The global magnetic resonance imaging market size is expected to be surpass around US$ 20.7 billion by 2030 from valued at US$ 6.3 billion in 2020 with a CAGR of 7.0% from 2021 to 2030.
The global magnetic resonance imaging market size is expected to be surpass around US$ 20.7 billion by 2030 from valued at US$ 6.3 billion in 2020 with a CAGR of 7.0% from 2021 to 2030.
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.
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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.
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 |
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
- Brain and neurological
- By End-use
- Hospitals
- Imaging Centers
- Ambulatory Surgical Centers
- Others
- Regional
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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