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- Global MRI Market – Size, Outlook, Trends and Forecast (2024 – 2032)
MRI stands for Magnetic Resonance Imaging; is the diagnostic tool used in radiology to form pictures and physiological processes of the body. MRI is a medical imaging technology offers the ease of identification and diagnostics of several diseases. More than 25,000 MRI scanners are in use worldwide. MRI scanners provide the visual representation of soft tissues inside the body. The patient bed enters a strong magnetic field, and the radio waves are applied for a short period. To make special signals, there are certain atoms will appear in the body. The MRI scanner takes the special signals and sends the information regarding the body’s current condition, and the computer will create the image according to the scanner response.
Global MRI Market Segments Size & Growth:
The global MRI market is estimated to reach USD XX Billion by 2024, at a CAGR of XX% from $XX Billion in 2018. The major factors leading the global MRI market are growing geriatric population, rising prevalence of chronic conditions, growing applications of MRI-guided radiotherapy for brain tumours, advances in scanning technology and imaging contrast agents. The non-invasive diagnostic imaging is used for the detailed anatomical study of body parts, especially soft tissues. Rising demand for the non-invasive diagnostic imaging plays a crucial role in global MRI market growth. The growing applications of MRI-guided radiotherapy for brain tumours and advances in scanning technology are also contributing majorly to the global MRI market growth. High cost of MRI systems, expensive treatment, and lo reimbursement rates for MRI procedures are restraining the market growth during the forecast period. Lack of skilled professionals and instruments complexity are challenging the market growth in upcoming years. Emerging hybrid MRI systems and novel applications in developed economies are providing profitable opportunities to the market.
Global MRI Market Segments Share:
Global MRI market is segmented based on the architecture, field strength, applications, end-users, and geography. By architecture, the market is segmented into open MRI systems, closed MRI systems. Among these, the closed MRI systems are accounting largest market share in 2017, owing to the technological advancements, and cost-effectiveness. By field strength, the market is classified into low-to-mid-field strength MRI, high-field strength MRI, very high-field strength MRI, ultra-high-field strength MRI, and others. High-field segment is estimated to grow at the fastest growth rate during the forecast period, due to their advantages regarding SNR (Signal to Noise Ratio).
By considering the applications segment, the market is categorised into the brain and neurological MRI, cardiology, oncology, vascular MRI, spine and musculoskeletal MRI, and others. Brain and neurological segment are envisaged to grow with the largest MRI (Magnetic Resonance Imaging) market share followed by the spine and musculoskeletal segment, owing to the increasing ageing population, and growing awareness of diagnosis.
By Geography; North America region is in the first position and is envisaged to continue the same pace in future also. Vast demand for the MRI systems for the treatment of chronic diseases is escalating the market growth in North America. MRI market is segmented into United States, Canada, and Others in North America. Similarly, all the regions are further segmented into countries. The increasing geriatric population and rising demand for the MRI modality are catalysing the MRI market in the Asia Pacific. APAC (Asia Pacific) region is envisaged to grow at a robust pace in future.
Global MRI Market Trends:
- Hitachi Medical Corporation, a leading medical technology manufacturer, released ECHELON Smart – 1.5T MRI with a smart concept to provide effective clinical images, and sophisticated applications.
- Bruker Corporation is one of the top players in global MRI market provides small animal MRI solutions for molecular and preclinical MRI research, and these systems provide high spatial resolution imaging of the living organisms.
Global MRI Market Research Report:
An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
To have complete market analysis, industry value chain analysis, Porter’s Five Force Analysis, PESTLE, SWOT analysis, and Y-o-Y analysis were carried to understand the market more comprehensively.
Regional and Global Diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year
Identifying DROC in the current market and their impact in altering the market dynamics.
Competitive landscape analysis to identify the mergers and acquisitions which will have a comparative financial analysis with major competitors.
Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.
The major key players in the Global MRI Market are:
- Hitachi Medical Corporation
- GE Healthcare
- Siemens Healthcare
- Bruker Corporation
- Philips Healthcare
- Canon Medical System Corporation
Along with these companies, there were many other companies considered/ cited in the report while analysing the global MRI market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.
1. Introduction
1.1 Executive Summary
1.2 Market Definition
1.3 Scope of the Study
2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Analytic Tools and Model
2.4 Economic Indicator
2.4.1 Base Year, Base Currency, Forecasting Period
2.5 Expert Validation
2.6 Study Timeline
3. Market Analysis
3.1 Industry Value Chain Analysis
3.2 Porter’s Five Analysis
3.2.1 Bargaining Power of Buyers
3.2.2 Bargaining Power of Suppliers
3.2.3 Threats of Substitutes
3.2.4 Threats of New Entrants
3.2.5 Industry Rivalry
3.3 Pestle Analysis
3.3.1 Political
3.3.2 Economical
3.3.3 Social
3.3.4 Technological
3.3.5 Legal
3.3.6 Environmental
3.4 SWOT Analysis
3.4.1 Strengths
3.4.2 Weakness
3.4.3 Opportunities
3.4.4 Threats
3.5 Y-O-Y Analyses
4. Market Dynamics
4.1. Drivers
4.1.1. Substantial demand for a non-invasive diagnostic imaging technique
4.1.2. Rising geriatric population
4.1.3. Cost-effectiveness and non-invasive nature
4.1.4. Advances in scanning technology
4.2. Restraints
4.2.1. High cost of MRI Systems
4.2.2. Low reimbursement rates for MRI procedures
4.3. Opportunities
4.3.1. Emergence of hybrid imaging technologies
4.3.2. Novel Application areas
4.4. Challenges
4.4.1. Lack of trained professionals
5. Global MRI Market– By Architecture
5.1. Closed MRI Systems
5.2. Open MRI Systems
6. Global MRI Market– By Field Strength
6.1. Low-To-Mid-Field Strength MRI Systems
6.2. High-Field Strength MRI Systems
6.2.1. 1.5T MRI Systems
6.2.2. 3T MRI Systems
6.3. Very High-Field Strength MRI Systems
6.3.1. 4T MRI Systems
6.3.2. 6T MRI Systems
6.4. Ultra-High-Field Strength MRI Systems
6.4.1. 7T MRI Systems
6.4.2. Others
7. Global MRI Market- By Applications
7.1. Cardiology
7.2. Oncology
7.3. Neurology
7.4. Spine and Musculoskeletal
7.5. Others
8. Global MRI Market- By End-users
8.1. Hospitals
8.2. Clinics
8.3. Ambulatory surgical centers
8.4. Diagnostic imaging centers
9. Global MRI Market– By Geography
9.1. Introduction
9.2. North America
9.2.1. U.S.
9.2.2. Canada
9.2.3. Mexico
9.3. Europe
9.3.1. U.K.
9.3.2. Germany
9.3.3. France
9.3.4. Italy
9.3.5. Spain
9.3.6. Russia
9.3.7. Others
9.4. APAC
9.4.1. China
9.4.2. Japan
9.4.3. India
9.4.4. Australia & New Zealand
9.4.5. South Korea
9.4.6. Others
9.5. South America
9.5.1. Brazil
9.5.2. Argentina
9.5.3. Others
9.6. Middle East & Africa
9.6.1. Middle East
9.6.2. Africa
10. Global MRI Market– Company Profiles
10.1. Hitachi Medical Corporation
10.2. GE Healthcare
10.3. Siemens Healthcare
10.4. Bruker Corporation
10.5. Philips Healthcare
10.6. Canon Medical System Corporation
10.7. Esaote SpA
10.8. Aurora Imaging Technologies, Inc.
10.9. Fonar Corporation
10.8. Boston Scientific Corporation
10.11. Neusoft Medical Systems Co.
10.12. Care stream Health
10.13. Sanrad Medical Systems Pvt. Ltd
10.14. Shimadzu Corporation
11. Global MRI Market- Competitive Landscape
11.1. Market Share Analysis
11.2. Strategies Adopted by top companies
11.3. Mergers, Acquisitions, Collaborations & Agreements
12. Market Insights
12.1. Industry Experts Insights
12.2. Analysts Opinions
12.3. Investment Opportunities
13. Appendix
13.1. List of tables
13.2. List of figures
- Competitive Analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors.
- Monitoring the external and internal factors which affect the market dynamics with the aid of PESTLE analysis.
- The Regional and Global Variety is taken care of in the report.
- Year on Year basis generation of revenue is studied.
- Porter's Five Forces analyze the intensity of competition in an industry and its profitability level.
- The overview and the sustainability of the market are analyzed through SWOT.
- DROC (Drivers, Restraints, Opportunities and Challenges) is recognized in the current market scenario and see how its effect on market dynamics.
- The segment-level analysis in terms of type and technology.
- The value chain analysis, value that's created and captured by a company is the profit margin.
- Value Created and Captured – Cost of Creating that Value = Margin
- An executive summary consists of the whole report and the outcome is been given in the report to have brief knowledge about the report.
- Basis on the depth of the study we approach using analytical tools
- Expertise investment opportunities are given after analyzing the market to give the organization and the individual to have perfect knowledge about the market.
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MRI stands for Magnetic Resonance Imaging; is the diagnostic tool used in radiology to form pictures and physiological processes of the body. MRI is a medical imaging technology offers the ease of identification and diagnostics of several diseases. More than 25,000 MRI scanners are in use worldwide. MRI scanners provide the visual representation of soft tissues inside the body. The patient bed enters a strong magnetic field, and the radio waves are applied for a short period. To make special signals, there are certain atoms will appear in the body. The MRI scanner takes the special signals and sends the information regarding the body’s current condition, and the computer will create the image according to the scanner response.
Global MRI Market Segments Size & Growth:
The global MRI market is estimated to reach USD XX Billion by 2024, at a CAGR of XX% from $XX Billion in 2018. The major factors leading the global MRI market are growing geriatric population, rising prevalence of chronic conditions, growing applications of MRI-guided radiotherapy for brain tumours, advances in scanning technology and imaging contrast agents. The non-invasive diagnostic imaging is used for the detailed anatomical study of body parts, especially soft tissues. Rising demand for the non-invasive diagnostic imaging plays a crucial role in global MRI market growth. The growing applications of MRI-guided radiotherapy for brain tumours and advances in scanning technology are also contributing majorly to the global MRI market growth. High cost of MRI systems, expensive treatment, and lo reimbursement rates for MRI procedures are restraining the market growth during the forecast period. Lack of skilled professionals and instruments complexity are challenging the market growth in upcoming years. Emerging hybrid MRI systems and novel applications in developed economies are providing profitable opportunities to the market.
Global MRI Market Segments Share:
Global MRI market is segmented based on the architecture, field strength, applications, end-users, and geography. By architecture, the market is segmented into open MRI systems, closed MRI systems. Among these, the closed MRI systems are accounting largest market share in 2017, owing to the technological advancements, and cost-effectiveness. By field strength, the market is classified into low-to-mid-field strength MRI, high-field strength MRI, very high-field strength MRI, ultra-high-field strength MRI, and others. High-field segment is estimated to grow at the fastest growth rate during the forecast period, due to their advantages regarding SNR (Signal to Noise Ratio).
By considering the applications segment, the market is categorised into the brain and neurological MRI, cardiology, oncology, vascular MRI, spine and musculoskeletal MRI, and others. Brain and neurological segment are envisaged to grow with the largest MRI (Magnetic Resonance Imaging) market share followed by the spine and musculoskeletal segment, owing to the increasing ageing population, and growing awareness of diagnosis.
By Geography; North America region is in the first position and is envisaged to continue the same pace in future also. Vast demand for the MRI systems for the treatment of chronic diseases is escalating the market growth in North America. MRI market is segmented into United States, Canada, and Others in North America. Similarly, all the regions are further segmented into countries. The increasing geriatric population and rising demand for the MRI modality are catalysing the MRI market in the Asia Pacific. APAC (Asia Pacific) region is envisaged to grow at a robust pace in future.
Global MRI Market Trends:
- Hitachi Medical Corporation, a leading medical technology manufacturer, released ECHELON Smart – 1.5T MRI with a smart concept to provide effective clinical images, and sophisticated applications.
- Bruker Corporation is one of the top players in global MRI market provides small animal MRI solutions for molecular and preclinical MRI research, and these systems provide high spatial resolution imaging of the living organisms.
Global MRI Market Research Report:
An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
To have complete market analysis, industry value chain analysis, Porter’s Five Force Analysis, PESTLE, SWOT analysis, and Y-o-Y analysis were carried to understand the market more comprehensively.
Regional and Global Diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year
Identifying DROC in the current market and their impact in altering the market dynamics.
Competitive landscape analysis to identify the mergers and acquisitions which will have a comparative financial analysis with major competitors.
Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.
The major key players in the Global MRI Market are:
- Hitachi Medical Corporation
- GE Healthcare
- Siemens Healthcare
- Bruker Corporation
- Philips Healthcare
- Canon Medical System Corporation
Along with these companies, there were many other companies considered/ cited in the report while analysing the global MRI market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.
1. Introduction
1.1 Executive Summary
1.2 Market Definition
1.3 Scope of the Study
2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Analytic Tools and Model
2.4 Economic Indicator
2.4.1 Base Year, Base Currency, Forecasting Period
2.5 Expert Validation
2.6 Study Timeline
3. Market Analysis
3.1 Industry Value Chain Analysis
3.2 Porter’s Five Analysis
3.2.1 Bargaining Power of Buyers
3.2.2 Bargaining Power of Suppliers
3.2.3 Threats of Substitutes
3.2.4 Threats of New Entrants
3.2.5 Industry Rivalry
3.3 Pestle Analysis
3.3.1 Political
3.3.2 Economical
3.3.3 Social
3.3.4 Technological
3.3.5 Legal
3.3.6 Environmental
3.4 SWOT Analysis
3.4.1 Strengths
3.4.2 Weakness
3.4.3 Opportunities
3.4.4 Threats
3.5 Y-O-Y Analyses
4. Market Dynamics
4.1. Drivers
4.1.1. Substantial demand for a non-invasive diagnostic imaging technique
4.1.2. Rising geriatric population
4.1.3. Cost-effectiveness and non-invasive nature
4.1.4. Advances in scanning technology
4.2. Restraints
4.2.1. High cost of MRI Systems
4.2.2. Low reimbursement rates for MRI procedures
4.3. Opportunities
4.3.1. Emergence of hybrid imaging technologies
4.3.2. Novel Application areas
4.4. Challenges
4.4.1. Lack of trained professionals
5. Global MRI Market– By Architecture
5.1. Closed MRI Systems
5.2. Open MRI Systems
6. Global MRI Market– By Field Strength
6.1. Low-To-Mid-Field Strength MRI Systems
6.2. High-Field Strength MRI Systems
6.2.1. 1.5T MRI Systems
6.2.2. 3T MRI Systems
6.3. Very High-Field Strength MRI Systems
6.3.1. 4T MRI Systems
6.3.2. 6T MRI Systems
6.4. Ultra-High-Field Strength MRI Systems
6.4.1. 7T MRI Systems
6.4.2. Others
7. Global MRI Market- By Applications
7.1. Cardiology
7.2. Oncology
7.3. Neurology
7.4. Spine and Musculoskeletal
7.5. Others
8. Global MRI Market- By End-users
8.1. Hospitals
8.2. Clinics
8.3. Ambulatory surgical centers
8.4. Diagnostic imaging centers
9. Global MRI Market– By Geography
9.1. Introduction
9.2. North America
9.2.1. U.S.
9.2.2. Canada
9.2.3. Mexico
9.3. Europe
9.3.1. U.K.
9.3.2. Germany
9.3.3. France
9.3.4. Italy
9.3.5. Spain
9.3.6. Russia
9.3.7. Others
9.4. APAC
9.4.1. China
9.4.2. Japan
9.4.3. India
9.4.4. Australia & New Zealand
9.4.5. South Korea
9.4.6. Others
9.5. South America
9.5.1. Brazil
9.5.2. Argentina
9.5.3. Others
9.6. Middle East & Africa
9.6.1. Middle East
9.6.2. Africa
10. Global MRI Market– Company Profiles
10.1. Hitachi Medical Corporation
10.2. GE Healthcare
10.3. Siemens Healthcare
10.4. Bruker Corporation
10.5. Philips Healthcare
10.6. Canon Medical System Corporation
10.7. Esaote SpA
10.8. Aurora Imaging Technologies, Inc.
10.9. Fonar Corporation
10.8. Boston Scientific Corporation
10.11. Neusoft Medical Systems Co.
10.12. Care stream Health
10.13. Sanrad Medical Systems Pvt. Ltd
10.14. Shimadzu Corporation
11. Global MRI Market- Competitive Landscape
11.1. Market Share Analysis
11.2. Strategies Adopted by top companies
11.3. Mergers, Acquisitions, Collaborations & Agreements
12. Market Insights
12.1. Industry Experts Insights
12.2. Analysts Opinions
12.3. Investment Opportunities
13. Appendix
13.1. List of tables
13.2. List of figures
- Competitive Analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors.
- Monitoring the external and internal factors which affect the market dynamics with the aid of PESTLE analysis.
- The Regional and Global Variety is taken care of in the report.
- Year on Year basis generation of revenue is studied.
- Porter's Five Forces analyze the intensity of competition in an industry and its profitability level.
- The overview and the sustainability of the market are analyzed through SWOT.
- DROC (Drivers, Restraints, Opportunities and Challenges) is recognized in the current market scenario and see how its effect on market dynamics.
- The segment-level analysis in terms of type and technology.
- The value chain analysis, value that's created and captured by a company is the profit margin.
- Value Created and Captured – Cost of Creating that Value = Margin
- An executive summary consists of the whole report and the outcome is been given in the report to have brief knowledge about the report.
- Basis on the depth of the study we approach using analytical tools
- Expertise investment opportunities are given after analyzing the market to give the organization and the individual to have perfect knowledge about the market.
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