Magnetic Resonance Imaging Market Overview With Demographic Data & Stats And Industry Growth Trends By 2022 - 2030.

The global magnetic resonance imaging market size is expected to reach USD 9.0 billion by 2030, registering a CAGR of 7.1% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growing prevalence of chronic diseases and increasing demand for early diagnostic techniques are the factors expected to drive the market growth.

In addition, the growing adoption of less invasive procedures is also contributing to the growth of the market. Moreover, the growing number of clinical trials to understand the effectiveness and efficiency of MRI machines in various clinical applications is also expected to boost the market growth. End-users such as research institutes and universities are frequently studying the efficiency of MRI devices with high field strength such as 7T, 10T, and 10.5T.

Magnetic Resonance Imaging Market Segmentation

Grand View Research has segmented the global magnetic resonance imaging market based on architecture, field strength, application, end-use, and region:

Based on the Architecture Insights, the market is segmented into Closed System and Open System.

  • The closed MRI system uses powerful magnetic fields and high-frequency radio waves to obtain detailed images.
  • This makes an open MRI system effective for diagnosis in neonates. However, a closed MRI system is always preferred by radiologists.
  • Various clinical trials are also being conducted to check the efficiency of the open MRI systems for the diagnosis of diseases in neonates. In December 2021, FUJIFILM Healthcare launched the Velocity MRI System, with its open gantry.

Based on the Field strength Insights, the market is segmented into Low Field Strength, Mid Field Strength, High Field Strength.

  • The Midfield strength segment held the largest share in 2021 and is expected to experience significant growth during the forecast period.
  • The high field segment is expected to experience the fastest growth rate during the forecast period.
  • Such high-field strength MRI machines are installed in very few hospitals and study centers such as Mayo Clinic, Brigham and Women's Hospital, The University of Iowa, and the University of Southern California.

Based on the Application Insights, the market is segmented into Obstructive Sleep Apnea (OSA), Brain and neurological, Spine and musculoskeletal, Vascular, Abdominal, Cardiac, Breast and Other.

  • The MRI market is segmented into brain & neurological, spine & musculoskeletal, vascular, abdominal, cardiac, breast, obstructive sleep apnea (OSA), and others.
  • MRI systems used for brain and neurological imaging held the largest market share in 2021 as scans produced are of superior quality than those by computerized tomography scans.
  • 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.

Based on the End-use Insights, the market is segmented into Hospitals, Imaging Centers, Ambulatory Surgical Centers and Others.

  • The hospital segment held the largest share in 2021 mainly due to the growing installation of MRI units in the hospitals.
  • This is leading to the adoption of MRI in this medical service, which in turn is expected to propel the segment growth during the forecast period.
  • The ambulatory care centers segment is also expected to experience a significant growth rate during the forecast period.

Magnetic Resonance Imaging Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The key players are developing MRI machines with high field strength to increase their adoption and usage in the field of medical imaging. Moreover, regional & service portfolio expansions and mergers & acquisitions are key strategic undertakings adopted by these players. For instance, In June 2021, Philips and Akumin Inc., a leading outpatient diagnostic imaging services provider in the United States, have announced a strategic partnership to utilize Philips' new Radiology Operations Command Center across Akumin's outpatient imaging centers and co-create clinical standards for Akumin's MR and CT imaging modalities.

Some prominent players in the Global Magnetic Resonance Imaging market include:

  • GE Healthcare
  • Siemens AG
  • Toshiba Corporation
  • Aurora Imaging Technologies, Inc.
  • Koninklijke Philips N.V.
  • Esaote SPA
  • Sanrad Medical Systems Pvt ltd
  • Fujifilm

Order a free sample PDF of the in Magnetic Resonance Imaging Market Intelligence Study, published by Grand View Research.

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