Growing demand for quick and effective diagnostic procedures and advancements in diagnostic techniques is expected to drive the global MRI market.
According to TechSci Research report, “Global MRI Market By Field Strength (High-Field MRI Systems (1.5t MRI Systems, 3t MRI Systems), Low-To-Mid-Field MRI Systems (<1.5t), Very-High-Field MRI Systems (4t and Above)), By Type (Fixed, Mobile), By Architecture (Closed MRI Systems, Open MRI Systems), By Application (Brain and Neurological, Oncology, Spine and Musculoskeletal, Abdominal, Cardiac, Others), By End User (Hospitals, Imaging Centers, Ambulatory Surgical Centers, Others), By Region, Forecast & Opportunities, 2026”, the global MRI market was valued at around USD6 billion in 2020 and is expected to witness CAGR of around 8% during the forecast period to reach around USD9.4 billion through 2026.
Key factors propelling the growth of the global MRI market include advancements in magnetic resonance imaging (MRI) techniques and growing requirements for quick and effective diagnostic procedures. The increasing prevalence of health conditions such as spine lesions, tumors, and stroke are further creating the demand for efficient diagnostic machines such as magnetic resonance imaging. Moreover, technological advancements like diffusion and diffusion tensor imaging with tractography, perfusion imaging, functional imaging and neuroimaging including MR spectroscopy are expected to drive the growth of the global magnetic resonance imaging market in the coming years. Also, extensive R&D activities conducted by manufacturers are fueling the growth of this market.
Additionally, increasing usage of magnetic resonance imaging devices for the detection of severe internal injuries is fueling the market growth. Apart from this, the rising patient pool suffering from neurological and musculoskeletal disorders is acting as a major growth driver for the global magnetic resonance imaging market. However, the market is also prone to some challenges. High cost of MRI machines and insufficient reimbursement policies in various countries are posing a challenge before manufacturers. Furthermore, delayed product approval due to a stringent regulatory framework is likely to hamper the market growth in coming years.
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The global MRI market is segmented based on field of strength, type, architecture, application, end user and region. Based on architecture, the market can be segmented into closed magnetic resonance imaging systems and open magnetic resonance imaging systems. Among them, closed magnetic resonance imaging systems held the largest market share in 2020 as they use powerful magnetic fields and help in getting detailed slice selection and error-free analysis. Moreover, these systems are highly preferred by radiologists and hence, are expected to further dominate the global MRI market through 2026.
Based on application, the global MRI market can be segmented into brain and neurological, oncology, spine and musculoskeletal, abdominal, cardiac and others. Among them, the brain and neurological segment is expected to dominate the global MRI market during the forecast period as MRI is identified as the best tool for diagnostic imaging and neuroscience research. Furthermore, MRIs are also capable of documenting brain injury from trauma and can monitor degenerative disorders.
Major players operating in the global MRI market include GE Healthcare, Aurora Imaging Technologies, Inc., Sanrad Medical Systems Pvt ltd., Aspect Imaging, Esaote SpA, Fonar Corporation, Hitachi Ltd, Neusoft Medical Systems Co. Ltd, Koninklijke Philips NV, Siemens Healthcare GmbH, Canon Medical Systems Corporation, Mindray Medical International Limited, Hologic, Inc., Nordion Inc., and United Imaging Healthcare Co., Ltd. The market players are focusing on developing advanced software to introduce new and more efficient magnetic resonance imaging devices into the global market.
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“North America dominated the global MRI market until 2020 and is expected to hold its dominance during the forecast period owing to the presence of a well-established healthcare system and leading magnetic resonance imaging system manufacturers in the region. However, Asia Pacific is anticipated to register the fastest growth through 2026 due to the increasing prevalence of cardiovascular disorders and neurological diseases. Furthermore, availability of advanced healthcare facilities and services at a lower cost is also augmenting the growth of MRI market in APAC,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global MRI Market By Field Strength (High-Field MRI Systems (1.5t MRI Systems, 3t MRI Systems), Low-To-Mid-Field MRI Systems (<1.5t), Very-High-Field MRI Systems (4t and Above)), By Type (Fixed, Mobile), By Architecture (Closed MRI Systems, Open MRI Systems), By Application (Brain and Neurological, Oncology, Spine and Musculoskeletal, Abdominal, Cardiac, Others), By End User (Hospitals, Imaging Centers, Ambulatory Surgical Centers, Others), By Region, Forecast & Opportunities, 2026”has evaluated the future growth potential of the global MRI market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global MRI market.
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