Magnetic Resonance Imaging Market by Type (Flexible Endoscopy Devices, Rigid Endoscopy Devices), Architecture (Closed MRI Systems, Open MRI Systems), Field Strength, Application, End-User - Global Forecast 2024-2030

Magnetic Resonance Imaging Market by Type (Flexible Endoscopy Devices, Rigid Endoscopy Devices), Architecture (Closed MRI Systems, Open MRI Systems), Field Strength, Application, End-User - Global Forecast 2024-2030

The Magnetic Resonance Imaging Market size was estimated at USD 6.38 billion in 2023 and expected to reach USD 6.76 billion in 2024, at a CAGR 6.28% to reach USD 9.77 billion by 2030.

Magnetic resonance imaging is a cutting-edge diagnostic imaging technique that combines strong magnetic fields, radio waves, and computer technology to produce high-resolution images of internal body structures without ionizing radiation. The increasing widespread presence of chronic diseases such as cardiovascular disorders and cancer, the rising awareness among patients about early diagnosis, and technological advancements resulting in faster image acquisition times with better image quality contribute to the growth and increasing adoption of MRI. However, high upfront costs associated with purchasing and installing MRI equipment and a lack of skilled personnel to operate and maintain these systems have impeded their growth. Moreover, focusing on innovation that addresses unmet needs and enhancement in existing technologies is anticipated to create expansion opportunities for the market in the forecast period.

Regional Insights

The magnetic resonance imaging market across the American region is compelled by the well-established healthcare infrastructure and high adoption of advanced medical technologies. The presence of major medical technological companies in the Americas is increasing their investments to support robust research & development to manufacture advanced solutions. In the EMEA region, countries in Europe have shown significant investments in healthcare infrastructure and developing medical imaging solutions, contributing to the growth of the magnetic resonance imaging market. Similarly, governments across the Middle East and African countries are focusing on advancing their healthcare solutions, leveraging cutting-edge technologies that propelled the market in the region. In the APAC countries, including China, Japan, and India, the growing healthcare awareness and improving healthcare infrastructure have led to the substantial growth of the magnetic resonance imaging market.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Magnetic Resonance Imaging Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Increasing geriatric population and rising prevalence of cardiovascular diseases (CVDs)
Rising inclination towards minimally invasive procedures
Growing focus on the replacement of low-field MRI systems with high-field MRI systems

Market Restraints

High cost of MRI system

Market Opportunities

Increasing introduction of novel MRI systems
Growing innovative application of MRI systems to detect multiple sclerosis and metastasis

Market Challenges

Incompatibility of MRI systems in some patient populations

Market Segmentation Analysis

Type: Increasing adoption of rigid endoscopy devices based on their large lens system
Architecture: Expanding usage of open MRI system for musculoskeletal imaging
Field Strength: Growing demand of high field MRI systems as it provide enhanced image quality
Application: Increasing potential of MRI for brain & neurological imaging in detecting and monitoring brain tumors
End-User: Increasing adoption of MRI across hospitals in disease detection, staging, and treatment planning

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Magnetic Resonance Imaging Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Magnetic Resonance Imaging Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Fujifilm Launches New MRI System, ECHELON Synergy with Deep Learning Reconstruction Technology

FUJIFILM Healthcare Americas Corporation recently obtained FDA clearance for its latest 1.5 Tesla MRI system, the ECHELON Synergy. This cutting-edge system incorporates Synergy DLR technology, a proprietary Deep Learning Reconstruction technology powered by AI. By leveraging this technology, the ECHELON Synergy can enhance image sharpness and expedite the scanning process, improving throughput and image quality. As a result, patients can experience higher levels of satisfaction. Additionally, the system offers AutoExam One-Touch operation, automating technologist workflow and reducing examination times for brain and knee exams in MRI scans.

Collaboration Between Philips and Polarean Allows Routine MRI Access to High-Res Imaging of Lung Ventilation

Philips and Polarean announced their collaboration to enhance high-resolution lung ventilation imaging through MRI applications at the 2023 International Society for Magnetic Resonance in Medicine Annual Meeting and Exhibition. This collaboration involves combining Philips' 3T MR 7700 system with Xenoview, a hyperpolarized Xenon-based MRI contrast agent. The objective is to improve the detail in lung imaging and enhance the accuracy of measuring lung ventilation. Integrating Philips MR 7700 with Xenoview could lead to early diagnosis of pulmonary diseases, thus significantly impacting patient care.

Yashoda Hospital launches Elekta Unity MR Linac

Yashoda Hospital in India introduced the Elekta Unity MR Linac, an innovative Magnetic Resonance Imaging (MRI) technology. This groundbreaking system combines MRI scans with precise radiation delivery, leading to enhanced outcomes in cancer treatment. It allows for real-time imaging of the patient's anatomy during radiation sessions, resulting in more accurate and adaptable radiation therapy. Unlike conventional LINACs, the Elekta Unity MR Linac overcomes the limitations in visualizing tumors and surrounding healthy tissues. This technology ensures improved accuracy and effectiveness in cancer treatment.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Magnetic Resonance Imaging Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Magnetic Resonance Imaging Market, highlighting leading vendors and their innovative profiles. These include Agfa-Gevaert Group, Alltech Medical Systems America, Inc, Analogic Corporation, ASG Superconductors SpA, Aspect Imaging Ltd., Aurora Imaging Technology Inc., Bruker Corporation, Canon Medical Systems Corporation, CentraCare Health System, Inc., CurveBeam AI LLC, Esaote S.p.A, Fonar Corporation, Fujifilm Group, GE HealthCare Technologies Inc., Hitachi Ltd., Koninklijke Philips N.V., Sanrad Medical Systems Private Limited, Shenzhen Anke High-Tech Co., Ltd., Siemens Healthineers GmbH, SternMed GmbH, and Trivitron Healthcare.

Market Segmentation & Coverage

This research report categorizes the Magnetic Resonance Imaging Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
Flexible Endoscopy Devices
Rigid Endoscopy Devices
Architecture
Closed MRI Systems
Open MRI Systems
Field Strength
High Field MRI Systems
Low Field MRI Systems
Ultra-High MRI Systems
Very High Field MRI Systems
Application
Brain & Neurological
Breast
Cardiac
Pelvic & Abdominal
Spine & Musculoskeletal
Vascular
End-User
Ambulatory Surgical Centers
Diagnostic Centers & Clinics
Hospital
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year