Magnetic Resonance Imaging (MRI) Equipment Market | 2023-2028

Market Insights

The magnetic resonance imaging (MRI) equipment market was estimated at USD 6.57 billion in 2022 and is likely to grow at a CAGR of 6.2% during 2023-2028 to reach USD 9.39 billion in 2028.

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Market Dynamics

Introduction

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.

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.

Market Drivers

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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Key Players

The following are the key players in the magnetic resonance imaging (MRI) equipment market

• 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)

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Application Type

"Brain and neurological segment garnered the highest market share of more than 20% in 2022"

Based on application, the 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 more than 20% in 2022 as scans developed are of superior quality than those by computerized tomography scans.

Regional Analysis

"North American market held the largest market share of more than 35% in 2022"

By region, the North American market held the largest market share of more than 35% 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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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s magnetic resonance imaging (MRI) equipment market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• 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 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

• Low Field Strength
• Mid Field Strength
• High Field Strength

By Application Type

• Brain and neurological
• Spine and musculoskeletal
• Vascular
• Abdominal
• Cardiac
• Breast
• Others

By End Use Type

• Hospitals
• Imaging Centers
• Ambulatory Surgical Centers
• Others

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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Customization Options

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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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