Magnetic Resonance Imaging (MRI) Equipment Market Report

Market Insights

The Global Magnetic Resonance Imaging (MRI) equipment market is projected to grow from USD 7.56 billion in 2020 to USD 11.12 billion by 2026 at a CAGR of over 6.6% during the forecast period.

Figure: Global Magnetic Resonance Imaging (MRI) Equipment Market Size, 2020-2026 (USD Billion)

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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 the global Magnetic Resonance Imaging (MRI) equipment 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.

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, others.

Among these, the brain and neurological segment garnered the highest market share of almost 24% in 2020 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 2020 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 includes 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.

COVID-19 Impact on Global Magnetic Resonance Imaging (MRI) Equipment Market

The ongoing COVID-19 pandemic has negatively affected the Magnetic Resonance Imaging (MRI) Equipment industry. Government bodies across the globe are focusing to curb the 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 the outpatient imaging services, thereby, expected to hinder the MRI equipment market expansion.

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?

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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

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