Increasing prevalence of various chronic and rare diseases, rising number of road accidents, trauma and emergency cases, and growing awareness about the importance of early disease diagnosis are expected to drive global Magnetic Resonance Imaging Systems market growth.
Increasing prevalence of various chronic and rare diseases, rising number of road accidents, trauma and emergency cases, and growing awareness about the importance of early disease diagnosis are expected to drive global Magnetic Resonance Imaging Systems market growth.
According to Emergen Research, the global MRI systems market size was USD 6,097.8 million in 2019 and is expected to reach USD 8,249.3 million in 2027 and register a steady revenue CAGR of 3.8% during the forecast period, 2020-2027.
Market Dynamics:
Magnetic Resonance Imaging (MRI) is a non-invasive imaging technology that produces high detailed 3D anatomical images using a powerful magnetic field and computer-generated radio waves. MRI systems are used for diagnosing, treating, and managing a wide array of conditions within the pelvis, chest, and abdomen. Many manufacturers are focused on introducing advanced and more effective MRI systems to cater to rising prevalence of chronic diseases and complexities in rare disorders. Factors such as ongoing research on developing advanced MRI equipment, improving overall healthcare infrastructure, and steady adoption of advanced MRI systems in hospitals, diagnostic centers, and ambulatory care centers across the globe are expected to drive global market revenue growth during the forecast period.
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However, high cost of MRI systems, dearth of skilled professionals and technicians to handle advanced MRI systems, and lack of budget and sufficient funds in many developing and underdeveloped economies are some key factors that can hamper overall revenue growth to a certain extent during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Breast Segment To Register Rapid Revenue Growth:
The breast segment is expected to register rapid revenue growth over the forecast period owing to rising prevalence of breast cancer across the globe, increasing awareness about early diagnosis and treatment, and rapid adoption of advanced mammography systems in medium to large scale hospitals.
Hospital Segment to Account for Largest Revenue Share:
The hospital segment is expected to account for largest revenue share between 2020 and 2027. Revenue growth of the segment can be attributed to factors such as large patient pool, increasing hospital admissions, rising availability of advanced MRI systems and treatment facilities, and increasing healthcare expenditure.
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North America to Lead In Terms of Revenue Share:
North America is expected to dominate other regional markets in terms of revenue share during the forecast period owing to increasing patient pool, presence of well-established healthcare and diagnostic infrastructure, and growing awareness about early disease diagnosis. In addition, presence of leading market players, rapid adoption of cutting-edge technologies, high disposable income, and increasing focus on developing more efficient and novel MRI systems are expected to drive North America market revenue growth during the forecast period.
Major Companies in the Market Include:
- Siemens Healthineers
- GE Healthcare
- Bruker Corporation
- Canon Medical Systems
- Koninklijke Philips NV
- Aurora Imaging Technology Inc.
- Neusoft Medical Systems Co. Ltd.
- Fujifilm
- Fonar Corporation
- Aspect Imaging
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For the purpose of this report, Emergen Research has segmented the global MRI systems market on the basis of field strength, architecture, application, end-uses, and region:
Field Strength Outlook (Revenue, USD Million; 2017-2027)
- Very High Field MRI Systems
- High Field MRI Systems
- Low-To-Mid Field MRI Systems
Architecture Outlook (Revenue, USD Million; 2017-2027)
- Open MRI Systems
- Closed MRI Systems
Application Outlook (Revenue, USD Million; 2017-2027)
- Brain & Neurological
- Spine & Musculoskeletal
- Vascular
- Abdominal
- Cardiac
- Breast
- Others
End-Use Outlook (Revenue, USD Million; 2017-2027)
- Hospitals & Clinics
- Diagnostics Centers
- Ambulatory Care Centers
- Others
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Regional Outlook (Revenue, USD Million; 2017–2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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