MRI Systems Market Size
MRI Systems Market size was valued at US$ 6071.26 million in 2022 and is estimated to reach US$ 8697.72 million by 2031, growing at a CAGR of 4.7% during the forecast period (2024-2031).
Magnetic resonance imaging (MRI) is a medical imaging technique, which is used in radiology to produce pictures of the anatomy and the physiological processes of the body. These pictures are further used to diagnose and detect the presence of abnormalities in the body. MRI detects heart and surrounding arteries views and associated troubles.
Market Summary
| Metrics | Details |
| Market CAGR | 4.7% |
| Segments Covered | By Type, By Application, By Field Range, By End-User, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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Market Dynamics
The global MRI systems market growth is driven by the rising awareness about the benefits of early diagnosis, technological advancements leading to the replacement of low-field MRI systems with high-field MRI systems, and the discovery of new helium deposits.
Technological advancements in the strength of MRI will drive the market growth
Technological advancements in MRI techniques, such as superconducting (SC) magnets, open architecture, high-field MRI, and software applications, are generating interest among academic institutes, research laboratories, hospitals, and physicians. Additionally, the advent of MRI-compatible pacemakers will significantly increase the number of patients eligible for MRI procedures. The growth of MRI systems in developed markets such as North America and Europe is mainly driven by replacement. The prime factors responsible for the new wave of replacement include the introduction of MRI scanners with wider patient bores and the replacement of existing MRI systems that have reached optimum utilization.
The global players, such as GE, Siemens, and Philips, have an extensive hold on improving technology, as well as global distribution channels, which helps the increasing number of public and private diagnostic centers around the world. For instance, in 2019, the US Food and Drug Administration (FDA) approved Clariscan developed by GE Healthcare. Clariscan is a gadolinium-based contrast agent indicated for intravenous use with MRI in the brain (intracranial), spine, and associated tissues in adult and pediatric patients, to detect and visualize areas with disruption of the blood brain barrier (BBB) and/or abnormal vascularity. Increasing demand for and development of MRI technology is expected to help the market growth. However, the use of refurbished MRI equipment is also widely preferred in the developing markets, due to its cost-effectiveness and easy availability.
The high cost of MRI system is likely to hamper the market growth
Despite 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 in the developing regions. An average cost of a low to mid-strength MRI machine is more than USD 1 million. In addition, the 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 recall mainly due to stringent regulatory framework is also majorly impacting the market growth.
COVID-19 Impact on Market
Among the majorly used COVID-19 screening options, imaging is preferred by most healthcare professionals, as it provides a primary diagnosis in a short time. All the imaging modalities including magnetic resonance imaging have been used exhaustively to study COVID-19 and its effect on different patients in each demography. Improvements in radiology imaging techniques have enabled the industry to build smaller and portable low-magnetic-field MRIs. People with underlying disease conditions can face more serious complications due to COVID-19. Thus, this may increase the adoption of imaging systems during the pandemic. For instance, in 2020, Hyperfine received the United States FDA clearance to use Swoop for brain imaging across all age groups.
Market Segmentation Analysis
The closed MRI system segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)
The closed MRI system segment dominated the market and accounted for the largest market share 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 are 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, a closed MRI system is always preferred by 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 are expected to boost the segment growth during the forecast period.
Market Geographical Share
North America region holds the largest market share of the global MRI systems market
North America dominated the MRI Systems Market, and it is expected to continue its stronghold for a few more years. This region is expected to increase its market share in the future, owing to the well-established healthcare system of the United States and the initiatives that are being carried out by the various organizations. Siemens and Philips are the leading companies in North America.
The burden of chronic illnesses, like cancer, cardiovascular diseases (CVD), and neurological diseases, is huge in the United States (US). The Centers for Disease Control and Prevention (CDC) estimated that between 2010 and 2020, the number of new cancer cases in the country increased by 24% in men to more than 1 million cases per year, and by about 21% in women to more than 900,000 cases per year. MRI systems are an important part of diagnostics and treatment plans, like radiation therapy. As a result of increasing cancer cases, the demand for MRI is expected to increase in the region.
As a result of this growing demand, many companies have been launching new improved systems to capitalize on the market. In 2017, the US Food and Drug Administration cleared the first seven tesla (7T) magnetic resonance imaging (MRI) devices, more than doubling the static magnetic field strength available for use in the United States. The Magnetom Terra is the first 7T MRI system cleared for clinical use in the United States.
Companies and Competitive Landscape
The MRI systems market is highly competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Siemens Healthineers, GE Healthcare, Canon Medical Systems, Aurora Imaging Technology, Carestream Health, Esaote SpA, GE Healthcare, Hitachi Ltd, Koninklijke Philips NV, Neusoft Medical Systems Co. Ltd among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the anal fistula globally. For instance, in November 2020, Siemens launched its smallest and most lightweight whole-body MRI named High-V MRI. The scanner’s unique combination of digital technologies and the new field strength of 0.55 tesla broadens the range of clinical applications for MRI systems. Magnetom Free. Max considerably improves pulmonary imaging with MRI and allows patients with implants to be scanned much more accurately.
Siemens Healthineers
Overview: Siemens Healthineers AG is a Germany-based company that supplies technology to the healthcare industry. The Company offers a wide range of products and services in the fields of diagnostic and therapeutic imaging, laboratory and point of care diagnostics, and molecular medicine.
Product Portfolio:
MAGNETOM Sola: It is the first 1.5T MRI system with BioMatrix Technology. It automatically adjusts to patient biovariability to overcome unwarranted variations in MRI examinations. The outcome has fewer rescans, predictable scheduling, and consistent, high-quality personalized exams with increased productivity. MAGNETOM Sola with BioMatrix technology embraces human nature expanding precision medicine.
