Magnetic Resonance Imaging (MRI) Systems Market By Type (Open MRI and Closed MRI), By Field strength (Low field strength, Mid field strength, and High field strength), By End User (Hospitals, Imaging Centers, and Others), Industry Trends, Estimation & Forecast, 2023-2030

Market Definition

Magnetic resonance imaging (MRI) system is used as a large magnet and radio waves to diagnose organs and structures inside the body. Healthcare professionals use an MRI system to diagnose a variety of conditions such as torn ligaments, tumors, and others. MRI systems are used to examine the brain and spinal cord.

Global magnetic resonance imaging (MRI) systems market is estimated to grow at a CAGR of 7.5% till 2030.

Market Dynamics

Technological advancements in magnetic resonance imaging (MRI) system is boosting market demand. Earlier, the MRI scanner needed to be adjusted manually for the presence of the implant, after the introduction of PhilipsMRI automated user interface model helps patients to be scanned faster and easier. Noises during spinal imaging can be a cause of headache, but the introduction of SilentScan package included in GE Healthcare’s Signa Pioneer 3T system, the noise created during spinal imaging and other types of MRI processes was reduced. The introduction of Ingenia 1.5T System offers a soothing experience for the patient complete with imagery, sound, and light specially designed to help patients relax, with the help of the Ambient Experience technology package. Ingenia 1.5T System also offers ScanWise implant technology, which simplifies the process of scanning patients with spinal implants and other types of implants. The introduction of Signa MRI with Total Digital Imaging (TDI), designed to improve the quality of the image yielded by the MRI. Signa MRI is designed to be used up to 34% less energy. Further, increasing regulatory approval of the MRI system is a key driving factor of the market. For instance, ViewRay, Inc. has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) to market new soft-tissue visualization capabilities for its MRIdian system. MRIdian’s SmartVISION provides high diagnostic-quality MR imaging. SmartVISION is designed to maintain high-fidelity beam delivery while mitigating the risks of skin toxicities, as well as trapped or distorted dose. However, the high cost of magnetic resonance imaging (MRI) systems and the manufacturing defect or product-related error, and human error on site might hamper the growth of MRI systems. Moreover, the increase in investments and funds by government and private organizations would provide lucrative opportunities for the market in the coming years.

Market Segmentation

The global magnetic resonance imaging (MRI) systems market is classified based on type, field strength, and end user. Type is further segmented into Open MRI and Closed MRI. By field strength, the market is divided into Low field strength, Mid field strength, and High field strength. By end user, the market is further divided into Hospitals, Imaging centers, and Others.

Closed MRI was dominating the global magnetic resonance imaging (MRI) systems market, owing to the increasing commercialization of regulatory approved MRI system, the partnership between companies to market its MRI system at the global scale, and increasing investment and funds from government and private companies to develop closed MRI. Closed MRI enables detailed images of anatomy in a narrow cylindrical container usually spanning a bore diameter of 60 cm. Closed MRI systems use powerful magnetic fields and high-frequency radio waves to obtain detailed images. Open MRI has shown significant growth in 2019, due to the increasing regulatory approval of an open MRI system.

Regional Analysis

Based on geography, the global magnetic resonance imaging (MRI) systems market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is further divided in the U.S., Canada, and Mexico, whereas Europe consists of the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific. The South America region includes Brazil, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

North America was dominating the global magnetic resonance imaging (MRI) systems market in 2019, due to the increasing partnership between companies to jointly develop and market MRI system, technological advancement in MRI system and commercialization of regulatory approved magnetic resonance imaging (MRI) systems. For instance, Philips has introduced the Ingenia Ambition X 1.5T MR. Ingenia Ambition X 1.5T MR is the latest advance innovation in the Ingenia MRI portfolio which comprises fully-digital MRI systems, healthcare informatics and a range of maintenance and life cycle services for integrated solutions that provide a faster, smarter, and simpler path to enabling a confident diagnosis.

Competitive landscape

Major players operating in the magnetic resonance imaging (MRI) systems industry include GE Healthcare, Philips, Siemens Healthineers, Hitachi, Canon Medical Systems Corporation, Aspect Imaging, Aurora Imaging Technology, Hologic, Inc., Esaote S.P.A, and Neusoft Medical Systems.

The commercialization of new magnetic resonance imaging (MRI) systems, technological advancement, research and development activities for MRI system, rising investment and funding for MRI system, and increasing regulatory approval of magnetic resonance imaging (MRI) systems are some of the strategies adopted by the major companies. For instance, October 28, 2019, Hyperfine Research, Inc. has received the US Food & Drug Administration 510(k) clearance for the first bedside Magnetic Resonance Imaging (MRI) system. The Hyperfine system is 20X lower cost, 35X lower power consumption, and ten times lighter than the other MRI systems.

Magnetic Resonance Imaging (MRI) Systems Market Key Segments:

By Type
• Open MRI
• Closed MRI

By Field strength
• Low field strength
• Mid field strength
• High field strength

By End User
• Hospitals
• Imaging centers
• Others

Key Global Magnetic Resonance Imaging (MRI) Systems Industry Players
• GE Healthcare
• Philips
• Siemens Healthineers
• Hitachi
• Canon Medical Systems Corporation
• Aspect Imaging
• Aurora Imaging Technology
• Hologic, Inc.
• Esaote S.P.A
• Neusoft Medical Systems

Table of Content

1. Market Introduction
1.1. Executive Summary
1.2. Market Definition
1.3. Market Scope

2. Research Methodology
2.1. Primary Research
2.2. Research Methodology
2.3. Assumptions & Exclusions
2.4. Secondary data sources

3. Magnetic Resonance Imaging (MRI) Systems Market Overview
3.1. Report Segmentation & Scope
3.2. Key Market Trend
3.3. Drivers
3.3.1. Technological Advancements in Magnetic Resonance Imaging (MRI) Systems
3.3.2. Increasing Regulatory Approval of MRI System
3.4. Restraints
3.4.1. High Cost of Magnetic Resonance Imaging (MRI) Systems
3.4.2. Product Recall
3.5. Opportunity
3.5.1. Increase in Investments and Funds by Government and Private Organizations
3.6. Porter’s Five Forces Analysis
3.6.1. Porter’s Five Forces Analysis
3.7. Market Share Analysis

4. Type Overview
4.1. Introduction
4.1.1. Market Size & Forecast
4.2. Open MRI
4.2.1. Market Size & Forecast
4.3. Closed MRI
4.3.1. Market Size & Forecast

5. Field strength Overview
5.1. Introduction
5.1.1. Market Size & Forecast
5.2. Low field strength
5.2.1. Market Size & Forecast
5.3. Mid field strength
5.3.1. Market Size & Forecast
5.4. High field strength
5.4.1. Market Size & Forecast

6. End User Overview
6.1. Introduction
6.1.1. Market Size & Forecast
6.2. Hospitals
6.2.1. Market Size & Forecast
6.3. Imaging centers
6.3.1. Market Size & Forecast
6.4. Others
6.4.1. Market Size & Forecast

7. Magnetic Resonance Imaging (MRI) Systems Market Regional Overview
7.1. Introduction
7.1.1. Market Size & Forecast
7.2. North America Magnetic Resonance Imaging (MRI) Systems Market
7.2.1. North America Market Size & Forecast, By Country
7.2.2. North America Market Size & Forecast, By Type
7.2.3. North America Market Size & Forecast, By Field strength
7.2.4. North America Market Size & Forecast, By End User
7.2.5. U.S.
7.2.5.1. Market Size and Forecast
7.2.6. Canada
7.2.6.1. Market Size and Forecast
7.2.7. Mexico
7.2.7.1. Market Size and Forecast
7.3. Europe Magnetic Resonance Imaging (MRI) Systems Market
7.3.1. Europe Market Size & Forecast, By Country
7.3.2. Europe Market Size & Forecast, By Type
7.3.3. Europe Market Size & Forecast, By Field strength
7.3.4. Europe Market Size & Forecast, By End User
7.3.5. Germany
7.3.5.1. Market Size and Forecast
7.3.6. France
7.3.6.1. Market Size and Forecast
7.3.7. UK
7.3.7.1. Market Size and Forecast
7.3.8. Italy
7.3.8.1. Market Size and Forecast
7.3.9. Spain
7.3.9.1. Market Size and Forecast
7.3.10. Rest of Europe
7.3.10.1. Market Size and Forecast
7.4. Asia-Pacific Magnetic Resonance Imaging (MRI) Systems Market
7.4.1. Asia-Pacific Market Size & Forecast, By Country
7.4.2. Asia-Pacific Market Size & Forecast, By Type
7.4.3. Asia-Pacific Market Size & Forecast, By Field strength
7.4.4. Asia-Pacific Market Size & Forecast, By End User
7.4.5. Japan
7.4.5.1. Market Size and Forecast
7.4.6. China
7.4.6.1. Market Size and Forecast
7.4.7. Australia
7.4.7.1. Market Size and Forecast
7.4.8. India
7.4.8.1. Market Size and Forecast
7.4.9. South Korea
7.4.9.1. Market Size and Forecast
7.4.10. Rest of Asia-Pacific
7.4.10.1. Market Size and Forecast
7.5. South America Magnetic Resonance Imaging (MRI) Systems Market
7.5.1. South America Market Size & Forecast, By Country
7.5.2. South America Market Size & Forecast, By Type
7.5.3. South America Market Size & Forecast, By Field strength
7.5.4. South America Market Size & Forecast, By End User
7.5.5. Brazil
7.5.5.1. Market Size and Forecast
7.5.6. Argentina
7.5.6.1. Market Size and Forecast
7.5.7. Rest of South America
7.5.7.1. Market Size and Forecast
7.6. Middle East & Africa Magnetic Resonance Imaging (MRI) Systems Market
7.6.1. Middle East & Africa Market Size & Forecast, By Country
7.6.2. Middle East & Africa Market Size & Forecast, By Type
7.6.3. Middle East & Africa Market Size & Forecast, By Field strength
7.6.4. Middle East & Africa Market Size & Forecast, By End User
7.6.5. GCC Countries
7.6.5.1. Market Size and Forecast
7.6.6. Egypt
7.6.6.1. Market Size and Forecast
7.6.7. South Africa
7.6.7.1. Market Size and Forecast
7.6.8. Rest of Middle East & Africa
7.6.8.1. Market Size and Forecast

8. Company Profile
8.1. GE Healthcare
8.1.1. Company Basic Information, Manufacturing Base, Sales Area and Its Competitors
8.1.2. GE Healthcare Product Category, Application, and Specification
8.1.3. GE Healthcare Financial Performance (2016-2018)
8.1.4. Main Business/Business Overview
8.2. Philips
8.3. Siemens Healthineers
8.4. Hitachi
8.5. Canon Medical Systems Corporation
8.6. Aspect Imaging
8.7. Aurora Imaging Technology
8.8. Hologic, Inc.
8.9. Esaote S.P.A
8.10. Neusoft Medical Systems