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Global Magnetic Resonance Imaging Equipment Market Share, Size, Trends, Analysis, Growth, Forecast: By Strength: Low Field, Mid Field, High Field; By Type: Closed MRI Systems, Open MRI Systems; By Application; By End User; Regional Analysis; Market Dynamics; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028

Global Magnetic Resonance Imaging Equipment Market Outlook

The global magnetic resonance imaging equipment market size reached a value of more than USD 5.77 billion in 2021. The is expected to grow further at a CAGR of 6.20% in the forecast period of 2023-2028, likely to reach a value of USD 8.28 billion by 2027.

 

Global Magnetic Resonance Imaging Equipment Market Trends

Magnetic Resonance Imaging (MRI) is a technique utilised for medical imaging to scan the body by utilising strong magnetic fields and radio waves to produce detailed images of the internal structures of our body.

 

Magnetic resonance imaging equipment are machines that are used to conduct MRI scans of body parts such as the brain, joints, spine, and internal organs for early detection of various diseases related to the tumour, stroke impact on the brain, and spine lesions.

 

Increasing Prevalence Diseases

The rising prevalence of diseases such as tumours, cancer, sclerosis, and scoliosis, among different age groups of the population is one of the major drivers for growth of the market.

 

Growing Geriatric Population

With an increasing senior population, the prevalence of cases of chronic diseases has risen, which in turn, has propelled the demand for better healthcare infrastructure and diagnostic services. This can drive the market growth for magnetic resonance imaging equipment.

 

Technological Advancements

With the growing demand for MRI systems owing to rising cases of chronic diseases such as cancer, the market players have increased their focus on developing and launching advanced MRI systems. There has been a trend in the development of high-field strength MRI equipment.

 

High-Potential Markets to Provide Lucrative Opportunities to the Market

With the growing awareness of a proper healthcare system, governments of different countries around the world are increasing their focus on their healthcare infrastructure development. Many countries in Asia, Latin America, and Africa do not have the resources to develop their system, this offers untapped opportunities for the major players to expand the market reach.

 

High Cost of MRI Equipment and Lack of Skilled Professionals to Pose as Major Challenges for the Market

The high costs associated with the installation and maintenance of technologically advanced imaging systems pose as a limiting factor for the development of the market. Moreover, highly trained operators are required for using advanced and complicated MRI systems. Advanced MRI systems require technical skills, such as the application of machine learning for image segmentation. The lack of experienced and skilled operators can hinder the market growth.

 

Global Magnetic Resonance Imaging Equipment Market Analysis

Based on strength, the market can be segmented into a low field, midfield, and high field. Based on type, it can be bifurcated into closed MRI systems and open MRI systems. Based on application, the divisions include musculoskeletal, neurology, cardiology, vascular, and abdominal, among others. Based on end-users, the market segmentations include hospitals, ambulatory surgical centres, and diagnostic centres. The regional markets for the global magnetic resonance imaging equipment market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

 

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global magnetic resonance imaging equipment market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

 

  • General Electric Company
  • Koninklijke Philips N.V.
  • Canon Medical Systems Corporation
  • Siemens Healthineers AG
  • Fujifilm Corporation
  • Shenzhen Anke High-tech Co., Ltd.
  • Fonar Corporation
  • Others

 

Strengths of Magnetic Resonance Imaging Equipments in the Market

Based on strength, the market segments include low field, midfield, and high field. The low-field MRI equipment is lightweight and requires less space for the setup. Their strength ranges from 1.5T or lower. The mid-field equipment has strength ranging from 1.5T to 3.0T. The high-field equipment has a field strength of more than 3T.

 

Among these segments, mid-field is the leading segment due to its wide area of applications and the captured images are of higher quality while being available at a relatively affordable price.

 

The high-field segment is expected to experience rapid growth during the forecast period due to the increasing adoption of this equipment as they provide superior image quality. Newly developed high-strength equipment by major market players has started to receive approval from regulatory boards. This development can significantly improve the market growth.

 

Types of Magnetic Resonance Imaging Equipment

Based on types, the market bifurcations include closed MRI systems and open MRI systems. Closed MRI systems are the traditional type of MRI machines. It has a cylindrical space where the patient lies and is surrounded by the magnet. They are available in more powerful variants than open MRI systems. Open MRI systems use lower field strength magnets, and it is open from all four sides while having a magnet on top and bottom.

 

Open MRI systems are developing rapidly as they are increasingly adopted by healthcare institutions to help and diagnose patients with claustrophobia and those who are well-built or obese. This type of system is also preferred for young patients as the latest models allow their parents to stay with them during the imaging process and keep them calm.

 

However, they offer lower image quality, and the process is longer due to lower field strength, compared to closed MRI systems.

 

Closed MRI systems hold the largest market share due to high-quality imaging and faster imaging process than open MRI machines. With the launch of advanced MRI systems, providing higher resolution of smaller body parts can further propel the market size.

 

Competitive Landscape

General Electric Company is a multinational conglomerate which was founded in 1892. It is headquartered in America. Their business is spread in multiple fields including aerospace, renewable energy, additives, digital, healthcare, power, capital, and research. Their product categories in healthcare include imaging, ultrasound, healthcare IT, contrast media, anesthesia delivery, diagnostic ECG, maternal infant care, patient monitors, and ventilators.

 

Koninklijke Philips N.V., more commonly known as Phillips, is a Dutch multinational corporation and one of the largest technology companies in the world, which was founded in 1891. Since 1997, the company has had two headquarters, with the main headquarter in Amsterdam while still having the Benelux headquarters in Eindhoven. The company is focused on the development of innovative healthcare technologies. They provide products and services in image-guided therapy, diagnostic imaging, patient monitoring, and health informatics with services such as consumer care and home care.

 

Canon Medical Systems Corporation, formerly known as Toshiba Medical Systems, is a medical equipment company, which is based in Japan and was founded in 1948. They offer a wide range of medical imaging equipment for different clinical specialities. Their products include angiography, computed tomography, molecular imaging, magnetic resonance, ultrasound, x-ray, eyecare, and healthcare IT, for better diagnosis and improved workflow.

 

Other market players include Siemens Healthineers AG, Fujifilm Corporation, Shenzhen Anke High-tech Co., Ltd., and Fonar Corporation, among others.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Strength
  • Type
  • Application
  • End User
  • Region
Breakup by Strength
  • Low Field
  • Mid Field
  • High Field
Breakup by Type
  • Closed MRI Systems
  • Open MRI Systems
Breakup by Application
  • Musculoskeletal
  • Neurology
  • Cardiology
  • Vascular
  • Abdominal
  • Others
Breakup by End User
  • Hospitals
  • Ambulatory Surgical Centres
  • Diagnostic Centres
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Trade Data Analysis
  • Major Exporting Countries
    • By Value
    • By Volume
  • Major Importing Countries
    • By Value
    • By Volume
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • General Electric Company
  • Koninklijke Philips N.V.
  • Canon Medical Systems Corporation
  • Siemens Healthineers AG
  • Fujifilm Corporation
  • Shenzhen Anke High-tech Co., Ltd.
  • Fonar Corporation
  • Others

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Magnetic Resonance Imaging Equipment Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Magnetic Resonance Imaging Equipment Historical Market (2018-2022) 
    8.3    Global Magnetic Resonance Imaging Equipment Market Forecast (2023-2028)
    8.4    Global Magnetic Resonance Imaging Equipment Market by Strength
        8.4.1    Low Field
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
        8.4.2    Mid Field
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
        8.4.3    High Field
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2018-2022)
            8.4.3.3    Forecast Trend (2023-2028)
    8.5    Global Magnetic Resonance Imaging Equipment Market by Type
        8.5.1    Closed MRI Systems
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Open MRI Systems
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
    8.6    Global Magnetic Resonance Imaging Equipment Market by Application
        8.6.1    Musculoskeletal
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022)
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Neurology
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022)
            8.6.2.3    Forecast Trend (2023-2028)
        8.6.3    Cardiology
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2022)
            8.6.3.3    Forecast Trend (2023-2028)
        8.6.4    Vascular
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2018-2022)
            8.6.4.3    Forecast Trend (2023-2028)
        8.6.5    Abdominal
            8.6.5.1    Market Share
            8.6.5.2    Historical Trend (2018-2022)
            8.6.5.3    Forecast Trend (2023-2028)
        8.6.6    Others
    8.7    Global Magnetic Resonance Imaging Equipment Market by End User
        8.7.1    Hospitals
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2018-2022)
            8.7.1.3    Forecast Trend (2023-2028)
        8.7.2    Ambulatory Surgical Centres
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2018-2022)
            8.7.2.3    Forecast Trend (2023-2028)
        8.7.3    Diagnostic Centres
            8.7.3.1    Market Share
            8.7.3.2    Historical Trend (2018-2022)
            8.7.3.3    Forecast Trend (2023-2028)
    8.8    Global Magnetic Resonance Imaging Equipment Market by Region
        8.8.1    North America
            8.8.1.1    Market Share
            8.8.1.2    Historical Trend (2018-2022) 
            8.8.1.3    Forecast Trend (2023-2028)
        8.8.2    Europe
            8.8.2.1    Market Share
            8.8.2.2    Historical Trend (2018-2022) 
            8.8.2.3    Forecast Trend (2023-2028)
        8.8.3    Asia Pacific
            8.8.3.1    Market Share
            8.8.3.2    Historical Trend (2018-2022) 
            8.8.3.3    Forecast Trend (2023-2028)
        8.8.4    Latin America
            8.8.4.1    Market Share
            8.8.4.2    Historical Trend (2018-2022) 
            8.8.4.3    Forecast Trend (2023-2028)
        8.8.5    Middle East and Africa
            8.8.5.1    Market Share
            8.8.5.2    Historical Trend (2018-2022) 
            8.8.5.3    Forecast Trend (2023-2028)
9    North America Market Analysis
    9.1    United States of America 
        9.1.1    Market Share
        9.1.2    Historical Trend (2018-2022) 
        9.1.3    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Market Share
        9.2.2    Historical Trend (2018-2022) 
        9.2.3    Forecast Trend (2023-2028)
10    Europe Market Analysis
    10.1    United Kingdom
        10.1.1    Market Share
        10.1.2    Historical Trend (2018-2022) 
        10.1.3    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Market Share
        10.2.2    Historical Trend (2018-2022) 
        10.2.3    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Market Share
        10.3.2    Historical Trend (2018-2022) 
        10.3.3    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Market Share
        10.4.2    Historical Trend (2018-2022) 
        10.4.3    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Market Analysis
    11.1    China
        11.1.1    Market Share
        11.1.2    Historical Trend (2018-2022) 
        11.1.3    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Market Share
        11.2.2    Historical Trend (2018-2022) 
        11.2.3    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Market Share
        11.3.2    Historical Trend (2018-2022) 
        11.3.3    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Market Share
        11.4.2    Historical Trend (2018-2022) 
        11.4.3    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Market Share
        11.5.2    Historical Trend (2018-2022) 
        11.5.3    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Market Analysis
    12.1    Brazil
        12.1.1    Market Share
        12.1.2    Historical Trend (2018-2022) 
        12.1.3    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Market Share
        12.2.2    Historical Trend (2018-2022) 
        12.2.3    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Market Share
        12.3.2    Historical Trend (2018-2022) 
        12.3.3    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa Market Analysis
    13.1    Saudi Arabia
        13.1.1    Market Share
        13.1.2    Historical Trend (2018-2022) 
        13.1.3    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Market Share
        13.2.2    Historical Trend (2018-2022) 
        13.2.3    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2018-2022) 
        13.3.3    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2018-2022) 
        13.4.3    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Trade Data Analysis (HS Code-901813)
    15.1    Major Exporting Countries
        15.1.1    By Value
        15.1.2    By Volume
    15.2    Major Importing Countries
        15.2.1    By Value
        15.2.2    By Volume 
16    Competitive Landscape
    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    General Electric Company
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Koninklijke Philips N.V.
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Canon Medical Systems Corporation
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    Siemens Healthineers AG
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    Fujifilm Corporation
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Shenzhen Anke High-tech Co., Ltd.
            16.2.6.1    Company Overview
            16.2.6.2    Product Portfolio
            16.2.6.3    Demographic Reach and Achievements
            16.2.6.4    Certifications
        16.2.7    Fonar Corporation
            16.2.7.1    Company Overview
            16.2.7.2    Product Portfolio
            16.2.7.3    Demographic Reach and Achievements
            16.2.7.4    Certifications
        16.2.8    Others
17    Key Trends and Developments in the Market

 

List of Figures and Tables

1.    Global Magnetic Resonance Imaging Equipment Market: Key Industry Highlights, 2018 and 2028
2.    Global Magnetic Resonance Imaging Equipment Historical Market: Breakup by Strength (USD Billion), 2018-2022
3.    Global Magnetic Resonance Imaging Equipment Market Forecast: Breakup by Strength (USD Billion), 2023-2028
4.    Global Magnetic Resonance Imaging Equipment Historical Market: Breakup by Type (USD Billion), 2018-2022
5.    Global Magnetic Resonance Imaging Equipment Market Forecast: Breakup by Type (USD Billion), 2023-2028
6.    Global Magnetic Resonance Imaging Equipment Historical Market: Breakup by Application (USD Billion), 2018-2022
7.    Global Magnetic Resonance Imaging Equipment Market Forecast: Breakup by Application (USD Billion), 2023-2028
8.    Global Magnetic Resonance Imaging Equipment Historical Market: Breakup by End User (USD Billion), 2018-2022
9.    Global Magnetic Resonance Imaging Equipment Market Forecast: Breakup by End User (USD Billion), 2023-2028
10.    Global Magnetic Resonance Imaging Equipment Historical Market: Breakup by Region (USD Billion), 2018-2022
11.    Global Magnetic Resonance Imaging Equipment Market Forecast: Breakup by Region (USD Billion), 2023-2028
12.    North America Magnetic Resonance Imaging Equipment Historical Market: Breakup by Country (USD Billion), 2018-2022
13.    North America Magnetic Resonance Imaging Equipment Market Forecast: Breakup by Country (USD Billion), 2023-2028
14.    Europe Magnetic Resonance Imaging Equipment Historical Market: Breakup by Country (USD Billion), 2018-2022
15.    Europe Magnetic Resonance Imaging Equipment Market Forecast: Breakup by Country (USD Billion), 2023-2028
16.    Asia Pacific Magnetic Resonance Imaging Equipment Historical Market: Breakup by Country (USD Billion), 2018-2022
17.    Asia Pacific Magnetic Resonance Imaging Equipment Market Forecast: Breakup by Country (USD Billion), 2023-2028
18.    Latin America Magnetic Resonance Imaging Equipment Historical Market: Breakup by Country (USD Billion), 2018-2022
19.    Latin America Magnetic Resonance Imaging Equipment Market Forecast: Breakup by Country (USD Billion), 2023-2028
20.    Middle East and Africa Magnetic Resonance Imaging Equipment Historical Market: Breakup by Country (USD Billion), 2018-2022
21.    Middle East and Africa Magnetic Resonance Imaging Equipment Market Forecast: Breakup by Country (USD Billion), 2023-2028
22.    Global Magnetic Resonance Imaging Equipment Market Structure

Key Questions Answered in the Report

In 2021, the global market for magnetic resonance imaging equipment reached a size of USD 5.77 billion.

The market is expected to grow at a CAGR of 6.20% during the period 2023-2028.

The market is expected to reach a value of USD 8.28 billion.

The market is driven by the increasing demand for advanced MRI equipment and the rising prevalence of chronic diseases.

The developing healthcare market in emerging nations and the launch of high-strength MRI equipment are key trends in the market.

The regional markets for the global magnetic resonance imaging equipment market include North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

The different strengths of MRI machines include low field, midfield, and high field.

The types in the market include closed MRI systems and open MRI systems.

The functions available in the market include musculoskeletal, neurology, cardiology, vascular, and abdominal, among others.

The different end-uses of magnetic resonance imaging equipment include hospitals, ambulatory surgical centres, and diagnostic centres.

The key players in the market include General Electric Company, Koninklijke Philips N.V., Canon Medical Systems Corporation, Siemens Healthineers AG, Fujifilm Corporation, Shenzhen Anke High-tech Co., Ltd., and Fonar Corporation, among others.

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