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MRI Systems Market to Reach $7.9 billion by 2023

Published Date:   November 2018

MRI systems market is expected to reach $7.9 billion by 2023, according to P&S Intelligence.

Rising prevalence of chronic diseases, surging geriatric population, growing awareness on the early diagnosis of diseases, and technological advancements are the key factors boosting the market growth, globally.

Insights into the market segments

On the basis of architecture, the MRI systems market has been categorized into closed and open MRI. Of the two, open imaging systems are expected to witness faster market growth during the forecast period. The market for these systems is projected to reach $1,730.0 million by 2023, registering a CAGR of 6.5% during the forecast period. Since the elderly are often uncomfortable with the idea of undergoing long-duration MRI scanning in closed MRI settings, the demand for open imaging systems is expected to be high during the forecast period.

Based on type, the MRI systems market has been classified into fixed and mobile systems. In 2017, fixed systems generated revenue of $5,349.3 million in the MRI systems market. This can be mainly attributed to the high adoption of these imaging systems in hospitals and diagnostic centers.

The MRI systems market has also been categorized into high-field, very-high-field, low-to-mid-field, and ultra-high-field imaging systems. High-field systems generated the highest revenue in the MRI systems market during the historical period, with a contribution of $3,031.7 million in 2017. This can be mainly ascribed to the fact that a high-field imaging system has faster imaging capability as comparison to low-field-strength systems and is primarily used for the scanning of the abdomen and the chest.

MRI systems are used for the imaging of the brain, head, and neck; spine; pelvis and abdomen; breast; musculoskeletal; vascular; cardiac; and other areas. Brain, head, and neck imaging is the largest application area of these systems, in terms of both market size and growth. MRI systems are largely used for the scanning of the brain, head, and neck, owing to the increasing number of brain injury cases reported globally.

Browse report overview with 215 tables and 61 figures spread through 234 pages and detailed TOC on "MRI Systems Market by Architecture (Closed, Open), by Type (Fixed, Mobile), by Field Strength (High Field, Very High Field, Low to Mid Field, Ultra-High Field, by Application (Brain, Head, & Neck, Spine, Musculoskeletal, Vascular, Pelvic & Abdomen, Breast, Cardiac), by End User (Hospitals & Clinics, Diagnostic Centers), by Geography (U.S., Canada, Germany, France, U.K., Italy, Spain, Japan, China, India, Brazil, Mexico) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/mri-market

Market is projected to witness the fastest growth in Asia-Pacific (APAC)

During the forecast period, the MRI systems market is expected to witness the fastest growth in the APAC region, with 6.0% CAGR. The market in the region is primarily driven by improving healthcare infrastructure, increasing prevalence of chronic diseases, and technological advancements in imaging modalities. According to Cancer Australia, a cancer control agency by the Australian Government, 127,887 new cases of cancer were diagnosed in Australia in 2014, and the number is expected to reach 138,321 by the end of 2018. Surging geriatric population is another key factor driving the growth of the APAC MRI systems market. According to the World Bank, the population of the elderly in the total population of APAC increased from 6.9% in 2000 to 8.7% in 2017.

Market players are collaborating with healthcare firms and academic institutes to offer advanced products

Companies operating in the MRI systems industry are collaborating with healthcare firms and academic institutes to offer innovative products. For instance, in March 2018, Koninklijke Philips N.V. (Philips) and Hologic Inc. entered into an agreement to provide a complete set of innovative diagnostic imaging systems, software, and services for women healthcare. Under the agreement, both the companies will select products from each other’s portfolios as a part of multi-modality deals for hospitals and health systems. Hologic Inc. offers mammography technologies, whereas Philips’ portfolio of diagnostic systems includes ultrasound, MRI, computed tomography (CT), and X-ray systems, and advanced informatics and related services.

Besides, in March 2018, Canon Medical Systems Corporation entered into a collaborative agreement with Kumamoto University and the University of Bordeaux to conduct research on the application of deep learning reconstruction (DLR), an artificial intelligence (AI) based technology in MRI. DLR is a reconstruction technology that helps eliminate noise from images.

Some of the other key players operating in the global MRI systems market are Siemens AG, General Electric Company, Esaote S.p.A., Hitachi Ltd., Fonar Corporation, Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Neusoft Medical Systems Co. Ltd., AURORA HEALTHCARE US CORP, Bruker Corporation, Time Medical Holdings, and Aspect Imaging Ltd.

GLOBAL MRI SYSTEMS MARKET SEGMENTATION

By Architecture

  • Closed MRI
  • Open MRI

Market Segmentation by Field Strength

  • High (1.5 T)
  • Very High (3 T)
  • Low to Mid (<1 T)
  • Ultra-High (7 T and Above)

Market Segmentation by Type

  • Fixed MRI
  • Mobile MRI

Market Segmentation by Application

  • Brain, Head, and Neck
  • Spine
  • Musculoskeletal
  • Vascular
  • Pelvic and Abdomen
  • Breast
  • Cardiac
  • Others

Market Segmentation by End User

  • Hospitals and Clinics
  • Diagnostic Centers
  • Others

Market Segmentation by Geography

  • North America MRI Systems Market
    • By architecture
    • By field strength
    • By type
    • By application
    • By end user
    • By country
      • U.S. MRI systems market
        • By architecture
        • By field strength
        • By type
        • By application
        • By end user
      • Canada MRI systems market
        • By architecture
        • By field strength
        • By type
        • By application
        • By end user
      • Europe MRI Systems Market
    • By architecture
    • By field strength
    • By type
    • By application
    • By end user
    • By country
      • Germany MRI systems market
        • By architecture
        • By field strength
        • By type
        • By application
        • By end user
      • France MRI systems market
        • By architecture
        • By field strength
        • By type
        • By application
        • By end user
      • U.K. MRI systems market
        • By architecture
        • By field strength
        • By type
        • By application
        • By end user
      • Italy MRI systems market
        • By architecture
        • By field strength
        • By type
        • By application
        • By end user
      • Spain MRI systems market
        • By architecture
        • By field strength
        • By type
        • By application
        • By end user
  • Asia-Pacific (APAC) MRI Systems Market
    • By architecture
    • By field strength
    • By type
    • By application
    • By end user
    • By country
      • Japan MRI systems market
        • By architecture
        • By field strength
        • By type
        • By application
        • By end user
      • China MRI systems market
        • By architecture
        • By field strength
        • By type
        • By application
        • By end user
      • India MRI systems market
        • By architecture
        • By field strength
        • By type
        • By application
        • By end user
  • Latin America (LATAM) MRI Systems Market
    • By architecture
    • By field strength
    • By type
    • By application
    • By end user
    • By country
      • Brazil MRI systems market
        • By architecture
        • By field strength
        • By type
        • By application
        • By end user
      • Mexico MRI systems market
        • By architecture
        • By field strength
        • By type
        • By application
        • By end user
  • Middle East and Africa (MEA) MRI Systems Market
    • By architecture
    • By field strength
    • By type
    • By application
    • By end user