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Global Magnetic Resonance Imaging Market By Architecture (Open system, Closed system) By Field Strength (Low Field Strength, Mid Field Strength, High Field Strength) By Application (Obstructive Sleep Apnea (OSA), Brain and Neurological, Spine and Musculoskeletal, Vascular, Abdominal, Cardiac, Breast, Other) By End User (Hospitals, Imaging Centers, Ambulatory Surgical Centers) – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2031.

In 2021, the market for Magnetic Resonance Imaging worldwide was worth $6.2 billion US dollars. AMR Group projects that the market will reach US$ 9.8 billion by 2031, growing at a CAGR of 4.3 percent between 2022 and 2031.

Industry Overview

An imaging test called an MRI can be used to find tumors and malignant cells within the body. Also, it can be used to search for indications that cancer may have migrated from its original site to another area of the body. Strong magnets and radio waves are used in the MRI technology to produce thorough computer-generated cross-section pictures of the body, which are subsequently used by physicians to spot cancerous cells and tissues. The debut of MRI devices, together with the rising incidence of cancer and scientific advancements, are accelerating the market segment’s expansion. Without the use of harmful ionizing radiation, magnetic resonance imaging systems employ a non-invasive imaging technique to examine the structure and function of the body in both healthy and diseased states. Many chronic diseases can be detected, diagnosed, and treated while being monitored using it. It is based on technology that stimulates and detects changes in protons present in tissue fluid. It can distinguish between the brain’s white matter and grey matter. When frequent imaging is needed for diagnosis or therapy, especially in the brain, it is the sole imaging modality in demand since it does not utilize x-rays.

One of the most common types of chronic illnesses worldwide is cancer. For cancer patients, MRI is used to both diagnose the disease and plan treatments like radiation therapy or surgery. As a result, the use of MRI systems is anticipated to rise along with the global burden of cancer cases, which will support the market’s expansion. For instance, 229,200 Canadians were expected to receive cancer diagnoses in 2021, according to Canadian Cancer Statistics, which was released in October 2021. Lung, breast, colorectal, and prostate cancers are anticipated to continue being the most frequently diagnosed malignancies in the US in 2021, making for 46% of all diagnoses.

Market Dynamics

The Magnetic Resonance Imaging market tends an effective diagnostic tool for locating conditions such as tumors, strokes, and illnesses of the spine that affect the brain and blood arteries is magnetic resonance imaging (MRI). The market is expanding due to the rising occurrence of illnesses. For instance, the International Institute for Research on Cancer estimates that there were 19,292,789 new cancer cases worldwide in 2020. Moreover, the adoption of MRI equipment is anticipated to be aided by the rising need for speedy and accurate diagnostic treatments. However, the MRI market is expanding due to improvements in diagnostic methods including open MRI, visualization software, and superconducting magnets. The majority of the most recent improvements in MRI technology relate to the software. Moreover, it is projected that the development of MRI systems that are compatible with cardiac pacemakers would fuel market growth in the cardiology sector.

The ageing population and rising cases of disorders including brain tumors, breast cancer, prostate cancer, scoliosis, and sclerosis are what are fueling the growth of the MRI Systems Market. Superconducting (SC) magnets, open architecture, high-field MRI, and software applications are other technical advancements that have contributed to the market’s expansion. However, the market’s expansion is anticipated to be hampered by declining MRI procedure restitution rates and a lack of helium gas resources.

COVID Impact

The COVID-19 pandemic has highly reduced workflows in the diagnostic sector globally. The COVID-19 outbreak is preceded to have a negative impact on the growth of the global Magnetic Resonance Imaging market. Due to tight limitations, suspension of regularly planned visits and hospitalizations, and severe social distancing rules during the early pandemic, the demand for MRI imaging decreased, which had an impact on the industry under study. For instance, according to a research study that was published in the MDPI journal in November 2021, the overall imaging volumes in Saudi Arabia decreased by 22.7% in 2020 compared to 2019. Also, it said that 74% fewer MRIs were performed nationwide. Yet, when MRI scans helped physicians better understand variances in bone architecture and plan surgical treatments for COVID-19 patients, the business began to pick up steam. The MRI market had first seen a slowdown in growth due to COVID-19, but the sector is presently rebounding.

Regional Trend

Geographically, the global Magnetic Resonance Imaging market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Globally, North America dominates the Magnetic Resonance Imaging market due to an increase in the number of people with chronic diseases, an increase in the adoption of MRI systems by hospitals, a rise in the demand for MRI systems, the availability of advanced healthcare facilities with skilled medical professionals, the presence of most of the key players, and an increase in government investment in healthcare systems.

In Asia-Pacific there is a significant growth expected during the forecast period of 2022 to 2031 due to the region with the highest growth rate is predicted to be Asia-Pacific, largely because of improvements in healthcare infrastructure, an increase in the number of hospitals with cutting-edge medical equipment, the development of the R&D industry, an increase in healthcare reforms, and technological developments in the industry.

Competitive Landscape

Key players operating in the global tissue diagnostics market are Aurora Imaging Technologies, Inc., Barco N.V., Canon Medical Systems Corporation, Esaote SPA, Fujifilm Holdings Corporation, GE Healthcare, Hitachi, Ltd., Hologic Inc., Koninklijke Philips N.V., Nordion Inc., Onex Corporation (Carestream Health), Sanrad Medical Systems Pvt ltd., Shimadzu Corporation, Siemens Healthcare and Toshiba Corporation among others. Canon Medical introduced the Vantage Fortian in July 2022. With the help of the new MRI system’s creative workflow strategies, picture enhancement, and rapid scan technologies, MRI operations may be completed faster. It offers an in-room scan assistance technology that automatically examines coils and adjusts patient posture, a mobile interface that enables remote monitoring, and smooth data integration.

Key USP’s-

In 2022, there will be 1,918,0303 new cases recorded in the US, according to the American Cancer Society. Out of which 268,490 instances of prostate cancer, 290,560 cases of breast cancer, and 236 740 cases of lung cancer were anticipated to be recorded in 2022. Due to the high prevalence of cancer, MRI scans are necessary for accurate diagnosis and therapy.

Market Segmentation

Based upon the Architecture used in Magnetic Resonance Imaging market is segmented into two segments of Open system and Closed system in the detection process. Further it is categorized according to its process and utilization. Based on the Field Strength, the Magnetic Resonance Imaging market is segmented into Low Field Strength, Mid Field Strength and High Field Strength. Based on Application, the Magnetic Resonance Imaging market is segmented into Obstructive Sleep Apnea (OSA), Brain and Neurological, Spine and Musculoskeletal, Vascular, Abdominal, Cardiac, Breast and Other.

End user segment of Magnetic Resonance Imaging market is further classified into Hospitals, Imaging Centers and Ambulatory Surgical Centers. In 2021, the hospital sector retained the greatest share, mostly as a result of the increasing number of MRI equipment being installed in hospitals. Rapid MRI (rMRI) applications in trauma and emergency care facilities are anticipated to expand, as are the number of MRI installations in teaching hospitals.

By Architecture

• Open system
• Closed system

By Field Strength

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

 By Application

• Obstructive Sleep Apnea (OSA)
• Brain and Neurological
• Spine and Musculoskeletal
• Vascular
• Abdominal
• Cardiac
• Breast
• Other

By End User

• Hospitals
• Imaging Centers
• Ambulatory Surgical Centers