Magnetic Resonance Imaging Market – Global Forecast up to 2025

  • Product Code:
  • Published Date:
    17 Jul 2021
  • Region:
  • Pages:
  • Category:
    Healthcare & Pharmaceuticals
  • Publisher:

Impact Analysis on the Growth of Market

Activating Probable Propositions Amidst COVID-19 Crisis

With things going haywire, we analyze key points to make sure that the businesses around the globe are completely prepared to tackle potential implications caused by COVID-19. Be it protecting employees, customers or the overall business operations, we ensure that the employers take the right decisions, make strategic investments and maintain a healthy work culture along with taking probable measures to minimize the financial loss. Know More


Market Overview:

Global Magnetic Resonance Imaging Market: Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025
[128 pages report] This market research report includes a detailed segmentation of the global magnetic resonance imaging market by product type (closed MRI systems and open MRI systems), by field (low field MRI systems, high field MRI systems, and very high MRI systems), by applications (cardiology, neurology, oncology, gastroenterology, musculoskeletal, and others), by end-users (hospitals, ambulatory care, diagnostic centers, and others), and by regions (North America, Europe, APAC, and RoW).
Research Overview
Infoholic Research predicts that the global magnetic resonance imaging market will grow at a CAGR of 7.5% during the forecast period. Medical imaging is growing substantially as it is the primary tool for diagnosing a wide range of diseases. The development of computer-aided diagnostics that have integrated in radiology services has enabled to diagnose and produce high quality images and expand the reach and improving the quality of diagnosis. Today there are many challenges faced by radiologists and the most common diagnostic issue is the collection of data about patients in larger volume that is complex. However, EMR and EHR are used to smoothen the process flow, whereas AI is leveraging the cloud-based features with imaging softwares and solutions that will solve many problems of radiologists.
The market is witnessing drastic changes in technology that has led to high adoption of MRI systems across various chronic diseases examination. Further, the advancements in Artificial Intelligence (AI) is replacing human analysis. Increase incidence of chronic diseases, rise in geriatric population, growing awareness about early benefits of diagnosis, and introduction of advanced MRI systems with better image quality is driving the market.

The market is fueled by innovation and new technological techniques & procedures. The increase in demand for more advanced & customized diagnosis and treatment with availability of vast healthcare services globally have pushed the market to produce safe, efficient, and cost-effective products in the market. The advancement in technology has shifted most of the developed economies towards 3T product segments for high quality images. The last two decades have witnessed an unparalleled growth in advanced and innovative technologies, which resulted in the development of state-of-the-art medical device industry.
Segmentation by Product Type:
• Closed MRI Systems
• Open MRI Systems
The closed MRI systems are the most widely and commonly used equipment in hospitals and diagnostics centers across the globe. These are long and capsule like MRI scans that give high quality images. They share the maximum revenue in the global MRI market and is expected to grow steadily in the market.
Segmentation by Applications:
• Cardiology
• Neurology
• Oncology
• Gastroenterology
• Musculoskeletal
• Others
In 2018, the cardiology segment accounted for the maximum share with increased use of angioplasty, stenting, and pacemakers’ procedures.
Segmentation by End-users:
• Hospitals
• Ambulatory Care
• Diagnostic Centers
• Others
In 2018, hospitals gained the highest share in the global magnetic resonance imaging market with large volumes of diagnostics and treatments globally.
Segmentation by Regions:
• North America
• Europe
• RoW
According to Infoholic Research analysis, North America accounted for the largest share of the global magnetic resonance imaging market in 2018. In North America, the US and Canada are the leading countries. Europe is the second leading region. The market in Europe was largely driven due to advances in medical imaging technologies. Factors such as increase in the prevalence of diseases, continuous adoption of advanced technologies, and increasing aging population are driving the market. The leading countries are Germany, France, UK, and Italy to the market. This region dominates the overall presence of ultrasound devices and has the most diversified MRI systems available in the market. It has the highest percentage of elderly population with many individuals with chronic diseases such as CVD, diabetes, obesity, high blood pressure, and other neurology related disorders.
The APAC region is expected to grow faster due to increase in sales of new MRI systems in the coming years. This is due to high demand for imaging equipment due to rapid increase in the number of hospitals and diagnostic laboratories, especially in countries such as India and China.
Competitive Analysis – The competition in the magnetic resonance imaging industry is intense and has immense potential opportunity for vendors (especially technology service providers) to integrate with medical devices for new product launches. The market in the developed countries is witnessing increased adoption of MRI systems for high-quality imaging, screening, and diagnosing due to improved access and encouragement from the government & other healthcare institutions. The market is highly dynamic with the presence of few big players accounting for more than 65% share in the overall market. Pureplay vendors such as Aspect Imaging has introduced the world’s first complete and most effective permanent magnet simultaneous PET/MRI solution for preclinical research. The company has wide range of applications with top quality multimodality imaging tools. The vendors are focusing on developing strategic alliances with companies that manufacture medical imaging systems to leverage their products and widen their customer base by delivering for unmet medical needs.
Key Vendors:
• Siemens Healthineers
• GE Healthcare
• Fujifilm Holdings Corp.
• Philips Healthcare
• Canon Medical Systems
Key Competitive Facts:
• The market is highly competitive with all the players competing to gain the market share. Intense competition, rapid advancements in technology, frequent changes in government policies, and the prices are key factors that confront the market.
• The requirement of high initial investment, implementation, and maintenance cost in the market are also limiting the entry of new players.
• Responding to competitive pricing pressures specific to each of our geographic markets
• Protection of proprietary technology for products and manufacturing processes
Benefits – The report provides complete details about the usage and adoption rate of magnetic resonance imaging systems. Thus, the key stakeholders can know about the major trends, drivers, investments, vertical player’s initiatives, and government initiatives towards the medical devices segment in the upcoming years along with details of the pureplay companies entering the market. Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders in order to expand their business and capture the revenue in specific verticals and to analyze before investing or expanding the business in this market.
Key Takeaways:
• Understanding the potential market opportunity with precise market size and forecast data.
• Detailed market analysis focusing on the growth of the magnetic resonance imaging industry.
• Factors influencing the growth of the magnetic resonance imaging market.
• In-depth competitive analysis of dominant and pureplay vendors.
• Prediction analysis of the magnetic resonance imaging industry in both developed and developing regions.
• Key insights related to major segments of the magnetic resonance imaging market.
• The latest market trend analysis impacting the buying behavior of the consumers.
Key Stakeholders:

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys  & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook


Table of Contents
1 Industry Outlook 11
1.1 Medical Devices Industry 11
1.1.1 Overview 11
1.1.2 Medical Technologies 14
1.1.3 Industry Trends 16
1.2 Healthcare Spending in the US 17
1.3 Regulatory Bodies & Standards 17
1.4 Reimbursement Scenario 18
1.5 Emerging Global Markets 20
1.6 Patient Demographics 21
1.7 Medical Imaging 23
1.7.1 Overview 23
1.7.2 Definition: Magnetic Resonance Imaging 24
1.7.3 Why Magnetic Resonance Imaging? 24
1.7.4 PESTLE Analysis 26
2 Report Outline 28
2.1 Report Scope 28
2.2 Report Summary 28
2.3 Research Methodology 30
2.4 Report Assumptions 30
3 Market Snapshot 31
3.1 Total Addressable Market (TAM) 31
3.2 Segmented Addressable Market (SAM) 32
3.3 Opportunity Analysis 35
3.4 Strategic Initiatives 36
3.5 Related Markets 37
3.5.1 Ultrasound Devices 37
3.5.2 Medical X-ray Equipment 37
3.5.3 Medical Imaging 37
3.5.4 Mammography Devices 38
3.5.5 Healthcare X-ray Detectors 38
3.6 Porter 5 (Five) Forces 39
4 Market Characteristics 40
4.1 Market Segmentation 40
4.1.1 Closed Magnetic Resonance Imaging Systems 42
4.1.2 Open Magnetic Resonance Imaging Systems 43
4.2 Magnetic Resonance Imaging Market, By Field 44
4.2.1 Low Field MRI Systems 44
4.2.2 High Field MRI Systems 45
4.2.3 Very High Field MRI Systems 46
4.3 Magnetic Resonance Imaging Market, By Application Type 48
4.3.1 Cardiology 49
4.3.2 Neurology 49
4.3.3 Oncology 49
4.3.4 Gastroenterology 50
4.3.5 Musculoskeletal 50
4.3.6 Others 50
4.4 Market Dynamics 50
4.4.1 Drivers 51 Increase in adoption of MRI systems 51 Rise in investment in advanced diagnostic facilities 52 Government initiatives to propel the overall growth 52 Rise in demand of multi-modality molecular imaging 52
4.4.2 Restraints 53 High cost of MRI devices 53 Low reimbursement/unfavorable reimbursement plans 53 Intense competition among vendors 53 Lack of skilled radiologists 54
4.4.3 Opportunities 54 Emergence of 7T MRI system 54 Medical imaging to integrate with IT 54 Healthcare industry undergoing transformation to move towards affordable and quality care 54 Development in medical imaging 55 Introduction of artificial intelligence to aid radiology 56 Early prevention and diagnosis 56 Big data and analytical tools to enhance healthcare interoperability 56
4.4.4 DRO – Impact Analysis 57
4.5 Key Stakeholders 58
5 Industry Trends 59
5.1 Market Trends & Impact 59
6 Buying Criteria 60
7 End-users 61
7.1 Overview 61
7.2 Hospitals 62
7.3 Ambulatory Care Centers (ASCs) 62
7.4 Diagnostic Centers 63
7.5 Others (Research Centers and Universities) 63
8 Regions 65
8.1 Overview 65
8.2 North America 66
8.2.1 Overview 66
8.3 Europe 68
8.3.1 Overview 68
8.4 APAC 69
8.4.1 Overview 69
8.5 Rest of the World 71
8.5.1 Overview 71
9 Market Attractiveness 74
9.1 Overview 74
9.2 Market Attractiveness by End-users 75
10 Competitive Landscape 76
10.1 Competitor Comparison Analysis 76
10.1.1 Key Competitive Facts 77
11 Vendors Profile 79
11.1 GE Healthcare 79
11.1.1 Overview 79
11.1.2 Business Units 84
11.1.3 Geographic Revenue 86
11.1.4 Business Focus 86
11.1.5 SWOT Analysis 87
11.1.6 Business Strategies 87
11.2 Philips Healthcare 88
11.2.1 Overview 88
11.2.2 Business Units 94
11.2.3 Geographic Revenue 95
11.2.4 Business Focus 95
11.2.5 SWOT Analysis 96
11.2.6 Business Strategies 96
11.3 Siemens Healthineers Inc. 97
11.3.1 Overview 97
11.3.2 Business Units 103
11.3.3 Geographic Revenue 105
11.3.4 Business Focus 105
11.3.5 SWOT Analysis 106
11.3.6 Business Strategies 106
11.4 Fujifilm Holdings Corp. 107
11.4.1 Overview 107
11.4.2 Business Units 112
11.4.3 Geographic Revenue 113
11.4.4 Business Focus 113
11.4.5 SWOT Analysis 114
11.4.6 Business Strategies 114
11.5 Canon Medical Systems Corp. 115
11.5.1 Overview 115
11.5.2 Business Segments 118
11.5.3 Geographic Revenue 118
11.5.4 Business Focus 119
11.5.5 SWOT Analysis 119
11.5.6 Business Strategies 120
12 Companies to Watch for 121
12.1 Aspect Imaging 121
12.1.1 Overview 121
12.1.2 Key Highlights 121
12.1.3 Key News 121
12.2 Hitachi Medical Corp. 122
12.2.1 Overview 122
12.2.2 Key Highlights 122
12.2.3 Key Focus 123
12.3 Hologic Corp. 123
12.3.1 Overview 123
12.3.2 Key Highlights 124
12.3.3 Key News 124
12.4 Accuray Inc. 124
12.4.1 Overview 124
12.4.2 Key Highlights 125
12.4.3 Key News 125
12.5 Aurora Imaging Technology, Inc. 125
12.5.1 Overview 125
12.5.2 Key Highlights 125
12.5.3 Key News 126
13 Other Prominent Vendors 127
14 Annexure 128

Please enter your personal details below
I want to buy this report
I am willing to know the scope of research
I have customized query over this report
Siemens Healthineers
GE Healthcare
Fujifilm Holdings Corp.
Philips Healthcare
Canon Medical System
Please enter your personal details below
I want to buy this report
I am willing to know the scope of research
I have customized query over this report

Related Reports