Magnetic Resonance Imaging (MRI) Market Size to Achieve USD 12.51 Bn by 2033

Ottawa, Sept. 09, 2024 (GLOBE NEWSWIRE) -- The global magnetic resonance imaging (MRI) market size is predicted to increase from USD 6.65 billion in 2023 to approximately USD 11.74 billion by 2032, a study published by Towards Healthcare a sister firm of Precedence Statistics.

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Market Overview

With the rise of telemedicine and remote monitoring technologies, opportunities will continue to emerge for remote interpretation and analysis of MRI scans. This trend enables access to sophisticated diagnostic imaging services to patients residing in underserved or remote areas, thus strengthening demand for portable and telemedicine-enabled MRI systems.

Convenience, cost, and the possibility to provide faster imaging and interpretation, made possible by advancing technology, are driving the trend toward MRI scans performed in outpatient settings. The addressable market for MRI systems is correspondingly expanded. The regulatory setting and the approval of standards remain key drivers of change within the MRI market landscape. Ongoing regulatory support for innovation and patient safety will be highly essential for any market growth through ensuring the adoption of new technologies.

Key Takeaways

• North America dominated the MRI market with the largest revenue share of 38% in 2023.
• Asia Pacific is expected to grow at a fastest CAGR of 7.4% during the forecast period.
• By architecture, the closed MRI system segment has generated more than 77% of revenue share in 2023.
• By architecture, the open MRI system segment is estimated to grow at CAGR of 7.72% during the predicted period.
• By field strength, the mid-field strength segment has contributed more than 49% of revenue share in 2023.
• By field strength, the high-field segment is estimated to grow at the fastest rate during 2024-2033.
• By application, the brain and neurological segment has held a major revenue share of 24% in 2023.
• By application, the breast segment is expected to grow significantly during the forecast period.
• By end-use, the hospital segment has recorded more than 40% of revenue share in 2023.
  

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Key Insights

• The magnetic resonance imaging (MRI) market in the United States is strong, since there are several driving factors to which demand is anchored. First of all, the country has an advanced healthcare infrastructure coupled with high healthcare expenditure, hence the wide diffusion of the MRI technology in the country.
• The demand for MRI may be influenced by the National Health Service policies and funding in the United Kingdom. Since the NHS offers equal opportunities to all its citizens in accessing health services, there is a significant use of MRI scans in diagnosing and managing various conditions.
• The MRI market in India is growing at a rapid pace driven by several socio-economic as well as healthcare-related factors. Along with increasing investments in infrastructure, advances in technology in MRI systems have created a need for MRI machines.
• The open MRI systems have more space and are less claustrophobic compared to old, closed MRI machines. This could be a critical benefit for pediatric patients, anxious patients, or claustrophobic patients, but also for larger patients who may feel discomfort in confined areas.
• Mid-field strength MRI systems fall into a range from 0.5 Tesla to 1.5 Tesla and offer finer resolution of the picture than that of the low-field units, while at the same time, they are more budget-friendly compared to the high-field units. Therefore, this balance between image quality and economical aspect attracts health service providers who intend to invest in MRI technology.
  

Regional Stance

North America held the largest share of 38% in the magnetic resonance imaging (MRI) market. The US MRI market is strong, since it is anchored in a number of driving factors to which demand is anchored. First, the country has advanced healthcare infrastructure alongside high health expenditure. Hence, this has driven the wide diffusion of the MRI technology in the country.

Various socio-economic and healthcare-related factors have resulted in an increased demand for MRI machines. Besides, there is an increasing investment in infrastructure in the country, with an unprecedented stride in technology in the MRI systems, which created the need for these MRI machines. The new open MRI systems are generally larger and much less claustrophobic than old, closed MRI systems.

That may prove critical for pediatric patients, anxious patients, or claustrophobic patients but also for larger patients who may feel discomfort in confined areas. The mid-field power of MRI systems falls into a range from 0.5 Tesla to 1.5 Tesla, and it offers better resolution of the image than that of the low-field units; at the same time, quality is given priority over cost, and they are comparably less expensive than the high-field units. Therefore, this balance between image quality and economical aspect attracts health service providers who intend to invest in MRI technology.

Asia Pacific is estimated to be the highest growing region during the forecast period, owing to the increasing population aged above 60 years and increasing demand for high-end imaging modality. Moreover, a growing medical tourism in developing Asian countries is anticipated to raise the advanced medical imaging industry growth in the coming years. In the imminent regions, countries such as India, China, and Japan, thrive on fast-growing private healthcare services, a pool of skilled staff, advanced health facilities, and services at relatively lower costs compared to the developed countries.

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Report Highlights

Architecture Insights

The share held by the segment of the closed MRI system was the largest in 2023 holding 77% in the magnetic resonance imaging (MRI) market. The closed MRI systems avail powerful magnetic fields along with high-frequency radio waves in producing highly detailed pictures. Such an enclosed design allows for proper selection of slices of images and provides faultless analysis. However, the patients undergoing a closed MRI scan may develop a feeling of claustrophobia and discomfort, too, because of the loud rumbling noise produced during the procedure. These may affect the outcome of the test, and the results may become less authentic. Some market participants are, in turn, trying to design a wide-bore and open MRI system that suits patients who suffer from claustrophobia more congenially. Still, a few pediatric MRI machines bear drawing and cartoons attached to their body, which the companies manufacture in order to make the scanning process easy for the kids.

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Field Strength Insights

The MRI machines are further classified on the basis of field strength into low-field strength MRI machines, which account for a field strength of less than 1.5T, mid-field MRI machines, ranging from 1.5T to 3T, and high-field MRI machines accounting for a field strength higher than 3T. The mid-field strength segment dominated in 2023 and is poised to experience significant growth during the forecast period. Mid-field strength machines are favored because they offer high-precision imaging and their cost is relatively more reasonable. Hence, they are largely adopted by most of the healthcare providers.

Insight into End-use

The hospital segment in the magnetic resonance imaging (MRI), commanded the leading share in 2023 due to rising MRI unit installations across hospitals. The strong adoption of rMRI in emergency care and trauma centers, and an increase in the number of MRI installations in teaching hospitals, are likely to be major factors driving growth for this segment. With this kind of surge in demand for non-invasive diagnosis, the setup of different independent centers that can offer these facilities is encouraged. One such facility includes MRI.

Application Insights

The MRI systems used for brain and neurological imaging dominated the magnetic resonance imaging (MRI) market in 2023. This is because the scans are of much better quality and contain more detail compared to the computerized tomography scans. In total, the breast imaging segment is also likely to experience a high rate of growth since the incidence of breast cancer is slowly increasing, which has led to a demand for the identification of risk factors associated with the disease. According to the Global Cancer Observatory, an estimation of 2,261,419 new cases of breast cancer was diagnosed in 2020 globally, out of which about 684,996 deaths occurred from the disease. It is also said to be highly prevalent in females than any other cancer.

Market Dynamics

Driver: Rise in Abdominal Problems

Early detection of heart disease is critical as it significantly impacts life expectancy and improves overall health outcomes. Among the array of medical instruments available for cardiovascular diagnostics, magnetic resonance imaging (MRI) devices stand out due to their ability to provide detailed soft-tissue images that are essential for accurate diagnosis, especially when traditional methods like CT scans may not suffice.

Restraint: Skilled Workforce Shortage

This is one of the most significant challenge in the India MRI market, including radiologists, MRI technologies and biomedical engineers, capable of operating and maintaining MRI systems effectively. The complexity of MRI technology requires specialized training and expertise in image acquisition, interpretation and quality assurance.

Opportunity: Focus On Affordable Healthcare Solutions

There is a growing emphasis on developing affordable MRI solutions tailored to the needs of the Indian market. Domestic manufacturers and global suppliers are introducing cost-effective MRI systems that balance performance with affordability, catering to both urban healthcare facilities and rural healthcare centers. As countries and their organizational bodies continue to emphasis over cost-effective infrastructure, the magnetic resonance imaging (MRI) market is observed to witness rapid growth.

Recent Developments:

• Polarean Imaging plc teamed up with VIDA Diagnostics in September 2023 to facilitate the Polarean xenon 129 MRI platform even further toward clinical and research use.
• Imagion Biosystems Limited: Imagion Biosystems also announced extending its collaboration agreement with Siemens Healthineers in June of 2023. The changing collaboration now will focus on taking place in the United States through Siemens Medical Solutions USA, Inc. Part of this extended collaboration is an upcoming multicenter Phase 2 study for the MagSense HER2 imaging agent that Imagion prepares to undertake.
• In April 2023, Siemens Healthineers had established a new production line for MRI machines at its Bengaluru manufacturing facility. The company will manufacture MAGNETOM Free. Star.
• In February 2023, United Imaging participated as a Platinum partner during the Arab Health 2023 event that took place in Dubai, UAE. During this event, United Imaging signed an MOU with the I-ONE Nuclear Medicine & Oncology Center to collaborate on research activities using the first PET/MR uPMR 790 in the countries surrounding the Gulf.

Key Points of Table of Content:

• Executive Summary
• Introduction
• Market Dynamics
• Market Trends and Forecast
• Market Segmentation
• Integration of AI in the MRI Market
• Go-to-Market Strategies
• Production and Consumption Data in the MRI Market
• New Product Development in MRI Market
• Cross-Sectional Analysis of the MRI Market Segments
• Competitive Landscape
• Investment Analysis
• Conclusion
• Appendices

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Top Magnetic Resonance Imaging (MRI) Market Companies:

• GE Healthcare
• Siemens Healthineers
• Koninklijke Philips N.V.
• Canon Medical Systems
• Hitachi Healthcare
• Hologic Inc.
• Bruker Corporation
• Esaote SPA
• Fujifilm Holdings Corporation
• Shimadzu Corporation
• Aurora Imaging Technologies, Inc.
  

Segments Covered in the Report

By Architecture

• Open System
• Closed System

By Field Strength

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

By Application

• Obstructive Sleep Apnea (OSA)
• Brain and Neurological
• Spine and Musculoskeletal
• Vascular
• Abdominal
• Cardiac
• Breast
• Other

By End-use

• Hospitals
• Imaging Centers
• Ambulatory Surgical Centers
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa (MEA)
  

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About Us

Towards Healthcare is a leading global provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations. We are a global strategy consulting firm that assists business leaders in gaining a competitive edge and accelerating growth. We are a provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations.

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09/09/2024 11:00 -0400

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