Pune, India, July 24, 2023 (GLOBE NEWSWIRE) -- The global magnetic resonance imaging equipment market size was valued at USD 7.08 billion in 2022 and is expected to be worth USD 7.48 billion in 2023. The market is projected to reach USD 11.50 billion by 2030, recording a CAGR of 6.3% during the forecast period.
Magnetic resonance imaging, also known as MRI, is one of the most sought-after diagnostic technologies. It is often regarded as an indispensable part of treating, diagnosing, and managing a wide range of chronic illnesses. Magnetic resonance imaging equipment offer high-quality images of any abnormalities found in the human body, helping surgeons decide their treatment plan for patients. The growing incidence of chronic diseases has boosted the demand for advanced imaging mechanisms, thereby fueling the magnetic resonance imaging equipment market growth.
Fortune Business Insights™ displays this information in a report titled, "Magnetic Resonance Imaging Equipment Market, 2023-2030."
Key Industry Development:
May 2021- RSIP Vision released a new prostate MRI-to-ultrasound registration tool. It offers a reliable method that uses a registered scan of the prostate to visualize information based on an in-op ultrasound image. This provides the surgeon with real-time, precise information on regions near the prostate, visible mainly on the scan.
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Key Takeaways:
- According to the National Library of Medicine, there were 0.60 million cancer deaths and 1.91 million new cases of cancer in the United States in June 2022.
- According to the National Institute of Health (NIH), an estimated 795,000 Americans will have a stroke per year in 2022.
- The market's expansion has also been fueled by the introduction of cutting-edge equipment from major industry players, like Siemens' MAGNETOM Terra, the first 7T MRI system ever approved for clinical use.
Discover the Leading Players Featured in the Report:
GENERAL ELECTRIC COMPANY (GE Healthcare) (U.S.), Siemens Healthineers AG (Germany), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), Hitachi, Ltd. (Japan), Esaote SpA (Italy), Time Medical Holding (Hong Kong), Shenzhen Anke Hi-tech Co., Ltd. (China), Shenzhen Basda Medical Apparatus Co., Ltd. (China), Fonar Corporation (U.S.)
Report Scope
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 6.3% |
| 2030 Value Projection | USD 11.50 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 7.48 Billion |
| Historical Data | 2019 to 2021 |
| No. of Pages | 140 |
Drivers and Restraints:
Growing Incidence of Chronic Diseases to Boost Market Growth
The demand for advanced medical imaging technologies has witnessed a strong rise in recent years as the incidence of acute diseases is growing at a worrying pace. With the help of a reliable and advanced imaging system, medical professionals can better diagnose, treat, and manage a wide range of chronic ailments. MRI systems are considered one of the most important techniques of treating diseases as they have excellent imaging properties. These factors will accelerate the market progress.
However, high cost of MRI systems can limit their sales and restrict the market’s development.
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Segments:
1.5 T Strength MRI Systems to Gain Major Traction Due to Large Installed Base
Based on strength, the market is segmented into less than 1.5 T, 1.5 T, and more than 1.5 T. The 1.5 T strength segment is anticipated to capture the largest magnetic resonance imaging equipment market share during the forecast period is this system has a vast installed base.
Growing Number of Procedures to Fuel Product Application in Musculoskeletal Applications
Based on application, the market is divided into musculoskeletal, neurology, cardiology, body imaging, and others. The musculoskeletal segment is set to dominate the market as the number of procedures to treat these conditions is increasing, thereby boosting the use of MRI systems.
Hospitals to Extensively Use MRI Systems Due to Availability of Complex & Advanced Infrastructure
In terms of end-user, the market is divided into hospitals & ASCs and diagnostic centers. The hospitals & ASCs segment is predicted to account for the largest market share as these end-users have an advanced and complex infrastructure in place, which can ease the operation of magnetic resonance imaging equipment.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
By Strength
- Less than 1.5 T
- 1.5 T
- More than 1.5 T
By Application
- Musculoskeletal
- Neurology
- Cardiology
- Body Imaging
- Others
By End-User
- Hospitals & ASCs
- Diagnostic Centers
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Regional Insights:
Asia Pacific Market to Grow Considerably with Rising Use of Advanced Medical Systems
Asia Pacific is expected to dominate the global market as this region is increasing the adoption of innovative medical technologies and has a wide patient base. Many end-users across the region are becoming aware of the availability of various diagnostic systems, thereby bolstering the regional market’s growth.
North America also held a considerable market share as the region is investing in expensive & high-strength imaging systems and raising its expenditure on healthcare.
Competitive Landscape:
Key Players to Create Diverse Product Portfolio to Cement their Market Positions
The market is a mix of well-known as well as emerging companies, with the former having a strong revenue margin and customer base and the latter accounting for a lesser share of the market. These firms are focusing on creating a diverse and strong product portfolio to strengthen their market position.
FAQ’s
How big is the Magnetic Resonance Imaging Equipment Market?
Magnetic Resonance Imaging Equipment Market size was USD 7.48 Billion in 2023.
How fast is the Magnetic Resonance Imaging Equipment Market growing?
The Magnetic Resonance Imaging Equipment Market will exhibit a CAGR of 6.3% during the forecast period, 2023-2030
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