Magnetic Resonance Imaging Market Analysis, Key Players, and Forecasts Till 2030

Magnetic Resonance Imaging Industry Overview

The global magnetic resonance imaging market size was valued at USD 4.8 billion in 2021 and is expected to expand at a CAGR of 7.1% from 2022 to 2030.

Magnetic Resonance Imaging (MRI) is an efficient diagnostic machine for identifying diseases related to spine lesions, tumors, and strokes impacting the area of blood vessels and the brain. The increasing prevalence of diseases is driving the market growth. For instance, as per the International Agency for Research on Cancer, in 2020, 19,292,789 new cancer cases were recorded globally. In addition to this, the growing demand for quick and effective diagnostic procedures is expected to contribute to the adoption of MRI machines. Various countries are installing these MRI machines. As per OECD, in 2020 the number of MRI units installed in the U.S. was 34.54 per million population. Furthermore, the integration of artificial intelligence in MRI is also expected to boost market growth.

Gather more insights about the market drivers, restrains and growth of the Global Magnetic Resonance Imaging Market

For instance, in November 2021, Philips announced the launch of an AI-enabled MR imaging portfolio, which is intended to improve the efficiency and sustainability of radiology operations by speeding up MR exams, streamlining workflows, improving diagnostic quality, and ensuring the efficiency and sustainability of radiology operations.

Advancements in diagnostic techniques such as open MRI, visualization software, and superconducting magnets are fueling the growth of the MRI market. The recent advances seen in MRI technology are mainly on the software. Moreover, the development of cardiac pacemaker-compatible MRI systems is also expected to propel the market growth in the cardiology segment. Furthermore, various paramagnetic contrast agents such as gadolinium-DTPA are used as an intravenous injection to provide sharp, precise, and accurate images within a shorter time frame. These technological advancements in MRI are expected to propel market growth during the forecast period.

The MRI manufacturers have continued to innovate with newer technology and artificial intelligence (AI)-based solutions. This helped radiologists to effectively and efficiently understand COVID-19-related diseases and residual symptoms.MRI is expected to play a crucial role, as clinicians monitor patient recovery and look for the underlying reasons for long-term COVID-19 symptoms. Despite, the growing need for MRI machines in the diagnosis of COVID-19, the reduction in diagnostic screening (a decline of 47.5% was observed in 2020 compared to 2019) has led to the decline of the market in 2020.

Moreover, economic setbacks led to the reduced sales of newer MRI machines by end-users, and a halt in logistics and national lockdowns also reduced the production capacity of market leaders. Thus, the market declined in 2020 but it is said to bounce back by Q2 of 2022. Various recent advancements such as diffusion and diffusion tensor imaging with tractography, neuroimaging including MR spectroscopy, perfusion imaging, and functional imaging using the bold technique are expected to boost the market growth during the forecast period. Also, the growing development of intraoperative MRI and its in applications such as neurosurgery is expected to propel the market growth.

Moreover, diffusion-weighted MR imaging is mainly used to detect stroke within 30 minutes of its occurrence. Therefore, advancements in MRI machines to enhance their usage for various applications are expected to drive market growth during the forecast period. High magnetic frequency MRI systems are gaining pace and various universities are researching these systems. In February 2018, scientists at the University of Minnesota performed an MRI of the human body using a 10.5T MRI machine. This machine is expected to open new avenues in the diagnosis of a wide range of diseases such as Alzheimer’s, heart disease, diabetes, and cancer.

Despite various advantages associated with MRI system, the costs incurred in buying and installing these machines is significant, which in turn is impacting the market growth, especially in the developing regions. An average cost of a low to mid-strength MRI machine is more than USD 1 million. In addition, the increasing requirement of depleting deposits of helium gas for cooling MRI machines is resulting in increasing wait time and is reducing productivity. Delayed product approval and frequent product recall mainly due to stringent regulatory framework is also majorly impacting the market growth.

Browse through Grand View Research’s Medical Imaging Industry Research Reports.

• Photoacoustic Imaging Market – The global photoacoustic imaging market size was valued at USD 61.6 million in 2020 and is anticipated to grow at a compound annual growth rate (CAGR) of 19% over the forecast period.
• Intraoperative Imaging Market – The global intraoperative imaging market size was valued at USD 2.64 billion in 2021 and is anticipated to expand at a CAGR of 6.6% during the forecast period.

 

Key Companies profiled:

Some prominent players in the global magnetic resonance imaging market include

• GE Healthcare
• Siemens AG
• Toshiba Corporation
• Aurora Imaging Technologies, Inc.
• Koninklijke Philips N.V.
• Esaote SPA
• Sanrad Medical Systems Pvt ltd
• Fujifilm

Order a free sample PDF of the Magnetic Resonance Imaging Market Intelligence Study, published by Grand View Research.