MAGNETIC RESONANCE IMAGING (MRI) SYSTEMS MARKET ANALYSIS

Global magnetic resonance imaging (MRI) systems market size is estimated to be valued at US$ 16.72 Bn in 2023 and is expected to reach US$ 49.40 Bn by 2030, exhibiting a compound annual growth rate (CAGR) of 16.7% from 2023 to 2030.

Magnetic resonance imaging (MRI) is a medical imaging technique that utilizes strong magnetic fields and radio waves to generate detailed images of the organs and tissues in the body. MRI provides excellent soft tissue contrast between the different soft tissues of the body without using harmful ionizing radiation. Over the years, MRI technology has evolved significantly, thereby improving image quality and allowing quicker scans. MRI has become an indispensable imaging tool that is widely used for clinical diagnosis and in research applications. Global MRI systems market has been witnessing steadily growth due to the rising prevalence of chronic diseases, advantages of MRI over other modalities, technological advancements, and increasing adoption of high-field MRI systems.

Global Magnetic Resonance Imaging (MRI) Systems Market Regional Insights

• North America: North America is the largest market for global magnetic resonance imaging (MRI) systems market, accounting for a market share of over 45.0% in 2022. The North America magnetic resonance imaging (MRI) systems market is driven by factors such as high prevalence of chronic diseases such as cancer, cardiovascular diseases, and others. Furthermore, technological advancements in MRI systems, and favorable reimbursement scenario in the region is also contributing to the market growth. Introduction of artificial intelligence (AI) and big data technologies is expected to revolutionize the medical imaging industry.
• Europe: Europe is the second-largest market for global magnetic resonance imaging (MRI) systems market, accounting for a market share of over 30.3% in 2022. The Europe magnetic resonance imaging (MRI) systems market is driven by increase in focusing on developing open and wide-bore MRI systems integrated with AI assistants for simplified operations. Rising healthcare expenditures of European governments and increasing availability of insurance coverage for routine health checks including MRI scans are stimulating the market However, high costs involved in installation, maintenance and upgrades of MRI machinery is a major restraint.
• Asia Pacific: Asia Pacific is the fastest-growing market for global magnetic resonance imaging (MRI) systems market, accounting for a market share of over 20.4% in 2022. The Asia Pacific magnetic resonance imaging (MRI) systems market has been witnessing significant growth in the forecast period on account of rising healthcare expenditure across developing nations, increasing awareness regarding early disease diagnosis, and growing preference for non-invasive diagnostic procedures.

Figure 1. Global Magnetic Resonance Imaging (MRI) Systems Market Share (%), By Region, 2023

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Analyst’s View

Global magnetic resonance imaging (MRI) systems market is poised to witness significant growth over the next decade. Rising geriatric population worldwide who are more prone to neurological disorders and cancers will drive demand for MRI scans. Further, increasing healthcare expenditure in developing nations as their economies grow provides a significant opportunity to sell more high-end MRI systems. However, the high cost of MRI machines and scarce helium supplies could hamper widespread adoption.

Global Magnetic Resonance Imaging (MRI) Systems Market Drivers:

• Increasing product launches: Increasing product launches across the globe is one of the major factors driving the growth of the global magnetic resonance imaging (MRI) systems market. For instance, in May 2022, Bruker, a U.S. based manufacturer company of scientific instruments for molecular and materials research, launch its new 7 Tesla and 9.4 Tesla Preclinical MRI Magnets. 7 Tesla and 9.4 Tesla magnets eliminates the need for liquid helium or nitrogen refills, while offering high-field sensitivity and resolution for advanced preclinical MRI and PET/MR research.
• Increasing number of diagnostic imaging centers: Increasing number of diagnostic imaging centers around the world is fueling the growth of the global magnetic resonance imaging (MRI) systems market. As more healthcare facilities invest in advanced medical imaging equipment to provide quality care to patients, the demand for MRI systems has risen dramatically in the forecast period. MRI is considered an essential diagnostic tool due to its ability to create detailed images of internal organs and soft tissues without using ionizing radiation.
• Rising prevalence of chronic diseases: Rising prevalence of chronic diseases across the globe is a major driving factor behind the growth of the global magnetic resonance imaging (MRI) systems market. Chronic diseases and conditions such as cardiovascular diseases, cancer, diabetes, and others have been on a rise in the past few decades due to changes in lifestyle and environmental factors. MRI has emerged as a highly effective diagnostic tool for chronic conditions over conventional imaging techniques due to its ability to provide detailed anatomical images of soft tissues in the body. MRI scans help in early and accurate detection of cancers, tumors and other abnormalities related to chronic diseases. For instance, according to the American Cancer Society’s report, in January 2022, there will be an estimated 1.9 Mn new cancer cases diagnosed and 609,360 cancer deaths in the U.S.

Global Magnetic Resonance Imaging (MRI) Systems Market Opportunities:

• Increasing technological advancement: Technological advancement has created tremendous opportunities for growth in the global magnetic resonance imaging (MRI) systems market. For instance, in December 2021 Siemens AG, a German-based conglomerate corporation developed a new MRI technology in collaboration with researchers at The Ohio State University College of Medicine and College of Engineering. The new MRI, 0.55T MAGENTOM Free.Max has lower magnetic field strength that offers the potential for it to be used for lung imaging without X-ray radiation.
• Development of advanced MRI coils and software: Development of new receiver coil designs that can achieve higher signal-to-noise ratios and accelerate scan speeds has the ability to vastly improve MRI resolution and imaging capabilities. Next-generation coils allow for clearer visibility of tissues and anatomical structures across the entire body. This higher resolution will enable detection of diseases at earlier and at more treatable stages. Software innovations are also pivotal as they can provide advanced visualization and analytical tools to physicians. New algorithms, using machine learning (ML) and artificial intelligence (AI) can help automate diagnoses, significantly boosting MRI interpretation accuracy.
• Increasing use of MRI in neuroscience research: Increasing use of MRI in neuroscience research could provide promising opportunities for the global magnetic resonance imaging (MRI) systems market. As neuroscience research delves deeper into understanding various neurological conditions and the human brain, the reliance on MRI as a key investigative and diagnostic tool has increased substantially. MRI has emerged as an indispensable technology for neuroscientists due to its non-invasive and non-ionizing properties that allow it to generate detailed images of the brain and detect subtle alterations.

Global Magnetic Resonance Imaging (MRI) Systems Market Trends:

• Growing applications of high-field MRI in brain imaging: The applications of high-field MRI systems in brain imaging are a major factor contributing to the growth of global MRI systems market. High-field MRI systems provide excellent spatial resolution and signal-to-noise ratio, which allow clinicians to obtain very detailed anatomical and functional images of the brain. Many neurological and psychiatric disorders such as Alzheimer's, dementia, multiple sclerosis, epilepsy, autism and brain tumors are being increasingly studied by using advanced imaging techniques supported by high-field MRI scanners. For instance, in June 2022, the University of Nottingham has been awarded US$ 4 Mn to establish the U.K.’s most powerful magnetic resonance imaging (MRI) scanner as a national facility, subjected to business case approval. This scanner will give researchers and doctors unprecedented insights into brain function and the mechanisms of human disease.
• Adoption of portable and mobile MRI systems: Adoption of portable and mobile magnetic resonance imaging (MRI) systems is having a significant influence on the global MRI market. Mobile and portable MRI systems allow for MRI scans to be conducted outside of traditional hospital settings, thus bringing the important diagnostic technology directly to the patient. This represents a paradigm shift in how MRI exams are performed.
• Emergence of wide bore MRI systems: Emergence of wide-bore MRI systems is having a significant impact on the global magnetic resonance imaging (MRI) systems market. Wide-bore MRI systems have a larger opening or bore which makes them more accessible and comfortable for certain patient groups. The larger opening reduces feelings of confinement which is more accommodative for claustrophobic or anxious patients. It also enables the scanning of larger body parts that may not fit inside the standard MRI machine such as obese individuals or those undergoing whole-body imaging.

Global Magnetic Resonance Imaging (MRI) Systems Market Restraints:

• High cost of MRI systems: The exorbitant cost of MRI systems poses a significant challenge for the widespread adoption of MRI technology. MRI systems require huge capital investments, with high-end machines often costing over US$1 million. Moreover, additional costs are incurred towards site preparation, installation, maintenance and service contracts over the lifespan of the systems. The operating expenses of MRI scans are also high due to large overhead costs associated with high-field strength magnets and other advanced imaging hardware. All these factors make MRI procedures out of reach for many patients and healthcare facilities in developing regions.
• Strict regulatory approval process: Strict regulatory approval for magnetic resonance imaging (MRI) systems is significantly hampering the growth of the global MRI market. Regulatory agencies across most countries have implemented rigorous guidelines and standards for approving new MRI systems and upgrades to the existing systems before they can be commercially launched. This lengthy approval process has increased the time taken by MRI manufactures to introduce innovative new models in the market.

Counterbalance- The stringent regulatory processes, if continue at current levels, can inhibit MRI vendors from fully capitalizing on the advancements in digital imaging technologies and slow down the adoption of latest innovations in the MRI market.

• Mixed results with MRI screening: Mixed results with MRI screening are expected to hinder growth of the global magnetic resonance imaging (MRI) systems market. For instance, in November 2019, researchers from University Medical Center Utrecht, The Netherlands, reported that supplementing mammography with magnetic resonance imaging (MRI) for patients with dense breast tissue, reduced the rate of interval cancers by half, but with a regarding rate of recall for additional imaging or interventions.

Figure 2. Global Magnetic Resonance Imaging (MRI) Systems Market Share (%), By Type, 2023

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Recent Developments

New product launch

• On August 23, 2023, FUJIFILM Healthcare Americas Corporation, a leading provider of diagnostic imaging and medical informatics solutions, announced FDA 510(k) clearance of its new 1.5 Tesla magnetic resonance imaging (MRI) system, the ECHELON Synergy.
• In November 2022, Siemens Healthineers, a healthcare company, introduced Magnetom Viato.Mobile, its latest MRI scanner optimized for mobile use and featuring a patient bore of 70 centimeters. Viato.Mobile with 1.5 Tesla brings high-quality MR imaging wherever it is needed.
• In July 2022, Canon Medical, a medical equipment company, unveiled the Vantage Fortian at European Congress of Radiology (ECR) 2022. The new MRI system features innovative workflow solutions, image enhancement, and accelerated scan technology, which together contribute to reducing the time required for MRI procedures.

Partnership, merger, and collaboration

• On September 21, 2023, Bracco Imaging S.p.A., a global leader in diagnostic imaging, and Subtle Medical, Inc., a leading innovator in artificial intelligence (AI)-powered image acquisition, entered into a global agreement in the field of magnetic resonance imaging (MRI). These global agreements will began primarily in the U.S., where Bracco Imaging distributes its portfolio of products and services through its subsidiary, Bracco Diagnostics Inc.
• In November 2022, HeartVista, a pioneer in AI-assisted MRI solutions, and Siemens Healthineers, a global leader in magnetic resonance (MR), announced they had entered into a joint commercial agreement to co-market an integrated offering that brings best-in-class MRI scan sequences into one automated exam protocol.
• In March 2022, Cerebriu, a provider of artificial intelligence (AI) solutions for automating radiology workflows, and Siemens Healthineers, the world's leading manufacturer of magnetic resonance imaging (MRI) scanners, announced their partnership to integrate Cerebriu's patented Smart Protocol for Brain MRI-workflow automation software with the MRI machines of Siemens Healthineers.

Top Companies in Global Magnetic Resonance Imaging (MRI) Systems Market

• Seimens AG
• Koninklijke Philips N.V.
• Medtronic plc.
• Aurora Imaging Technologies Inc.
• General Electric Company
• Hitachi Ltd.
• Esaote SpA
• The InterMed Group
• Canon Medical Systems Corporation.

Definition: Magnetic resonance imaging (MRI) systems are a type of medical imaging technology that is used to visualize the structure and function of the body. They use a strong magnetic field and radio waves to generate detailed images of the inside of the body, including the organs, tissues, and skeletal system. MRI systems are non-invasive and do not use ionizing radiation, thereby making them a safe option for imaging. They are commonly used to diagnose a variety of medical conditions, including tumors, heart disease, liver disease, and neurological disorders.