Magnetic Resonance Imaging Systems Market Size Worth USD 5100 Million by 2030 at 7.30% CAGR – Report by Market Research Future (MRFR)

Magnetic Resonance Imaging (MRI) Systems Market Trends and Insights By Type (Open MRI and Close MRI), Field Strength (High-Field MRI Systems), Disease Application (Brain and Neurological MRI), and by End-Users (Hospitals & Clinics), Competitive Market Growth, Size, Share and Forecast to 2030

New York, New York, UNITED STATES

New York, USA, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Magnetic Resonance Imaging Systems Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), "Magnetic Resonance Imaging Systems Market Information By Type, Field Strength, Disease Application and by End-Users - Forecast Till 2030, the market is expected to reach USD 5,100 Million by 2030 at 7.30% CAGR during the forecast period 2022-2030.

Market Scope

The functional magnetic resonance imaging systems market is one of the rapidly improving market structures which is projected to achieve better future results due to the rising number of cases of tumors, cancers, injuries, and other forms of diseases in the liver, kidneys, bone, and tissues which leads to continuous investments being made towards the establishment and growth of the magnetic resonance imaging systems market size and share. Light is employed in the functional magnetic resonance imaging system, a non-invasive approach that can be used to detect and investigate many diseases and injuries through the imaging system, hence facilitating the proper treatment of these conditions by medical specialists. The disadvantages and risks linked with UV radiations of the radioactive technology have led to the MRI technique gaining widespread adoption across the globe in the healthcare sector.

Because of its effectiveness in diagnosing and localizing brain and vascular illnesses including tumors and strokes, MRI is becoming increasingly popular worldwide. The MRI method's growing popularity can be attributed to its speed and accuracy in making initial diagnoses of specific diseases.

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Report Scope:

Report AttributeDetails
Market Size in 2030USD 5100 Million
Base Year2021
Forecast Period2022-2030
Historical Data2020
Forecast UnitsValue (USD Million)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredBy type, Field strength, Disease Application and End user
Geographies CoveredNorth America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market DriversIncreased number of applications of the MRI technique
Use of MRI technique in the ongoing SARS CoV-2 virus

Magnetic Resonance Imaging Market Competitive Dynamics:

With both new entrants and established competitors making large expenditures in this space, the magnetic resonance imaging systems market has been intensely competitive.

  • Hitachi
  • Siemens AG
  • Canon Medical Systems
  • GE Healthcare
  • Philips
  • Toshiba Corporation
  • Xingaoyi
  • Aurora Imaging Technologies, Inc.

Magnetic Resonance Imaging Systems Market Dynamics:

Market Drivers

Rising populations and per capita incomes are driving demand for more technologically advanced products and equipment, which in turn has been a driving force in the magnetic resonance imaging systems market.

Second, the widespread use of magnetic resonance imaging (MRI) for diagnosing and treating a wide range of disorders has been a crucial factor in the expansion of the industry. The increasing prevalence of diseases and injuries, as well as the application of MRI technology in the current SARS CoV-2 virus, have offered a much-needed boost to the MRI systems industry.

Another factor propelling growth in the worldwide magnetic resonance imaging systems market is the proliferation of health awareness initiatives designed to educate and inspire people everywhere to take better care of their bodies and reduce their risk of contracting preventable diseases. The growth of the magnetic resonance imaging systems market has been fueled in large part by the increasing demand for such systems and the accompanying rise in the price of these systems.

Market Restraints

The rigorous and stringent system of laws and regulations from different governments is a major issue that works as a barrier to expansion in the market share of magnetic resonance imaging systems. Manufacturers are discouraged by the government's stringent oversight of the intrusive techniques used to treat tumors and cancers. This is because the government requires extensive paperwork and documentation to be filed before adopting new technology.

The high price of magnetic resonance imaging systems is another major barrier that has recently emerged. This price prevents most patients who are not adequately equipped with all financial resources from gaining access to these systems, which in turn affects the market share of magnetic resonance imaging systems.

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COVID-19 Analysis:

As a result of the chaos that the covid 19 epidemic caused in the healthcare sector, demand for magnetic resonance imaging systems increased. This is despite the fact that the pandemic had a negative impact on every market segment and health care industry. This is because doctors and nurses rely heavily on imaging for quick diagnosis during the first round of screening.

This suggests that the covid epidemic led to an increase in the need for functional magnetic resonance imaging systems hardware. It's fair to note, though, that a lack of infrastructure in most nations also hampered nurses' and doctors' ability to effectively communicate with patients and limited their use of MRI.

Demand for magnetic resonance imaging devices is forecast to surge once again once covid limitations are relaxed and individuals seek medical attention for a wider range of illnesses.

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Magnetic Resonance Imaging Systems Market Segmentation:

By Type

Open MRI segment is expected to record substantial growth over the review period.

By Field Strength

High-Field MRI Systems segment is likely to grow at a notable CAGR over the forecast period.

By application

Spine and musculoskeletal MRI segment is poised to gain momentum over the review period.

By End-User

Hospital & Clinics segment is expected to dominate the market over the review period.

Magnetic Resonance Imaging Market Regional Analysis

Because of the rising incidence of cancer and the huge senior populations in many Asian countries, the market for magnetic resonance imaging systems is predicted to do well in the Asia-Pacific area. Furthermore, the application subsegment is anticipated to contribute the most to the market share of magnetic resonance imaging systems. China, Japan, Korea, and India are predicted to generate the majority of revenue for the magnetic resonance imaging systems market. According to data collected by magnetic resonance imaging equipment, the rising middle classes of these nations have been driving a shift in consumer preferences and lifestyle. Market expansion in this region might be attributed to rising health consciousness and better medical infrastructure.

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Since most people in industrialized nations like France, Germany, Denmark, Belgium, etc. are getting older and more susceptible to a wide range of ailments, there is a growing market for MRI scans in these countries, contributing to Europe's overall expansion. The market for MRI systems has grown rapidly in these regions as a result of the rapid advancements in technology. The countries in the North American region have been reaping the benefits of technology, increasing productivity while decreasing costs, and as a result, the market share for magnetic resonance imaging systems in the region has been expanding rapidly in recent years.

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