Magnetic Resonance Imaging Devices - Market Insights, Competitive Landscape and Market Forecast-2027

Magnetic Resonance Imaging Devices - Market Insights, Competitive Landscape and Market Forecast-2027

Magnetic Resonance Imaging Devices Market By Field Strength (High-Field MRI Systems (1.5t To 3t), Low-To-Mid-Field MRI Systems (<1.5t), Very-High-Field MRI Systems (4t And Above), By Architecture (Closed MRI Systems, Wide-Bore MRI, Open MRI Systems), By Application (Musculoskeletal, Gastroenterology, Neurology, Oncology, Others), By End-User (Hospitals, Diagnostic Centres, Others), by geography is expected to grow at a steady CAGR forecast till 2027 owing to rising severe chronic diseases and rapid technological developmental activities

Global Magnetic Resonance Imaging Devices market was valued at USD 7.79 billion in 2021, growing at a CAGR of 6.37% during the forecast period from 2022 to 2027 to reach USD 11.28 billion by 2027. The Magnetic Resonance Imaging Devices market is witnessing a positive growth owing to the factors such as the rising cases of severe chronic diseases like various cancers, cardiac abnormalities, and others, further rapid technological developmental activities, growing geriatric population, rising adoption owing to non-invasiveness, thereby contributing to the growth of the Magnetic Resonance Imaging Devices market during the forecast period.

Magnetic Resonance Imaging Devices Market Dynamics:

The Magnetic Resonance Imaging Devices market is witnessing a growth in product demand owing to various reasons, one of the key factors being the rising cases of severe chronic diseases like various cancers, cardiac abnormalities, among others. MRI has a consistently strong demand these days in the field of medical imaging. MRI is an effective imaging technique that helps physicians to diagnose complications in the brain, spinal cord, detect various types of cancers.

According to Cancer Research UK 2018, the population suffering from cancer is expected to increase in the future. As per their 2018 report, if recent trends in the incidence of major cancers and population growth are consistent, it is predicted that there will be 27.5 million new cancer cases worldwide each year by 2040.

Moreover, as per WHO 2020, the leading cause of death worldwide was cancer which accounted for nearly 10 million deaths in the same year.

Hence, early detection is essential for a cure because survival is dependent on the treatment pathway for the disease. With proper MRI, visualization becomes better. Therefore, the increasing prevalence of chronic diseases like cancers is projected to result in the growing demand for Magnetic Resonance Imaging Devices, thereby contributing to the growth of the Magnetic Resonance Imaging Devices market during the forecast period.

Another key factor responsible for the growth of the Magnetic Resonance Imaging Devices market is the increasing geriatric population base across the globe. According to the data provided by the World Health Organization, in 2020, about one billion people across the world were over the age of 60. The source further stated that by 2050, the elderly population in the 60 and above age group is expected to double in number representing about 2.1 billion people, and people in the age group of 80 and above are estimated to triple between 2020 and 2050 to reach 426 million. Age is considered as one of the key risk factors associated with the development of chronic diseases, therefore, the rising elderly population is expected to lead to the rise in the patient population of chronic diseases across the world, which in turn would lead to an increase in demand for Magnetic Resonance Imaging Devices during the forecast period, which will drive the Magnetic Resonance Imaging Devices market growth.

Along with the factors mentioned above, technological advancements in the field of MRI equipment such as the development of new techniques like the introduction of open Magnetic Resonance Imaging Devices that can be used in cases where patients are claustrophobic or overweight. Enhancement in imaging techniques promoted to build smaller and portable equipment. Moreover, improvement in field strength and computing power of imaging equipment is another key factor that has led to the positive growth of Magnetic Resonance Imaging Devices. These benefits lead to faster imaging timings, accurate image quality, higher resolution, thereby anticipating to boost the growth of the Global Magnetic Resonance Imaging Devices market during the forecast period.

However, high costs related to installation and maintenance of the equipment and product recalls may be certain limiting factors of the Magnetic Resonance Imaging Devices market growth.

The outbreak of the pandemic led to the cancellation of outpatient visits and the suspension of non-emergency hospitals and procedures. However, vaccine development of COVID-19 has initiated the process of economic recovery with the easing of lockdown restrictions and the return of normalcy in the economic landscape which has initiated the process of resumption of regular healthcare services such as outpatients visits and resumption of healthcare services, thereby bringing the demand in the Magnetic Resonance Imaging Devices market.

Magnetic Resonance Imaging Devices Market Segment Analysis:

Magnetic Resonance Imaging Devices Market By Field Strength (High-field MRI systems (1.5T to 3T), Low-to-mid-field MRI systems (<1.5T), Very-high-field MRI systems (4T and above), By Architecture (Closed MRI systems, Wide bore MRI, Open MRI systems), By Application (Musculoskeletal, Gastroenterology, Neurology, Oncology, Others), By End-User (Hospitals, Diagnostic Centres, Others), and By Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the Field Strength segment of the Magnetic Resonance Imaging Devices market, the High-field MRI systems are estimated to hold a significant share in the Magnetic Resonance Imaging Devices market during the forecast period. This can be attributed to the specific features associated with these devices. The dominance of the 1.5T segment is owing to the strong installation base globally of these systems. Several market players have a strong portfolio of 1.5T and are now actively being involved to develop above 1.5T field MRI systems.

A high-field strength MRI machine is faster than a lower strength MRI system. Another added advantage associated with High-field MRI systems is that they have superior imaging qualities, higher spatial resolution.

Therefore, considering the advantages associated with High-field MRI systems, this product category is expected to generate significant revenue share eventually contributing to the overall growth of the global Magnetic Resonance Imaging Devices market in the forecast period.

North America is expected to dominate the overall Magnetic Resonance Imaging Devices Market:

Among all the regions, North America is expected to account for the largest share in the Global Magnetic Resonance Imaging Devices market. Factors such as the rising severe chronic conditions, rapid technological developmental activities, significant adoption due to non-invasiveness, increasing government initiatives, and better and improved product launches in the region are expected to aid in the growth of the North America Magnetic Resonance Imaging Devices Market.

Furthermore, high disposable income, sophisticated healthcare infrastructure, increased awareness regarding disease progression are also expected to aid in the Magnetic Resonance Imaging Devices market growth in this region.

According to the data from the 2018 National Health Interview Survey (NHIS), more than half (51.8%) of adults had at least 1 of 10 selected diagnosed chronic conditions, and 27.2% of US adults had multiple chronic conditions.

Furthermore, according to the Commonwealth Fund 2020, Americans use some expensive technologies, such as MRIs, and specialized procedures more often than other countries.

Therefore, the rising adoption of Magnetic Resonance Imaging Devices in the country would result in the rising demand for treatments that make use of Magnetic Resonance Imaging Devices, which in turn would provide a conducive growth environment for the United States Magnetic Resonance Imaging Devices market as well as the North American region.

Furthermore, the increased emphasis on product development activities and the high interest of device manufacturers in accessing local markets further aid in the growth of the regional markets for Magnetic Resonance Imaging Devices. For instance, in August 2020, Swoop device by Hyperfine Research received market-ready FDA clearance for portable MR imaging of the brain and head for patients of all ages and additional clearance for its Advanced AI Applications image analysis software in January 2021.

These kinds of product launches in the local markets drive the product demand in the market. Therefore, the interplay of various factors such as the presence of a large patient population, encouraging reimbursement policies as well as new product launches in the region is expected to boost the North America Magnetic Resonance Imaging Devices market during the forecast period.

Magnetic Resonance Imaging Devices Market Key Players:

Some of the key market players operating in the Magnetic Resonance Imaging Devices market include General Electric Company, FUJIFILM Holdings Corporation, Siemens Healthcare GmbH, Koninklijke Philips N.V., Canon Medical Systems Corporation, ESAOTE SPA, Aspect Imaging Ltd., Bruker Corporation, Aurora Healthcare US Corp., FONAR Corp., Neusoft Medical Systems Co., Ltd., Shenzhen Anke High-Tech Co. Ltd., Shenzhen Basda Medical Apparatus Co. Ltd., Time Medical Holding, Hyperfine, Alltech Medical Systems, InnerVision MRI Ltd., Magnetica Limited, IMRIS, Deerfield Imaging, Inc., MR Solutions and others.

Recent Developmental Activities in the Magnetic Resonance Imaging Devices Market:

• On November 29, 2021, FUJIFILM Healthcare Americas Corporation announced the launch of its advanced, high-field open MRI system - Velocity MRI System during the 2021 Radiological Society of North America (RSNA) conference, The Velocity MRI system is designed to streamline workflow and enhance the patient experience with its unique open gantry, integrated radiofrequency (RF) coils and reconstruction technologies. The system’s anatomy-conformable Synergy Flex coil is the first of its kind for an open, vertical field MRI scanner, promoting fast abdominal and orthopedic imaging.
• On March 4, 2021, Hitachi Medical Systems launched two new permanent open MRI systems at the start of the 2021 European Congress of Radiology. Both systems were equipped with a SynergyDrive workflow solution.
• On February 18, 2021, Hitachi announced the conclusion of the absorption-type company split agreement relating to diagnostic imaging-related business (CT, MRI, X-RAY) to Fujifilm.

Key Takeaways from the Magnetic Resonance Imaging Devices Market Report Study

• Market size analysis for current Magnetic Resonance Imaging Devices market size (2021), and market forecast for 5 years (2022-2027)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Magnetic Resonance Imaging Devices market.
• Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
• Key companies dominating the global Magnetic Resonance Imaging Devices market.
• Various opportunities available for the other competitor in the Magnetic Resonance Imaging Devices market space.
• What are the top performing segments in 2021? How these segments will perform in 2027.
• Which is the top-performing regions and countries in the current Magnetic Resonance Imaging Devices market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for Magnetic Resonance Imaging Devices market growth in the coming future?

Target Audience who can be benefited from this Magnetic Resonance Imaging Devices Market Report Study

• Magnetic Resonance Imaging Devices products providers
• Research organizations and consulting companies
• Magnetic Resonance Imaging Devices-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in Magnetic Resonance Imaging Devices
• Various End-users who want to know more about the Magnetic Resonance Imaging Devices market and latest technological developments in the Magnetic Resonance Imaging Devices market.

Frequently Asked Questions for Magnetic Resonance Imaging Devices Market:

1. What are Magnetic Resonance Imaging Devices?

Magnetic Resonance Imaging (MRI) is a medical imaging procedure for viewing images of the internal structures of the body. MRI scanners use strong magnetic fields and radio waves (radiofrequency energy) to generate images.

2. What is the market for Global Magnetic Resonance Imaging Devices?

Global Magnetic Resonance Imaging Devices market was valued at USD 7.79 billion in 2021, growing at a CAGR of 6.37% during the forecast period from 2022 to 2027 to reach USD 11.28 billion by 2027.

3. What are the drivers for Global Magnetic Resonance Imaging Devices Market?

The Magnetic Resonance Imaging Devices market is witnessing a positive market growth owing to the factors such as the rising severe chronic diseases like various cancers, cardiac abnormalities, and others, rapid technological developmental activities, growing geriatric population, rising adoption due to non-invasive.

4. Who are the key players operating in the Global Magnetic Resonance Imaging Devices Market?

Some of the key market players operating in the Magnetic Resonance Imaging Devices market include General Electric Company, FUJIFILM Holdings Corporation, Siemens Healthcare GmbH, Koninklijke Philips N.V., Canon Medical Systems Corporation, ESAOTE SPA, Aspect Imaging Ltd., Bruker Corporation, Aurora Healthcare US Corp., FONAR Corp., Neusoft Medical Systems Co., Ltd., Shenzhen Anke High-Tech Co. Ltd., Shenzhen Basda Medical Apparatus Co. Ltd., Time Medical Holding, Hyperfine, Alltech Medical Systems, InnerVision MRI Ltd., Magnetica Limited, IMRIS, Deerfield Imaging, Inc., MR Solutions, and others.

5. Which region has the highest share in Magnetic Resonance Imaging Devices Market?

North America is expected to hold the highest share in the revenue in the Magnetic Resonance Imaging Devices market during the forecast period. Factors such as the rising severe chronic diseases like various cancers, cardiac abnormalities, and others, rapid technological developmental activities, growing geriatric population, rising adoption due to non-invasive, rising government initiatives, and increased product launches. Furthermore, high disposable income, sophisticated healthcare infrastructure, and increased awareness regarding disease progression and new treatments are also expected to aid in the Magnetic Resonance Imaging Devices market growth in this region.

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