Global Magnetic Resonance Imaging (MRI) Equipment Market | 2023-28

Market Insights

The global magnetic resonance imaging (MRI) equipment market is estimated to grow from USD 6.57 billion in 2022 to USD 9.39 billion by 2028 at a CAGR of 6.2 % during the forecast period.

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What is Magnetic Resonance Imaging (MRI) Equipment?

Magnetic Resonance Imaging (MRI) Equipment is an effective diagnostic machine used for identifying diseases related to tumors, spine lesions, and stroke impacting the area of brain and blood vessels. MRI systems indicate a painless diagnostic procedure by using large medical equipment. It can provide information about the brain, internal organs, joints, and spine to support early disease detection as well as to help in ongoing treatments.

Key Players

Key players operating in market are-

• GE Healthcare (The U.S),
• Hitachi (Japan),
• Philips Healthcare (Netherlands),
• SIEMENS HEALTHIneers AG (Germany),
• Canon Medical Systems Corporation (Japan),
• Esaote Spa (Italy),
• Sanrad Medical systems pvt. ltd. (India),
• Aurora Health care (The U.S),
• Koninklijke Philips N.V. (Netherlands), and
• Toshiba Corporation (Japan).

Market Dynamics

The rising prevalence of chronic diseases of joints, brains, and cancer is likely to be a key factor boosting the product demand.

• According to the American Cancer Society, 1,762,450 new cancer cases were registered in the U.S. in 2019.
• Moreover, the surging demand for effective and quick diagnostic procedures is further expected to contribute towards the adoption of MRI equipment.
• Numerous countries are installing these MRI machines to cater to the rising need for MRI scans.
• However, high costs incurred in purchasing and installing these machines, thus hampering the market growth.

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Segment Analysis

Application Trends

Based on application, the global Magnetic Resonance Imaging (MRI) equipment market has been categorized into brain and neurological, spine and musculoskeletal, vascular, abdominal, cardiac, breast, and others.

Among these, the brain and neurological segment garnered the highest market share of almost 24% in 2022 as scans developed are of superior quality than those by computerized tomography scans.

Regional Trends

By region, the North American market held the largest market share of around 38% in 2022 and is estimated to grow at a healthy CAGR during the forecast timeline.

• This can be attributed to the rising incidence of chronic diseases, which include cardiovascular disorders, breast cancer, and neurological diseases, thus creating a strong demand for imaging analysis in the region.
• In addition, technological advancements along with the increasing incidence of chronic conditions further proliferate the regional market growth.

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COVID-19 Impact

The ongoing COVID-19 pandemic has negatively affected the Magnetic Resonance Imaging (MRI) Equipment industry. Government bodies across the globe are focusing on curbing COVID-19 with important measures, such as social distancing, nationwide lockdowns, and large-scale quarantine to prevent the spread of the coronavirus. COVID-19 has substantially affected outpatient imaging services. The New York Metropolitan Health System witnessed an 87.0% reduction in outpatient imaging services, thereby, expected to hinder the MRI equipment market expansion.

Target Audience

Here is the list of the group of customers that the Magnetic Resonance Imaging (MRI) Equipment market hopes to have the greatest opportunity to convert-

• Magnetic Resonance Imaging (MRI) equipment companies
• Hospitals
• Imaging Centers
• Ambulatory Surgical Centers
• Research Centers & Organizations

Critical Questions Answered in the Report

• What are the key trends in the global Magnetic Resonance Imaging (MRI) equipment market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global Magnetic Resonance Imaging (MRI) equipment market?
• What are the key strategies adopted by the major vendors to lead in the global Magnetic Resonance Imaging (MRI) equipment market?
• What is the market share of the top vendors?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. 

What Deliverables Will You Get in this Report?

Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

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