Magnetic Resonance Imaging Market Analysis, COVID-19 Impact,Outlook, Opportunities, Size, Share Forecast and Supply Demand 2021-2027|Trusted Business Insights

Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Magnetic Resonance Imaging market.

Trusted Business Insights presents an updated and Latest Study on Magnetic Resonance Imaging Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Magnetic Resonance Imaging market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.

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Report Overview: Magnetic Resonance Imaging Market

The global magnetic resonance imaging market size was valued at USD 4.08 billion in 2020 and is anticipated to expand at a CAGR of 3.7% over the forecast period 2021-2027. Magnetic resonance imaging (MRI) is an efficient diagnostic machine for identifying diseases related to spine lesions, tumors, and stroke; impacting the brain area and blood vessels. Rising prevalence of these health conditions is expected to fuel 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, growing demand for quick and effective diagnostic procedures is expected to drive the adoption of MRI machines. For instance, as per OECD, in 2017, 37.56 MRI units were installed in U.S. per million population.

Advancements in diagnostic techniques, such as open MRI, visualization software, and superconducting magnets are fueling the growth of the MRI market. The recent advancements observed in magnetic resonance imaging technology are mainly related to software. These advancements enable faster contrast scans and simplify imaging workflow. In September 2016, GE

Healthcares MAGnetic resonance image Compilation (MAGiC) software received U.S. FDA approval. This software helps deliver eight contrasts in single acquisition in a fraction of time. Moreover, the development of cardiac pacemaker compatible MRI systems is also expected to propel the demand from the cardiology segment. Various paramagnetic contrast agents such as gadolinium-DTPA are used as an intravenous injection to provide sharp, precise, and accurate images within a shorter time frame. Such advancements are expected to propel the market growth.

Advancements, such as diffusion and diffusion tensor imaging with tractography, neuroimaging including MR spectroscopy, perfusion imaging, and functional imaging using the bold technique are expected to increase the growth of the magnetic resonance imaging market during the forecast period. Rapid development of intraoperative MRI and its usage in neurosurgery and other such applications is expected to propel the market growth. Diffusion-weighted MR imaging is mainly used for detecting stroke within 30 minutes of its occurrence. Therefore, advancements in MRI machines to enhance its usage for various applications is expected to propel the market.
High magnetic frequency MRI systems are gaining pace in terms of demand. Various universities are conducting research or studies on these systems. In February 2018, scientists at the University of Minnesota performed an MRI of the human body using a 10.5T MRI machine. This machine is expected to open new avenues in the diagnosis of a wide range of diseases, such as Alzheimers, heart disease, diabetes, and cancer.

Despite various advantages associated with magnetic resonance imaging systems, the costs incurred in buying and installing these machines is significantly high, which in turn is impacting the market growth; especially in the developing regions. An average cost of a low to mid-strength MRI machine is more than USD 1 million. Rising requirement of depleting deposits of helium gas for cooling MRI machines is resulting in increasing wait time and is reducing productivity. Delayed product approval and frequent product recalls, mainly due to stringent regulatory framework is also majorly impacting the MRI market growth.

Architecture Insights: Magnetic Resonance Imaging Market

Based on architecture, the magnetic resonance imaging market is segmented into open and closed systems. The closed MRI system segment held the largest market share in 2019. These systems use powerful magnetic fields and high-frequency radio waves to obtain detailed images. Closed structures enable getting detailed slice selection and error-free analysis. Patients may feel claustrophobic and disturbed due to its loud noises, increasing the chances of inaccurate results. Some of the market players are focusing on developing wide bore and open MRI systems, suitable for claustrophobic and oversized patients. Some of the pediatric MRI machine manufacturers even add drawings and cartoons on MRI machines to calm children going inside the scanner. GE

Healthcares Adventure series of MRI systems is specially designed for pediatric imaging.
Open MRI systems are less enclosed which in turn reduces the level of anxiety and claustrophobia in patients. This advantage, in turn, makes these systems effective for diagnosis in neonates. However, closed MRI system is always preferred by the radiologists. Various clinical trials are also being conducted to check the efficiency of the open systems for the diagnosis of diseases in neonates. In July 2017, the U.S. FDA approved the first magnetic resonance imaging machine for neonatal brain and head imaging in the intensive care units. Therefore, ongoing clinical trials and product approval of open MRI systems is expected to increase the segment growth during the forecast period.

Field Strength Insights: Magnetic Resonance Imaging Market

Based on field strength, the MRI market is segmented in low, mid, and high field strength. Low field strength MRI machines have field strength lower than 1.5T, midfield machines have field strength ranging from1.5T up to 3T, and high field machines have field strength more than 3T. Midfield strength segment held the largest share in 2019 and is expected to experience significant growth during the forecast period. These machines help capture images 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. Increasing replacement of these machines with mid field and high field strength machines mainly due to the advantages, such as image clarity and integration with Artificial Intelligence (AI) is expected to impact the segment growth. Despite the reasonable installation cost, the growing demand for detailed imaging is anticipated to impact the adoption during the forecast period.
The high field segment is expected to register the highest CAGR during the forecast period. Various research studies are being conducted to understand the efficiency of high field strength MRI machines in various clinical applications. Some players have already started developing high field MRI machines and are receiving approval from the regulatory bodies. For instance, In October 2017, Siemens Healthineers received the U.S. FDA approval for its 7T MRI systems-Magnetom Terra. Such high field strength magnetic resonance imaging machines are installed in very few hospitals and study centers such as Mayo Clinic, Brigham and Womens Hospital, The University of Iowa, and the University of Southern California. Installation of these machines in the universities is enhancing the study portfolio of the universities. Currently, 7T MRI machines are being studied only for brain and knee imaging due to the lack of advanced coils required for other clinical applications. The development of advanced coils to widen the application of 7T MRI machines is expected to propel the segment growth.

End-Use Insights: Magnetic Resonance Imaging Market

Based on the end use, the market is segmented into hospitals, imaging centers, Ambulatory Care Centers (ASCs), and others. The hospital segment held the largest market share in 2019 mainly due to the growing installation of MRI units. Increasing applications of rapid MRI (rMRI) in trauma and emergency care centers and a rising number of MRI installments in teaching hospitals is expected to further fuel the segment growth in the forthcoming years.

The imaging centers segment is expected to experience a significant CAGR during the forecast period. Growing demand for non-invasive diagnosis is leading to the development of various individual centers which can provide services like magnetic resonance imaging. To meet this growing demand various medical professionals, start their settings which provide MRI at an affordable cost. This is leading to the adoption of MRI in this medical service, which in turn is expected to propel the segment growth.

The ambulatory care center segment is expected to experience the fastest CAGR 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.

Application Insights: Magnetic Resonance Imaging Market

Based on application, the market is segmented into the brain and neurological, spine and musculoskeletal, vascular, abdominal, cardiac, breast, and others. Brain and neurological imaging held the largest market share in 2019 as the scans produced are of superior quality than the computerized tomography scans. The breast imaging segment is expected to register a significant CAGR during the forecast period, as the incidence of breast cancer is gradually increasing, creating the demand for identifying risk factors related to the disease. Magnetic resonance imaging techniques help provide quantitative information about cancer by identifying the biological and physical properties of tissue.

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. This technique has wide applications in emergency and trauma care units. Spin-echo technique provides a detailed analysis on internal injuries on soft tissues and spinal cord. As per the Association of Safe International Road Travel, around 20 to 50 million people are injured or disabled due to road accidents annually.

Magnetic resonance imaging has wide applications in the diagnosis of conditions, such as osteoporosis, spinal infection, shingles, Scheuermanns disease, spinal osteoarthritis, and spinal tumors. Early detection of these conditions is critical and decisive of the treatment procedure and life expectancy. According to the American Cancer Society, approximately 23,880 cases of malignant tumors of the brain and spinal cord are anticipated to be reported in 2018. As per the American Association of Neurological Surgeons, around 26,170 to 65,400 people are diagnosed with vertebral osteomyelitis annually. MRI helps early detection and evaluation of such conditions.

Regional Insights: Magnetic Resonance Imaging Market

North America dominated the global market by capturing over 38.0% of revenue share in 2019. Increasing incidence of chronic diseases such as breast cancer, cardiovascular disorders, and neurological diseases is creating a demand for imaging analysis. The region is expected to maintain its dominance throughout the forecast period. Technological innovations coupled with the growing incidence of chronic conditions is anticipated to spur the growth during the forecast period.
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. In addition, constant technological advancements along with large investments in healthcare research is expected to propel the growth of the regional market in the forthcoming years.

Asia Pacific is expected to exhibit the fastest growth during the forecast period due to the increasing geriatric population and demand for advanced imaging modalities. Moreover, the growing medical tourism industry in Asian countries is anticipated to augment the advanced medical imaging industry. Countries such as India, China, and Japan are creating better growth opportunities with rapidly expanding healthcare service industry, presence of skilled healthcare staff, and advanced healthcare facilities and services at a lower cost than developed countries of North America and Europe.
Magnetic Resonance Imaging Market Share Insights: Magnetic Resonance Imaging Market

Key players present in the market are

  • 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.

These players are developing MRI machines with high field strength to increase the application and adoption of the product. Moreover, these players are forming strategic alliances to adopt and develop advanced software which can increase the output of medical imaging.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global magnetic resonance imaging market report on the basis of architecture, field strength, application, end use, and region:

Architecture Outlook (Volume, ‘000 Units; Revenue, USD Million, 2016 – 2027)

Closed System

Open System

Field Strength Outlook (Volume, ‘000 Units; Revenue, USD Million, 2016 – 2027)

  • Low Field Strength
  • Mid Field Strength
  • High Field Strength

Application Outlook (Volume, ‘000 Units; Revenue, USD Million, 2016 – 2027)

  • 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

End-use Outlook (Revenue, USD Million, 2016 – 2027)

  • Hospitals
  • Imaging Centers
  • Ambulatory Surgical Centers
  • Others

 

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