Global Magnetic Resonance Imaging Equipment Market Report and Forecast 2023-2031

Global Magnetic Resonance Imaging Equipment Market Report and Forecast 2023-2031

Global Magnetic Resonance Imaging Equipment Market Outlook

The global magnetic resonance imaging equipment market size attained a value of nearly USD 6.13 billion in 2022. The market is anticipated to grow further at a CAGR of 6.20% during the forecast period of 2023-2031 to attain a value of USD 10.53 billion by 2031. The major factors attributing to the market growth include increasing prevalence of chronic diseases and technological advancements in MRI equipment.

Global Magnetic Resonance Imaging Equipment Market: Introduction

Magnetic resonance Imaging (MRI) is a non-invasive diagnostic imaging technology that uses a strong magnetic field and radio waves to produce detailed images of internal body structures. MRI is commonly used to diagnose and monitor a variety of medical conditions, including neurological disorders, musculoskeletal disorders, cardiovascular diseases, and cancers.

Magnetic resonance Imaging (MRI) equipment is used to perform these diagnostic procedures. The equipment includes a large magnet, radiofrequency coils, and a computer system that processes the data generated by the coils. The patient is placed on a table that slides into the opening of the magnet, and the coils are positioned around the area of interest.

There are several types of MRI equipment available, including closed MRI systems, open MRI systems, and standing MRI systems. Closed MRI systems are the most common and are typically used in hospitals and imaging centres. They consist of a large cylindrical magnet that completely surrounds the patient, which can cause discomfort and anxiety for some patients. Open MRI systems are designed to be more comfortable for patients, as they are more spacious and do not completely surround the patient. Standing MRI systems are used for imaging the spine and joints while the patient is standing, allowing for a more natural weight-bearing position.

MRI equipment is constantly evolving, with new advancements being made in technology to improve image quality, reduce scan time, and increase patient comfort. The global market for MRI equipment is expected to continue to grow as the demand for diagnostic imaging services increases, particularly in emerging markets.

Global Magnetic Resonance Imaging Equipment Market: Application and Uses

Magnetic resonance imaging (MRI) equipment is a non-invasive medical imaging technology that uses a strong magnetic field and radio waves to produce detailed images of internal body structures. Some of the applications and uses of MRI equipment are:

• Diagnosis of various diseases: MRI is commonly used to diagnose and evaluate a variety of medical conditions such as brain and spinal cord injuries, tumours, multiple sclerosis, stroke, heart disease, joint and bone disorders, and many more.
• Research studies: MRI technology is also used in various research studies and clinical trials to study and understand the pathophysiology of different diseases and disorders.
• Treatment planning: MRI is often used to guide treatment planning, especially for conditions that require surgical intervention such as brain tumours, spinal cord injuries, and joint replacements.
• Screening: MRI can also be used for screening purposes, particularly for high-risk individuals such as those with a family history of cancer or heart disease.
• Monitoring treatment progress: MRI is useful in monitoring the effectiveness of treatment and disease progression, particularly for conditions like cancer, multiple sclerosis, and Alzheimer's disease.

Overall, MRI equipment has a wide range of applications and uses in the medical field, and its usage is expected to increase with the advent of newer and more advanced technologies.

Global Magnetic Resonance Imaging Equipment Market Segmentations

Market Breakup by Strength

• Low Field
• Mid Field
• High Field

Market Breakup by Type

• Closed MRI Systems
• Open MRI Systems

Market Breakup by Application

• Musculoskeletal
• Neurology
• Cardiology
• Vascular
• Abdominal
• Others

Magnetic Resonance Imaging Equipment Market Breakup by End User

• Hospitals
• Ambulatory Surgical Centres
• Diagnostic/Imaging Centres
• Others

Market Breakup by Region

• North America
• United States of America
• Canada
• Europe
• United Kingdom
• Germany
• France
• Italy
• Others
• Asia Pacific
• China
• Japan
• India
• ASEAN
• Australia
• Others
• Latin America
• Brazil
• Argentina
• Mexico
• Others
• Middle East and Africa
• Saudi Arabia
• United Arab Emirates
• Nigeria
• South Africa
• Others

Global Magnetic Resonance Imaging Equipment Market Market Scenario

The global magnetic resonance imaging (MRI) equipment market is expected to grow steadily in the coming years due to factors such as the increasing prevalence of chronic diseases, rising geriatric population, and technological advancements in MRI equipment.

The market growth is driven by the increasing demand for MRI equipment for diagnosing various medical conditions such as cancer, cardiovascular disorders, and neurological disorders. In addition, the advent of new MRI technologies such as open MRI and high-field MRI, which offer improved patient comfort and higher resolution images, is expected to further boost the market growth.

Geographically, North America dominates the MRI equipment market, owing to the high prevalence of chronic diseases, availability of advanced healthcare infrastructure, and government initiatives to promote early diagnosis and treatment. The Asia-Pacific region is also expected to witness significant growth due to the increasing adoption of advanced medical technologies and growing healthcare expenditure in countries such as China and India.

In terms of MRI equipment types, the closed MRI segment is expected to dominate the market due to its higher resolution images and wider availability. However, the open MRI segment is expected to witness significant growth due to its increased patient comfort and decreased anxiety during the scan.

Overall, the global MRI equipment market is expected to grow steadily in the coming years, driven by increasing demand for MRI equipment for diagnosis and treatment of various medical conditions, as well as the advent of newer and more advanced MRI technologies.

Key Players in the Global Magnetic Resonance Imaging Equipment Market

The report gives an in-depth analysis of the key players involved in the global magnetic resonance imaging equipment market. The companies included in the market are as follows:

• General Electric Company
• Koninklijke Philips N.V.
• Canon Medical Systems Corporation
• Siemens Healthineers AG
• Fujifilm Corporation
• Shenzhen Anke High-tech Co., Ltd.
• Fonar Corporation
• Philips Healthcare
• Esaote Spa
• Sanrad Medical systems Pvt. ltd.
• Aurora Healthcare
• Barco N.V.
• Hitachi, Ltd. (Hitachi Medical Corporation)