MRI is a non-invasive imaging technique used to produce structural images of the interior of objects. It is composed of a magnet, magnetic gradient coils, a radio frequency (RF) transmitter and receiver, and a computer that controls the acquisition of signals and creates Magnetic Resonance Images. This technology was initially known as Nuclear Magnetic Resonance Imaging, later abbreviated to MRI. The process of MRI involves subjecting an atomic nucleus to a static magnetic field, which resonates when a varying electromagnetic field is applied at a specific frequency. The resonance signals, including their frequency and phase, contain spatial information which is visualized on a computer and then printed onto film for medical records and specialist evaluation. This procedure requires qualified personnel such as radiologists and radio imaging specialists.
MRI is a highly reliable and non-invasive diagnostic procedure, renowned for its accuracy, safety, and the intensity of information it provides. It is accomplished through a large, tube-like machine, with the patient lying within the tube during the scan. This procedure can be used to look into various parts of the body, such as the brain, spine, bones and joints, heart, breast, soft tissue, and internal organs. The results of the MRI scan can be used to diagnose conditions, plan treatments and monitor the effectiveness of prior treatments.
The growth of this market is being propelled by factors such as an increased understanding of the advantages of early diagnosis, technological advancements resulting in the substitution of low-field MRI systems with high-field MRI systems, and the discovery of new helium reserves. However, the rising cost of MRI systems, the lack of compatibility of MRI systems in certain patients, and declining reimbursement rates for MRI procedures may to some extent restrict the growth of this market.
The recent advancements in MRI techniques, such as superconducting (SC) magnets, open architecture, high-field MRI, and software applications, are generating interest among academic institutions, research laboratories, hospitals, and physicians. The introduction of MRI-compatible pacemakers is likely to have a significant impact on the number of patients eligible for MRI procedures. In developed markets such as North America and Europe, the growth of MRI systems is mainly driven by replacement. Factors contributing to the need for replacement include the introduction of MRI scanners with wider patient bores and the obsolescence of existing MRI systems that have reached their optimum utilization.
As the healthcare industry continues to expand in emerging markets such as China, India, Brazil, and the Middle East & Africa, MRI manufacturers are expected to see an increase in revenue. To take advantage of the growth opportunities in these regions, GE and Philips have developed MRI systems tailored for customers in Asia, South America, and Africa. These systems have been designed with a smaller footprint, making them ideal for installation in smaller hospitals, and are simple to use and cost-effective to install and maintain.
The high cost of MRI solutions is a key restraint on the market growth, with average sales prices of 1.5T and fewer systems at approximately USD 1.5 million, and 3T systems at USD 2.5-5 million. Furthermore, refurbished low-field MRI systems can cost a few million dollars. Additionally, the incompatibility of MRI systems for patients with implants, such as pacemakers, ICDs, screws, plates, and artificial joints, which produce distorted images in an MRI scan, further hinders the market growth potential. MRI machines come in a variety of sizes and magnetic strengths, and superconducting magnets for 1.5T systems can also cost high.
The global magnetic resonance imaging systems market research report is a databook report that contains vital information on the magnetic resonance imaging systems market. Some of the prominent players in the market are Aurora Imaging Technology, Esaote, Fonar Corporation, GE Healthcare, Hitachi Medical Corporation, IMRIS, Neusoft Medical Systems, Philips Healthcare, Siemens Healthcare, Toshiba Medical Systems Corporation. The research report on the global magnetic resonance imaging systems market provides extensive competition analysis and competitive conditions. The report includes information on significant products, players, challenges and developments, and other information specific to the market.
Covid-19 Impact Analysis
The global economy is highly affected by the COVID-19. Various sectors in the economy are much affected by this pandemic. The global economy will decline because of the loss of trillions of dollars. The growing extension and imposition of lockdown in various countries directly affect the economy all over the world. The report consists of a chapter that provides a detailed study of the impact of COVID-19 on the magnetic resonance imaging systems market. This report is helpful for business and industry practitioners. The study specifically intended to assist in explaining, directing, and understanding the potential of the magnetic resonance imaging systems markets. The study focuses on providing readers with an understanding of developments in the industry. The report also provides detailed insights on market segments, market forecasts, leading players, market drivers, and inhibitors.
Objectives of the Global Magnetic Resonance Imaging Systems Market Study
- Define and discuss the global market for magnetic resonance imaging systems.
- Analyze the various segments of the market as well as the market dynamics of magnetic resonance imaging systems.
- Categorize magnetic resonance imaging systems segments with escalating growth potential and value the segments' future market.
- Analyze the key trends related to different segments and countries that help in figuring the magnetic resonance imaging systems market.
- To check region-specific growth and development in the magnetic resonance imaging systems market.
- Analyze the historical and current value of each of these product segments in the end-user and geographic markets.
- Understand the foremost stakeholders of the market and the value of the competitive landscape of the leaders of the market.
- To study the plans, initiatives, and strategies for the development of the market.
The second chapter, market overview, provides an overview of the magnetic resonance imaging systems market. The chapter discusses macroeconomic factors, drivers, restraints, opportunities, challenges, value chain analysis, technology roadmap, and Porter 5 force model analysis.
Global Magnetic Resonance Imaging Systems Market Segmentation
Chapter 3, segment analysis provides information on the different sub-segments of the market. The chapter provides an in-depth analysis of the market segments, year-on-year growth projections that enable readers to identify potential market growth areas.
- Based on type, the global magnetic resonance imaging systems market is segmented into closed mri systems, open mri systems.
- Based on application, the magnetic resonance imaging systems market is segmented into brain and neurological mri, spine and musculoskeletal mri, cardiac mri, pelvic and abdominal mri, breast mri.
Global Magnetic Resonance Imaging Systems Market Regional Analysis
Chapter 4, the regional analysis includes an in-depth analysis of the magnetic resonance imaging systems market by region. The chapter includes various regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The report also includes a comprehensive analysis of the market by country. The report covers countries such as the United States, Canada, Germany, France, Italy, Spain, China, India, Japan, the GCC, South Africa, Brazil, Mexico, and the rest of the world. Regional insight helps market competitors to make crucial decisions about their company. Individualized, country-wise, and segment-wise analyses by region allow readers to explore the potential of the market in different geographies. This section is a vital part of the report for each years growth projections and a global share of value.
Global Magnetic Resonance Imaging Systems Market Competitive Analysis
Chapter 5, competitive analysis of the report includes company shares analysis, a list of acquisitions, mergers, collaboration, and the introduction of new products.
Global Magnetic Resonance Imaging Systems Market Company Profile
Chapter 6, the company profile of the report also covers key industry players working in the magnetic resonance imaging systems market. The report also discusses the business strategies adopted by the players at the global, regional, and country-level. The study also focuses on various businesses or inorganic business development strategies for expanding consumer networks through product formation, organization extension, partnerships, mergers, and acquisitions.
The study offers an exhaustive summary and estimate of the global market. It includes in-depth qualitative and quantitative analyses in the report that align with our customers goals and objectives. Projections have been confirmed by comprehensive primary and secondary analysis. The study will encourage clients to invest in the market based on the current business situation, trends, and potential developments in the segments. Understanding the requirement of the client, the report delivers specialist insights into the global market, its products, and market patterns.
Scope of the Report
The global magnetic resonance imaging systems market has significant scope and provides a detailed description and evaluation of the market. It covers extensive qualitative and quantitative insights into the report that aligned with the goals and objectives of our intended customers.
| Attribute |
Description |
| Base Year |
2021 |
| Historical Year |
2019, 2020 |
| Forecast Period |
2022 - 2028 |
| Market Value |
US$ Million |
| Segments Covered |
By Type: Closed MRI Systems, Open MRI Systems.
By Application: Brain and Neurological MRI, Spine and Musculoskeletal MRI, Cardiac MRI, Pelvic and Abdominal MRI, Breast MRI.
|
| Geographies Covered |
North America: U.S., Canada
Europe: Germany, U.K., France, Italy, Spain, Russia, and the Rest of Europe
Asia Pacific: China, India, Japan, Australia, and Rest of Asia Pacific
The Middle East and Africa: GCC, South Africa and Rest of the Middle East and Africa
Latin America: Brazil, Mexico, and Rest of Latin America
|
| Companies |
Aurora Imaging Technology, Esaote, Fonar Corporation, GE Healthcare, Hitachi Medical Corporation, IMRIS, Neusoft Medical Systems, Philips Healthcare, Siemens Healthcare, Toshiba Medical Systems Corporation |
Sources of Information
The information in this research report was gathered using extensive primary research methodologies and supported secondary data-collection methods. As primary techniques, the interviews with key executives, managers, and industry professionals were conducted actively in the magnetic resonance imaging systems market. Secondary sources included published literature, investment reports, corporate literature, and various journals. Primary research validates secondary research information and industry trends to segment the market into several categories and generates an overall market size, markets forecast, and growth rate. That includes discussions with key industry leaders to confirm the facts. That allowed the closest possible figures to derive with no significant variations in the actual numbers.
The Following Key Questions are Addressed in this Magnetic Resonance Imaging Systems Market Report:
- What is the size of the magnetic resonance imaging systems market?
- What are some of the most recent trends that will shape the future of the magnetic resonance imaging systems market?
- Who are the most important players in the magnetic resonance imaging systems market?
- Which region has the greatest potential for growth in the magnetic resonance imaging systems market?
- Which region has the largest share of the magnetic resonance imaging systems market?
