Magnetic Resonance Imaging (MRI) Market

Magnetic Resonance Imaging (MRI) Market Size Survey Report – In a Glance

As per the survey report on global Magnetic resonance imaging (MRI) market, the market is projected to foresee a CAGR of CAGR value 6.4% between 2024-2033, and further generate a market size of USD 12.7 billion revenue by the end of 2033. In the year 2024, the market size was valued at USD 7.7 billion revenue.

• The global Magnetic resonance imaging (MRI) market is projected to grow on account of the rising prevalence of chronic diseases.
• In Japan, the Magnetic resonance imaging (MRI) market growth can be attributed to the rising need for diagnostic imaging.
• KDMI analyst’s growth analysis foresees side effects associated with MRI to challenge the market growth.
• North America, having the highest market share in the Magnetic resonance imaging (MRI) market, is projected to dominate the global market.

Magnetic Resonance Imaging (MRI) Market Analysis

Magnetic resonance imaging (MRI) is a medical imaging technique that produces high-definition images of internal body structures, especially soft tissues such as muscles and organs with the utilization of strong magnetic fields and radio waves. The rising prevalence of chronic diseases is a major catalyst in the progression of the global MRI market. In recent years, there has been a sharp rise in chronic diseases and conditions such as cancers, diabetes, heart ailments and others due to unhealthy lifestyles and changing environmental factors. Therefore, MRI scans proved to be a highly effective tool for the diagnosis of chronic conditions due to their potential to deliver detailed anatomical images of soft tissues in the body. It has been reported that there were at least 19 million deaths due to cardiovascular diseases in 2021, followed by cancers (10 million), chronic respiratory diseases (4 million), and diabetes (over 2 million including kidney disease deaths caused by diabetes).Siemens (Germany), General Electric (U.S.), Koninklijke Philips N.V., (Netherlands), are some of the significant parties in the global market for Magnetic resonance imaging (MRI).

Analyst’s Observation on Japan Magnetic Resonance Imaging (MRI) Market Survey

In Japan, the market growth for Magnetic resonance imaging (MRI) can be attributed to the rising need for diagnostic imaging. The growing aging demographic in the nation is the major contributor to the MRI market expansion because as people age, they are more likely to experience chronic diseases such as diabetes, cancers, cardiovascular diseases or arthritis and diagnostic imaging opens the door to early detection and proper diagnosis. In the current era, artificial intelligence (AI) is integrated into medical imaging technologies for more accuracy and improved medical imaging analysis. It was found that in Japan, the market for diagnostic and therapeutic AI healthcare tools is roughly valued at around $114 million by 2027. Siemens AG, Canon Medical Systems, GE Healthcare, are some of the significant parties in the market for Magnetic resonance imaging (MRI) in Japan.

Magnetic Resonance Imaging (MRI) Market Growth Driver and Challenges

Growth Driver

Increasing number of diagnostic imaging centers:

The increasing number of diagnostic imaging centers is catalyzing the overall magnetic resonance imaging (MRI) market’s expansion. The demand for MRI scans has spiked sharply in the forecast period due to groundbreaking technologies and advancements in the field of medical imaging so as to provide the best treatment and quality care to patients. As per the 2024–25 Budget, three reforms of $162.6 million will be implemented to Medicare funded diagnostic imaging services which will include a route to broaden access to magnetic resonance imaging (MRI) services, improve the feasibility of nuclear medicine imaging, and a mechanism to guarantee the sustainability of Commonwealth supported computed tomography (CT) services.

Restraint

Side effects associated with MRI:

The magnetic resonance imaging (MRI) technique is associated with several marked side effects including claustrophobia in some patients due to its small, narrow and enclosed space. The process is harmful to patients with heart pacemakers, metal clips or chips around the eyeball, and metal implants. Additionally, the use of gadolinium-based contrast agents (GBCAs) also comes with some potential risks, including side effects such as allergic reactions to the contrast agent. Besides, infants, small children, and other patients who are unable to relax or are disturbed may need to be sedated or anesthetized to undergo the procedure which carries risks not specific to the MRI procedure but may lower the blood pressure or have trouble breathing.

Magnetic Resonance Imaging (MRI) Market Segmentation

Our experts at KD Market Insights have segmented the global Magnetic resonance imaging (MRI) market research report as:

Magnetic Resonance Imaging (MRI) Market Regional Synopsis

The North America Magnetic resonance imaging (MRI) market is majorly driven by the surging incidence of chronic diseases and rising personal disposable income within the region. Data by the US Department of Health and Human Services revealed that approximately 129 million people in the US have at least 1 major chronic disease (eg, heart disease, cancer, diabetes, obesity, and hypertension). Besides that, technological innovations and advancements in MRI systems and favorable reimbursement scenarios are expected to foster the growth of MRI during the forecast period. Additionally, artificial intelligence (AI) and big data technologies are expected to bring about a paradigm shift in the medical imaging industry.

Asia-Pacific is expected to experience substantial growth because of the prevailing modern healthcare technologies within the region. Major countries such as China, India, and Japan are generating plentiful growth opportunities by rapidly growing the healthcare service industry and propelling MRI market growth. Furthermore, other factors such as increasing medical expenditure, growing awareness regarding early disease diagnosis and increasing demand for non-invasive diagnostic procedures is also contributing to the overall MRI market growth in the region. Remarkably, the basic health insurance system covers more than 95% of the population in China.

As per our analysts at KD Market Insights, the following five players lead the North America Magnetic resonance imaging (MRI) market growth:

• FONAR Corp., (U.S.)
• AURORA HEALTHCARE US CORP (U.S)
• General Electric (U.S.)
• GE Healthcare
• Canon Medical Systems

Magnetic Resonance Imaging (MRI) Market Competitive Landscape

Some of the key players who top the global Magnetic resonance imaging (MRI) market share:

• GE Healthcare
• Siemens Healthineers
• Koninklijke Philips N.V.
• Canon Medical Systems
• Hitachi Healthcare
• Hologic Inc.
• Bruker Corporation
• Esaote SPA
• Fujifilm Holdings Corporation
• Shimadzu Corporation
• Aurora Imaging Technologies, Inc.
• CANON MEDICAL SYSTEMS CORPORATION (Japan)
• Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)

1. Executive Summary
   1. Market Overview
   2. Key Findings
   3. Market Trends
   4. Market Outlook
2. Introduction
   1. Scope of the Report
   2. Research Methodology
   3. Definitions and Assumptions
   4. Acronyms and Abbreviations
3. Market Dynamics
   1. Drivers
   2. Restraints
   3. Opportunities
   4. Challenges
4. Global Magnetic Resonance Imaging (MRI) Market
   1. Market Overview
   2. Market Size and Forecast
   3. Market Segmentation
      1. By Type
      2. By Field strength
      3. By Application
      4. By End-user
      5. By Region
5. Market Segmentation by Type
   1. 1. Open
      2. Closed
6. Market Segmentation by Field strength
   1. 1. Low field strength
      2. Mid field strength
      3. High field strength
7. Market Segmentation by Application
   1. 1. Oncology
      2. Neurology
      3. Cardiology
      4. Gastroenterology
      5. Musculoskeletal
      6. Others
8. Market Segmentation by End-user
   1. 1. Hospitals
      2. Imaging centers
      3. Ambulatory surgical centers
      4. Others

1. Regional Analysis
   1. North America
      1. United States
         1. Market Size and Forecast
         2. Key Trends and Developments
2. Market Analysis by Type, Field strength, Application and End-user
   1. 1. Canada
         1. Market Size and Forecast
         2. Key Trends and Developments
3. Market Analysis by Type, Field strength, Application and End-user
   1. 1. Mexico
         1. Market Size and Forecast
         2. Key Trends and Developments
4. Market Analysis by Type, Field strength, Application and End-user
   1. Europe
      1. United Kingdom
         1. Market Size and Forecast
         2. Key Trends and Developments
5. Market Analysis by Type, Field strength, Application and End-user
   1. 1. Germany
         1. Market Size and Forecast
         2. Key Trends and Developments
6. Market Analysis by Type, Field strength, Application and End-user
   1. 1. France
         1. Market Size and Forecast
         2. Key Trends and Developments
7. Market Analysis by Type, Field strength, Application and End-user
   1. 1. Italy
         1. Market Size and Forecast
         2. Key Trends and Developments
8. Market Analysis by Type, Field strength, Application and End-user
   1. 1. Spain
         1. Market Size and Forecast
         2. Key Trends and Developments
9. Market Analysis by Type, Field strength, Application and End-user
   1. 1. Rest of Europe
         1. Market Size and Forecast
         2. Key Trends and Developments
10. Market Analysis by Type, Field strength, Application and End-user
    1. Asia Pacific
       1. China
          1. Market Size and Forecast
          2. Key Trends and Developments
11. Market Analysis by Type, Field strength, Application and End-user
    1. 1. Japan
          1. Market Size and Forecast
          2. Key Trends and Developments
12. Market Analysis by Type, Field strength, Application and End-user
    1. 1. India
          1. Market Size and Forecast
          2. Key Trends and Developments
13. Market Analysis by Type, Field strength, Application and End-user
    1. 1. Australia
          1. Market Size and Forecast
          2. Key Trends and Developments
14. Market Analysis by Type, Field strength, Application and End-user
    1. 1. 1. South Korea
          2. Market Size and Forecast
          3. Key Trends and Developments
15. Market Analysis by Type, Field strength, Application and End-user
    1. 1. Rest of Asia Pacific
          1. Market Size and Forecast
          2. Key Trends and Developments
16. Market Analysis by Type, Field strength, Application and End-user
    1. Latin America
       1. Brazil
          1. Market Size and Forecast
          2. Key Trends and Developments
17. Market Analysis by Type, Field strength, Application and End-user
    1. 1. Argentina
          1. Market Size and Forecast
          2. Key Trends and Developments
18. Market Analysis by Type, Field strength, Application and End-user
    1. 1. Colombia
          1. Market Size and Forecast
          2. Key Trends and Developments
19. Market Analysis by Type, Field strength, Application and End-user
    1. 1. Rest of Latin America
          1. Market Size and Forecast
          2. Key Trends and Developments
20. Market Analysis by Type, Field strength, Application and End-user
    1. Middle East & Africa
       1. South Africa
          1. Market Size and Forecast
          2. Key Trends and Developments
21. Market Analysis by Type, Field strength, Application and End-user
    1. 1. Saudi Arabia
          1. Market Size and Forecast
          2. Key Trends and Developments
22. Market Analysis by Type, Field strength, Application and End-user
    1. 1. UAE
          1. Market Size and Forecast
          2. Key Trends and Developments
23. Market Analysis by Type, Field strength, Application and End-user
    1. 1. Rest of Middle East & Africa
          1. Market Size and Forecast
          2. Key Trends and Developments
24. Market Analysis by Type, Field strength, Application and End-user
25. Competitive Landscape
    1. Market Share Analysis
    2. Company Profiles
    3. Medtronic (Ireland)
    4. IBM
    5. Apple Inc.
    6. Siemens Medical Solutions
    7. Pepperl+Fuchs
    8. Cisco
    9. GE Healthcare
26. Strategic Recommendations
27. Appendix
    1. List of Tables
    2. List of Figures
28. References