Magnetic Resonance Imaging Market Forecasts to 2030 – Global Analysis By Type (Bio-Based and Conventional), Design, Field Strength, Process, Application, End User and By Geography

Magnetic Resonance Imaging Market Forecasts to 2030 – Global Analysis By Type (Bio-Based and Conventional), Design, Field Strength, Process, Application, End User and By Geography

According to Stratistics MRC, the Global Magnetic Resonance Imaging Market is accounted for $5.2 billion in 2023 and is expected to reach $8.3 billion by 2030 growing at a CAGR of 7.0% during the forecast period. Strong magnetic fields and radio waves are used in magnetic resonance imaging (MRI), a non-invasive imaging method, to provide detailed images of the body's internal components. It excels at creating detailed, high-resolution pictures of soft tissues like ligaments, muscles, brains, and organs.

According to the Global Cancer Observatory, an estimated 2,261,419 new breast cancer cases were diagnosed in 2020 globally, with about 684,996 deaths occurring due to the disease. It is also said to be highly prevalent in females than any other cancer.

Market Dynamics:

Driver:

Expanding use of coatings based on nanotechnology

Because magnetic resonance imaging (MRI) can give thorough, non-invasive imaging of soft tissues and organs, it has become more and more popular as the need for quick and reliable diagnostic methods increases. As a result, medical facilities are using MRI machines at a higher rate and the need for more rapid and effective diagnostic processes has sparked advancements in MRI technology. Moreover, to increase picture quality and shorten scan times, manufacturers are creating higher-field-strength MRI equipment, faster imaging sequences, and better software algorithms. These developments address the demand for more efficient patient care and faster diagnosis thus driving the growth of the market

Restraint:

Emergence of alternative technologies

Computed tomography (CT) scans, ultrasound, positron emission tomography (PET), and more recent modalities like molecular imaging and AI-driven diagnostics are among the alternatives that compete with MRI for market share. This heightened competition might cause a decline in the proportion of MRI-based diagnostic procedures. Developments in substitute technologies could bring new capabilities or functionalities that were previously only available with MRI. The relative advantages that MRI systems formerly possessed may be diminished by advancements in CT or ultrasound picture quality or capabilities, for instance, which could have an effect on MRI demand.

Opportunity:

Rising demand for point-of-care MRI

The total MRI market is growing due to the rising demand for POC MRI equipment. POC systems serve a variety of contexts outside of standard hospital environments, such as clinics, urgent care facilities, and remote sites. They are made for smaller rooms or portable installations. Moreover, the increased market penetration and greater accessibility to MRI technologies are the results of this expansion. And the manufacturer competitiveness is boosted by the need for POC MRI, which also encourages innovation in the creation of MRI systems that are more portable, small, and easy to use. To suit the changing needs of healthcare professionals, companies concentrate on developing sophisticated point-of-care (POC) systems with better imaging capabilities, faster scan times, and expanded functions.

Threat:

Lack of qualified personnel

Technical acquaintance and practical experience are essential for operating complex and sophisticated MRI systems. However, there is a chronic lack of qualified sonographers in key healthcare markets. The US Bureau of Labor Statistics projects that between 2021 and 2031, there will be a 10% increase in demand for diagnostic medical sonographers at a quicker rate of growth than the average for all other occupations. In 2020, Sao Paulo, Brazil had ten radiologists for every 100,000 people, while less than three radiologists were found for every 100,000 people in the northern region of the nation which hampered the growth of the market.

Covid-19 Impact

Many healthcare facilities were forced to prioritize COVID-19 care during the early stages of the epidemic, which resulted in the suspension or cancelation of non-urgent medical procedures, such as MRI scans. As a result, MRI installations and usage temporarily declined. There is more interest in telemedicine and remote monitoring as a way to minimize patient visits to medical facilities and lower exposure dangers. Since MRI scans cannot be done remotely and need specialist equipment, this development may not have a direct effect on the MRI business.

The brain & neurological segment is expected to be the largest during the forecast period

The brain & neurological segment is estimated to have a lucrative growth, as it is a potent imaging method for seeing the body's intricate internal components, such as the brain and nervous system tissues, is magnetic resonance imaging (MRI). Without using ionizing radiation, it creates detailed images of the brain by combining radio waves and strong magnetic fields. MRI can be used to monitor changes in the brain over time for neurological diseases that are chronic. This monitoring aids physicians in evaluating the course of the disease, the efficacy of treatment, and any adjustments that should be made to patient care plans.

The open system segment is expected to have the highest CAGR during the forecast period

The open system segment is anticipated to witness the highest CAGR growth during the forecast period, because in comparison to closed-bore MRI machines, open MRI machines are designed with a larger, less restrictive footprint. Instead of a tunnel-like enclosure, they usually contain two flat magnets above and below the patient. More access and visibility are made possible by the open design, which makes it a better option for people who might feel uncomfortable or claustrophobic in conventional closed MRI machines.

Region with largest share:

North America is projected to hold the largest market share during the forecast period this was ascribed to several factors, including a rise in the number of patients with chronic illnesses, a rise in hospital awareness regarding the adoption of MRI systems, a spike in the demand for MRI systems, the availability of sophisticated healthcare facilities staffed by qualified medical professionals, the presence of the majority of the major players, and an increase in government investment in the healthcare systems which drives the growth of the market.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to an aging population and rising demand for advanced imaging modalities, furthermore, throughout the projected period, the expanding advanced medical imaging market is expected to be supported by the expanding medical tourism sector in Asian nations. With their fast growing healthcare service industries, availability of highly qualified healthcare personnel, and ability to provide advanced healthcare facilities and services at a lesser cost than established nations in North America and Europe, countries like India, China, and Japan are opening up new business prospects.

Key players in the market

Some of the key players profiled in the Magnetic Resonance Imaging Market include Hitachi Healthcare, Esaote SPA, Fujifilm Holdings Corporation, Aurora Imaging Technologies, Inc., Shimadzu Corporation, GE Healthcare, Siemens Healthineers, Canon Medical Systems, Koninklijke Philips N.V., Hologic Inc., Bruker Corporation, Fonar Corporation, Shenzhen Anke High-tech Co. Ltd, Neusoft Medical Systems Co. Ltd, Onex Corporation, Nordion Inc., Xingaoyi and Time Medical Holding

Key Developments:

In October 2023, Hitachi Announces Consolidation of Healthcare Business into Hitachi High-Tech through Company Split. Through the Company Split, Hitachi High-Tech will promote the healthcare business based on “Diagnosis x Treatment x Digital” and create healthcare innovation.

In October 2023, Fujifilm Completes Acquisition of Electronic Chemicals Business from Entegris; Rebranded as FUJIFILM Electronic Materials Process Chemicals. The acquisition adds a comprehensive product lineup in electronic chemicals

In July 2023, Hitachi forms strategic research collaboration with Mass General Brigham in the field of regenerative medicine and GCT. Hitachi will also contribute to the advancement of GCT through cell culturing and the development of the culturing process required in GCT

Types Covered:
• Bio-Based
• Conventional

Designs Covered:
• Open System
• Closed System
• Standard
• Wide-Bore

Field Strengths Covered:
• High-Field Magnetic Resonance Imaging
• Low-To-Mid-Field Magnetic Resonance Imaging
• Very-High-Field Magnetic Resonance Imaging

Processes Covered:
• Direct Esterification
• Trans-Esterification

Applications Covered:
• Brain & Neurological
• Obstructive Sleep Apnea (OSA)
• Vascular
• Gastroenterology
• Breast
• Cardiology
• Spine & Musculoskeletal
• Other Applications

End Users Covered:
• Ambulatory Surgical Centers
• Imaging Centers
• Hospitals
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements