Magnetic Resonance Imaging Market: Current Analysis and Forecast (2022-2028)

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Emphasis on Architecture (Open system, Closed system); Field Strength (Low Field Strength, Mid Field Strength, High Field Strength); Application (Neurology, Cardiology, Gastroenterology, Musculoskeletal, Body Imaging, Other); End User (Hospitals, Imaging Centers, Ambulatory Surgical Centers, Others); and Region/Country

Pages:

154

Table:

44

Figure:

104

Report ID:

UMHE211558

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Report Description
Table of content
Research Methodology

Report Description

Magnetic Resonance Imaging Market 2
Magnetic Resonance Imaging Market 2

Global Magnetic Resonance Imaging Market is expected to grow at a significant rate of around 5.6% during the forecast period. Magnetic resonance imaging is a medical imaging technique used in radiology to form pictures of the anatomy and the physiological processes of the body. MRI scanners use strong magnetic fields, magnetic field gradients, and radio waves to generate images of the organs in the body. The main factors driving this market’s growth are the rising prevalence of chronic diseases and the expanding use of diagnostic services. Additionally, the capacity of magnetic resonance imaging (MRI) to diagnose various diseases early, such as stroke, traumatic brain injury, brain, and spinal cord tumors, vascular irregularities, abnormally developed brain regions, and some neurodegenerative disorders significantly boosts the success rates of the treatment, which further encourages its acceptance around the world and facilitates the market’s growth. According to the World Health Organization (WHO), one in three people develops some type of neurological disorder that is the leading cause of disability and the second leading cause of death in 2022. Furthermore, market players are focusing on developing and launching products for the diagnosis of diseases. For instance, in November 2021, Philips launches a new AI-enabled MR portfolio of smart diagnostic systems, optimized workflow solutions, and integrated clinical solutions at RSNA 2021.

General Electric Company, FUJIFILM Holdings Corporation, Siemens Healthcare GmbH, Koninklijke Philips N.V., Canon Medical Systems Corporation, ESAOTE SPA, Aspect Imaging Ltd., Bruker Corporation, Aurora Healthcare US Corp., FONAR Corp. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst architecture, the open system held a significant CAGR during the forecast period”

Based on architecture, the market is segmented into an open system and a closed system. The open system category held a significant CAGR of the market in 2020.  Open MRI system decreases the risk of claustrophobia and panic attacks exponentially and allows patients of all shapes and sizes to be able to make use of an MRI to accurately diagnose their problems.

“Amongst field strength, mid field strength held a significant share in the market in 2020”

Based on field strength, the market is categorized as low-field strength, mid field strength, and high-field strength. Among these, the mid field strength held a significant market share in 2020. The mid field strength is dominating due to the standard and most-used technology for MRI scanners. Mid field strength MRIs produce high-quality imaging results. Several key market players such as GE Healthcare, Siemens, and Phillips have a strong product portfolio devoted to the mid field strength imaging systems. For instance, in November 2021, Canon Medical Systems Corporation launched an advanced productivity 1.5 T (mid field strength) MRI system to accelerate workflows.

“Amongst application, the musculoskeletal held a significant CAGR during the forecast period”

On the basis of the application, the magnetic resonance imaging market has been classified into neurology, cardiology, gastroenterology, musculoskeletal, body imaging, and others. The musculoskeletal grow with a significant CAGR of the magnetic resonance imaging market during the forecast period. This is attributed to the increased spine injuries and the incidence of intervertebral disc degenerative diseases, particularly in the elderly population.

“APAC held a significant CAGR during the forecast period”

APAC held a significant CAGR of the global MRI market during the forecast period. This is mainly attributed to the rising prevalence of chronic diseases, the growing geriatric population, and the need for advanced imaging has grown in the region. Additionally, the advanced MRI market will rise in accordance with the expanding medical tourism sector in Asian nations. With a fast-growing healthcare service industry, a good healthcare workforce, and cutting-edge healthcare facilities and services at a cheaper cost than industrialized nations. For instance, in September 2022, New Delhi’s Inter-Univesity Accelerator Centre (IUAC) launched India’s one of the first indigenous MRI machines. IUAC created a 1.5 Tesla superconducting MRI magnet system that has been used in the MRI system for a full-body clinical scan.  Thus, the above-mentioned factors drive market growth.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
  • The report presents a quick review of overall industry performance at one glance.
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
  • The study comprehensively covers the market across different segments.
  • Deep dive regional level analysis of the industry.

Customization Options:

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1.1.Market Definitions
1.2.Main Objective
1.3.Stakeholders
1.4.Limitation

 

2.1.Research Process of the Magnetic Resonance Imaging Market
2.2.Research Methodology of the Magnetic Resonance Imaging Market
2.3.Respondent Profile

 

3MARKET SYNOPSIS

 

4EXECUTIVE SUMMARY

 

5IMPACT OF COVID-19 ON THE MAGNETIC RESONANCE IMAGING MARKET

 

6MAGNETIC RESONANCE IMAGING MARKET REVENUE (USD BN), 2020-2028F

 

7.1.Open System
7.2.Closed System

 

8.1.Low Field Strength
8.2.Mid Field Strength
8.3.High Field Strength

 

9.1.Neurology
9.2.Cardiology
9.3.Gastroenterology
9.4.Musculoskeletal
9.5.Body Imaging
9.6.Other 

 

10.1.Hospitals 
10.2.Imaging Centers
10.3.Ambulatory Surgical Centers
10.4.Others 

 

11.1.North America   
 11.1.1.The U.S. 
 11.1.2.Canada 
 11.1.3.Rest of North America
11.2.Europe   
 11.2.1.Germany 
 11.2.2.The U.K. 
 11.2.3.France 
 11.2.4.Italy 
 11.2.5.Spain 
 11.2.6.Rest of Europe
11.3.Asia-Pacific  
 11.3.1.China 
 11.3.2.Japan 
 11.3.3.India 
 11.3.4.Rest of Asia-Pacific
11.4.Rest of World  

 

12.1.Market Drivers
12.2.Market Challenges
12.3.Impact Analysis

 

13MAGNETIC RESONANCE IMAGING MARKET OPPORTUNITIES

 

14MAGNETIC RESONANCE IMAGING MARKET TRENDS

 

15.1.Demand Side Analysis
15.2.Supply Side Analysis

 

16VALUE CHAIN ANALYSIS

 

17PRICING ANALYSIS 

 

18STRATEGIC INSIGHTS 

 

19.1.Competitive Landscape
 19.1.1.Porters Fiver Forces Analysis

 

20.1.General Electric Company
20.2.FUJIFILM Holdings Corporation
20.3.Siemens Healthcare GmbH
20.4.Koninklijke Philips N.V.
20.5.Canon Medical Systems Corporation
20.6.ESAOTE SPA
20.7.Aspect Imaging Ltd. 
20.8.Bruker Corporation
20.9.Aurora Healthcare US Corp.
20.10.FONAR Corp.
21DISCLAIMER

Research Methodology

Research Methodology for the Magnetic Resonance Imaging Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global magnetic resonance imaging market were the three major steps undertaken to create and analyze the adoption of magnetic resonance imaging in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global magnetic resonance imaging market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the magnetic resonance imaging market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the magnetic resonance imaging market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as architecture, field strength, application, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the magnetic resonance imaging market. Further, we conducted factor analysis using dependent and independent variables such as various architecture, field strength, application, and end-users of magnetic resonance imaging. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the magnetic resonance imaging market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global magnetic resonance imaging market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of revenue (USD) and the adoption rate of the magnetic resonance imaging market across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the global magnetic resonance imaging market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Magnetic Resonance Imaging Market 1
Magnetic Resonance Imaging Market 1

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global magnetic resonance imaging market. Data was split into several segments & sub-segments post studying various parameters and trends in the architecture, field strength, application, and end-users in the global magnetic resonance imaging market.

The main objective of the Global Magnetic Resonance Imaging Market Study

The current & future market trends of the global magnetic resonance imaging market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of the magnetic resonance imaging market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of architecture, field strength, application, and end-users.
  • Define and analysis of the regulatory framework for the magnetic resonance imaging
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
  • Analyze the current and forecast market size of the magnetic resonance imaging market for the major region.
  • Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
  • Company profiles of the magnetic resonance imaging market and the growth strategies adopted by the market players to sustain in the fast-growing market
  • Deep dive regional level analysis of the industry

 

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