Europe MRI Market - Forecasts from 2024 to 2029

Europe MRI Market - Forecasts from 2024 to 2029

The Europe MRI Market is projected to grow at a CAGR of 3.62% during the forecast period to reach US$7.044 billion by 2029, from US$5.49 billion in 2022.

Magnetic Resonance Imaging (MRI), as the name implies, is a medical imaging technique that uses magnetic fields and computer-generated radio waves to form detailed images of the tissues and organs of the patient. These machines are typically large, tube-shaped magnets. When a patient lies inside one of these, the magnetic field causes all the water molecules in the body to realign temporarily. The computer-generated radio waves cause these aligned molecules to emit light signals, which are then used to generate cross-sectional MRI images. Based on the architecture, MRIs are divided into closed and open MRI systems. Based on field strength, the market is segmented into Low Field MRI Systems, High Field MRI Systems, Very High Field MRI Systems, and Ultra-high MRI Systems. The government initiatives and amendments to the healthcare sector’s regulations, and the strategic growth and development deployed by the companies are expected to propel the MRI market size in Europe during the forecasted period.

MARKET DRIVERS:

The extensive applications of MRI in various fields like cardiology, oncology, and neurology are estimated to propel market growth.

MRI has a wide range of applications and could be used to diagnose and detect innumerable diseases. According to WHO (World Health Organisation), with the increase in age, the number of health abnormalities, such as cardiovascular diseases, cancer, obesity, diabetes, dementia, and Alzheimer's, is expected to increase. According to the European Society of Cardiology (ESC), CVD is the main cause of death in women and men alike in most countries across the continent. CVD is said to be responsible for about 45% of all total deaths in Europe. Furthermore, as per statistics reported by ESC, over 6 million new cardiovascular disease cases were reported in the EU, and over 11 million in Europe as a whole. As of 2019, nearly 49 million people were reported to have been living with the disease, while the cost to European Union economies was observed to be as high as 210 billion euros every year. Not to mention, increasing smoking, alcohol consumption, and obesity are a few of the factors causing CVD.

Furthermore, according to Eurostat, in 2019, there were about 90.4 million older people in the EU-27, and it is expected that the number of centenarians living in the region will rise to half a million. With the increase in the proportions of diseased and aged people, the need for improvement in the health sector is becoming more prominent. Subsequently, the need for an improvement in the quantity and quality of highly precise MRI equipment will also increase with time to tackle increasing diseases and populations.

These government initiatives are also bound to increase market growth in the healthcare sector. In 2021, the UK government introduced the 'Medicines and Medical Device Act', which gave the Secretary of State wide powers to adopt a new regulatory framework for medical devices and medicines. While in the Netherlands, in June 2020, the Dutch Senate adopted two bills, changing the healthcare sector's licensing system. The bill is said to enter into force in 2022. In Italy, too, in April 2020, the Italian Government was decreed to adopt national regulatory frameworks to reflect the European Union's Medical Device Regulations. According to this, the government will have to make the procedures for medical device purchasing more efficient. Such amendments and initiatives taken by the governments of several countries across Europe are expected to increase the MRI market in the projected period.
The competitive market in the region is estimated to propel the growth of the MRI market in the region.

The market in the region is comprised of several major players, making the market in Europe highly competitive. GE Healthcare, a global medical technology company, has signed a collaboration with Affidea, the pan-European leader in outpatient cancer services and advanced diagnostic imaging, to deploy digital and imaging technologies across the Affidea facilities. The deal includes the installation of 60 new GE Healthcare MRIs. Furthermore, Affidea has also expanded its collaboration with GE Healthcare to include the latter's new contrast media product, Clariscan, across all of its centers. Also, in December 2021, GE Healthcare launched its new MRI product, SIGNA Hero. This 3.0T MRI was named in honor of all the healthcare staff for continuing to offer their services amidst the global pandemic. The strategic acquisitions and growth deployed by several healthcare companies are also gearing up the competition in the market. For instance, in March 2021, Fujifilm completed its acquisition of Hitachi's Diagnostic Imaging for 1.3 billion euros. With this acquisition, Fujifilm aims to offer comprehensive solutions to the European medical community, catering to a broad range of clinical needs. The company's main objective is to increase its turnover to 6.6 billion euros in 2024, a 50% growth compared to revenue in 2020. Furthermore, advancements in research and technology are fuelling the market growth. For instance, in March 2022, the University of Waterloo developed an innovation that highlights the MRI images with cancerous tissues compared to the healthier ones, enabling an easy and accurate diagnosis.

Thus, the increase in medical advancements, rising population, increasing patients and diseases, and a flourishing health sector across the region are anticipated to propel the market growth during the forecasted period. However, at the same time, the poor hospital management systems, infrastructures, and patient databases in developing countries are expected to hamper the market expansion.

Key Developments:

January 2023- Pie Medical Imaging has added 500 patients to the FAST III clinical trial, a multi-center randomized clinical trial comparing angiography-based vessel fractional flow reserve (CAAS vFFR) and FFR-guided coronary revascularization strategies. The trial, led by Dr. Joost Daemen, is an international, multi-center, non-inferiority trial. The trial is enrolled at 25 European sites, with the final goal of including 2,228 patients by the end of the year. The primary endpoint is a composite of all-cause death, myocardial infarction, or revascularization at one-year post-randomization.
October 2023- Esaote, an Italian company specializing in ultrasound, MRI, and healthcare IT, has introduced the S-scan Open, a new configuration of its best-selling MRI system. The system's updated version results from continuous research and development, aiming to provide advanced performance and enhance the operator experience and patient comfort during diagnostic examinations. The system has been re-engineered to meet the challenging requirements of musculoskeletal exams, complying with the latest regulatory standards. It features image optimization algorithms and optimized clinical protocols, ensuring excellent image quality and significantly reducing scan times for MRIs with the eXP package.

Market Segments
By Type
Closed
Open
By Application
Brain & Neurological
Vascular
Cardiac
Breast
Others
By End-User Industry
Hospital & Diagnostic Centers
Ambulatory Surgical Centers
Research & Academic Institutions
By Country
Germany
France
Italy
UK
Others