The magnetic resonance imaging market is projected to reach US$ 7,955.1 million by 2025 from US$ 5,913.6 million in 2017; it is expected to register a CAGR of 3.8% from 2018 to 2025.
Magnetic resonance imaging (MRI) is a scan which utilizes strong magnetic fields and radio waves for producing detailed images of the inside of the body. The MRI scanner is a large tube that contains powerful magnets, the patient lies inside the tube during the scan. The radio waves manipulate the magnetic position of the atoms of the body, which are picked up by a powerful antenna and sent to a computer. The computer performs calculations, which produces clear, cross-sectional black-and-white images of the body. An MRI scan can be used to examine almost any part of the body, which include brain and spinal cord, bones and joints, breasts, heart and blood vessels, internal organs, such as the liver, womb or prostate gland, and others.
The report offers insights and in-depth analysis of the magnetic resonance imaging market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the world. It also includes the impact of the COVID-19 pandemic on the market across all the regions. The COVID-19 pandemic has disrupted the socioeconomic conditions of various countries across the world. Most healthcare providers prefer imaging over the other COVID-19 screening techniques because it offers a primary diagnosis in a short amount of time. COVID-19 and its effect on distinct patients in each demography have been studied using all imaging modalities, including magnetic resonance imaging. The industry has been able to produce smaller and more portable low-magnetic-field MRIs due to advancements in radiology imaging techniques. COVID-19 can cause more significant consequences in people who have underlying medical issues. As a result, during a pandemic, imaging technologies may be more widely adopted. The market, based on region, is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
Lucrative Regions for Magnetic Resonance Imaging Market
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Market Insights
Increasing Awareness Regarding Benefits of Early Diagnosis
Early diagnosis of a medical condition opens the door to treatment and future care. The earlier diagnosis of diseases helps the medical professionals and patients to take up various important medical decisions in terms of care, support needs, financial and legal matters. There exists a large number of advantages to obtaining accurate and early diagnosis after noticing of cognitive symptoms related to a particular medical condition. These benefits include reversal of symptoms, effective, sooner and early treatment of the individual, empowerment of the patient, time for better decision making and others. Magnetic resonance imaging (MRI) is one of the very effective and popularly practiced imaging techniques for diagnosis of diseases associated with various medical specialties including neurological disorders, musculoskeletal diseases, cancer, cardiovascular disorders and others. The increasing awareness among global populace regarding the importance of early disease detection is a major factor responsible to drive the growth of global magnetic resonance imaging market.
Field Strength-Based Insights
Based on field strength, the magnetic resonance imaging market is segmented into low-field MRI systems, high-field MRI systems, and ultra-high field MRI systems. In 2017, the high field MRI systems segment held a largest market share of 55.0% of the magnetic resonance imaging market, by field strength. This segment is also expected to dominate the market in 2025 owing to its ability to have a wide imaging potential and significantly higher resolution that can be used in various modalities that range from standard musculoskeletal studies to advanced work in neurology, cardiology, and specific spectroscopy scanning. Furthermore, the low field MRI systems segment is anticipated to witness the fastest growth rate during the forecast period.
Magnetic Resonance Imaging Market, by Field Strength – 2017 and 2025
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Architecture-Based Insights
Based on architecture, the magnetic resonance imaging market is segmented into closed MRI systems and open MRI systems. The open MRI Systems segment is anticipated to grow at a CAGR of 4.4% during the forecast period. The open architecture of the MRI scanners decreases the risk of claustrophobia and risk of panic attacks at exponential levels as well as allows patients of all the sizes and shapes to take up the MRI tests for accurate diagnosis and treatment of their medical conditions.
Application-Based Insights
The application segment includes cardiology, oncology, neurology, gastroenterology, musculoskeletal and others. The musculoskeletal segment is anticipated to grow at a CAGR of 4.5% during the forecast period. The advantages offered by the MRI such as increased signal-to-noise ratio, higher spatial resolution, improved spectral resolution for spectroscopy, improved sensitivity for X-nucleus imaging, and decreased image acquisition times.
End User-Based Insights
Based on end user, the magnetic resonance imaging market is segmented into hospital, ambulatory surgical centers, and diagnostic centers. The hospitals segment is anticipated to grow at a CAGR of 4.0% during the forecast period. Rising prevalence of various diseases, increasing number of hospitals across the globe, and rapid growth of various surgical procedures are primarily attributed the growth of this segment in the magnetic resonance imaging market in the coming years.
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Magnetic Resonance Imaging Market: Strategic Insights
Market Size Value in US$ 5,913.6 Million in 2017 Market Size Value by US$ 7,955.1 Million by 2025 Growth rate CAGR of 3.8% from 2018-2025 Forecast Period 2018-2025 Base Year 2018
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Magnetic Resonance Imaging Market: Strategic Insights
| Market Size Value in | US$ 5,913.6 Million in 2017 |
| Market Size Value by | US$ 7,955.1 Million by 2025 |
| Growth rate | CAGR of 3.8% from 2018-2025 |
| Forecast Period | 2018-2025 |
| Base Year | 2018 |
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The magnetic resonance imaging market players adopt organic strategies such as product launch and expansion to expand their footprint and product portfolio worldwide as well as to meet the growing demand.
By Field Strength
By Architecture
- Closed MRI Systems
- Open MRI Systems
By Application
- Neurology
- Musculoskeletal
- Cardiology
- Gastroenterology
- Oncology
- Others
By End User
- Hospitals
- Ambulatory Surgical Centers
- Diagnostic Centers
By
Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- UK
- Spain
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
- South and Central America (SCAM)
- Brazil
- Argentina
- Rest of SCAM
Company Profiles
- General Electric
- Koninklijke Philips N.V.
- Siemens AG
- Canon Medical Systems Corporation
- Esaote SpA
- FONAR
- Hitachi, Ltd.
- Aspect Imaging
- NeuSOFT Technologies
- Time Medical Holding
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Field Strength , Architecture , Application , End User , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
MRI could be a scan that utilizes durable magnetic fields and radio waves to bring out comprehensive inside pictures of the body.
The MRI scanner is a large tube that contains powerful magnets, the patient lies within the tube throughout the scan. The radio waves control the magnetic position of the atoms of the body that are picked up by a strong antenna and sent to a computer. The computer performs calculations, that brings out clear, cross-sectional black & white images of the inside the body.
The industry has been able to turn out smaller and additional transportable low-magnetic-field MRIs thanks to advancements in radiology imaging techniques. As a result, throughout the pandemic outbreak, imaging technologies is also additional wide adopted.
The MRI market players adopt organic methods like product launch and growth to expand their footprint and product portfolio worldwide yet on meet the growing demand.
The hospitals section is anticipated to grow at a CAGR of 4% throughout the forecast. Rising prevalence of assorted diseases, increasing range of hospitals across the world, and rapid climb of assorted surgical procedures are primarily attributed the expansion of this section within the MRI market within the coming back years.
The List of Companies - Magnetic Resonance Imaging Market
1. General Electric
2. Koninklijke Philips N.V.
3. Siemens AG
4. Canon Medical Systems Corporation
5. Esaote SpA
6. FONAR
7. Hitachi, Ltd.
8. Aspect Imaging
9. NeuSOFT Technologies
10. Time Medical Holding
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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