MRI Systems Devices Market Size was valued at USD 5.2 Billion in 2022. The MRI systems devices market industry is projected to grow from USD 5.51 Billion in 2023 to USD 8.785 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.00% during the forecast period (2023 - 2032). The primary market drivers of the market are changes in lifestyle, technology advancements, and the rise in chronic illnesses, which are all driving up demand for diagnostics.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The market for MRI systems devices is anticipated to expand in the future due to the growing elderly population. Any demographic group made up of senior citizens or those who are older is known as the geriatric population. Those 65 years of age and older usually are included. Regarding the particular healthcare requirements of the elderly population, magnetic resonance imaging technologies are indispensable. These tools support older people's better overall health outcomes, individualized treatment plans, and early diagnosis. For instance, in October 2022, a research released by the World Health Organization (WHO), a Switzerland-based organization in charge of public health, stated that one in six individuals worldwide is anticipated to be 60 years of age or older by 2030. Globally, there will be 2.1 billion individuals over 60 by the year 2050. Compared to the existing population, the number of persons who are 80 years of age or above will increase by 426 million between 2020 and 2050. Thus, the market for MRI systems devices is expanding due to the growing geriatric population.
The market for MRI systems devices is expanding as a result of changes in lifestyle, advancements in technology, and an increase in the prevalence of chronic illnesses, which are raising the need for diagnostics. With the use of MRI systems devices, doctors can diagnose patients and track their progress in therapy by creating three-dimensional, intricate anatomical images of the human body. Medical imaging technologies are becoming more and more necessary in healthcare facilities for diagnosis due to growing health problems. For instance, in India, the healthcare system is made more accessible through 150,000 health and wellness centers funded by $1.8 billion. The market is expanding significantly due to rising health consciousness and the value of health insurance.
The rising technical improvements in imaging equipment are a major driving factor that is anticipated to significantly contribute to the growth of the worldwide market. Among these innovations is open magnetic resonance imaging (MRI), which facilitates the efficient imaging of people who are overweight or claustrophobic. The imaging equipment's field strength and processing capacity have also been enhanced by these developments. Due to improvements in the equipment's pulse sequences, these characteristics have resulted in faster imaging timing, more spatial resolution, and better imaging quality. Moreover, the market has grown as a result of the introduction of cutting-edge equipment from major players in the industry, like Siemens' MAGNETOM Terra, the first 7T MRI system authorized for clinical use. The demand for these systems is expected to increase due to the aforementioned product launches and the growing need for advanced medical imaging solutions, which will drive the MRI systems devices market revenue.
The MRI systems devices market segmentation, based on type includes Close MRI and Open MRI. The close MRI segment's greater market share is ascribed to its several benefits over open MRI. For instance, compared to open MRIs, closed MRI imaging systems can diagnose more conditions, which is driving market expansion. They also have a greater magnetic field, which allows them to take better pictures.
The MRI systems devices market segmentation, based on application, includes Oncology, Neurology, Cardiology, Inflammatory and Infectious Diseases, and Other Applications. The neurology category generated the most income because neurological illnesses are becoming more commonplace worldwide and because this imaging method is being used to screen for medical issues like strokes. For instance, the World Health Organization (WHO) estimates that 15 million individuals worldwide experience a stroke each year, with those over 40 experiencing a higher incidence rate.
The MRI systems devices market segmentation, based on end user, includes Hospitals, Imaging Centers, and Ambulatory Surgical Centers. The hospitals category generated the most income because of the increasing number of MRI machines installed by hospitals. Rapid magnetic resonance imaging (rMRI) and an increase in MRI installations in teaching hospitals and trauma and emergency care facilities are expected to be the two main factors propelling the growth of this market.
Figure 1: MRI Systems Devices Market, by End User, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American MRI systems devices market area will dominate this market. The need for sophisticated imaging analysis is being driven by the region's increasing prevalence of chronic diseases, which include ailments like breast cancer, cardiovascular issues, and neurological diseases. Over the course of the forecast period, it is anticipated that this region will continue to dominate. MRI technology is predicted to rise during the projection period as a result of both the increasing prevalence of chronic illnesses and technological breakthroughs.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: MRI SYSTEMS DEVICES MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe MRI systems devices market accounts for the second-largest market share. The dominance of the regional market may be attributed to various factors such as the rise in medical imaging procedures, rising healthcare costs, and the adoption of new technology systems. Further, the German MRI systems devices market held the largest market share, and the UK MRI systems devices market was the fastest growing market in the European region
The Asia-Pacific MRI Systems Devices Market is expected to grow at the fastest CAGR from 2023 to 2032 because of the growing need for improved imaging methods and the aging population. Furthermore, throughout the projected period, the expanding advanced medical imaging market is expected to be supported by the expanding medical tourism sector in Asian nations. Moreover, China’s MRI systems devices market held the largest market share, and the Indian MRI systems devices market was the fastest growing market in the Asia-Pacific region.
MRI Systems Devices Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the MRI systems devices market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, MRI systems devices industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the MRI systems devices industry to benefit clients and increase the market sector. In recent years, the MRI systems devices industry has offered some of the most significant advantages to medicine. Major players in the MRI systems devices market are attempting to increase market demand by investing in research and development operations includes GE Healthcare, Philips Healthcare, Siemens Healthineers, Hitachi Ltd., Canon Medical Systems, Fonar Corporation, Neusoft Medical Systems Co. Ltd., Esaote S.p.A, Bruker Corporation, Time Medical Systems, Magnetica, Tomtec Imaging Systems GMBH, Sanrad Medical Systems Pvt. Ltd., Agilent Technologies Inc., Analogic Corporation, Hologic Inc., IMRIS Inc., Innervision Mri, Medinus Co., Medtronic PLC, Hyperfine, Aurora Imaging Technology, AllTech Medical Systems, Millennium Technology Inc., Mindray Medical International Ltd., MR Solutions, Toshiba Corporation, and Koninklijke Philips N.V.
Medical diagnostic systems are supplied by Canon Medical Systems Corp. (Canon Medical Systems). Nuclear medicine systems, magnetic resonance imaging systems, ultrasound systems, computed tomography systems, X-ray systems, and sophisticated visualization systems are among the company's top products. Through a network of distributors and its own companies, Canon Medical Systems distributes its goods. The company works with medical and research organizations to produce medical imaging products. In July 2022, the Vantage Fortian MRI system was introduced by Canon Medical Systems Corporation at the 2022 European Congress of Radiology (ECR). In order to shorten procedure times, the new system included expedited scan technology, creative workflow solutions, and picture enhancement.
Medical imaging systems, diagnostic tools, and surgical supplies are developed, produced, and distributed by Hologic Inc. (Hologic). It provides products that help diagnose human diseases; accessories and products related to breast imaging; GYN surgical products, such as hysteroscopic tissue removal systems and endometrial ablation systems; and products related to skeletal health, such as mini C-arm imaging and dual-energy X-ray bone densitometry systems. Hospitals, clinical laboratories, physicians, and surgeons are among the clients that the company serves with its products.
Key Companies in the MRI systems devices market include
January 2023:A leader in real-time interventional cardiac magnetic resonance ablation (iCMR) solutions, Imricor Medical Systems, Inc., recently announced a partnership with GE HealthCare to integrate its Northstar-MR 3D mapping system and advantage-MR EP recorder/stimulator with MRI scanners made by GE HealthCare. With Imricor's catheters and other disposable devices, the partnership will make it possible to undertake cardiac electrophysiology (EP) ablation treatments guided by real-time MRI on the GE HealthCare platform.
November 2021:Along with software-based workflow improvements aimed at improving radiology facilities' productivity, Philips Healthcare announced the introduction of new 1.5- and 3-tesla MRI scanners. The 1.5-tesla scanner known as the MR 5300 is the successor to the Ingenia Ambition X scanner, which introduced Philips' BlueSeal helium-free operation concept in 2018.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 5.2 Billion |
| Market Size 2023 | USD 5.51 Billion |
| Market Size 2032 | USD 8.785 Billion |
| Compound Annual Growth Rate (CAGR) | 6.00% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | GE Healthcare, Philips Healthcare, Siemens Healthineers, Hitachi Ltd., Canon Medical Systems, Fonar Corporation, Neusoft Medical Systems Co. Ltd., Esaote S.p.A, Bruker Corporation, Time Medical Systems, Magnetica, Tomtec Imaging Systems GMBH, Sanrad Medical Systems Pvt. Ltd., Agilent Technologies Inc., Analogic Corporation, Hologic Inc., IMRIS Inc., Innervision Mri, Medinus Co., Medtronic PLC, Hyperfine, Aurora Imaging Technology, AllTech Medical Systems, Millennium Technology Inc., Mindray Medical International Ltd., MR Solutions, Toshiba Corporation, and Koninklijke Philips N.V. |
| Key Market Opportunities | Growing Numbers of Older People in Both Developed and Developing Nations |
| Key Market Dynamics | Growing Rate of Chronic Illnesses Growing the Number of Product Releases and Using Stronger Equipment |
Frequently Asked Questions (FAQ) :
The MRI systems devices market size was valued at USD 5.2 Billion in 2022.
The market is projected to grow at a CAGR of 6.00% during the forecast period, 2023-2032.
North America had the largest share in the market
The key players in the market are GE Healthcare, Philips Healthcare, Siemens Healthineers, Hitachi Ltd., Canon Medical Systems, Fonar Corporation, Neusoft Medical Systems Co. Ltd., Esaote S.p.A, Bruker Corporation, Time Medical Systems, Magnetica, Tomtec Imaging Systems GMBH, Sanrad Medical Systems Pvt. Ltd., Agilent Technologies Inc., Analogic Corporation, Hologic Inc., IMRIS Inc., Innervision Mri, Medinus Co., Medtronic PLC, Hyperfine, Aurora Imaging Technology, AllTech Medical Systems, Millennium Technology Inc., Mindray Medical International Ltd., MR Solutions, Toshiba Corporation, and Koninklijke Philips N.V.
The close MRI category dominated the market in 2022.
The neurology category had the largest share in the market.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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