The Global Magnetic Resonance Imaging Market is Expected to Witness a CAGR of 7.5% to Reach $11.5 Billion
The development of computer-aided diagnostics that have integrated into 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 a 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 software 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 the 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 unparalleled growth in advanced and innovative technologies, which resulted in the development of a state-of-the-art medical device industry.
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 an increase in the prevalence of diseases, continuous adoption of advanced technologies, and increasing ageing 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 the 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 the increase in sales of new MRI systems in the coming years. This is due to the high demand for imaging equipment due to a rapid increase in the number of hospitals and diagnostic laboratories, especially in countries such as India and China.
The competition in the magnetic resonance imaging industry is intense and has an 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 a 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.
- 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
- 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 behaviour of the consumers.
Key Topics Covered:
1 Industry Outlook
1.1 Medical Devices Industry
1.1.2 Medical Technologies
1.1.3 Industry Trends
1.2 Healthcare Spending in the US
1.3 Regulatory Bodies & Standards
1.4 Reimbursement Scenario
1.5 Emerging Global Markets
1.6 Patient Demographics
1.7 Medical Imaging
1.7.2 Definition: Magnetic Resonance Imaging
1.7.3 Why Magnetic Resonance Imaging?
1.7.4 PESTLE Analysis
2 Report Outline
2.1 Report Scope
2.2 Report Summary
2.3 Research Methodology
2.4 Report Assumptions
3 Market Snapshot
3.1 Total Addressable Market (TAM)
3.2 Segmented Addressable Market (SAM)
3.3 Opportunity Analysis
3.4 Strategic Initiatives
3.5 Related Markets
3.5.1 Ultrasound Devices
3.5.2 Medical X-ray Equipment
3.5.3 Medical Imaging
3.5.4 Mammography Devices
3.5.5 Healthcare X-ray Detectors
3.6 Porter 5 (Five) Forces
4 Market Characteristics
4.1 Market Segmentation
4.1.1 Closed Magnetic Resonance Imaging Systems
4.1.2 Open Magnetic Resonance Imaging Systems
4.2 Magnetic Resonance Imaging Market, by Field
4.2.1 Low Field MRI Systems
4.2.2 High Field MRI Systems
4.2.3 Very High Field MRI Systems
4.3 Magnetic Resonance Imaging Market, by Application Type
4.4 Market Dynamics
126.96.36.199 Increase in adoption of MRI systems
188.8.131.52 Rise in investment in advanced diagnostic facilities
184.108.40.206 Government initiatives to propel the overall growth
220.127.116.11 Rise in demand for multi-modality molecular imaging
18.104.22.168 High cost of MRI devices
22.214.171.124 Low reimbursement/unfavourable reimbursement plans
126.96.36.199 Intense competition among vendors
188.8.131.52 Lack of skilled radiologists
184.108.40.206 Emergence of 7T MRI system
220.127.116.11 Medical imaging to integrate with IT
18.104.22.168 Healthcare industry undergoing transformation to move towards affordable and quality care
22.214.171.124 Development in medical imaging
126.96.36.199 Introduction of artificial intelligence to aid radiology
188.8.131.52 Early prevention and diagnosis
184.108.40.206 Big data and analytical tools to enhance healthcare interoperability
4.4.4 DRO - Impact Analysis
4.5 Key Stakeholders
5 Industry Trends
5.1 Market Trends & Impact
6 Buying Criteria
7.3 Ambulatory Care Centers (ASCs)
7.4 Diagnostic Centers
7.5 Others (Research Centers and Universities)
9 Market Attractiveness
9.2 Market Attractiveness by End-users
10 Competitive Landscape
10.1 Competitor Comparison Analysis
10.1.1 Key Competitive Facts
11 Vendors Profile
11.1 GE Healthcare
11.2 Philips Healthcare
11.3 Siemens Healthineers Inc.
11.4 Fujifilm Holdings Corp.
11.5 Canon Medical Systems Corp.
12 Companies to Watch for
12.1 Aspect Imaging
12.2 Hitachi Medical Corp.
12.3 Hologic Corp.
12.4 Accuray Inc.
12.5 Aurora Imaging Technology, Inc.
13 Other Prominent Vendors
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