end-use, the global MRI (magnetic resonance imaging) systems market is segmented into hospitals & clinics, diagnostic centers, ambulatory care centers, and others. The hospitals & clinics segment is projected to register the fastest revenue growth rate in the global market over the forecast period. Rapid adoption of advanced MRI systems in hospitals & clinics, increasing volumes of MRI procedures, increasing patient pool, and rising government investments in hospital infrastructure development are among the key drivers for this segment’s revenue growth.

North America Accounted for Largest Revenue Share in 2020:

Among the regional markets, the North America MRI (magnetic resonance imaging) systems market was the most dominant in terms of revenue share in the global market in 2020, owing to certain favorable factors. Rising burden of cardiovascular, musculoskeletal, neurological, abdominal, and spine disorders, growing prevalence of target conditions, emergence of cutting-edge MRI technologies, and presence of highly advanced healthcare facilities and leading market players in the region, including GE Healthcare, Bruker Corporation, and Carestream Health, are among the main factors driving the regional market revenue growth.

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Major Companies in the Global MRI (Magnetic Resonance Imaging) Systems Market Include: 

  • Hitachi Ltd.
  • Siemens Healthineers
  • Canon Medical Systems
  • GE Healthcare
  • Philips Healthcare
  • Aspect Imaging
  • Bruker Corporation
  • Aurora Imaging Technology
  • Esaote S.p.A.
  • Neusoft Medical Systems
  • Shenzhen Mindray Bio-Medical Electronics
  • Toshiba Medical Systems Corporation
  • Shimadzu Corporation
  • Carestream Health
  • Hologic Inc.
  • Barco NV
  • Nordion Inc.

For the purpose of this report, Emergen Research has segmented the global MRI (magnetic resonance imaging) systems market based on field strength, architecture, application, end-use, and region:

Field Strength Outlook (Revenue, USD Million; 2018–2028)

  • High-field MRI systems (1.5T to 3T)
  • 1.5T MRI systems
  • 3T MRI systems
  • Low-to-mid-field MRI systems (<1.5T)
  • Very-high-field MRI systems (4T and above)

Architecture Outlook (Revenue, USD Million; 2018–2028)

  • Open MRI systems
  • Closed MRI systems
  • Standard bore MRI systems
  • Wide bore MRI systems

Application Outlook (Revenue, USD Million; 2018–2028)

  • Brain & Neurological Disorders 
  • Spine & Musculoskeletal Disorders
  • Vascular Disorders
  • Cardiac Disorders
  • Abdominal Disorders
  • Breast Disorders
  • Others  

End-use Outlook (Revenue, USD Million; 2018–2028)

  • Hospitals & Clinics 
  • Diagnostic Centers
  • Ambulatory Care Centers
  • Others

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Region Outlook (Revenue, USD Million; 2018–2028)

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

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