Magnetic Resonance Imaging Market to Incur Meteoric Growth During 2021 to 2028: Grand View Research Inc.

 MRI Market Growth & Trends

The global magnetic resonance imaging market size is expected to reach USD 8.5 billion by 2028. The market is expected to expand at a CAGR of 6.0% from 2021 to 2028. The growing prevalence of chronic diseases and increasing demand for early diagnostic techniques are the factors expected to drive the market. In addition, the growing adoption of less invasive procedures is also contributing to the growth of the market. Moreover, the growing number of clinical trials to understand the effectiveness and efficiency of magnetic resonance imaging (MRI) machines in various clinical applications is also expected to boost market growth.

End-users such as research institutes and universities are frequently studying the efficiency of MRI devices with high field strength such as 7T, 10T, and 10.5T. The growing number of research studies will help in unlocking the potential usage and advantages of high field MRI machines for various preclinical as well as clinical applications. Currently, 7T MRI machines are only effective in brain and knee imaging, largely due to the absence of advance coil required for these high field machines. Therefore, the development of advance coils to expand the application of 7T MRI machines is expected to propel market growth during the forecast period.

Key market players are adopting various strategies such as mergers and acquisitions, collaborations, and partnerships to be competitive in the market. Aurora Imaging Technology entered into a distribution agreement with Sumec Group Corporation. Under this distribution agreement, Sumec Corporation will distribute MRI portfolio ofAurora Imaging Technology in China. This, in turn, is helping both the companies in geographical expansion.

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MRI Market Report Highlights

• Adoption of advanced imaging technologies is augmenting the growth of the market
• Open system is anticipated to be the fastest growing segment during the forecast period due to its efficiency to accommodate all size of patients without feeling claustrophobic
• MRI for neurological and brain disorders dominated the market largely due to growing number of neurological conditions and increasing demand for less invasive diagnostic procedure
• The high field segment is expected to experience fastest growth largely due to its efficiency to provide detailed images for diagnosis
• Ambulatory surgical centers are expected to exhibit highest growth rate during the forecast period. Government initiatives to improve primary care is one of the major factor impacting the segment growth
• In 2020, North America dominated the magnetic resonance imaging (MRI) market and accounted for the largest revenue share owing to continuous research and high adoption of advanced techniques in the region
• Asia Pacific is anticipated to witness the fastest growth rate over the forecast period due to growing number of clinical studies in the region for high field MRI machines

MRI Market Segmentation

Grand View Research has segmented the global magnetic resonance imaging market based on architecture, field strength, application, end-use, and region:

MRI Architecture Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

• Closed System
• Open System

MRI Field Strength Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

• Low Field Strength
• Mid Field Strength
• High Field Strength

MRI Application Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

• Brain and neurological
  • Low Field Strength
  • Mid Field Strength
  • High Field Strength
• Spine and musculoskeletal
  • Low Field Strength
  • Mid Field Strength
  • High Field Strength
• Vascular
  • Low Field Strength
  • Mid Field Strength
  • High Field Strength
• Abdominal
  • Low Field Strength
  • Mid Field Strength
  • High Field Strength
• Cardiac
  • Low Field Strength
  • Mid Field Strength
  • High Field Strength
• Breast
  • Low Field Strength
  • Mid Field Strength
  • High Field Strength
• Other
  • Low Field Strength
  • Mid Field Strength
  • High Field Strength

MRI End-use Outlook (Revenue, USD Million, 2016 - 2028)

• Hospitals
• Imaging Centers
• Ambulatory Surgical Centers
• Others

MRI Regional Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
  • Italy
  • France
  • Spain
  • Sweden
  • Russia
  • The Netherlands
  • Austria
  • Belgium
  • Denmark
  • Norway
  • Portugal
  • Finland
• Asia Pacific
  • India
  • China
  • Japan
  • Thailand
  • South Korea
  • Singapore
  • Malaysia
  • Philippines
  • Taiwan
  • Indonesia
  • Vietnam
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Chile
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar

List of Key Players of Magnetic Resonance Imaging Market

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

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.