Magnetic Resonance Imaging (MRI) Systems Market size is set to grow by USD 2.86 billion from 2024-2028, Increasing prevalence of diseases coupled with growing geriatric population boost the market, Technavio

NEW YORK, Aug. 8, 2024 /PRNewswire/ -- The global magnetic resonance imaging (MRI) systems market size is estimated to grow by USD 2.86 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 6.78% during the forecast period. Increasing prevalence of diseases coupled with growing geriatric population is driving market growth, with a trend towards software advances in mri technology. However, high cost of mri systems poses a challenge. Key market players include Aspect Imaging Ltd., AURORA HEALTHCARE US Corp., Bruker Corp., Canon Inc., Esaote Spa, FONAR Corp., FUJIFILM Corp., GE Healthcare Technologies Inc., Hologic Inc., Koninklijke Philips N.V., MR Solutions Ltd., Neusoft Corp., Onex Corp., Sanrad Medical Systems Pvt ltd, Shenzhen Anke High tech Co., Shimadzu Corp., Siemens Healthineers AG, and Time Medical Holding Co Ltd.

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Market Driver

MRI systems market is witnessing significant advancements, primarily in the software and computing sector. Siemens Healthineers' new application, Simultaneous Multi-Slice, accelerates 2D imaging acquisition time by three times, enabling advanced applications like diffusion tensor imaging (DTI) and blood oxygenation level-dependent (BOLD) in routine clinical use. Hitachi Medical Systems America's Evolution 5 MRI software platform enhances image performance and quality with an optimized FSE sequence and noise reduction algorithm. General Electric's MAGiC software delivers eight contrasts in a single acquisition, reducing scan time and offering post-acquisition contrast manipulation for comprehensive clinical diagnosis. GE also introduced SilentScan MRI noise reduction technology with its Signa Pioneer 3.0T system. These software innovations are expected to drive market growth by improving patient throughput, reducing costs, and increasing diagnostic accuracy. 

The MRI systems market is witnessing significant growth due to increasing health concerns and the rising number of healthcare centers offering advanced diagnostic services. Brain-related conditions, cardiovascular diseases (CVDs), and cancer are key areas where MRI is making a difference. Health insurance coverage for MRI scans is expanding, driving demand. Advanced MRI machines, like Velocity MRI System, offer faster imaging and better patient experience. Multi-contract MRI scanners allow sharing resources, reducing costs. Research studies published in reputed journals like BRJ highlight the role of MRI in radiation therapy, chemotherapy, and side effects monitoring. Challenges include claustrophobia, metal implants, pacemakers, and metal chips, affecting buying behavior. Pricing analysis and patent studies are crucial in this competitive market. Novel technologies, such as hybrid MRI systems, cater to chronic conditions and the aging baby boomer population. Superconducting magnets with higher magnetic strengths (Tesla) are trending. 

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Market Challenges

• The high cost of Magnetic Resonance Imaging (MRI) systems is a significant barrier to their adoption, with a 3.0T MRI system costing over USD3 million, including expenses for establishing an MRI suite, patient support areas, installation, servicing, software upgrades, and maintenance. High-field strength MRI systems offer superior image quality but come with a higher price tag. The cost of installation and maintenance restricts market growth, making it challenging for small- and medium-sized hospitals to invest. Many end-users opt for refurbished MRI systems or rental options to reduce costs. Companies like KWIPPED offer MRI systems on rent. The increasing popularity of refurbished systems and rentals may pressure market players to lower prices, potentially impacting their profitability. Consequently, the growth of the MRI systems market may be limited during the forecast period.
• The MRI suite market is experiencing significant growth due to the increasing demand for diagnostic imaging systems in healthcare. However, challenges such as high maintenance costs for MRI systems and the need for specialized sonographers continue to pose obstacles. In developing economies, affordability and accessibility are major concerns. Vascular MRI and Breast MRI are popular applications, with a growing focus on Open MRI systems for patient comfort. Diagnostic imaging centers cater to an aging population, with a high prevalence of diseases like strokes, spinal abnormalities, tumors, injuries, cancers, liver diseases, kidney diseases, and bone diseases. Early diagnosis through MRI is crucial for effective patient progress. Technical advancements in MRI systems, such as three-dimensional images and proprietary online databases, offer opportunities for CMO executives and private equity investors. Reimbursement policies, real-world data sources, and regulatory frameworks are key factors influencing market growth. Major players include Siemens Healthineers, GE Healthcare, and Philips Healthcare. Depth expert analysis of patient epidemiology, pipeline analysis, and medical procedure trends are essential for strategic decision-making.

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Segment Overview 

This magnetic resonance imaging (mri) systems market report extensively covers market segmentation by

1. Product 
• 1.1 Closed MRI systems
• 1.2 Open MRI systems
2. Type 
• 2.1 Fixed MRI
• 2.2 Mobile MRI
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Closed MRI systems- Closed Magnetic Resonance Imaging (MRI) systems are essential diagnostic tools in the healthcare industry, utilizing a high magnetic field within a tube-like structure to generate detailed images of organs. These systems range from 1.5T to 3.0T or higher, and are used to diagnose conditions related to the heart, brain, spine, breast, and abdomen. Closed MRI systems, featuring superconducting magnets, provide fast scanning and high-quality images. Two types of closed MRI systems exist: narrow bore and wide/open bore. Narrow bore systems have small openings, which can be claustrophobic for some patients and unsuitable for obese individuals. In response, vendors offer wide/open bore closed MRI systems, which widen the bore for enhanced patient comfort and accessibility. These systems, from major vendors like Siemens, Canon, and Philips, deliver high image clarity while catering to obese patients who cannot fit in traditional 60-cm openings. Wide/open bore closed MRI systems' popularity stems from their ability to address the limitations of traditional closed MRI systems with narrow bores. Leading vendors now offer wide/open bore systems with a 70-cm bore size, which was previously not exceeded. The increasing preference for wide-bore closed MRI systems and the focus on enhancing magnetic field strength for clearer, higher-quality images are expected to fuel the growth of the closed MRI systems market during the forecast period.

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Research Analysis

The Magnetic Resonance Imaging (MRI) Systems market is witnessing significant growth due to the increasing prevalence of chronic conditions such as Cancer, Cardiovascular Diseases (CVDs), Alzheimer's disease, and other neurological disorders. The aging population is another major factor driving the market, as they are more susceptible to various health issues. Hospitals are the largest end-users of MRI systems due to their ability to provide early and accurate diagnosis, especially for soft tissue injuries and diseases of the nervous system. Pricing analysis reveals that the cost of MRI systems varies based on the technology used, with Hybrid MRI systems being the most expensive due to their advanced features. Patent analysis shows that numerous innovations are being made in MRI technology, including the development of novel technologies for early diagnosis and improved image quality. Buying behavior indicates that healthcare providers prefer systems with high diagnostic accuracy and ease of use. Technological advancements, such as the integration of Artificial Intelligence (AI) and Machine Learning (ML) algorithms, are expected to further enhance the capabilities of MRI systems. MRI systems are increasingly being used for the diagnosis and monitoring of various conditions, including bone diseases, tissue diseases, and CVDs. The market is also witnessing an increasing demand for MRI systems for the diagnosis and monitoring of diseases related to the aging population, such as Alzheimer's disease and other neurological disorders. In summary, the Magnetic Resonance Imaging (MRI) Systems market is growing due to the increasing prevalence of chronic conditions, aging populations, and the need for early and accurate diagnosis. The market is driven by technological advancements, including the development of novel technologies and the integration of AI and ML algorithms. Hospitals remain the largest end-users, and pricing analysis reveals that Hybrid MRI systems are the most expensive due to their advanced features.

Market Research Overview

Magnetic Resonance Imaging (MRI) systems have revolutionized diagnostic imaging, providing three-dimensional images of the body's internal structures. Pricing analysis of MRI machines reveals varying costs based on magnetic strengths, field strength, and technology. Patients' buying behavior is influenced by factors such as chronic conditions, aging populations, and healthcare coverage. Novel technologies like hybrid MRI systems and open vs. Closed systems cater to specific patient needs. Hospitals, diagnostic imaging centers, and CMO executives invest in MRI suites for detection & diagnosis of various conditions, including CVDs, Alzheimer's disease, tumors, injuries, cancers, liver diseases, kidney diseases, bone diseases, and tissue diseases. Technical advancements enable early diagnosis and personalized treatment plans. Reimbursement policies, real-world data sources, and proprietary online databases impact market growth. Geographical coverage, patient epidemiology, pipeline analysis, and regulatory framework are crucial aspects of the MRI systems market. MRI machines' maintenance costs, patient experience, multimodality imaging, and research studies also influence market trends. Health concerns, healthcare centers, and health insurance drive demand for advanced MRI machines. Side effects, claustrophobia, metal implants, heart pacemakers, and metal chips are challenges to the market's growth.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Closed MRI Systems
• Open MRI Systems
• Type
• Fixed MRI
• Mobile MRI
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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SOURCE Technavio