Magnetic Resonance Imaging Systems Market Research Report - Forecast to 2029 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Magnetic Resonance Imaging Systems Market

Industry / Sector 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, over 2,400 units of high to ultra-high (>1.5T) architecture magnetic resonance systems were installed in 2025.

Advancements in the magnetic resonance imaging systems should positively influence industry growth during analysis timeframe. Recent technological advancements in MRI technology have allowed faster contrast scans and greatly simplified imaging workflows. Obtaining multi-contrast MRI images from newly developed MRI system has now become possible. The technology utilized in developing magnetic resonance imaging systems provide clinicians with relevant and accurate data as compared to conventional scanners in less time. Additionally, it delivers ease to users in retrospective manipulation of images that enables higher cost savings. Thus, growing availability of such upgraded MRI systems will foster the industry growth.

Growing public awareness pertaining to early disease diagnosis will serve to be a high impact rendering factor for the magnetic resonance imaging systems market growth. An early disease diagnosis enables the individual to participate in their own legal, financial and long-term care planning. Early diagnosis of orthopaedic, cardiovascular and other diseases significantly increases the probability for successful treatment. Therefore, due to above mentioned reasons, demand for advanced magnetic resonance imaging systems has increased since past few years that should augment the magnetic resonance system market growth. However, high cost of MRI systems may hamper its demand thereby, restraining the market growth.

Market Segmentation, Outlook & Regional Insights: Magnetic Resonance Imaging Systems Market

By Magnetic Field Strength

High to ultra-high segment of magnetic resonance imaging systems market will foresee around 6% growth during the forecast timeframe. High to ultra-high field MRI scanner systems possess sensitivity and helps in providing better quality images. High field exams are obtained in approximately half the time as compared to low field and hence, benefit of reduced test time will propel its adoption. Furthermore, higher SNR (signal to noise) ratio and high spectral resolution provided by high to ultra-high MRI system drives its demand that should propel segmental growth.

Low to medium field scanners segment was valued over USD 165 million in 2018 and is expected to grow substantially in the forthcoming years. Low to medium field scanners utilizes resistive and permanent magnets that offers wide variety of configurations delivering better patient comfort. Also, these scanners are available at lower initial purchase price as the magnetic field strength is low that further boosts its adoption. However, these scanners offer compromised quality of images that should lower the pace of segmental growth.

By Architecture

Open segment of magnetic resonance imaging systems market will experience over 4.5% growth during the analysis timeframe. Open space magnetic resonance imaging system helps in minimizing claustrophobia and provides maximum ease to obese patients. Moreover, cryogen-free open MRI systems that utilizes permanent magnets reduce the maintenance costs proving to be an economical option. Aforementioned factors should boost the segmental growth.

Closed MRI systems of magnetic resonance imaging systems market held around 95% revenue share in 2018. Technological advancements in closed MRI systems and related software are likely to stimulate demand for these systems. Some of the upgraded closed MRI systems available in the market include MAGNETOM Trio 3.0T by Siemens, Brivo MR355 1.5T by GE Healthcare among others. These recently developed MRI systems provides extremely detailed images of soft tissue structure. Therefore, increasing availability of such upgraded closed MRI systems will escalate the segmental growth.

France Magnetic Resonance Imaging Systems Market Size, By Architecture, 2018 (USD Million)

By End-use

Hospitals segment held around 60% revenue share in 2018. Recognizing the competition level among hospitals, large number of hospitals are ensuring that they are equipped with state of art MRI scanners in order to provide quality patient care. As a result, there has been an increase in number of hospitals that strive to provide comprehensive MRI scanning procedures for heart, lungs, abdomen, bones, and breast that ultimately propels the demand for MRI systems. Moreover, availability of skilled staff to operate the advanced MRI systems will increase patients preference towards hospitals thereby, enhancing the segmental growth.

Other end-users include clinics, ambulatory surgical centers and diagnostic centers that is predicted to witness over 6.5% growth in coming years. Segmental growth can be attributed to the growing affordability of above-mentioned healthcare facilities for adopting technologically advanced MRI systems.

By Region

North America magnetic resonance imaging systems market was valued over USD 1 billion in 2018 and will grow significantly in the near future. Considerable segmental growth can be attributed to the increasing geriatric population susceptible to several chronic diseases. Elderly population base requires critical monitoring and diagnosis that surges the demand for MRI systems. Moreover, favourable regulatory scenario for MRI systems in North America should augment the industry growth in the forthcoming years.

Asia Pacific market is projected to witness around 7.5% growth during the analysis timeframe. Growing demand for minimally invasive disease diagnostic tools for scanning spinal, neurological, body, vascular, and orthopaedic conditions will propel industry growth. Moreover, rising number of accidents and trauma cases in countries such as India, China and Japan will increase the demand for MRI systems thereby, elevating the regional growth.

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

Key Players, Recent Developments & Sector Viewpoints: Magnetic Resonance Imaging Systems Market

Few companies operational in magnetic resonance imaging systems market participants included Koninklijke Philips N.V., Hitachi, GE Healthcare, Toshiba, Aurora Imaging Technologies, Siemens, Sanrad Medical Systems, Fonar Corporation, Esaote SpA and Neusoft Medical Systems. These players adopt several strategic initiatives that helps them in maintaining their market position for. Initiatives include acquisitions, mergers and product launches.

Recent industry developments:

In November 2016, Hitachi entered an agreement with Ningbo Jansen NMR Technology to collaboratively develop a high-performance MRI magnet and its sub-segment. This agreement will expand the MRI business of Hitachi.

In March 2018, Philips and Hologic Inc. announced partnership agreement. Collaboration was aimed at providing integrated solutions to professionals by gathering Hologics innovator mammography techniques with Philips diagnostic solutions. This collaboration will foster companys growth.

Magnetic Resonance Imaging (MRI) Systems Industry Viewpoint

Magnetic resonance imaging systems industry can be traced back to late 1970s. Initially, resistive magnets with weak magnetic fields were utilized for producing diagnostic images with low spatial resolution. Though, weak magnets were used, conventional MRIs produced higher resolution images as compared to the CT scanners. Therefore, preference for MRI systems was considerably high even then. In 1980s, superconducting magnets gained momentum. Till late 1990s 1.5 Tesla super conducting magnets were utilized whereas, currently 3 Tesla magnets are used. Furthermore, majority of the MRI systems today use hydrogen nucleus that fosters its efficiency. Due to advancements in technology, conventional MRI systems have been replaced by the advanced MRI systems. Magnetic resonance imaging market is matured in North America and developed regions such as Europe. The scenario is contradictory in underdeveloped and developing countries. In emerging economies, the global market is still in developing stage and is expected to witness growth opportunities in the coming years.

Key Insights Covered: Exhaustive Magnetic Resonance Imaging Systems Market

1. Market size (sales, revenue and growth rate) of Magnetic Resonance Imaging Systems industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Magnetic Resonance Imaging Systems industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Magnetic Resonance Imaging Systems industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Magnetic Resonance Imaging Systems industry.

Research Methodology: Magnetic Resonance Imaging Systems Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.