Global Magnetic Resonance Imaging (MRI) Market Size, Segmentation, Trends and Growth Analysis Forecast by 2030

Magnetic Resonance Imaging (MRI) Market Analysis and Size, Definition

The Magnetic Resonance Imaging Market is currently valued at USD 5.89 billion in the year 2022 and is expected to register a CAGR of 6.57% over the forecast period (2022-2030).

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Magnetic resonance imaging or MRI is a non-invasive medical imaging test that produces detailed images of almost every internal structure in the human body, including the organs, bones, muscles, and blood vessels. MRI scanners create images of the body using a large magnet and radio waves.

The market is expected to grow due to the increasing population, rising number of radiology professionals and practices, and investments in R&D activities. Moreover, the number of patients suffering from chronic diseases such as cancer, COPD, arthritis, osteoporosis, and others has increased significantly in recent years. This is increasing the demand for medical imaging which in turn is driving the magnetic resonance imaging (MRI) market.

Magnetic Resonance Imaging (MRI) Market Latest Trends 

The recent trends in MRI machines use stronger magnets and advanced shielding to reduce the risks associated with the magnetic field and radio waves used in the scanning process. This makes MRI a safer option for patients, especially those who have metal implants or other conditions that may pose a risk during the scan. Furthermore, using compressed sensing and AI is making MRI systems more efficient. Software improvements have increased considerably for MRI and MRI manufacturers are seeing compressed sensing, which allows for faster scanning, shortening scanning appointments, and one-beat cardiac MRI scanning.

Segmentation of The Magnetic Resonance Imaging Market

The Magnetic Resonance Imaging Market is Segmented

By Outlook Segment

• Open System
• Closed System

MRI Field Strength Outlook

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

Application

• Obstructive Sleep Apnea
• Brain and Neurological
• Spine and musculoskeletal
• Abdomen
• Cardiac
• Breast
• Other 

Geography 

• North America
• Europe
• Asia-Pacific
• Middle East
• Africa
• South America

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Drivers :

MRI Market Increasing Awareness Regarding Early Diagnosis and Rising Patient Population

The growing initiative by the government across the world regarding educational programs that aim to increase awareness of cancer signs and symptoms among both clinicians and the general public aims to catch potential cancer cases at the very first point of contact. Thus, such programs are expected to increase the demand for MRI demand, thereby contributing to the growth of the studied market.

Furthermore, a high number of cancer cases is also expected to fuel the growth of the studied market. For instance, in November 2022, the recent update posted by NHS England reported that during 2021-2022, in England over 100,000 (100,461) patients were diagnosed with cancer at stages one or two when it is easier to treat – the highest proportion on record. Thus, such instances are fuelling the growth of the studied market.

Moreover, in January 2203, The Cancer Awareness Measure (CAM) validated a face-to-face questionnaire designed to measure the public’s awareness of the symptoms and risk factors of cancer as well as the barriers to seeking help, thus such awareness is expected to drive the growth of the studied market, and increasing the demand for MRI.

Technological Advancement

AI technology filters, more powerful radiofrequency coils, and enhanced software programs can now be applied to improve the resolution of shorter scans, delivering image quality more like that achieved with a traditional, longer MRI procedure. Thus, such developments are fueling the growth of the studied market.

In August 2023, Hyperfine, Inc. the groundbreaking medical device company that created the Swoop system, the world’s first FDA-cleared portable magnetic resonance brain imaging system, today announced completed enrollment for the multi-site observational study, HOPE PMR (Portable MRI for Children with Neurological Injury—A Pilot Study using Hydrocephalus as an Index Condition). Thus, such developments are fueling the growth of the studied market over the forecast period.

 Market Restraints:

Magnetic Resonance Imaging (MRI) Market High Cost of the Installation

An article published by the National Center for Biotechnology Information in January 2021, reported that the average cost of installing an imaging machine varies somewhere between USD 200 billion and USD 250 billion a year in the healthcare system. Another document published by the Royal College of Radiologists in June 2023, reported that the UK has a 29% shortfall of skilled clinical radiologists, which will rise to 40% in five years without action. Thus, such a high cost of imaging instruments and lack of skilled labor may lead to mismanagement of radiology machines, thereby expected to slow down the growth of the studied market.

COVID-19 and Russian War Impact on Magnetic Resonance Imaging (MRI) Market

The COVID-19 pandemic impacted the growth of global MRI services, thereby has impacted the global MRI market. For instance, an article published by the National Institute of Library in October 2022, reported that a 21% reduction in MRI diagnostics was observed in Saudi Arabia, resulting in a decrease in demand for MRI and thus the studied market was impacted. However, in the current scenario, it is expected that with the resumption of services due to the ease in the COVID-19 lockdown, the market is expected to witness significant growth over the forecast period.

Segmental Analysis Open System Magnetic Resonance Imaging (MRI) Market is Expected to Witness High Growth over the Forecast Period

An open MRI system is open, while still using magnets to take images of the inside of the body.  Instead of an enclosed capsule, the open MRI uses a magnet on top and bottom and is open on all four sides. These decrease the risk of claustrophobia and panic attacks exponentially and allow patients of all shapes and sizes to be able to make use of an MRI to accurately diagnose their problems.

The launch of new products is fueling the growth of the studied segment. For instance, in May 2022, Bruker launched 7 Tesla and 9.4 Tesla conduction-cooled Maxwell magnets for its market-leading preclinical magnetic resonance imaging systems portfolio. Following the success of its BioSpec Maxwell 3 Tesla model, the new range of Maxwell 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. Thus, such product launches are contributing to the growth of the segment.

High Strength Magnetic Resonance Imaging (MRI) Segment is Expected to Witness Significant Growth Over the Forecast Period

The MRI examinations with higher fields up to 10.5T are considered as high strength. The main advantages of high field strengths are the increased signal-to-noise ratio and chemical shift. The higher signal-to-noise ratio can be used either for reducing scan time without losing diagnostic quality or for increasing spatial resolution. Further development of high-strength MRI equipment is expected to drive the growth of the studied segment. For instance, in June 2022, the University’s largest-ever funding award for the UK’s most powerful MRI scanner. The University of Nottingham has been awarded EUR 29.1 million to establish the UK’s most powerful Magnetic Resonance Imaging (MRI) scanner as a national facility, subject to business case approval. This scanner will give researchers and doctors unprecedented insights into brain function and the mechanisms of human disease. Thus, such developments are expected to contribute to the studied segment’s growth.

Brain Cancer by Application Segment is Expected to Witness Significant Growth Over the Forecast Period

Brain MRI is often used to detect brain tumors because it shows the brain more clearly than do other imaging test. The high number of brain cancer cases is expected to contribute to the studied segment’s growth. For instance, Brain Charity Cancer in 2022 reported that estimated that roughly 740,000 people get a brain tumor globally each year. Thus, such a high number of brain cancer cases are expected to contribute to the segment’s growth.

North America is Expected to Hold a Significant Market Share Over the Forecast Period

North America is expected to hold a major market share in the magnetic resonance imaging market due to increasing cases of chronic diseases and rising healthcare expenditure.

Also, the presence of major companies is leading to the launch of new products in the region, thereby driving the growth of the studied market in the region. For instance, in January 2023, the rapid increase in pet adoptions across the US created an unprecedented surge for veterinary imaging services. To keep pace with new demands, Esaote North America, Inc. is excited to announce the launch of the Magnifico Vet MRI system, a new imaging solution uniquely suited to provide diagnostic efficacy in a variety of veterinary hospitals. Inspired by veterinarians and designed for multiple users, the Magnifico Vet is an efficient vet-centric scanning innovation built for imaging animals of various sizes quickly and easily. From the ergonomic interface, and easy patient positioning, to streamlined data input and patient retrieval, veterinary MRI scanning has never been easier. Thus, such developments are expected to contribute to the growth of the studied market.

The high number of cancer cases in North American countries like Canada is increasing the demand for MRI equipment.  For instance, in 2022 the data published by Canada Government reported that in 2021, an estimated 229,200 Canadians will be diagnosed with cancer and 84,600 will die from cancer. Lung, breast, colorectal, and prostate cancers are expected to remain the most commonly diagnosed cancers, accounting for 46% of all diagnoses in 2021. MRI is better at showing how deeply the tumor has grown into body tissues. It can be particularly useful for showing whether the tissue left behind after treatment is cancer or not. Thus, such instances are expected to drive the growth of the studied market.

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Competitive Landscape of Magnetic Resonance Imaging (MRI) Market

The Magnetic Resonance Imaging Market is highly competitive due to the presence of many companies working globally and regionally. Some of the major players working in this market segment are:

Key Players:

• GE Healthcare
• Siemens Healthineers
• Toshiba Corporation
• Aurora Imaging Technologies Inc
• Koninklijke Philips N.V.
• Esaote SPA
• Sanrad Medical Systems Pvt ltd
• Fujifilm.

Recent Development

1) In June 2023: GE HealthCare is tackling throughput limitations around cardiac magnetic resonance imaging (MRI) testing with its new deep learning-based product Sonic DL. The technology can scan up to 12 times faster than current approaches meaning lengthy exam times often associated with cardiac MRIs may be reduced. Thus, such developments are fuelling the market growth.

2) In May 2023: The Institute of Medical Imaging and Visualisation (IMIV) is pleased to launch the IMIV MRI Research Project Scheme 2023.  the scheme, two innovative MRI research projects will each be awarded up to 100 hours of scanning time on the IMIV’s state-of-the-art 3T Siemens Lumina MRI scanner. 

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