Top Facts You Didn’t Know About Magnetic Resonance Imaging market & Impact of COVID-19

Posted by Mrudula Anil Karmarkar on February 27th, 2023

The global magnetic resonance imaging market size is expected to reach USD 9.0 billion by 2030, registering a CAGR of 7.1% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growing prevalence of chronic diseases and increasing demand for early diagnostic techniques are the factors expected to drive the market growth.

In addition, the growing adoption of less invasive procedures is also contributing to the growth of the market. Moreover, the growing number of clinical trials to understand the effectiveness and efficiency of MRI machines in various clinical applications is also expected to boost the market growth. End-users such as research institutes and universities are frequently studying the efficiency of MRI devices with high field strength such as 7T, 10T, and 10.5T.

The growing number of research studies will help in unlocking the potential usage and advantages of high-field MRI machines for various preclinical as well as clinical applications. Currently, 7T MRI machines are only effective in brain and knee imaging, largely due to the absence of the advanced coil required for these high-field machines. Therefore, the development of advanced coils to expand the application of 7T MRI machines is expected to propel market growth during the forecast period.

Magnetic resonance imaging (MRI) is a scanning technique that uses strong magnetic field and radio waves to produce detailed images of internal structure of body. These images are displayed on a computer screen using various software. To obtain better images, contrast agent (Gadolinium) is given intravenously to obtain better resolution image after scanning in some cases. MRI has application in diagnosis and monitoring treatment for variety of chronic conditions within brain, chest, abdomen and pelvis.

Architecture is the outer body of imaging device. Based on architecture, closed and open type devices are commercially available. Closed systems segment captured the largest revenue share in the global MRI sector owing to the oldest design in this field. However, this instrument has a very low acceptance by patients having claustrophobia and risk of suffocation. Thus, open systems were developed which are suitable for patients having claustrophobia.

In addition, high field strength devices give high resolution images with high speed scanning. However, high cost is challenging the adoption of these devices. As a result, medium field strength is in demand owing to affordable cost and high resolution images sufficient for disease diagnosis. 

The prime driver of the market is growing research on imaging and scanning technologies resulting in introduction of advanced products with improved image quality. Also, the growing prevalence of chronic diseases such as cancer, brain tumor and other diseases which require detailed diagnosis using MRI are boosting the market growth. In addition, unhealthy dietary habits, and increasing road accidents are augmenting the growth of prevalence of chronic conditions that require diagnosis using magnetic resonance imaging system.

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On other hand, the reimbursement rates for imaging is declining as compared to other diagnostic procedures. Thus, scans are becoming less affordable to patients. Thus, all the above factors are expected to affect the growth of the sector negatively.

Very few players such as Siemens AG; Koninklijke Philips N.V.; GE Healthcare; Hitachi Medical Systems that are leading the industry. These players hold a strong position in the global market due to commercial availability of their products across the globe and strong brand identity. Some other players operating in this market include but are not limited to Toshiba Corporation; Aurora Imaging Technologies, Inc.; Esaote SpA; Sanrad Medical Systems Pvt. Ltd. Inc. 

Magnetic Resonance Imaging Market Highlights

• The adoption of advanced imaging technologies is augmenting the growth of the MRI market
• The open system is anticipated to be the fastest-growing segment during the forecast period due to its efficiency to accommodate all sizes of patients without feeling claustrophobic
• MRI for neurological and brain disorders dominated the market largely due to the growing number of neurological conditions and increasing demand for the less invasive diagnostic procedure
• The high-field MRI segment is expected to experience the fastest growth largely due to its efficiency to provide detailed images for diagnosis
• Imaging centers are expected to exhibit the highest growth rate during the forecast period. Government initiatives to improve primary care is one of the major factors impacting the segment growth
• In 2021, North America dominated the global space with the largest revenue share owing to continuous research and high adoption of advanced techniques in the region
• Asia Pacific is anticipated to grow at the fastest growth rate largely due to the growing number of clinical studies in the region for high-field MRI machines

Magnetic Resonance Imaging (MRI) is an efficient diagnostic machine for identifying diseases related to spine lesions, tumors, and strokes impacting the area of blood vessels and the brain. The increasing prevalence of diseases is driving the market growth. For instance, as per the International Agency for Research on Cancer, in 2020, 19,292,789 new cancer cases were recorded globally. In addition to this, the growing demand for quick and effective diagnostic procedures is expected to contribute to the adoption of MRI machines. Various countries are installing these MRI machines. As per OECD, in 2020 the number of MRI units installed in the U.S. was 34.54 per million population. Furthermore, the integration of artificial intelligence in MRI is also expected to boost market growth.

Advancements in diagnostic techniques such as open MRI, visualization software, and superconducting magnets are fueling the growth of the MRI market. The recent advances seen in MRI technology are mainly on the software. Moreover, the development of cardiac pacemaker-compatible MRI systems is also expected to propel the market growth in the cardiology segment. Furthermore, various paramagnetic contrast agents such as gadolinium-DTPA are used as an intravenous injection to provide sharp, precise, and accurate images within a shorter time frame. These technological advancements in MRI are expected to propel market growth during the forecast period.

List of Key Players in the Magnetic Resonance Imaging Market

• GE Healthcare
• Siemens AG
• Toshiba Corporation
• Aurora Imaging Technologies, Inc.
• Koninklijke Philips N.V.
• Esaote SPA
• Sanrad Medical Systems Pvt ltd
• Fujifilm