Market Overview:
The global magnetic resonance imaging (MRI) market is expected to grow at a CAGR of 6.5% from 2018 to 2030. The growth in the MRI market can be attributed to the increasing prevalence of chronic diseases, rising geriatric population, and technological advancements in MRI systems. The global MRI market is segmented on the basis of type into closed MRI systems and open MRI systems. Closed MRI systems are expected to dominate the global market during the forecast period owing to their high image quality and low noise levels. However, open MRI systems are gaining popularity due to their lower cost and easy availability. On the basis of application, neurosurgery surgery is expected to account for the largest share of the global MR imaging market during 2018-2030 owing to increasing incidence rates of neurological disorders such as stroke, Alzheimer’s disease, and Parkinson’s disease across regions worldwide.
Product Definition:
A medical imaging technique that uses a magnetic field and pulses of radio waves to create detailed images of organs and tissues in the body. Magnetic resonance imaging (MRI) is used to diagnose a variety of medical conditions, including cancer, heart disease, stroke, and joint disorders.
Closed MRI Systems:
MRI systems are closed systems, which means that no external stimulus such as music or voices is allowed in the MRI machine. This system has a high requirement of magnetic field strength and radio frequency (RF) energy to operate. The RF waves enter the body through numerous large metal coils, which causes electromagnetic interference (EMI). Hence, to avoid EMI problems various techniques are used such as using noise-canceling circuits and electronic shielding within the MRI machine itself.
Open MRI Systems:
Open MRI systems are used for Magnetic Resonance Imaging (MRI) scan. These devices have higher magnetic strength which helps in acquiring images of soft tissues with high resolution. Open MRI systems consist of a large magnet that generates powerful magnetic fields to align the nuclei in the body, enabling better signal reception from blood vessels and cells. The open design allows operators to view and operate the system while keeping patients safe from radiation exposure risks associated with closed MRI machines.
Application Insights:
MRI systems are used in neurosurgery, spinal surgery, orthopedic surgery and other applications. The other segment includes cardiac imaging and nuclear medicine. In 2017, the neurosurgery segment dominated the market with a revenue share of over 60% owing to an increase in the prevalence of neurological disorders coupled with growing adoption of these systems for diagnosis and treatment planning.
The growth of this application is attributed to factors such as technological advancements that have led to increased adoption MRI devices for detection & treatment procedures across various centers & hospitals worldwide. For instance, introduction of fast spin-echo technique has led to improved soft-tissue images which were previously obtained using ultrasound techniques only.
Regional Analysis:
North America dominated the global market in 2017. This can be attributed to the presence of a large number of players, high adoption rate for advanced technologies, and availability of well-developed healthcare infrastructure. Moreover, increasing demand for diagnostic procedures and rising prevalence of neurological disorders & cancer are some other factors driving this regional market.
Asia Pacific is expected to grow at a lucrative CAGR during the forecast period owing to improving healthcare facilities & infrastructure coupled with growing awareness about available treatments in rural areas as compared to urban centers. Furthermore, government initiatives encouraging R&D activities within this region will boost growth further. For instance ‘Make in India’ initiative by Indian government is anticipated to create opportunities for domestic manufacturers who can provide cost-effective solutions thus benefitting consumers ultimately resulting into higher revenue generation from 2016 to 2022 (Healthcare IT Trends Report 2015).
Growth Factors:
- Increasing demand for MRI in the field of neurology and oncology
- Rising prevalence of chronic diseases such as cancer, Alzheimer's disease, and multiple sclerosis
- Growing number of MRI centers across the globe
- Technological advancements in MRI scanners
- Rising healthcare expenditure
Scope Of The Report
Report Attributes
Report Details
Report Title
Magnetic Resonance Imaging Market Research Report
By Type
Closed MRI Systems, Open MRI Systems
By Application
Neurosurgery surgery, Spinal surgery, Orthopedic surgery, Other
By Companies
Aurora Imaging Technology, Esaote, Fonar Corporation, GE Healthcare, Hitachi Medical Corporation, IMRIS, Neusoft Medical Systems, Philips Healthcare, Siemens Healthcare, Canon Medical Systems, Aurora Imaging Technology
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
137
Number of Tables & Figures
96
Customization Available
Yes, the report can be customized as per your need.
Global Magnetic Resonance Imaging Market Report Segments:
The global Magnetic Resonance Imaging market is segmented on the basis of:
Types
Closed MRI Systems, Open MRI Systems
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Neurosurgery surgery, Spinal surgery, Orthopedic surgery, Other
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Aurora Imaging Technology
- Esaote
- Fonar Corporation
- GE Healthcare
- Hitachi Medical Corporation
- IMRIS
- Neusoft Medical Systems
- Philips Healthcare
- Siemens Healthcare
- Canon Medical Systems
- Aurora Imaging Technology
Highlights of The Magnetic Resonance Imaging Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Closed MRI Systems
- Open MRI Systems
- By Application:
- Neurosurgery surgery
- Spinal surgery
- Orthopedic surgery
- Other
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Magnetic Resonance Imaging Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Magnetic resonance imaging (MRI) is a medical procedure that uses powerful magnets and radio waves to create detailed images of the body. MRI scans can be used to diagnose problems in the brain, spine, heart, and other organs.
Some of the major companies in the magnetic resonance imaging market are Aurora Imaging Technology, Esaote, Fonar Corporation, GE Healthcare, Hitachi Medical Corporation, IMRIS, Neusoft Medical Systems, Philips Healthcare, Siemens Healthcare, Canon Medical Systems, Aurora Imaging Technology.
The magnetic resonance imaging market is expected to grow at a compound annual growth rate of 6.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Magnetic Resonance Imaging Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Magnetic Resonance Imaging Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Magnetic Resonance Imaging Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Magnetic Resonance Imaging Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Magnetic Resonance Imaging Market Size & Forecast, 2018-2028
4.5.1 Magnetic Resonance Imaging Market Size and Y-o-Y Growth
4.5.2 Magnetic Resonance Imaging Market Absolute $ Opportunity
Chapter 5 Global Magnetic Resonance Imaging Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Magnetic Resonance Imaging Market Size Forecast by Type
5.2.1 Closed MRI Systems
5.2.2 Open MRI Systems
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Magnetic Resonance Imaging Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Magnetic Resonance Imaging Market Size Forecast by Applications
6.2.1 Neurosurgery surgery
6.2.2 Spinal surgery
6.2.3 Orthopedic surgery
6.2.4 Other
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Magnetic Resonance Imaging Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Magnetic Resonance Imaging Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Magnetic Resonance Imaging Analysis and Forecast
9.1 Introduction
9.2 North America Magnetic Resonance Imaging Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Magnetic Resonance Imaging Market Size Forecast by Type
9.6.1 Closed MRI Systems
9.6.2 Open MRI Systems
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Magnetic Resonance Imaging Market Size Forecast by Applications
9.10.1 Neurosurgery surgery
9.10.2 Spinal surgery
9.10.3 Orthopedic surgery
9.10.4 Other
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Magnetic Resonance Imaging Analysis and Forecast
10.1 Introduction
10.2 Europe Magnetic Resonance Imaging Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Magnetic Resonance Imaging Market Size Forecast by Type
10.6.1 Closed MRI Systems
10.6.2 Open MRI Systems
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Magnetic Resonance Imaging Market Size Forecast by Applications
10.10.1 Neurosurgery surgery
10.10.2 Spinal surgery
10.10.3 Orthopedic surgery
10.10.4 Other
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Magnetic Resonance Imaging Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Magnetic Resonance Imaging Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Magnetic Resonance Imaging Market Size Forecast by Type
11.6.1 Closed MRI Systems
11.6.2 Open MRI Systems
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Magnetic Resonance Imaging Market Size Forecast by Applications
11.10.1 Neurosurgery surgery
11.10.2 Spinal surgery
11.10.3 Orthopedic surgery
11.10.4 Other
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Magnetic Resonance Imaging Analysis and Forecast
12.1 Introduction
12.2 Latin America Magnetic Resonance Imaging Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Magnetic Resonance Imaging Market Size Forecast by Type
12.6.1 Closed MRI Systems
12.6.2 Open MRI Systems
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Magnetic Resonance Imaging Market Size Forecast by Applications
12.10.1 Neurosurgery surgery
12.10.2 Spinal surgery
12.10.3 Orthopedic surgery
12.10.4 Other
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Magnetic Resonance Imaging Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Magnetic Resonance Imaging Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Magnetic Resonance Imaging Market Size Forecast by Type
13.6.1 Closed MRI Systems
13.6.2 Open MRI Systems
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Magnetic Resonance Imaging Market Size Forecast by Applications
13.10.1 Neurosurgery surgery
13.10.2 Spinal surgery
13.10.3 Orthopedic surgery
13.10.4 Other
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Magnetic Resonance Imaging Market: Competitive Dashboard
14.2 Global Magnetic Resonance Imaging Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Aurora Imaging Technology
14.3.2 Esaote
14.3.3 Fonar Corporation
14.3.4 GE Healthcare
14.3.5 Hitachi Medical Corporation
14.3.6 IMRIS
14.3.7 Neusoft Medical Systems
14.3.8 Philips Healthcare
14.3.9 Siemens Healthcare
14.3.10 Canon Medical Systems
14.3.11 Aurora Imaging Technology
