Technological Advancement Is Likely To Complement Magnetic Resonance Imaging Market Growth By 2030

Magnetic Resonance Imaging Industry Overview

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.

Magnetic Resonance Imaging Market Segmentation

Grand View Research has segmented the global magnetic resonance imaging market based on architecture, field strength, application, end-use, and region:

Based on Architecture Insights, the market is segmented into Closed System and Open systems.

• The closed MRI system uses powerful magnetic fields and high-frequency radio waves to obtain detailed images.
• Open MRI systems are less enclosed which in turn reduces the level of anxiety and claustrophobia in patients. This makes an open MRI system effective for diagnosis in neonates. 
• Various clinical trials are also being conducted to check the efficiency of the open MRI systems for the diagnosis of diseases in neonates. 
• Therefore, ongoing clinical trials and product launches of open MRI systems are expected to boost the segment growth during the forecast period.

Based on the Field strength Insights, the market is segmented into Low Field Strength, Mid Field Strength, High Field Strength.

• The Midfield strength segment held the largest share in 2021 and is expected to experience significant growth during the forecast period.
• The high field segment is expected to experience the fastest growth rate during the forecast period.
• Currently, 7T MRI machines are being studied only for brain and knee imaging due to the lack of advanced coils required for other clinical applications. The development of advanced coils to widen the application of 7T MRI machines is expected to propel the segment growth during the forecast period.

Based on the Application Insights, the market is segmented into Obstructive Sleep Apnea (OSA), Brain and neurological, Spine and musculoskeletal, Vascular, Abdominal, Cardiac, Breast and Other.

• MRI systems used for brain and neurological imaging held the largest market share in 2021 as scans produced are of superior quality than those by computerized tomography scans.
• the breast imaging segment is expected to grow at a significant rate as the incidence of this cancer is gradually increasing, which has created the demand for identifying risk factors related to the disease.

Based on the End-use Insights, the market is segmented into Hospitals, Imaging Centers, Ambulatory Surgical Centers and Others.

• The hospital segment held the largest share in 2021 mainly due to the growing installation of MRI units in the hospitals.
• Increasing applications of rapid MRI (rMRI) in trauma and emergency care centers and a rising number of MRI installments in teaching hospitals are expected to fuel the segment growth.
• The imaging centers segment is expected to experience the fastest growth rate during the forecast period.
• The ambulatory care centers segment is also expected to experience a significant growth rate during the forecast period.

Magnetic Resonance Imaging Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The key players are developing MRI machines with high field strength to increase their adoption and usage in the field of medical imaging. Moreover, regional & service portfolio expansions and mergers & acquisitions are key strategic undertakings adopted by these players. 

Some prominent players in the Global Magnetic Resonance Imaging market include:

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

Order a free sample PDF of the Magnetic Resonance Imaging Market Intelligence Study, published by Grand View Research.