Magnetic Resonance Imaging Market Size, Share & Trends Report

Magnetic Resonance Imaging Market Size, Share & Trends Analysis Report By Architecture, By Field Strength, By Application (Brain & Neurological, Spine & Musculoskeletal), By End-use, By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Dec, 2020
  • Base Year for Estimate: 2020
  • Report ID: GVR-1-68038-370-6
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 210

Report Overview

The global magnetic resonance imaging market size was valued at USD 5.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2021 to 2028. Magnetic resonance imaging (MRI) is an efficient diagnostic machine for identifying diseases related to spine lesions, tumors, and stroke impacting the area of blood vessels and brain. The increasing prevalence of these diseases is expected to play an important role in market growth. For instance, as per the American Cancer Society, in 2019, 1,762,450 new cancer cases were recorded in the U.S. In addition to this, the growing demand for quick and effective diagnostic procedures is expected to contribute towards the adoption of MRI machines. Various countries are installing these MRI machines. For instance, as per OECD, in 2017 the number of MRI units installed in the U.S. was 37.6 per million population.

China MRI market size, by architecture, 2016 - 2028 (USD Million) 

Advancements in diagnostic techniques such as open MRI, visualization software, and superconducting magnets are fueling the growth of the MRI market. The recent advances seen in MRI technology are mainly on the software. These software advancements help in enabling faster contrast scans and simplifies imaging workflow. In September 2016, GE Healthcare’s MAGiC (MAGnetic resonance image Compilation) software received U.S. FDA approval. This software helps in delivering eight contrasts in single acquisition in a fraction of time. Moreover, the development of cardiac pacemaker compatible MRI systems is also expected to propel the market growth in cardiology segment. Furthermore, various paramagnetic contrast agents such as gadolinium-DTPA are used as an intravenous injection to provide sharp, precise, and accurate images within a shorter time frame. These technological advancements in MRI are expected to propel the market growth during the forecast period.COVID-19 is expected to have a negative impact on MRI market. COVID-19 has majorly impacted the outpatient imaging services. New York metropolitan health system reported 87.0% reduction in the outpatient imaging services, thereby, expected to impact the MRI market.

Various recent advancements such as diffusion and diffusion tensor imaging with tractography, neuroimaging including MR spectroscopy, perfusion imaging and functional imaging using the bold technique is expected to boost market growth during the forecast period. Also, the growing development of intraoperative MRI and usage of the same in various applications such as neurosurgery is expected to propel the market growth during the forecast period. Moreover, diffusion-weighted MR imaging is mainly used to detect stroke within 30 minutes of its occurrence. Therefore, advancements in MRI machines to enhance its usage for various applications is expected to drive the market growth during the forecast period.

High magnetic frequency MRI systems are gaining pace, therefore, various universities are conducting research or studies on these systems. In February 2018, scientists at the University of Minnesota performed an MRI of the human body using 10.5T MRI machine. This machine is expected to open new avenues in diagnosis of a wide range of diseases such as Alzheimer’s, heart disease, diabetes, and cancer.

Despite of various advantages associated with MRI system, the costs incurred in buying and installing these machines is significant, which in turn is impacting the market growth especially n the developing regions. An average cost of a low to mid strength MRI machine is more than USD 1 million. In addition, increasing requirement of depleting deposits of helium gas for cooling of MRI machine is resulting in increasing wait time and is reducing productivity. Delayed product approval and frequent product recalls mainly due to stringent regulatory framework is also majorly impacting market growth.

Architecture Insights

The closed MRI system segment dominated the market and accounted for the largest market share of 75.8% in 2020. The closed MRI system uses powerful magnetic fields and high-frequency radio waves to obtain detailed images. Closed structure enables getting detailed slice selection and error free analysis.

Patients in the closed MRI may feel claustrophobic and disturbed due to its loud noise. These problems may result in inaccurate results. Some of the market players are focusing on developing wide bore and open MRI systems which are suited for claustrophobic and oversized patients. Some of the manufacturers of pediatric MRI machines even add drawings and cartoons on MRI machines to calm children going inside the scanner. GE Healthcare’s Adventure series of MRI systems is specially designed for pediatric imaging.

Open MRI systems are less enclosed which in turn reduces the level of anxiety and claustrophobia in patients. This advantage, in turn, makes an open MRI system effective for diagnosis in neonates. However, closed MRI system is always preferred by the 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 July 2017, the U.S. FDA approved the first MRI machine for neonatal brain and head imaging in the intensive care units. Therefore, ongoing clinical trials and product approval of open MRI systems is expected to boost the segment growth during the forecast period.

Field Strength Insights

The mid field strength segment dominated the market and held the largest market share of 35.3% in 2020 and is expected to experience significant growth during the forecast period. These field strength MRI machines helps in capturing image with higher precision and are available in comparatively affordable prices. Low field strength MRI machines have field strength lower than 1.5T, mid field MRI machine have field strength ranging from1.5T up to3T, and high field MRI machine has field strength more than 3T.

The low field strength MRI machine segment is expected to experience the least growth during the forecast period. This is because low field strength MRI machines are getting replaced by mid field and high field strength MRI machines mainly due to the advantages associated with them, such as image clarity and integration with AI. Despite the reasonable installation cost for low-field MRI machines, the growing demand for detailed imaging is impacting its adoption during the forecast period.

The high field segment is expected to experience the fastest growth rate during the forecast period. Various research studies are being conducted to understand the efficiency of high field strength MRI machines in various clinical applications. Some players have already started developing high field MRI machines and are receiving approval from the regulatory body. For instance, In October 2017, Siemens Healthineers received the U.S. FDA approval for its 7T MRI systems - MagnetomTerrra. 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. Installation of these high field strength MRI machines in the universities is enhancing the study portfolio of the universities. Currently, 7T MRI machines are being studied only for brain and knee imaging due to the lack of advanced coils required for other clinical applications. Development of advanced coils to widen the application of 7T MRI machines is expected to propel the segment growth during the forecast period.

End-use Insights

The hospital segment dominated the market and held the largest market share of 39.8% in 2020 mainly due to the growing installation of MRI units in the hospitals. Increasing applications of rapid MRI (rMRI) in trauma and emergency care centers and rising number of MRI installments in teaching hospitals is expected to fuel segment growth.

The imaging centers segment is expected to experience a significant growth rate during the forecast period. Growing demand for non-invasive diagnosis is leading to the development of various individual centers which can provide services like MRI. To meet this growing demand various medical professionals, start their settings which provide MRI at an affordable cost. 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 expected to experience the fastest growth rate during the forecast period. Growing government initiatives to improve and increase the number of ambulatory care centers to increase reach in rural areas is expected to propel the segment growth during the forecast period.

Application Insights

MRI systems used for brain and neurological imaging dominated the market and accounted for the largest market share of 24.2% in 2020 as scans produced are of superior quality than those by computerized tomography scans. Similarly, the breast imaging segment is expected to grow at a significant rate as the incidence of this cancer is gradually increasing, which has created the demand for identifying risk factors related to the disease. Therefore, MRI techniques help in providing quantitative information about cancer by identifying the biological and physical properties of tissue.

MRI is rapidly becoming the preferred method for spinal and musculoskeletal imaging. It uses the spin-echo technique to yield sharp contrast images between the spinal cord and subarachnoid space. This technique has wide applications in emergency and trauma care units. Spin-echo technique provides detailed analysis on internal injuries on soft tissues and spinal cord. As per the Association of Safe International Road Travel, around 20-50 million people are injured or disabled due to road accidents annually.

Global MRI market share, by application, 2020 (%)

MRI has wide applications in diagnosis of conditions such as osteoporosis, spinal infection, shingles, Scheuermann’s disease, spinal osteoarthritis, and spinal tumors. Early detection of these conditions is critical and decisive of treatment procedure and life expectancy. According to the American Cancer Society, approximately 23,880 cases of malignant tumors of the brain & spinal cord are anticipated to be reported in 2018. In addition, as per the American Association of Neurological Surgeons, around 26,170 to 65,400 people are diagnosed with vertebral osteomyelitis annually. MRI helps in the early detection and evaluation of such conditions.

Regional Insights

North America dominated the market and accounted for the largest revenue share of 37.7% in 2020. Increasing incidence of chronic diseases in this region, which includes breast cancer, cardiovascular disorders, and neurological diseases is creating a demand for imaging analysis. The region is expected to maintain its dominance throughout the forecast period. Technological innovations coupled with the growing incidence of chronic conditions are anticipated to spur the growth of the market during the forecast period.

Rapidly growing European countries such as the U.K., France, and Germany that have a high per capita income and well-defined healthcare policies are showing increased demand for advanced diagnostic imaging modalities. In addition, constant technological advancement in the region along with large investment made in healthcare research, is expected to propel the segment growth.

Asia Pacific is expected to exhibit to experience the fastest growth during the forecast period due to the increasing geriatric population and growing demand for advanced imaging modalities. Moreover, the growing medical tourism industry in Asian countries is anticipated to augment the advanced medical imaging industry growth during the forecast period. Countries such as India, China, and Japan are creating growth opportunities with rapidly expanding healthcare service industry, presence of skilled healthcare staff, and advanced healthcare facilities and services at a lower cost than developed countries of North America and Europe.

Key Companies & Market Share Insights

The key players are developing MRI machines with high field strength to increase its adoption and usage in the field of medical imaging. Moreover, these players are forming strategic alliances to adopt and develop advance software which can increase the output of medical imaging. Some of the prominent players in the magnetic resonance imaging (MRI) market include:

  • GE Healthcare

  • Hitachi Medical Systems America AG.

  • Siemens AG

  • Toshiba Corporation

  • Aurora Imaging Technologies, Inc.

  • Koninklijke Philips N.V.

  • Esaote SPA

  • Sanrad Medical Systems Pvt. Ltd.

Magnetic Resonance Imaging Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 5.6 billion

Revenue forecast in 2028

USD 8.5 billion

Growth Rate

CAGR of 6.0% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units                            

Volume in units, revenue in USD million and CAGR from 2021 to 2028

Report coverage      

Volume forecast, revenue forecast, company share, competitive landscape, growth factors and trends

Segments covered

Architecture, field strength, application, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; Italy; France; Spain; Sweden; Russia; The Netherlands; Austria; Belgium; Denmark; Norway; Portugal; Finland; China; India; Japan; Thailand; South Korea; Singapore; Malaysia; Philippines; Taiwan; Indonesia; Vietnam; Mexico; Brazil; Argentina; Colombia; Chile; Saudi Arabia; South Africa; UAE; Kuwait; Qatar

Key Companies profiled

GE Healthcare; Hitachi Medical Systems America AG; Siemens AG; Toshiba Corporation; Aurora Imaging Technologies, Inc.; Koninklijke Philips N.V.; Esaote SPA; Sanrad Medical Systems Pvt. Ltd.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global magnetic resonance imaging market on the basis of architecture, field strength, application, end-use, and region:

  • Architecture Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

    • Closed System

    • Open System

  • Field Strength Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

    • Low Field Strength

    • Mid Field Strength

    • High Field Strength

  • Application Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

    • Brain and neurological

      • Low Field Strength

      • Mid Field Strength

      • High Field Strength

    • Spine and musculoskeletal

      • Low Field Strength

      • Mid Field Strength

      • High Field Strength

    • Vascular

      • Low Field Strength

      • Mid Field Strength

      • High Field Strength

    • Abdominal

      • Low Field Strength

      • Mid Field Strength

      • High Field Strength

    • Cardiac

      • Low Field Strength

      • Mid Field Strength

      • High Field Strength

    • Breast

      • Low Field Strength

      • Mid Field Strength

      • High Field Strength

    • Other

      • Low Field Strength

      • Mid Field Strength

      • High Field Strength

  • End-use Outlook (Revenue, USD Million, 2016 - 2028)

    • Hospitals

    • Imaging Centers

    • Ambulatory Surgical Centers

    • Others

  • Regional Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • Italy

      • France

      • Spain

      • Sweden

      • Russia

      • The Netherlands

      • Austria

      • Belgium

      • Denmark

      • Norway

      • Portugal

      • Finland

    • Asia Pacific

      • India

      • China

      • Japan

      • Thailand

      • South Korea

      • Singapore

      • Malaysia

      • Philippines

      • Taiwan

      • Indonesia

      • Vietnam

    • Latin America

      • Brazil

      • Mexico

      • Argentina

      • Colombia

      • Chile

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

      • Kuwait

      • Qatar

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