Global Magnetic Resonance Imaging (MRI) Market Size, Trends, and Growth Opportunity, by Type (Bio-based, Conventional), Process (Direct Esterification, Trans-Esterification), Field Strength (High-Field Magnetic Resonance Imaging (MRI) Systems (1.5t to 3t), Very-High-Field Magnetic Resonance Imaging (MRI) Systems (4t and Above), Low-To-Mid-Field Magnetic Resonance Imaging (MRI) Systems (<1.5t)), Architecture (Wide-Bore Magnetic Resonance Imaging (MRI), Closed Magnetic Resonance Imaging (MRI) Systems, Standard Bore Magnetic Resonance Imaging (MRI), Open Magnetic Resonance Imaging (MRI) Systems), Application (Oncology, Gastroenterology, Musculoskeletal, Neurology, Cardiology, and Other Applications), End Users (Ambulatory Surgical Centers, Hospitals, Imaging Centers, Others) By Region and forecast till 2030.
Global Magnetic Resonance Imaging (MRI) Market
The Global Magnetic Resonance Imaging (MRI) Market was valued at USD 283.99 Billion in 2022 and is slated to reach USD 498.96 Billion by 2030 at a CAGR of 7.29 % from 2023-2030.
To detect the underlying condition, doctors employ magnetic resonance imaging (MRI), a medical process that produces three-dimensional images of the body. It is used to identify malignancies, strokes, and other spinal disorders, which mostly impact the brain and blood vessels. When there is a problem with the neurological system or tissues, this technology is frequently employed. The two main categories of magnetic resource imaging apparatus and machinery are closed MRIs and open MRIs.
Market Drivers
The need for medical imaging technology for diagnosis in various healthcare facilities is rising as a result of growing health concerns. For instance, 150,000 health and wellness centers with a $1.8 billion budget enable India's healthcare system to be more accessible. Major market expansion is being fueled by rising health awareness and the value of health insurance. This element stimulates market expansion. In contrast to conventional imaging systems, many modern MRI machines, including multi-contract MRI scanners, silent MRI scanning technologies, and others, allow radiologists to change the visual contrast of patients after scanning. A cutting-edge high-field open MRI system called the new velocity MRI System was introduced in 2021 by the U.S. medical technology business Fujifilm Healthcare Americas Corporation. The purpose of the new product is to streamline the process and enhance the patient's experience. This component accelerates market expansion.
Market Restraints
When MRI is used, there are significant adverse effects that are noticed. Because the MRI scanner is a tiny, enclosed room, some people with claustrophobia have difficulty fitting inside it. For people with heart pacemakers, metal implants, or metal chips or clips in or around the eyes, it is harmful. These factors so inhibit market expansion. Because they are expensive to produce and maintain, MRI equipment may be prohibitively expensive for some patients and healthcare professionals. The availability of MRI machines in some areas may be constrained by the need for specialized facilities and skilled employees to operate them.
Impact of COVID-19
The epidemic has also caused delays in the shipping of machines and parts by disrupting the world's MRI equipment supply chain. As a result, manufacturers had to modify their production plans to take account of the market's shifting dynamics. However, the pandemic has also opened up prospects for the MRI sector, notably in the area of R&D. The ability to use MRI technology to examine COVID-19 and its effects on the brain, lungs, and other organs has become increasingly important in our understanding of how the disease affects the human body.
Recent Developments
High-V MRI, Siemens' smallest and lightest whole-body MRI, was introduced in 2020. The range of clinical applications for MRI scanners is extended because of its distinctive combination of digital technologies and higher 0.55-tesla field strength.
Market Segmentation
The Global Magnetic Resonance Imaging (MRI) Market is segmented by Type, Field Strength, Architecture, Process, Application, and End Users. By Type such as Bio-based, Conventional. By Processes such as Direct Esterification, and Trans-Esterification. By Field Strength such as High-Field Magnetic Resonance Imaging (MRI) Systems (1.5t to 3t), Very-High-Field Magnetic Resonance Imaging (MRI) Systems (4t and Above), Low-To-Mid-Field Magnetic Resonance Imaging (MRI) Systems (<1.5t). By Architecture such as Wide-Bore Magnetic Resonance Imaging (MRI), Closed Magnetic Resonance Imaging (MRI) Systems, Standard Bore Magnetic Resonance Imaging (MRI), and Open Magnetic Resonance Imaging (MRI) Systems. By Applications such as Oncology, Gastroenterology, Musculoskeletal, Neurology, Cardiology, and Other Applications. By End Users such as Ambulatory Surgical Centers, Hospitals, Imaging Centers, Others
Regional Analysis
The Global Magnetic Resonance Imaging (MRI) Market is segmented into five regions Americas, Europe, Asia-Pacific, and the Middle East & Africa. Due to the rising prevalence of chronic diseases and rising personal disposable income in the region, North America currently controls the majority of the magnetic resonance imaging (MRI) market. Additionally, during the projected period, technological advancements and the rising prevalence of chronic illnesses are anticipated to boost MRI growth. Because of the modern healthcare technology already available in the region, Asia-Pacific is anticipated to experience tremendous growth. Major nations like China, India, and Japan are generating a lot of potential opportunities by accelerating market expansion and increasing the healthcare services sector.
Key Players
This report includes a list of numerous Key Players, namely Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Siemens (Germany), Hitachi Ltd., (Japan), ESAOTE SPA (Italy), General Electric (U.S.), Aspect Imaging Ltd. (Israel), FONAR Corp., (U.S.), Neusoft Corporation (China), AURORA HEALTHCARE US CORP (U.S.), Koninklijke Philips N.V., (Netherlands)
Market Taxonomy
By Type
• Conventional
• Bio-based
By Process
• Trans-Esterification
• Direct Esterification
By Field Strength
• High-Field Magnetic Resonance Imaging (MRI) Systems (1.5t to 3t)
• Low-To-Mid-Field Magnetic Resonance Imaging (MRI) Systems (<1.5t)
• Very-High-Field Magnetic Resonance Imaging (MRI) Systems (4t and Above)
By Architecture
• Closed Magnetic Resonance Imaging (MRI) Systems
• Standard Bore Magnetic Resonance Imaging (MRI)
• Wide-Bore Magnetic Resonance Imaging (MRI)
• Open Magnetic Resonance Imaging (MRI) Systems
By Application
• Oncology
• Neurology
• Cardiology
• Gastroenterology
• Musculoskeletal
• Other Applications
By End Users
• Hospitals
• Imaging Centers
• Ambulatory Surgical Centers
• Others
By Region
• North America Latin America
• Europe
• Asia Pacific
• Middle East & Africa.
Global Magnetic Resonance Imaging (MRI) Market
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Magnetic Resonance Imaging (MRI) Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Cumulative Impact due to recent Energy Crisis
4.2.5 Cumulative Impact due to nearing Economic Downturn
4.2.6 Post Covid-19 World Supply and Demand Conditions
4.2.7 Cumulative Impact of Russia-Ukraine Conflict
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Magnetic Resonance Imaging (MRI) Market, By Process
5.1 Y-o-Y Growth Comparison, By Process
5.2 Global Magnetic Resonance Imaging (MRI) Market Share Analysis, By Process
5.3 Global Magnetic Resonance Imaging (MRI) Market Size and Forecast, By Process
5.3.1 Trans-Esterification
5.3.2 Direct Esterification
6 Global Magnetic Resonance Imaging (MRI) Market, By Type
6.1 Y-o-Y Growth Comparison, By Type
6.2 Global Magnetic Resonance Imaging (MRI) Market Share Analysis, By Type
6.3 Global Magnetic Resonance Imaging (MRI) Market Size and Forecast, By Type
6.3.1 Conventional
6.3.2 Bio-based
7 Global Magnetic Resonance Imaging (MRI) Market, By Field Strength
7.1 Y-o-Y Growth Comparison, By Field Strength
7.2 Global Magnetic Resonance Imaging (MRI) Market Share Analysis, By Field Strength
7.3 Global Magnetic Resonance Imaging (MRI) Market Size and Forecast, By Field Strength
7.3.1 High-Field Magnetic Resonance Imaging (MRI) Systems (1.5t to 3t)
7.3.2 Low-To-Mid-Field Magnetic Resonance Imaging (MRI) Systems (<1.5t)
7.3.3 Very-High-Field Magnetic Resonance Imaging (MRI) Systems (4t and Above)
8 Global Magnetic Resonance Imaging (MRI) Market, By Architecture
8.1 Y-o-Y Growth Comparison, By Architecture
8.2 Global Magnetic Resonance Imaging (MRI) Market Share Analysis, By Architecture
8.3 Global Magnetic Resonance Imaging (MRI) Market Size and Forecast, By Architecture
8.3.1 Closed Magnetic Resonance Imaging (MRI) Systems
8.3.2 Standard Bore Magnetic Resonance Imaging (MRI)
8.3.3 Wide-Bore Magnetic Resonance Imaging (MRI)
8.3.4 Open Magnetic Resonance Imaging (MRI) Systems
9 Global Magnetic Resonance Imaging (MRI) Market, By Application
9.1 Y-o-Y Growth Comparison, By Application
9.2 Global Magnetic Resonance Imaging (MRI) Market Share Analysis, By Application
9.3 Global Magnetic Resonance Imaging (MRI) Market Size and Forecast, By Application
9.3.1 Oncology
9.3.2 Neurology
9.3.3 Cardiology
9.3.4 Gastroenterology
9.3.5 Musculoskeletal
9.3.6 Other Applications
10 Global Magnetic Resonance Imaging (MRI) Market, By End Users
10.1 Y-o-Y Growth Comparison, By End Users
10.2 Global Magnetic Resonance Imaging (MRI) Market Share Analysis, By End Users
10.3 Global Magnetic Resonance Imaging (MRI) Market Size and Forecast, By End Users
10.3.1 Hospitals
10.3.2 Imaging Centers
10.3.3 Ambulatory Surgical Centers
10.3.4 Others
11Global Magnetic Resonance Imaging (MRI) Market, By Region
11.1 Global Magnetic Resonance Imaging (MRI) Market Share Analysis, By Region
11.2 Global Magnetic Resonance Imaging (MRI) Market Share Analysis, By Region
11.3 Global Magnetic Resonance Imaging (MRI) Market Size and Forecast, By Region
12 North America Magnetic Resonance Imaging (MRI) Market Analysis and Forecast (2023-2030)
12.1 Introduction
12.2 North America Magnetic Resonance Imaging (MRI) Market Share Analysis, By Process
12.3 North America Magnetic Resonance Imaging (MRI) Market Size and Forecast, By Type
12.4 North America Magnetic Resonance Imaging (MRI) Market Size and Forecast, By Field Strength
12.5 North America Magnetic Resonance Imaging (MRI) Market Size and Forecast, By Architecture
12.6 North America Magnetic Resonance Imaging (MRI) Market Size and Forecast, By Application
12.7 North America Magnetic Resonance Imaging (MRI) Market Size and Forecast, By End Users
12.8 North America Magnetic Resonance Imaging (MRI) Market Size and Forecast, By Country
12.8.1 U.S.
12.8.2 Canada
12.8.3 Mexico
13 Europe Magnetic Resonance Imaging (MRI) Market Analysis and Forecast (2023-2030)
13.1 Introduction
13.2 Europe Magnetic Resonance Imaging (MRI) Market, Share Analysis, By Process
13.3 Europe Magnetic Resonance Imaging (MRI) Market, Size and Forecast, By Type
13.4 Europe Magnetic Resonance Imaging (MRI) Market, Size and Forecast, By Architecture
13.5 Europe Magnetic Resonance Imaging (MRI) Market, Size and Forecast, By Field Strength
13.6 Europe Magnetic Resonance Imaging (MRI) Market, Size and Forecast, By Application
13.7 Europe Magnetic Resonance Imaging (MRI) Market, Size and Forecast, By End Users
13.8 Europe Magnetic Resonance Imaging (MRI) Market, Size and Forecast, By Country
13.8.1 Germany
13.8.2 France
13.8.3 UK
13.8.4. Rest of Europe
14 Asia Pacific Magnetic Resonance Imaging (MRI) Market Analysis and Forecast (2023-2030)
14.1 Introduction
14.2 Asia Pacific Magnetic Resonance Imaging (MRI) Market, Share Analysis, By Process
14.3 Asia Pacific Magnetic Resonance Imaging (MRI) Market, Size and Forecast, By Type
14.4 Asia Pacific Magnetic Resonance Imaging (MRI) Market, Size and Forecast, By Architecture
14.5 Asia Pacific Magnetic Resonance Imaging (MRI) Market, Size and Forecast, By Field Strength
14.6 Asia Pacific Magnetic Resonance Imaging (MRI) Market, Size and Forecast, By Application
14.7Asia Pacific Magnetic Resonance Imaging (MRI) Market, Size and Forecast, By End Users
14.8 Asia Pacific Magnetic Resonance Imaging (MRI) Market, Size and Forecast, By Country
14.8.1 China
14.8.2 Japan
14.8.3 India
14.8.4. Rest of Asia Pacific
15 Latin America Magnetic Resonance Imaging (MRI) Market Analysis and Forecast (2023-2030)
15.1 Introduction
15.2 Latin America Magnetic Resonance Imaging (MRI) Market, Share Analysis, By Process
15.3 Latin America Magnetic Resonance Imaging (MRI) Market, Size and Forecast, By Type
15.4 Latin America Magnetic Resonance Imaging (MRI) Market, Size and Forecast, By Architecture
15.5 Latin America Magnetic Resonance Imaging (MRI) Market, Size and Forecast, By Field Strength
15.6 Latin America Magnetic Resonance Imaging (MRI) Market, Size and Forecast, By Application
15.7 Latin America Magnetic Resonance Imaging (MRI) Market, Size and Forecast, By End Users
15.8 Latin America Magnetic Resonance Imaging (MRI) Market, Size and Forecast, Country
15.8.1. Brazil
15.8.2.Rest of Latin America
16 Middle East Magnetic Resonance Imaging (MRI) Market Analysis and Forecast (2023-2030)
16.1 Introduction
16.2 Middle East Magnetic Resonance Imaging (MRI) Market, Share Analysis, By Process
16.3 Middle East Magnetic Resonance Imaging (MRI) Market, Size and Forecast, By Type
16.4 Middle East Magnetic Resonance Imaging (MRI) Market, Size and Forecast, By Architecture
16.5 Middle East Magnetic Resonance Imaging (MRI) Market, Size and Forecast, By Field Strength
16.6 Middle East Magnetic Resonance Imaging (MRI) Market, Size and Forecast, By Application
16.7 Middle East Magnetic Resonance Imaging (MRI) Market, Size and Forecast, By End Users
16.8 Middle East Magnetic Resonance Imaging (MRI) Market, Size and Forecast, By Country
16.8.1. Saudi Arabia
16.8.2. UAE
16.8.3. Egypt
16.8.4. Kuwait
16.8.5. South Africa
17 Competitive Analysis
17.1 Competition Dashboard
17.2 Market share Analysis of Top Vendors
17.3 Key Development Strategies
18 Company Profiles
18.1 Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)
18.1.1 Overview
18.1.2 Offerings
18.1.3 Key Financials
18.1.4 Business Segment & Geographic Overview
18.1.5 Key Market Developments
18.1.6 Key Strategies
18.2 Siemens (Germany)
18.2.1 Overview
18.2.2 Offerings
18.2.3 Key Financials
18.2.4 Business Segment & Geographic Overview
18.2.5 Key Market Developments
18.2.6 Key Strategies
18.3 Hitachi Ltd., (Japan)
18.3.1 Overview
18.3.2 Offerings
18.3.3 Key Financials
18.3.4 Business Segment & Geographic Overview
18.3.5 Key Market Developments
18.3.6 Key Strategies
18.4 ESAOTE SPA (Italy)
18.4.1 Overview
18.4.2 Offerings
18.4.3 Key Financials
18.4.4 Business Segment & Geographic Overview
18.4.5 Key Market Developments
18.4.6 Key Strategies
18.5 General Electric (U.S.)
18.5.1 Overview
18.5.2 Offerings
18.5.3 Key Financials
18.5.4 Business Segment & Geographic Overview
18.5.5 Key Market Developments
18.5.6 Key Strategies
18.6 Aspect Imaging Ltd. (Israel)
18.6.1 Overview
18.6.2 Offerings
18.6.3 Key Financials
18.6.4 Business Segment & Geographic Overview
18.6.5 Key Market Developments
18.6.6 Key Strategies
18.7 FONAR Corp., (U.S.)
18.7.1 Overview
18.7.2 Offerings
18.7.3 Key Financials
18.7.4 Business Segment & Geographic Overview
18.7.5 Key Market Developments
18.7.6 Key Strategies
18.8 Neusoft Corporation (China)
18.8.1 Overview
18.8.2 Offerings
18.8.3 Key Financials
18.8.4 Business Segment & Geographic Overview
18.8.5 Key Market Developments
18.8.6 Key Strategies
18.9 AURORA HEALTHCARE US CORP (U.S.)
18.9.1 Overview
18.9.2 Offerings
18.9.3 Key Financials
18.9.4 Business Segment & Geographic Overview
18.9.5 Key Market Developments
18.9.6 Key Strategies
18.10 Koninklijke Philips N.V., (Netherlands)
18.10.1 Overview
18.10.2 Offerings
18.10.3 Key Financials
18.10.4 Business Segment & Geographic Overview
18.10.5 Key Market Developments
18.10.6 Key Strategies
