Global Magnetic Resonance Imaging (MRI) Market, by Type (Open and Closed), by Field Strength (High Field, Mid Field, and Low Field), by Application (Oncology, Neurology, Cardiology, Gastroenterology, Musculoskeletal, and Others) by End User (Hospitals, Imaging Centers, Ambulatory Surgical Centers, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 16.72 Bn in 2023 and is expected to exhibit a CAGR of 16.7% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on research and development activities in order to get product approvals from the regulatory authorities, which is driving the global magnetic resonance imaging (MRI) market growth. For instance, in February 2022, Esaote North America, Inc., a medical device company, announced that the U.S. Food and Drug Administration (FDA) approval of the Magnifico Open MRI, a new open whole-body MRI system now available for purchase in the U.S. Magnifico Open was designed with the user in mind through customer feedback to bridge the gap between traditional musculoskeletal imaging and whole-body imaging.
Global Magnetic Resonance Imaging (MRI) Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems regarding the transportation of things from one place to another.
However, COVID-19 had a positive impact on the magnetic resonance imaging (MRI) systems market, owing to the increase in the use of MRI systems by hospitals and diagnostic centers. For instance, in June 2021, according to an article published in Magnetic Resonance Imaging, an international multidisciplinary journal encompassing physical, life, and clinical science investigations in case Computed Tomography (CT) scan is not available, it is advisable to conduct a chest MRI for patients with suspected or confirmed COVID-19.
Global Magnetic Resonance Imaging (MRI) Market: Key Developments
On September 26, 2023, Saluda Medical, Inc., a global medical device company revolutionizing the field of neuromodulation with an emerging portfolio of therapies driven by advanced closed-loop technologies, announced that the U.S. Food and Drug Administration (FDA) had approved MRI conditional labeling for the Evoke System, the first and only precision, dose-control spinal cord stimulation (SCS) therapy powered by SmartLoop technology.
In July 2022, Canon Medical Systems, a medical equipment company, announced the expansion of distributorship with the acquisition of NXC imaging, a medical imaging equipment distributor and service provider. This acquisition is expected to broaden and advance Canon Medical Systems U.S. sales and service outreach in the northern portion of the U.S.
In March 2020, NeuroPace, Inc., a medical technology company, announced that its RNS System has received the U.S. Food and Drug Administration (FDA) approval of MRI labeling for the RNS System, expanding treatment options for the approximately one million patients in the U.S. living with seizures that do not respond to medication.
Browse 44 Market Data Tables and 39 Figures spread through 165 Pages and in-depth TOC on “Global Magnetic Resonance Imaging (MRI) Market”- Forecast to 2030, Global Magnetic Resonance Imaging (MRI) Market, by Type (Open and Closed), by Field Strength (High Field, Mid Field, and Low Field), by Application (Oncology, Neurology, Cardiology, Gastroenterology, Musculoskeletal, and Others) by End User (Hospitals, Imaging Centers, Ambulatory Surgical Centers, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
Key Takeaways of the Global Magnetic Resonance Imaging (MRI) Market:
- The global magnetic resonance imaging (MRI) market is expected to exhibit a CAGR of 16.7% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global magnetic resonance imaging (MRI) market.
- Among the field strength segment, the high field segment is expected to exhibit the highest CAGR in the global magnetic resonance imaging (MRI) systems market during the forecast period, and this is attributed to increasing product launches and increasing availability of MRI’s by major players in the market. Key market players like Bruker and Siemens AG offer a wide variety of high field strength MRI magnet range.
- Among regions, North America is estimated to account for the largest market share in the global magnetic resonance imaging (MRI) systems market due to increasing product launches by key market players. For instance, in May 2022, Bruker, a U.S. based manufacturer of scientific instruments for molecular and materials research, announced the launch of new 7 Tesla and 9.4 Tesla Preclinical MRI Magnets. 7 Tesla and 9.4 Tesla magnets eliminate the need for liquid elium or nitrogen refills, while offering high-field sensitivity and resolution for advanced preclinical MRI and PET/MR research.
- The major players operating in the global magnetic resonance imaging (MRI) market are Seimens AG, Koninklijke Philips N.V., Medtronic plc, Aurora Imaging Technologies Inc., General Electric Company, Hitachi Ltd., Esaote SpA, The InterMed Group, and Canon Medical Systems Corporation
