CHICAGO, Nov. 1, 2023 /PRNewswire/ -- MRI Systems Market in terms of revenue was estimated to be worth $5.2 billion in 2023 and is poised to reach $6.6 billion by 2028, growing at a CAGR of 5.0% from 2023 to 2028 according to a new report by MarketsandMarkets. The major factors driving the growth of this market include the launch of technologically advanced products by the key players and rising demand for early diagnosis. Recent technological advancements support improved sensitivity and high image quality. These systems helps with early detection of any complications and are expected to witness the rise in adoption in the coming years.
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Browse in-depth TOC on "MRI Systems Market"
150 - Tables
35 - Figures
400 - Pages
MRI Systems Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $5.2 billion |
Estimated Value by 2028 | $6.6 billion |
Growth Rate | Poised to grow at a CAGR of 5.0% |
Market Size Available for | 2021–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Field strength, Architecture, Application, End user, and Region |
Geographies Covered | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Growth opportunities in emerging countries |
Key Market Drivers | Growing geriatric population and subsequent rise in the associated diseases |
Ultra-high-field MRI systems segment to register significant growth rate over the forecast period of 2023-2028.
Based on the field strength, the global MRI systems market is segmented into low-to-mid-field MRI systems, high & very-high-field MRI systems, and ultra-high-field MRI systems. The ultra-high-field MRI systems segment is anticipated to register the highest growth rate over the forecast period. The high & very-high-field MRI systems segment accounted for the highest share of the MRI systems market in 2022.
Brain & neurological MRI application segment accounted for the largest share of the MRI systems market, by application in 2022.
Based on application, the MRI systems market is segmented into brain and neurological MRI, spine and musculoskeletal MRI, pelvic and abdominal MRI, vascular MRI, breast MRI, cardiac MRI, and other applications. The brain and neurological MRI segment accounted for the largest share of the market in 2022 and is also expected to grow at the highest CAGR during the forecast period.
Factors such as the availability of novel software and rising adoption of high-end instruments in end user facilities drive the growth of the market.
The hospitals segment accounted for the largest share of the MRI systems market, by end user, in 2022
Based on end user, the global MRI systems market is segmented into hospitals, diagnostic imaging centers, and other end users. The hospitals segment accounted for the largest share of the market in 2022. Consistent rise in the number of hospitals and rising old-age population are driving the growth of this segment.
The Asia Pacific market to register the highest growth in the market during the forecast period
The Asia Pacific MRI systems market is anticipated to register the highest growth from 2023 to 2028. The key players of MRI systems market are focusing on expanding their footprint in the APAC region. This region is witnessing a significant rise in the adoption of MRI systems by different end user facilities in the region. Improvements in healthcare systems and government initiatives for increasing the awareness and utilization of MR imaging are offering significant growth opportunities for the key players.
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MRI Systems Market Dynamics:
Drivers:
- Growing geriatric population and subsequent rise in the associated diseases
Restraints:
- High cost of MRI systems
Opportunities:
- Growth opportunities in emerging countries
Challenge:
- Shortage of trained professionals
Key Market Players of MRI Systems Industry:
As of 2022, prominent players in the MRI systems market are Siemens Healthineers (Germany), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), FUJIFILM Corporation (Japan) among others.
A breakdown of the primary participants referred to for MRI Systems industry report is provided below:
- By Company Type: Tier 1–48%, Tier 2–36%, and Tier 3– 16%
- By Designation: Director-level–14%, C-level–10%, and Others–76%
- By Region: North America–40%, Europe–32%, Asia Pacific–20%, Latin America-5%, Middle East and Africa-3%
Recent Developments:
- In 2022, Siemens Healthineers (Germany) launched a new MRI system for mobile use. The Magnetom Viato.Mobile system is equipped with latest advancements and can be used anywhere.
- Siemens Healthineers (Germany) launched a new whole-body MRI scanner Magentom Free Star has AI-based reconstructed algorithms and provides superior image quality
- GE Healthcare (US) introduced a new 3.0T MRI system. SIGNA Hero has features like better image quality, enhanced productivity, and improved patient care.
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MRI Systems Market- Report Highlights:
- The study consists of the average selling price (ASP) analysis for different products in the MRI systems market
- The research study comprises the patent analysis of technologies used in the MRI systems market
- The new market study consists of the trends/disruptions impacting customers' businesses.
- The new market study consists of information on key conferences and events in 2023–2024.
- The new market study consists of Porter's Five Forces Analysis
- The new market study consists of technology analysis
- The new market study provides details of the strategies of the top 5 players operating in the market.
- The competitive landscape chapter has been updated with the market evaluation matrix. The competitive landscape also includes the market share analysis of major global players (as of 2022), updated competitive leadership mapping, and competitive situations and trends.
- The new market study comprises 25 players. These companies have emerged as key market players in recent years due to their products and various strategic investments undertaken in the magnetic resonance imaging market space.
- Updated financial information/product portfolio of players: The new edition of the report provides updated financial information in the context of MRI systems market from January 2020 to September 2023 (depending on availability) for each listed company in graphical representation.
- Updated market developments of profiled players: The current report includes the market developments from January 2020 to September 2023.
During the production cycle of the report, in-depth interviews were conducted with various primary respondents, which include key opinion leaders, subject matter experts, directors, and C-level executives of selected particle counters vendors to obtain and verify critical qualitative and quantitative information. This primary data was collected mainly through questionnaires, emails, and telephonic interviews.
MRI Systems Market - Key Benefits of Buying the Report:
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall MRI systems market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
This report provides insights on the following pointers:
- Analysis of key drivers (growing geriatric population and rising prevalence of associated diseases, increasing demand for early diagnosis, technological advancements in magnetic resonance imaging modalities, and increasing funding investments by public-private organizations), restraints (high cost of MRI systems, incompatibility of MRI systems in some patient populations, unfavourable reimbursement scenario, inadequate supply of helium), opportunities (emerging economies offer high growth potential, increasing establishment of hospitals and diagnostic imaging centers, adoption of AI and analytics in magnetic resonance imaging, increasing establishment of hospitals and diagnostic imaging centers, introduction of hybrid or fusion MRI systems), and challenges (hospital budget cuts, shortage of trained and skilled professionals) influencing the growth of the MRI systems market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the MRI systems market
- Market Development: Comprehensive information about lucrative markets–the report analyses the MRI systems market across varied regions
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the MRI systems market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Siemens Healthineers (Germany), GE Healthcare (US), and Koninklijke Philips N.V. (Netherlands).
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Nuclear Medicine Market - Global Forecasts to 2028
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Interventional Radiology Products Market - Global Forecasts to 2026
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