The global Magnetic Resonance Imaging market size was valued at USD 3.8 billion in 2018. It is anticipated to expand at a CAGR of 5.3% during the forecast period. This technique is preferred as an effective diagnostic tool for central nervous system disorders, tumors, spine lesions, and stroke affected area in brain and blood vessels. High prevalence of these conditions is projected to drive the growth. In addition, rising geriatric population, number of chronic diseases, and demand for minimally invasive or non-invasive diagnostic procedures are some other primary drivers for the MRI Market.
In addition, advancement in scanning techniques such as open MRI systems, software upgrades, and superconducting magnets is fueling the growth. Also, development of MRI systems compatible with cardiac pacemakers is propelling the demand for these instruments. Advancements in contrast agents, for instance, the paramagnetic contrast agent, gadolinium-DTPA, is used as intravenous injection to give sharp, accurate, and precise images within 20 minutes to one-hour duration.
Advancements in medical imaging devices have enhanced the diagnosis and treatment of cardiovascular diseases and cancer among other health conditions. Rising demand for minimally invasive treatment is leading to innovation in diagnostic imaging devices. Four advancements; such as accelerating processing speed, expanding the parameters of 3D and 4D, capturing images at the right place and at the right time, and automating workflow, are expected increase the adoption of medical imaging during the forecast period.
Significant increase in the number of public and private hospitals across countries such as India and China is boosting the demand for diagnostic imaging devices. Rising medial tourism coupled with government initiatives in this region is expected to boost the growth of the Magnetic Resonance Imaging market during the forecast period.
On the other hand, high cost associated with MRI systems, maintenance, and servicing is challenging the growth. Requirement of depleting deposits of helium gas used for cooling down MRI machine results in increased waiting time and reduced productivity. In addition, stringent regulatory framework resulting in delayed product approvals and frequent product recalls is augmenting the degree of challenges.
Based on architecture, the MRI systems are classified into closed and open type. The closed type segment accounted for the largest market share in 2018. However, closed systems have very low acceptance by patients having claustrophobia and chances of suffocation. Thus, major market players are focusing on research to develop advanced open MRI systems with more acceptance by claustrophobic patients. As a result, many new open type MRI systems are expected to enter into the market during the forecast period.
On basis of field strength, the market is segmented into low, mid, and high field strength. Low field strength are the most preferred MRI systems with general low field strength below 0.5T. Mid field strength MRI systems have 0.5T to 0.9T field strength.
High field strength MRI systems with field strength of 1.5T and more. This system is most powerful and has faster scanning speed. However, low field strength systems are preferred over the other systems due to safety and patient-friendly nature.
Mid field strength devices are preferred over high strength MRI devices owing to affordable cost, moderate scanning speed, and resolution. Thus, the segment accounted for the largest share of the magnetic resonance imaging market in terms of revenue in 2018.
MRI is expected to lead the modern medical diagnosis for diverse biomedical applications across the globe. Anatomical and physiological scanning capabilities enable application in imaging various organs that include abdomen, pelvis, brain, spine, heart, breast, and musculoskeletal structure.
Lack of effective alternative for neural and brain related scanning for accurate diagnosis is anticipated to augment the market growth during the forecast period. On the other hand, breast and cardiac imaging is expected to observe slower growth since x-ray and ultrasound techniques are the first line imaging tools.
Based on end use, the market is segmented into hospitals, imaging centers, ambulatory centers, and others. The hospitals segment currently captures the largest market share and is expected to continue leading during the forecast period. However, owing to complex infrastructural requirements of high field MRI machines, their adoption is expected to be limited only to a number of establishments.
The ambulatory surgical centers segment is expected to expand at the fastest CAGR during the forecast period due to government initiatives to improve and increase the number of primary care centers. Mobile MRI machines provide convenience to immobile patients as well as patients in remote regions.
North America dominated the MRI market with the largest revenue share in 2015. This region is technologically advanced with the presence of a variety of imaging systems available commercially for easy diagnosis. In addition, favorable reimbursement policies and insurance coverage enable patients to undergo early diagnosis necessary in case of chronic diseases. Thus, demand for MRI systems is anticipated to remain high in the region in the forthcoming years.
Asia Pacific is expected to exhibit the highest CAGR due to increasing geriatric population and thereby rise in the demand for imaging modalities is expected in near future. Furthermore, booming medical tourism industry in Asian countries is anticipated to augment growth of the advanced medical imaging industry. 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 cheaper cost than developed countries from North America and Europe.
Major players competing in the MRI market include but are not limited to Siemens AG; Koninklijke Philips N.V.; GE Healthcare; Hitachi Medical Systems. These companies hold a remarkable position mainly due to their strong geographic reach. Some other players operating in the market include Toshiba Corporation; Aurora Imaging Technologies, Inc.; Esaote SpA; Sanrad Medical Systems Pvt. Ltd Inc.
Siemens Healthineers recently launched a 7T MRI systems - Magnetom Terrra. 7T MRI systems are currently installed in a very few hospitals and study centers. Some of these include The University of Iowa, Mayo Clinic, Brigham and Women's Hospital, and University of Southern California. These institutes are engaged in studying potential applications of 7T MRI systems. Currently these systems are being extensively studied for their application in brain and knee imaging. Development of advanced coils is expected to expand the application of these systems during the forecast period.
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Attribute |
Details |
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Base year for estimation |
2018 |
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Actual estimates/Historical data |
2015 - 2017 |
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Forecast period |
2019 - 2026 |
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Market representation |
Revenue in USD Million and CAGR from 2019 to 2026 |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Country scope |
U.S., Canada, UK, Germany, Italy, France ,Spain China, India, Japan, Thailand, South Korea, Mexico, Brazil, Argentina, Columbia, Saudi Arabia South Africa, UAE |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors and trends |
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15% free customization scope (equivalent to 5 analyst working days) |
If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization |
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 2015 to 2026. For the purpose of this study, Grand View Research has segmented the global Magnetic Resonance Imaging market report on the basis of architecture, field strength, application, end use, and region:
Architecture Outlook (Revenue, USD Million, 2015 - 2026)
Closed System
Open System
Field Strength Outlook (Revenue, USD Million, 2015 - 2026)
Low Field Strength
Mid Field Strength
High Field Strength
Application Outlook (Revenue, USD Million, 2015 - 2026)
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
Abdomen
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, 2015 - 2026)
Hospitals
Imaging Centers
Ambulatory Surgical Centers
Others
Regional Outlook (Revenue, USD Million, 2015 - 2026)
North America
U.S.
Canada
Europe
U.K.
Germany
Italy
France
Spain
Asia Pacific
India
China
Japan
Thailand
South Korea
Latin America
Brazil
Mexico
Argentina
Columbia
Middle East & Africa
South Africa
Saudi Arabia
UAE
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