Magnetic Resonance Imaging (MRI) Market Size, Share & Trends Analysis Report By Field Strength (Mid, High), By Architecture (Open System, Closed System), By End-use (Hospitals, ASCs), By Application, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the magnetic resonance imaging market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for magnetic resonance imaging market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of magnetic resonance imaging market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Magnetic Resonance Imaging Market Categorization:

The magnetic resonance imaging market was categorized into five segments, namely architecture (Open system, Closed system), field strength (Low Field Strength, Mid Field Strength, High Field Strength), application (Obstructive Sleep Apnea, Brain and neurological, Spine and musculoskeletal, Vascular, Abdominal, Cardiac, Breast), end-use (Hospitals, Imaging Centers, Ambulatory Surgical Centers), and region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The magnetic resonance imaging market was segmented into architecture, field strength, application, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The magnetic resonance imaging market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; the UK; Germany; Italy; France; Spain; Sweden; Denmark; Norway; China; India; Japan; Thailand; South Korea; Australia; Mexico; Brazil; Argentina; Saudi Arabia; South Africa; UAE; Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Magnetic resonance imaging market companies & financials:

The magnetic resonance imaging market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• GE Healthcare: GE Healthcare is a subsidiary of General Electric (GE). It is a manufacturer and marketer of diagnostic equipment and reagents, especially in the field of medical imaging. The company offers dyes that are used in MRI and CT machines. It develops products for information technology, medical diagnostics, patient monitoring systems, radiography, fluoroscopy, hemodynamic recording, ultrasound, mammography, ventilators, diagnostic ECG, and interventional image-guided systems. The company operates in more than 100 countries.

• FUJIFILM Corporation: FUJIFILM Corporation is a leading provider of innovative diagnostic imaging products and informatics solutions for healthcare sector. Its medical imaging portfolio includes solutions for digital radiography, mammography, computed tomography, Magnetic Resonance Imaging (MRI), ultrasound, endoscopy, and endo-surgery.

• Koninklijke Philips N.V.: Koninklijke Philips N.V. is one of the global leaders in medical technology. It focuses on several aspects of the health continuum, such as diagnosis, treatment, and home care. The company operated in image-guided therapy, diagnostic imaging, health informatics, and patient monitoring. It offers products and services vital for patients living with chronic conditions and undertakes R&D efforts and manufactures products to help meet the growing demand in healthcare.

• Siemens Healthineers: Siemens Healthineers, formerly known as Siemens Healthcare, is a company that provides medical technology, software solutions, and clinical consulting services to healthcare stakeholders. The company’s business is divided into six segments, namely, diagnostic imaging, laboratory diagnostics, advance therapies, ultrasound, and point-of-care diagnostics & services. Over 12.0% of the company’s total sales are generated from the medical diagnostics equipment and health care division.

• Canon Medical Systems Corporation: Toshiba Medical Systems Corporation was acquired by Canon, Inc. in December 2016. Post-acquisition, the company’s name was changed to Canon Medical Systems Corporation in 2018. This is a medical device company that manufactures and distributes diagnostic imaging products and services. The products and services offered by the company include CT, MRI, low-dose imaging, and X-ray systems.

• Esaote SpA: Esaote SpA is an industrial group that provides imaging solutions related to ultrasound and MRI, which complements healthcare IT and technical interventional products. It offers imaging systems for prevention, diagnosis, and treatment of diseases. The company has subsidiaries in the U.S., China, Germany, Netherlands, France, Spain, Argentina, Brazil, and India.

• Neusoft Corporation: Neusoft Corporation is an industry leader in providing clinical diagnosis and treatment solutions. The company offers patients cutting-edge, high-quality medical imaging solutions with about 42,000 installations in more than 110 countries. The company constantly innovates its portfolio for medical imaging diagnosis and clinical solutions in CT, MRI, PET, DSA, XR, RT, US, and IVD. The company has subsidiaries in the U.S., UAE, Peru, Russia, Brazil, Kenya, Germany, Korea, Thailand, and Vietnam.

• Sanrad Medical Systems: Sanrad Medical Systems is a privately held Indian company. It has established itself as the industry leader in providing import and export services as well as outstanding sales and support for genuine, pre-owned diagnostic imaging equipment from Toshiba and Sina Healthcare. The company is dedicated to laying the groundwork for the next wave of medical revolution in the nation. The company has over 500 successful installations, 10 support offices, and 100 employees spread across the nation.

• Aspect Imaging Ltd.: Aspect Imaging Ltd. is a privately owned company dealing into designing and development of compact, affordable, yet powerful MRI systems. Also, the company offers point of care MRI systems, including Neonatal MRI systems, developed to assist the patient-centered diagnostic capabilities inside the NICU. Moreover, the M-Series compact MRI systems have a wide variety of in vitro & in vivo applications, curated for pre-clinical research market

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Magnetic Resonance Imaging Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Magnetic Resonance Imaging Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.