Magnetic Resonance Imaging Market Forecast (2024-2031)
The magnetic resonance imaging market size is projected to reach US$ 10.81 billion by 2031 from US$ 7.21 billion in 2023. The market is expected to register a CAGR of 5.2% in 2023–2031. Growing applications of artificial intelligence technologies serve as a key magnetic resonance imaging market trends.
Magnetic Resonance Imaging Market Analysis
The surge in aging populations, increase in the number of people having cancer, technical advancements in the field of healthcare leading to the innovation of new and cutting-edge technologies, and growing awareness regarding the importance of early diagnosis of disease, which helps in early treatment are some factors that are expanding the market growth. An increase in investments leading to the introduction of new products and funded projects for improving MRI technologies in pediatric care are anticipated to augment the market's expansion during the forecast period.
Magnetic Resonance Imaging Market Overview
Magnetic resonance imaging (MRI) is a non-invasive diagnostic imaging system that utilizes strong magnetic fields and radio waves to generate detailed images of the inside of the body. The contrast agents employed in MRI help to differentiate between benign and malignant tumors by the type of lesions produced. As chronic diseases have increased in developed and developing nations, the requirement for medical imaging has grown considerably. According to the GLOBOCAN Report 2020, ~19.29 million new cancer cases have been reported globally, along with 9.95 million reported deaths caused by the disease. As per OECD Health Statistics data, 50,000 MRI systems are installed worldwide, and over 95 million MRI scans are performed yearly globally. In April 2021, Philips participated in an imperative research project to discover a potentially revolutionary use of MRI technology in cardiology.
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Magnetic Resonance Imaging Market: Strategic Insights
Market Size Value in US$ 5,913.6 Million in 2017 Market Size Value by US$ 7,955.1 Million by 2025 Growth rate CAGR of 3.8% from 2018-2025 Forecast Period 2018-2025 Base Year 2018
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Magnetic Resonance Imaging Market: Strategic Insights
| Market Size Value in | US$ 5,913.6 Million in 2017 |
| Market Size Value by | US$ 7,955.1 Million by 2025 |
| Growth rate | CAGR of 3.8% from 2018-2025 |
| Forecast Period | 2018-2025 |
| Base Year | 2018 |
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Magnetic Resonance Imaging Market Drivers and Opportunities
Technological Advancements in Magnetic Resonance Imaging Drives the Market Growth
MRI is one of the most flexible diagnostic imaging modalities that can characterize a wide range of parameters in the living subject and provide an exquisite spatial resolution. Several recent technological developments have marked the evolution of MRI techniques over the past few years. Some of the technological advancements include the introduction of open MRI, which facilitates the efficient imaging of individuals who are overweight or claustrophobic. These advances have also improved the imaging equipment's field strength and computing capacity. Because of these characteristics, the equipment's pulse sequences have been improved, resulting in faster imaging timing, higher spatial resolution, and better imaging quality. New and technologically advanced products offered by major market players, such as Siemens' MAGNETOM Terra, the first 7T MRI system authorized for clinical usage, are a few of the technological advancements undertaken by established market players as well as new entrants to improve the quality and efficacy of MRI scans is driving the growth of the market.
Increasing Product Launches to Favor Market Growth
The growing number of product launches, coupled with the increasing adoption of high-strength systems, is one of the key opportunities offered to the players in the market. Technological innovations have led to the development and subsequent marketing of high-strength imaging equipment. In August 2023, Union Minister Dr. Jitendra Singh introduced India’s first indigenously developed, lightweight, ultrafast, affordable, high-field (1.5 Tesla) next-generation MRI scanner in New Delhi. Under the National Biopharma Mission of the Department of Biotechnology, Bengaluru-based startup Voxelgrids Innovations Pvt Ltd has developed a compact MRI Scanner to solve the country's unmet need.
Magnetic Resonance Imaging Market Report Segmentation Analysis
Key segments that contributed to the derivation of the magnetic resonance imaging market analysis are field strength, architecture, application, and end user.
- Based on field strength, the magnetic resonance imaging market is divided into low-field MRI systems, high-field MRI systems, and ultra-high field MRI systems. The high-field MRI systems segment held the largest market share in 2023. In addition, the low-field MRI systems segment is anticipated to register the highest CAGR during the forecast period.
- In terms of architecture, the market is categorized into closed MRI systems, and open MRI systems. The closed MRI systems segment held the largest market share in 2023. In addition, the open MRI systems segment is projected to register the highest CAGR during the forecast period.
- In terms of application, the market is categorized into cardiology, oncology, neurology, gastroenterology, musculoskeletal, others. The neurology segment held the largest market share in 2023. In addition, the musculoskeletal segment is projected to register the highest CAGR during the forecast period.
- Based on end user, the magnetic resonance imaging market is segmented into hospitals, ambulatory surgical centers, and diagnostic centers. The hospitals segment held the largest market share in 2023 and is estimated to register the highest CAGR during the forecast period.
Magnetic Resonance Imaging Market Share Analysis by Geography
The geographic scope of the magnetic resonance imaging market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the magnetic resonance imaging market. The increase in the demand for innovative products from biopharmaceutical and magnetic resonance imaging companies, the presence of crucial market players, and extensive R&D conducted by numerous academic and research institutes favor the market’s growth in the region. Moreover, the increasing focus on advanced method incorporation in healthcare and the high volume of imaging procedures because of the increasing prevalence of chronic diseases further stimulate the growth of the market in North America.
Asia Pacific is projected to grow with the highest CAGR in the coming years. Rising adoption of innovative systems, a strong potential patient base, and increasing awareness about advanced diagnostics for growing cases of the disease are some of the factors that are likely to support the market growth in the region.
Magnetic Resonance Imaging Market Report Scope
Magnetic Resonance Imaging Market News and Recent Developments
The magnetic resonance imaging market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for biodefense and strategies:
- Siemens Healthineers inaugurated the new manufacturing facility for MRI machines in Bengaluru. The company currently manufactures MAGNETOM Free. Star, a disruptively simple approach to high-quality MRI in India. (Source: Siemens Healthineers, Press Release, 2023)
- FUJIFILM Healthcare Americas Corp. received FDA 510(k) clearance for its new 1.5 Tesla MRI system, the ECHELON Synergy. The system employs Synergy deep learning reconstruction (DLR), Fujifilm’s proprietary DLR technology powered by artificial intelligence, to enhance the sharpness of images and acquire scans faster, contributing to higher throughput, image quality, and patient satisfaction. (Source: FUJIFILM Holdings America Corporation, Press Release, 2023)
Magnetic Resonance Imaging Market Report Coverage and Deliverables
The “Magnetic Resonance Imaging Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Field Strength , Architecture , Application , End User , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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