Global Magnetic Resonance Imaging System Market Size By Technology (High, Mid, Low), By Application (Neurology, Cardiology, Oncology), By Buying Criteria (Premium, Value), By Geographic Scope And Forecast

Magnetic Resonance Imaging System Market Size And Forecast

Magnetic Resonance Imaging System Market size was valued at USD 6.11 Billion in 2023 and is projected to reach USD 7.96 Billion by 2031, growing at a CAGR of 3.7% from 2024 to 2031.

• Magnetic Resonance Imaging (MRI) is a non-invasive medical imaging technique that uses powerful magnetic fields and radio waves to create detailed images of the body’s internal components, such as organs and tissues. MRI is a safer option for repetitive imaging than X-ray-based technologies such as computed tomography (CT) scans since it does not use ionizing radiation.
• Furthermore, the procedure involves aligning the protons in the body with a magnetic field and then disturbing this alignment with radiofrequency pulses, allowing the scanner to capture signals that are then processed into images. MRI is widely employed in various medical applications, including diagnosing brain and spinal cord disorders, evaluating soft tissue injuries, detecting malignancies, and measuring cardiac disorders.

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Magnetic Resonance Imaging System Market Dynamics

The key market dynamics that are shaping the Magnetic Resonance Imaging System Market include:

Key Market Drivers

• Increasing Prevalence of Chronic Diseases: The increasing prevalence of diseases such as cancer, cardiovascular ailments, and neurological conditions is driving up demand for MRI systems. According to the World Health Organization (WHO), cancer is the biggest cause of death worldwide, accounting for approximately 10 million deaths in 2020. The American Cancer Society reports 1,918,030 new cancer cases and 609,360 cancer deaths in the United States in 2022. This growing illness load demands advanced diagnostic technologies such as MRI for early detection and treatment tracking.
• Technological Advancements in MRI Systems: Continuous advancements in MRI technology, such as higher field strength magnets, faster scanning periods, and better image quality, propel market expansion. The United States Food and Drug Administration (FDA) says that over 500 MRI devices have been certified or licensed since 2015, demonstrating a strong pace of technological improvement in the area. These enhancements increase diagnostic accuracy and expand the use of MRI in a diverse range of medical specialties.
• Growing Geriatric Population: The aging global population is a primary driver of the MRI system market, as older people are more likely to have illnesses that require enhanced imaging. According to the United Nations’ World Population Prospects 2019, the number of people aged 65 and more worldwide is expected to more than double, from 703 million in 2019 to 1.5 billion in 2050. According to the Centers for Disease Control and Prevention (CDC), the population aged 65 and up in the United States is predicted to increase from 54.1 million in 2019 to 80.8 million in 2040. This demographic transition is expected to increase demand for diagnostic imaging services, such as MRI scans.

Key Challenges:

• High Costs: The high prices of equipment and installation pose a hurdle to the Magnetic Resonance Imaging System Market. The initial cost of MRI equipment exceeds $1 million, making it difficult for smaller healthcare facilities, particularly in poor nations, to purchase these systems. Furthermore, continuous operational expenditures such as maintenance and helium for cooling put additional strain on finances, limiting the availability of critical diagnostic services in underprivileged areas.
• Stringent Regulatory Compliance: Regulations present an obstacle to the MRI system market. Stringent standards governing safety and efficacy impede the approval process for new technologies and systems. Frequent product recalls owing to compliance difficulties exacerbate market instability and discourage businesses from investing in creative solutions. These regulatory obstacles impede the timely adoption of advances that could enhance diagnostic skills.

Key Trends:

• Development of Hybrid MRI Systems: The development of hybrid MRI systems, which integrate MRI with other imaging modalities like positron emission tomography (PET), is another significant trend. These hybrid systems offer complete diagnostic capabilities by combining functional and anatomical imaging. This integration improves diagnostic accuracy and treatment planning, especially in oncology and neurology, where understanding structure and function is critical for optimal patient management.
• Enhancing Patient Comfort and Accessibility: Open MRI systems and speedier scanning procedures are examples of innovations aimed at reducing the concerns and pain associated with traditional closed MRIs. Advancements such as full-body scanners intended for patients with implants are making MRI more accessible to a wider range of people, including some who were previously unable to have scans for safety reasons. These improvements are critical to increasing the use of MRI in a diverse of healthcare settings.

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Global Magnetic Resonance Imaging System Market Regional Analysis

Here is a more detailed regional analysis of the Magnetic Resonance Imaging System Market:

North America:

• According to Verified Market Research, North America is estimated to dominate the Magnetic Resonance Imaging System Market during the forecast period. North America, especially the United States, has one of the world’s highest healthcare expenditures, facilitating the adoption of advanced medical technologies such as MRI systems. The Centers for Medicare and Medicaid Services (CMS) report that healthcare spending in the United States exceeded USD 4.1 Trillion in 2020, or $12,530 per person. This high spending level enables considerable investments in cutting-edge medical equipment, such as cutting-edge MRI systems.
• Furthermore, the elderly population in North America is a major driver of the MRI system market. According to the United States Census Bureau, the number of Americans aged 65 and up is expected to nearly double, from 52 million in 2018 to 95 million by 2060. According to Statistics Canada, the number of seniors 65 and older is predicted to reach 9.5 million by 2030, accounting for 23% of the Canadian population. This demographic trend is projected to boost demand for diagnostic imaging services, such as MRI scans because older people are more likely to have illnesses that require advanced imaging.

Asia Pacific:

• The Asia Pacific region is estimated to exhibit the highest growth during the forecast period. Many Asia-Pacific countries are significantly boosting healthcare spending and enhancing medical infrastructure. According to the World Health Organization, healthcare expenditure in Southeast Asia increased from 3.5% of GDP in 2000 to 4.4% in 2018. In China, the National Bureau of Statistics estimated that healthcare spending exceeded 7.12 trillion yuan (about USD 1.1 trillion) in 2020, up 10.2% from the previous year. This increased investment is accelerating the deployment of innovative medical technologies such as MRI systems throughout the region.
• Furthermore, the Asia Pacific region has a big and growing aging population, which is a major driver of the MRI system market. According to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the Asia-Pacific region’s elderly population is predicted to more than double, from 630 million in 2020 to around 1.3 billion by 2050. In Japan, which is leading this trend, the Cabinet Office indicated that persons aged 65 and older made up 28.7% of the total population in 2020, and this number is expected to rise to 35.3% by 2040. This demographic trend is projected to boost demand for diagnostic imaging services, such as MRI scans because older people are more likely to have illnesses that require advanced imaging.

Global Magnetic Resonance Imaging System Market: Segmentation Analysis

The Magnetic Resonance Imaging System Market is Segmented based on Technology, Application, Buying Criteria, and Geography.

Magnetic Resonance Imaging System Market, By Technology

• High-Field MRI Systems
• Mid-Field MRI Systems
• Low-Field MRI Systems

Based on Technology, the market is segmented into High-Field MRI Systems, Mid-Field MRI Systems, and Low-Field MRI Systems. The high-field MRI system segment is estimated to dominate the Magnetic Resonance Imaging System Market due to its capacity to give higher image quality, precision, and sensitivity than lower-field systems. The increasing demand for better diagnostic capabilities in hospitals and diagnostic centers is driving the use of high-field MRI scanners, which are critical for illness identification and treatment planning.

Magnetic Resonance Imaging System Market, By Application

• Neurology
• Cardiology
• Oncology
• Others

Based on Application, the market is segmented into Neurology, Cardiology, Oncology, and Others. The neurology segment is estimated to lead this segment in the forecast period due to the rising prevalence of neurological illnesses such as Alzheimer’s disease, multiple sclerosis, and strokes, which require sophisticated imaging for accurate diagnosis and treatment planning. The capacity of MRI to offer precise images of brain structures and functions increases its utility in neurology, making it the favored diagnostic method among healthcare providers for complex disorders.

Magnetic Resonance Imaging System Market, By Buying Criteria

• Premium
• Value

Based on Buying Criteria, the market is segmented into Premium, and Value. The premium segment is estimated to dominate the market during the forecasted period owing to rising demand for high-quality imaging and advanced features. Healthcare facilities are prioritizing investments in premium systems to improve diagnostic accuracy and patient comfort, as they provide better picture quality and dependability than inexpensive options. This increase reflects a broader commitment to enhancing healthcare outcomes through modern technology, with premium MRI equipment being the preferred option of practitioners and institutions alike.

Key Players

The “Magnetic Resonance Imaging System Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are GE Healthcare, Canon Medical Systems Corporation, Koninklijke Philips N.V., Siemens Healthineers AG, Hitachi Ltd., Esaote SpA, Magnetica, and AllTech Medical Systems.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Magnetic Resonance Imaging System Market Recent Developments

• In November 2022, Siemens Healthineers introduced the Magnetom Viato, a mobile MRI system equipped with the latest advancements and designed for use in any location. Additionally, they launched the Magnetom Free. Star, is a whole-body MRI scanner with AI-based reconstruction algorithms for superior image quality.
• In November 2021, GE Healthcare unveiled the SIGNA Hero, a new 3.0T MRI system featuring enhanced image quality, improved productivity, and a focus on patient care.

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