Magnetic Resonance Imaging Systems Market - Forecast(2023 - 2028)
Magnetic Resonance Imaging Systems Market Overview
Magnetic Resonance Imaging Systems Market Size is estimated to reach $7.8 billion by 2027. Furthermore, it is poised to grow at a CAGR of 3.6% over the forecast period of 2022-2027. Magnetic Resonance Imaging is a type of medical imaging technique that makes use of magnetic fields and computer-generated radio waves to generate highly detailed images of organs and tissues within the human body. Besides, the machines also have the capability to create three-dimensional images that can be viewed from different angles. Magnetic Resonance Imaging is based on Nuclear Magnetic Resonance Spectroscopy, whose name comes from the interaction of certain atomic nuclei in the presence of an external magnetic field when exposed to radiofrequency (RF) electromagnetic waves of a specific resonance frequency. Magnetic Resonance Imaging systems are widely used in the healthcare sector for numerous applications such as conducting guided stereotactic surgery, assessing myocardial ischemia and viability, and even diagnosing rare diseases such as nephrogenic systemic fibrosis. The surge in prevalence of cardiovascular disorders and other lifestyle diseases such as cancer are some of the key factors driving the growth of the Magnetic Resonance Imaging Systems industry during the forecast period 2022-2027.
Magnetic Resonance Imaging Systems Market Report Coverage
The report: “Magnetic Resonance Imaging Systems Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Magnetic Resonance Imaging Systems Market.
- North America dominated the Magnetic Resonance Imaging Systems market in the year 2021 owing to the presence of highly-developed healthcare infrastructure in the U.S. and Canada.
- Growing technological advancements in the field of magnetic resonance imaging and rising product penetration in developing regions are anticipated to drive the market during the forecast period.
- The extremely high cost of Magnetic Resonance Imaging Systems is anticipated to hamper the market growth of the Magnetic Resonance Imaging Systems Industry.
- Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Magnetic Resonance Imaging Systems Market report.
Magnetic Resonance Imaging Systems Market Revenue Share, By Geography, 2021 (%)
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Magnetic Resonance Imaging Systems Market Segment Analysis – By Architecture
Based on Architecture, the Magnetic Resonance Imaging Systems market can be segmented into Closed MRI systems and open MRI systems. The Closed MRI system segment accounted for the largest share of the market in 2021 during the forecast period 2022-2027. The higher market share of the closed MRI segment is attributed to its various advantages over open MRI. For instance, closed MRI imaging systems can help diagnose more problems than open MRIs do which is boosting the market growth. Furthermore, they can capture higher-quality images owing to their stronger magnetic field. However, the Open MRI segment is also projected to grow at a lucrative CAGR of 4.6% during the forecast period 2022-2027 owing to lower costs. Besides, they are also more comfortable for younger patients and those suffering from conditions such as claustrophobia and anxiety.
Magnetic Resonance Imaging Systems Market Segment Analysis – By Field Strength
Based on Field Strength, the Magnetic Resonance Imaging Systems market can be further segmented into Low Field MRI Systems, High Field MRI Systems, and Very High Field MRI Systems. The Very High Field MRI Systems segment accounted for the largest share of the Magnetic Resonance Imaging Systems market in 2021. The rapid growth is majorly attributed to the higher image quality offered by such systems when compared to other segments. This is resulting in their increased adoption in hospitals and diagnostic centers. However, the low field MRI segment is anticipated to witness the fastest growth with a CAGR of 4.7% during the forecast period 2022-2027 as they do not require much space and are more lightweight. Besides, it can also be used for guided surgical procedures.
Magnetic Resonance Imaging Systems Segment Analysis – By Geography
North America dominated the geography segment of the Magnetic Resonance Imaging Systems Market in 2021 with a share of 38%. The rapid growth of the segment is majorly owing to the presence of highly developed healthcare infrastructure in the US and Canada. For instance, according to OECD data, the U.S had one of the highest numbers of MRI systems per million inhabitants at around 34.5 in 2020. Meanwhile, Canada had approximately 10.1 MRI systems per million population in 2020. In addition, the high per capita expenditure on healthcare in the region is another key factor contributing to the segment’s growth as it significantly increases the purchasing power of healthcare facilities in the region.
The Asia Pacific region is anticipated to register the fastest growth with a CAGR during the forecast period 2022-2027 owing to the massive public initiatives in developing the healthcare sector by governments of major developing economies such as China, India, and Vietnam.
Magnetic Resonance Imaging Systems Market Drivers
Rising prevalence of cardiovascular diseases is fueling market expansion.
The growing prevalence of cardiovascular disorders among the global population is a key factor driving the market growth as cardiac MRIs are one of the most commonly used methods to accurately diagnose cardiovascular disorders. According to the World Health Organization (WHO), around 17.9 million people die each year owing to cardiovascular diseases and are responsible for approximately 32% of all deaths worldwide annually. In India alone, approximately 1.7 million people die every year due to heart diseases and by 2030, the figure is projected to reach 23 million. As a result, the market for Magnetic Resonance Imaging Systems is expected to rise owing to the escalating prevalence of CVD.
Rapid growth in the incidence of cancer cases is accelerating the market growth
The rapid rise in the prevalence of cancer is driving the growth of the MRI systems market during the forecast period. By using MRI, medical professionals can tell if a tumor is or isn't cancer. MRI can also be used to look for signs that cancer may have metastasized from where it started to another part of the body. According to WHO, Cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths. Besides, according to the National Institute of Health, it is projected that there will be 26 million new cancer cases and 17 million cancer deaths per year by 2030. The projected increase will be driven largely by the growth and aging of populations and will be largest in low- and middle-income countries.
Magnetic Resonance Imaging Systems Market Challenges
High cost of MRI systems is likely to challenge the market growth
The high cost of MRI systems coupled with the low cost of MRI scanning in developing countries is challenging market growth during the forecast period. For instance, low-field MRI systems are estimated to cost nearly $150,000 per unit. Meanwhile, a single, state-of-the-art, high-powered MRI machine that can deliver the most detailed results can cost end users anywhere between $1 million and $3 million. Such high costs make them unaffordable for end-users in developing regions as the time taken to recover the investment cost is huge, owing to lower healthcare costs. For instance, the cost of an abdominal MRI in the US is around $1,692 while it is only around $60 in India.
Magnetic Resonance Imaging Systems Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Magnetic Resonance Imaging Systems Market. In 2021, the Magnetic Resonance Imaging Systems Market share is fragmented by the top ten players present in the market. The Magnetic Resonance Imaging Systems, top 10 companies are:
- GE Healthcare
- Siemens Healthcare
- Philips Healthcare
- Hitachi Medical Corporation
- Toshiba Medical Systems Corporation
- Shimadzu Corp
- Carestream Health
- Nordion Inc
- In November 2021, Philips Healthcare announced the launch of new 1.5-tesla and 3-tesla MRI scanners, as well as software-based workflow enhancements that are designed to enable radiology facilities to operate more efficiently. MR 5300 is a 1.5-tesla scanner that extends to a new scanner the BlueSeal helium-free operation concept Philips first pioneered in 2018 on the company's Ingenia Ambition X scanner.
- In December 2021, FUJIFILM Healthcare Americas Corporation unveiled the Velocity MRI System, its advanced, high-field open MRI system during the 2021 Radiological Society of North America (RSNA). The Velocity MRI system is Fujifilm’s newest MRI scanner, designed to streamline workflow and enhance the patient experience with its unique open gantry, integrated radiofrequency (RF) coils and reconstruction technologies.
- In November 2020, Siemens Healthineers announced the launch of its Magnetom Free.Max MRI scanner. The new device is considered to be the smallest and the lightest weight whole-body MRI scanner in the market.
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