Magnetic Resonance Imaging Systems Market Size By Architecture (Open, Closed), By Field Strength (High to Ultra High (>1.5T), Low to Medium (<1.5T)), By End-use (Hospitals), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, The Netherlands, Finland, Austria, Japan, India, China, Australia, New Zealand, Brazil, Mexico, South Africa, Saudi Arabia, Turkey), Application Potential, Competitive Market Share & Forecast, 2019 - 2025

Latest Update: Apr 2019 |  Published Date: Oct 2017 | 180 Pages | Report ID: GMI2140 | Authors: Sumant Ugalmugale, Shradha Mupid Report Format: PDF

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Industry Trends

Magnetic Resonance Imaging Systems Market Size was valued at USD 5.6 billion in 2018 and is expected to witness 6.3% CAGR from 2019 to 2025. Additionally, around 420 units of open architecture MRI systems were installed in 2014.
 

U.S. Magnetic Resonance Imaging Systems Market Size, By Architecture, 2018 & 2025 (USD Million)
U.S. Magnetic Resonance Imaging Systems Market Size, By Architecture, 2018 & 2025 (USD Million)

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Technological advancements in MRI systems should spur the industry growth during analysis period. Key industry players often introduce innovations in MRI scanners to improve its accuracy and efficiency. For instance, GE Healthcare received approval for MAGiC, a multi-contrast magnetic resonance technique developed in partnership with SyntheticMR AB. Technology integration in MRI systems provides clinicians with more data as compared to conventional scanning devices in fraction of time. It also offers users with ease in retrospective manipulation of images that results in significant time saving. Recently developed MRI systems also minimizes the requirement of rescans and ultimately results in higher cost savings. Aforementioned factors are expected to drive the industry growth.
 

Increasing number of road accidents will propel magnetic resonance imaging systems market growth. According to Association for Safe International Road Travel, approximately 20 to 50 million individuals are injured in road accidents each year globally. Car accident victims most commonly suffer from joint injuries of the neck and back, shoulders, wrists and hands and knee. Doctors generally advise an MRI test in such accident cases for detecting and diagnosing injuries in order to provide proper medical treatment to the patient. This scenario proves beneficial for industry growth as it escalates demand for MRI systems. However, high cost of MRI systems may restrain the industry growth to some extent.
 

Magnetic Resonance Imaging Systems Market, By Architecture

Open MRI systems segment was valued at USD 168.5 million in 2018. Recently developed open arm MRI devices are highly efficient and allow accurate disease diagnosis. For instance, Oasis open MRI device introduced by Hitachi delivers outstanding patient comfort. Moreover, RADAR motion compensation reduces the requirement of repeat scan and provides improved quality of images. Thus, availability of such superior quality open MRI devices should augment the segmental growth. However, as open MRI systems have comparatively lesser advantages compared to closed MRI systems the pace of segmental growth is slow.
 

Closed magnetic resonance imaging systems segment is expected to witness 6.4% growth throughout the analysis timeframe. Closed configurations with higher field strengths permit faster scans and provide greater resolution and thinner slices that proves useful in viewing anatomical parts. Generally, closed MRI systems are equipped with field strength of 1.5T to 3.0T. This field strength is ideal for imaging lesions in multiple sclerosis, detection of multi vessel diseases in coronary artery disease patients, identification of fibrocartilage lesions as well as offers diagnostic accuracy for hepatic metastases that stimulates segment growth.
 

Magnetic Resonance Imaging Systems Market, By Magnetic Field Strength

High to ultra-high (>1.5T) segment is projected to grow at 6.4% from 2019 to 2025. Robust segmental growth can be attributed to its mounting adoption amongst the healthcare professionals. Significant improvements in shielding and magnet designs have led to wide availability of 3 Tesla clinical scanners. The use of high to ultra-high field strengths in MRI scanners provide substantial improvements with respect to sensitivity and quality of image. Also, high magnetic field exams are obtained in approximately half the time as compared to low magnetic field. Therefore, benefit of reduced test time will propel its adoption.
 

Low to medium (<1.5T) segment was valued at USD 168.5 million in 2018. Significant revenue size is associated with its wide adoption due to low prices. Emerging economies with low income level usually prefer MRI scanners with low magnetic field. Additionally, these low intensity MRI scanners lowers probability of radiation exposure to tissues during scanning procedures that further raises its adoption.
 

Germany Magnetic Resonance Imaging Systems Market Size, By Magnetic Field Strength, 2018 (USD Million)
Germany Magnetic Resonance Imaging Systems Market Size, By Magnetic Field Strength, 2018 (USD Million)

 

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Magnetic Resonance Imaging Systems Market, By End-use

Hospitals segment was valued around USD 3.4 billion in 2018. Large number of patients are admitted annually suffering from chronic diseases and injuries. These patients require accurate diagnosis that should increase the demand for technologically upgraded MRI systems in hospitals. Moreover, increase in corporate multispecialty hospitals in developing countries with expertise in diagnostic imaging such should also contribute to segment growth. For instance, Apollo Hospital, Delhi has installed G (Gravity) Scan, an open standing MRI scanner with cutting edge technology for musculoskeletal applications. Thus, increase in adoption of MRI systems in such multispecialty hospitals will foster segmental growth.
 

Others segment will grow at 6.7% throughout the forecast timeframe. Others segment includes imaging centres, radiology laboratories and research centres. Therefore, significant segmental growth will be as a result of high adoption of MRI scanners utilized in these healthcare facilities as they provide diagnosis with high specificity.
 

Magnetic Resonance Imaging Systems Market, By Region

Latin America magnetic resonance imaging systems market was valued at USD 596.9 million in 2018. Increasing geriatric population along with rising incidences of chronic ailments in Brazil and Mexico will propel demand for MRI systems for rapid diagnosis and treatment. Furthermore, presence of organizations such as Brazilian Alliance ensures populations’ access to advanced medical technologies and focuses on continuous improvement of public health in Brazil stimulates adoption of MRI systems thereby, boosting regional market growth.
 

Asia Pacific magnetic resonance imaging systems market will witness 7.9% growth over the forecast period owing to increasing elderly population base prone to chronic diseases. Also, government in emerging countries implements several initiatives that helps in lowering diagnosis costs of chronic diseases. This scenario proves beneficial for industry growth as it increases the adoption of MRI systems.
 

Asia Pacific Magnetic Resonance Imaging Systems Market Size, By Country, 2025 (USD Million)
Asia Pacific Magnetic Resonance Imaging Systems Market Size, By Country, 2025 (USD Million)

 

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Competitive Market Share

Some of the prominent industry participants include Koninklijke Philips N.V., Hitachi, GE Healthcare, Toshiba, Siemens, Aurora Imaging Technologies, Esaote SpA, Sanrad Medical Systems, Fonar Corporation and Neusoft Medical Systems. Industry players implent several strategic initiatives that helps them in mainataing their market position for. Strategic initiatives include mergers, acquisitions and new product launch. For instance, in January 2017, Toshiba launched Vantage Galan 3T MRI system. Launch of new product will foster company’s growth.
 

Magnetic Resonance Imaging (MRI) Systems Industry Background

Magnetic Resonance Imaging Systems Market Segmentation
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Magnetic Imaging Resonance System industry can be traced back to late 1970’s with the introduction of first MRI system that revolutionized the way of clinical diagnosis. In 1977, first MRI was performed on a live patient. This life-saving technique was extremely non-invasive and gained momentum in early 1980. In 1982, first dynamic cardiac MRI image was produced and by 2013, around 30 million MRI scans were performed. Later, with advancements in technology, companies started introducing innovations in the MRI systems. Hitachi and GE Healthcare have gained commendable market share since past few years. MRI industry is in development phase and is expected to witness numerous growth opportunities with advent of technology.
 


What Information does this report contain?

Historical data coverage: 2014 to 2018; Growth Projections: 2019 to 2025.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.


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