Magnetic Resonance Imaging Market Overview
In the world of medical imaging, magnetic resonance imaging (MRI) stands at the forefront of pursuing technological advances and creating high-quality images. MRI scanners are used in clinical settings around the world, to provide physicians with valuable diagnostic and prognostic information about a patient’s health. An MRI scanner uses radio frequency waves and a magnetic field generated by a very large magnet to create a highly detailed 3-D image of the body. The global Magnetic Resonance Imaging market is expected to grow at a sound pace in the times to follow.
There has been a significant rise in the prevalence of disorders related to the spine, neurology, orthopedic, cardiovascular, head and neck, and abdominal and prostate that has augmented the demand for magnetic resonance imaging equipment across the world. This key factor contributes more to the growth of the global Magnetic Resonance Imaging market. According to the World Health Organization (WHO), Cardiovascular diseases (CVDs) are the leading cause of death globally, an estimated 17.9 million people died from CVDs in 2019, representing 32% of all global deaths. In addition, pressure on the government to explore avenues to improve health care facilities for the aging population. Hence, an increase in the aging population is expected to propel the growth of the global magnetic resonance imaging market in the coming years.
Furthermore, the development of health care infrastructure in developing countries, along with an increase in awareness about available treatment options for the spine, neurology, orthopedic, cardiovascular, and others health issues has led to the rapid adoption of the latest magnetic resonance imaging equipment in regions, such as the Asia Pacific, the Middle East, Latin America, and emerging African countries. Further, increased efforts of government and health care organizations in such countries toward prevention and efficient treatment of patients have enlarged the adoption of magnetic resonance imaging equipment. Each of these factors is anticipated to have a definite impact on the magnetic resonance imaging market during the forecast period. Additionally, recent pandemic of COVID-19 had a slight effect on the magnetic resonance imaging market in terms of diagnostic urgency. Also, the number of cancer cases has been increasing across the world, indicating huge scope of growth for both the market and its players.
On the other side, the high price of MRI scanners is one of the major restraining factors for the growth of the market in developing countries. Apart from this, technological advancements have prompted the development of high-resolution open MRI equipment. These devices are likely to be broadly accepted in the coming period owing to better patient compliance and development in the skills of caregivers.
Covid-19 Impact on Magnetic Resonance Imaging Market
In addition, the current Magnetic Resonance Imaging Market study offers a detailed analysis of the current COVID-19 pandemic impact on the market growth and its influence on the future growth of the Magnetic Resonance Imaging Market. The recently published report demonstrates the elevation in the demand for the healthcare sector. The healthcare manufacturers have experienced long term as well as short term effect which includes supply shortages, panic buying, and stocking, regulation changes as short-term whereas approval delays and possible trend variations in consumption could be perceived as long-term impacts of COVID-19 on the health and pharmaceutical market.
The increasing need for a cure has pushed vaccine research and manufacturers to the limit. In addition to this, panic conditions have already spurred the demand for many healthcare products and services which are discussed in detail in this report. Moreover, the impact of COVID-19 on overall market revenue for the base year 2020 and its projection up to 2027 is provided in detail in this report.
Magnetic Resonance Imaging Market Segment Overview
Based on Application, the Spine segment held the maximum share of the global Magnetic Resonance Imaging market and is projected to remain dominant during the forecast period. Magnetic resonance imaging (MRI) of the spine uses radio waves, a magnetic field, and a computer. It creates clear, detailed pictures of the spine and surrounding tissues. MRI of the spine allows physicians to examine the spine anatomy to rule out any structural abnormalities.
In terms of Device Type, the High-Field MRI (1.5T - 3.0T) segment is estimated to dominate the market globally over the stated period. 1.5T has long been the standard strength magnet used in clinical settings, whereas 3.0T machines have typically been used in research settings. However, advances in technology have made 3T machines safer to use and more widely available. 1.5 and 3.0T scanners have some differences in their capabilities, but both machines offer a great deal of value in patient care.
Magnetic Resonance Imaging Market, By Device Type
· Low-to-Mid Field MRI (below 1.5T)
· High Field MRI (1.5T - 3.0T)
· Very High Field (4.0T - 5.0T)
· Ultra-High Field MRI (6.0T and above)
Magnetic Resonance Imaging Market, By Design
· Open MRI
· Closed MRI
Magnetic Resonance Imaging Market, By Application
· Spine
· Neurology
· Orthopedic
· Cardiovascular
· Head and Neck
· Abdominal and Prostate
Magnetic Resonance Imaging Market, By End-User
· Hospitals
· Ambulatory Surgical Centers
· Diagnostic Imaging Centers
Magnetic Resonance Imaging Market Regional Overview
Geologically, North America represented a major share of the global Magnetic Resonance Imaging market and the pattern is foreseen to continue in the upcoming years as well. This can be mainly attributed to the growing prevalence of ongoing sicknesses, and ascend popularity for early analysis of illnesses and mechanical improvements in this region. Furthermore, other important factors such as well-established healthcare infrastructure, ideal government activities, and growing old age population are majorly supported to the development of the market in this region. Likewise, the market of the Asia Pacific is projected to grow at fastest rate in the coming years. The increasing old age population, increasing FDI (allowing local and foreign MRI manufacturers to invest in MRI development projects), emerging healthcare infrastructure, and rising demand for high-field MRI equipment in several APAC countries are some major factors escalating the growth of the market in this region.
Magnetic Resonance Imaging Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Magnetic Resonance Imaging Market, Key Players
· Esaote SpA
· AllTech Medical Systems
· Koninklijke Philips N.V.
· Siemens Healthcare GmbH
· Hitachi, Ltd.
· CANON MEDICAL SYSTEMS CORPORATION
· GE Healthcare
· Magnetica
In the world of medical imaging, magnetic resonance imaging (MRI) stands at the forefront of pursuing technological advances and creating high-quality images. MRI scanners are used in clinical settings around the world, to provide physicians with valuable diagnostic and prognostic information about a patient’s health. An MRI scanner uses radio frequency waves and a magnetic field generated by a very large magnet to create a highly detailed 3-D image of the body. The global Magnetic Resonance Imaging market is expected to grow at a sound pace in the times to follow.
There has been a significant rise in the prevalence of disorders related to the spine, neurology, orthopedic, cardiovascular, head and neck, and abdominal and prostate that has augmented the demand for magnetic resonance imaging equipment across the world. This key factor contributes more to the growth of the global Magnetic Resonance Imaging market. According to the World Health Organization (WHO), Cardiovascular diseases (CVDs) are the leading cause of death globally, an estimated 17.9 million people died from CVDs in 2019, representing 32% of all global deaths. In addition, pressure on the government to explore avenues to improve health care facilities for the aging population. Hence, an increase in the aging population is expected to propel the growth of the global magnetic resonance imaging market in the coming years.
Furthermore, the development of health care infrastructure in developing countries, along with an increase in awareness about available treatment options for the spine, neurology, orthopedic, cardiovascular, and others health issues has led to the rapid adoption of the latest magnetic resonance imaging equipment in regions, such as the Asia Pacific, the Middle East, Latin America, and emerging African countries. Further, increased efforts of government and health care organizations in such countries toward prevention and efficient treatment of patients have enlarged the adoption of magnetic resonance imaging equipment. Each of these factors is anticipated to have a definite impact on the magnetic resonance imaging market during the forecast period. Additionally, recent pandemic of COVID-19 had a slight effect on the magnetic resonance imaging market in terms of diagnostic urgency. Also, the number of cancer cases has been increasing across the world, indicating huge scope of growth for both the market and its players.
On the other side, the high price of MRI scanners is one of the major restraining factors for the growth of the market in developing countries. Apart from this, technological advancements have prompted the development of high-resolution open MRI equipment. These devices are likely to be broadly accepted in the coming period owing to better patient compliance and development in the skills of caregivers.
Covid-19 Impact on Magnetic Resonance Imaging Market
In addition, the current Magnetic Resonance Imaging Market study offers a detailed analysis of the current COVID-19 pandemic impact on the market growth and its influence on the future growth of the Magnetic Resonance Imaging Market. The recently published report demonstrates the elevation in the demand for the healthcare sector. The healthcare manufacturers have experienced long term as well as short term effect which includes supply shortages, panic buying, and stocking, regulation changes as short-term whereas approval delays and possible trend variations in consumption could be perceived as long-term impacts of COVID-19 on the health and pharmaceutical market.
The increasing need for a cure has pushed vaccine research and manufacturers to the limit. In addition to this, panic conditions have already spurred the demand for many healthcare products and services which are discussed in detail in this report. Moreover, the impact of COVID-19 on overall market revenue for the base year 2020 and its projection up to 2027 is provided in detail in this report.
Magnetic Resonance Imaging Market Segment Overview
Based on Application, the Spine segment held the maximum share of the global Magnetic Resonance Imaging market and is projected to remain dominant during the forecast period. Magnetic resonance imaging (MRI) of the spine uses radio waves, a magnetic field, and a computer. It creates clear, detailed pictures of the spine and surrounding tissues. MRI of the spine allows physicians to examine the spine anatomy to rule out any structural abnormalities.
In terms of Device Type, the High-Field MRI (1.5T - 3.0T) segment is estimated to dominate the market globally over the stated period. 1.5T has long been the standard strength magnet used in clinical settings, whereas 3.0T machines have typically been used in research settings. However, advances in technology have made 3T machines safer to use and more widely available. 1.5 and 3.0T scanners have some differences in their capabilities, but both machines offer a great deal of value in patient care.
Magnetic Resonance Imaging Market, By Device Type
· Low-to-Mid Field MRI (below 1.5T)
· High Field MRI (1.5T - 3.0T)
· Very High Field (4.0T - 5.0T)
· Ultra-High Field MRI (6.0T and above)
Magnetic Resonance Imaging Market, By Design
· Open MRI
· Closed MRI
Magnetic Resonance Imaging Market, By Application
· Spine
· Neurology
· Orthopedic
· Cardiovascular
· Head and Neck
· Abdominal and Prostate
Magnetic Resonance Imaging Market, By End-User
· Hospitals
· Ambulatory Surgical Centers
· Diagnostic Imaging Centers
Magnetic Resonance Imaging Market Regional Overview
Geologically, North America represented a major share of the global Magnetic Resonance Imaging market and the pattern is foreseen to continue in the upcoming years as well. This can be mainly attributed to the growing prevalence of ongoing sicknesses, and ascend popularity for early analysis of illnesses and mechanical improvements in this region. Furthermore, other important factors such as well-established healthcare infrastructure, ideal government activities, and growing old age population are majorly supported to the development of the market in this region. Likewise, the market of the Asia Pacific is projected to grow at fastest rate in the coming years. The increasing old age population, increasing FDI (allowing local and foreign MRI manufacturers to invest in MRI development projects), emerging healthcare infrastructure, and rising demand for high-field MRI equipment in several APAC countries are some major factors escalating the growth of the market in this region.
Magnetic Resonance Imaging Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Magnetic Resonance Imaging Market, Key Players
· Esaote SpA
· AllTech Medical Systems
· Koninklijke Philips N.V.
· Siemens Healthcare GmbH
· Hitachi, Ltd.
· CANON MEDICAL SYSTEMS CORPORATION
· GE Healthcare
· Magnetica
Magnetic Resonance Imaging Market Study Global Market Analysis, Insights and Forecast, 2020-2027
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Magnetic Resonance Imaging Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Device Type
- 5.2.1. Low-to-Mid Field MRI (below 1.5T)
- 5.2.2. High Field MRI (1.5T - 3.0T)
- 5.2.3. Very High Field (4.0T - 5.0T)
- 5.2.4. Ultra-High Field MRI (6.0T and above)
- 5.3. Market Analysis, Insights and Forecast – By Design
- 5.3.1. Open MRI
- 5.3.2. Closed MRI
- 5.4. Market Analysis, Insights and Forecast – By Application
- 5.4.1. Spine
- 5.4.2. Neurology
- 5.4.3. Orthopedic
- 5.4.4. Cardiovascular
- 5.4.5. Head and Neck
- 5.4.6. Abdominal and Prostate
- 5.5. Market Analysis, Insights and Forecast – By End-User
- 5.5.1. Hospitals
- 5.5.2. Ambulatory Surgical Centers
- 5.5.3. Diagnostic Imaging Centers
- 5.6. Market Analysis, Insights and Forecast – By Region
- 5.6.1. North America
- 5.6.2. Europe
- 5.6.3. Asia Pacific
- 5.6.4. Latin America, Middle East and Africa
6. North America Magnetic Resonance Imaging Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Device Type
- 6.2.1. Low-to-Mid Field MRI (below 1.5T)
- 6.2.2. High Field MRI (1.5T - 3.0T)
- 6.2.3. Very High Field (4.0T - 5.0T)
- 6.2.4. Ultra-High Field MRI (6.0T and above)
- 6.3. Market Analysis, Insights and Forecast – By Design
- 6.3.1. Open MRI
- 6.3.2. Closed MRI
- 6.4. Market Analysis, Insights and Forecast – By Application
- 6.4.1. Spine
- 6.4.2. Neurology
- 6.4.3. Orthopedic
- 6.4.4. Cardiovascular
- 6.4.5. Head and Neck
- 6.4.6. Abdominal and Prostate
- 6.5. Market Analysis, Insights and Forecast – By End-User
- 6.5.1. Hospitals
- 6.5.2. Ambulatory Surgical Centers
- 6.5.3. Diagnostic Imaging Centers
- 6.6. Market Analysis, Insights and Forecast – By Country
- 6.6.1. U.S.
- 6.6.2. Canada
7. Europe Magnetic Resonance Imaging Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Device Type
- 7.2.1. Low-to-Mid Field MRI (below 1.5T)
- 7.2.2. High Field MRI (1.5T - 3.0T)
- 7.2.3. Very High Field (4.0T - 5.0T)
- 7.2.4. Ultra-High Field MRI (6.0T and above)
- 7.3. Market Analysis, Insights and Forecast – By Design
- 7.3.1. Open MRI
- 7.3.2. Closed MRI
- 7.4. Market Analysis, Insights and Forecast – By Application
- 7.4.1. Spine
- 7.4.2. Neurology
- 7.4.3. Orthopedic
- 7.4.4. Cardiovascular
- 7.4.5. Head and Neck
- 7.4.6. Abdominal and Prostate
- 7.5. Market Analysis, Insights and Forecast – By End-User
- 7.5.1. Hospitals
- 7.5.2. Ambulatory Surgical Centers
- 7.5.3. Diagnostic Imaging Centers
- 7.6. Market Analysis, Insights and Forecast – By Country
- 7.6.1. UK
- 7.6.2. Germany
- 7.6.3. France
- 7.6.4. Italy
- 7.6.5. Spain
- 7.6.6. Russia
- 7.6.7. Rest of Europe
8. Asia Pacific Magnetic Resonance Imaging Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Device Type
- 8.2.1. Low-to-Mid Field MRI (below 1.5T)
- 8.2.2. High Field MRI (1.5T - 3.0T)
- 8.2.3. Very High Field (4.0T - 5.0T)
- 8.2.4. Ultra-High Field MRI (6.0T and above)
- 8.3. Market Analysis, Insights and Forecast – By Design
- 8.3.1. Open MRI
- 8.3.2. Closed MRI
- 8.4. Market Analysis, Insights and Forecast – By Application
- 8.4.1. Spine
- 8.4.2. Neurology
- 8.4.3. Orthopedic
- 8.4.4. Cardiovascular
- 8.4.5. Head and Neck
- 8.4.6. Abdominal and Prostate
- 8.5. Market Analysis, Insights and Forecast – By End-User
- 8.5.1. Hospitals
- 8.5.2. Ambulatory Surgical Centers
- 8.5.3. Diagnostic Imaging Centers
- 8.6. Market Analysis, Insights and Forecast – By Country
- 8.6.1. China
- 8.6.2. India
- 8.6.3. Japan
- 8.6.4. Australia
- 8.6.5. South East Asia
- 8.6.6. Rest of Asia Pacific
9. Latin America, Middle East and Africa Magnetic Resonance Imaging Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Device Type
- 9.2.1. Low-to-Mid Field MRI (below 1.5T)
- 9.2.2. High Field MRI (1.5T - 3.0T)
- 9.2.3. Very High Field (4.0T - 5.0T)
- 9.2.4. Ultra-High Field MRI (6.0T and above)
- 9.3. Market Analysis, Insights and Forecast – By Design
- 9.3.1. Open MRI
- 9.3.2. Closed MRI
- 9.4. Market Analysis, Insights and Forecast – By Application
- 9.4.1. Spine
- 9.4.2. Neurology
- 9.4.3. Orthopedic
- 9.4.4. Cardiovascular
- 9.4.5. Head and Neck
- 9.4.6. Abdominal and Prostate
- 9.5. Market Analysis, Insights and Forecast – By End-User
- 9.5.1. Hospitals
- 9.5.2. Ambulatory Surgical Centers
- 9.5.3. Diagnostic Imaging Centers
- 9.6. Market Analysis, Insights and Forecast – By Country
- 9.6.1. Brazil
- 9.6.2. Saudi Arabia
- 9.6.3. UAE
- 9.6.4. Rest of LAMEA
10. Competitive Analysis
- 10.1. Company Market Share Analysis, 2018
- 10.2. Key Industry Developments
- 10.3. Company Profile
- 10.4. Esaote SpA
- 10.4.1. Business Overview
- 10.4.2. Segment 1 & Service Offering
- 10.4.3. Overall Revenue
- 10.4.4. Geographic Presence
- 10.4.5. Recent Development
- 10.5. AllTech Medical Systems
- 10.6. Koninklijke Philips N.V.
- 10.7. Siemens Healthcare GmbH
- 10.8. Hitachi, Ltd.
- 10.9. CANON MEDICAL SYSTEMS CORPORATION
- 10.10. GE Healthcare
- 10.11. Magnetica
Research Process
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
