According to estimates, the global market for MRI systems will reach US$10,491.7 million in 2024 and grow at a steady 6.5% CAGR through 2034. By 2034, it is projected that the market would be valued US$ 19,640.8 million.
In response to the increasing demand, a number of medical experts are opening their facilities with reasonably priced MRI services. therefore, boosting the use of MRI in the healthcare industry. The adoption of MRI equipment is also anticipated to be accelerated by rising government programs aimed at building better and more ambulatory care facilities, particularly to improve access to healthcare services for those living in rural areas.
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The development of silent MRI scanning technologies, multi-contract MRI scanners, and other innovations in MRI technology is anticipated to propel the industry going forward. Furthermore, it is anticipated that as people's concerns about their health grow, so will investments in MRI scanners.
Key Takeaways from the Market Study
- The market value of MRI systems increased to US$ 7,636.3 million in 2019.
- By 2024, the East Asian MRI system market is expected to be worth 38.7% of its current value. By 2034, the value of the regional market is expected to have increased from US$ 4,055 million in 2024 to US$ 8,481 million. It is anticipated that the market would increase at a 7.7% annual rate throughout this period.
- According to estimates, the MRI system market in North America will reach a value share of 31.3% by 2024. The region is expected to reach a market value of US$ 5,640 million by 2034. The region is expected to grow at a 5.6% CAGR in the interim.
- By strength type, 46.5% of the market is anticipated to be accounted for by the 1.5T segment in 2024. With a compound annual growth rate (CAGR) of 6.4%, this segment is expected to reach US$ 9,096.2 million by 2034.
- According to the kind of architecture, the open segment is expected to grow by 56.8% by 2024. By 2034, the segment's valuation is projected to reach US$ 11,105.9 million.
- It is projected that in 2024, the hospital segment will have a noteworthy 42.8% share based on end users.
” East Asia is expected to have a higher need for MRI systems due to its rapid economic growth. It is required of new businesses to improve the quality of their products in order to stand out and draw in customers." says a Fact.MR analyst.
Key Companies Profiled in This Report
- GE Healthcare
- Siemens Healthineers
- Koninklijke Philips N.V.
- Esaote SPA
- Fujifilm Holdings Corporation
- Shimadzu Corporation
- Aurora Imaging Technologies, Inc.
- Canon Medical Systems
- Hitachi Healthcare
- Hologic Inc.
- Bruker Corporation
- Others
Competitive Landscape
MRI system market leaders are constantly fighting for a bigger portion of the market. Major players are incorporating cutting-edge technology to improve patient experience and increase clinical efficiency, such as AI-powered picture reconstruction, quicker scan times, and quieter scanning coils. Companies also want to grow through local production and strategic alliances in growing regions with strong growth potential, like Southeast Asia, China, and India.
Through partnerships with research institutions and significant RD activities, active players are demonstrating their commitment to innovation. In order to achieve higher levels of success and revenue, businesses are also using inorganic growth techniques like partnerships, mergers, acquisitions, and collaborations.
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Recent Developments in the Market
AIRIS Vento Plus (0.3T) and APERTO Lucent Plus (0.4T), two permanent open MRI systems from Hitachi Medical Systems, were released in March 2021. They have workflow solutions from SynergyDrive installed. This innovation provides easy operation and sitting for a speedy return of image, an open design that maximizes patient comfort, and high-speed examination with motion-free images.
In 2020, Siemens AG unveiled High-V MRI, a smaller and much lighter whole-body magnetic resonance imaging system. The spectrum of clinical applications for MRI systems is expanded by the combination of digital technologies and an additional 0.55-tesla field strength in the system.
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