Magnetic Resonance Imaging Market to Surpass Value of US$ 10.6 Bn by 2031: TMR Study

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Sep 28, 2022, 06:30 ET

Medtech companies keen on expanding product lines in wide-bore and open MRI systems with improved patient comfort; rising clinical adoption of high-field MRI and closed MRI creating new revenue streams in magnetic resonance imaging market
Untapped demand in Asia Pacific underpins sizable revenue potential for market players; demand among patients with spine surgeries presents lucrative avenues

WILMINGTON, Del., Sept. 28, 2022 /PRNewswire/ -- Focus on developing and commercializing MRI systems characterized with high accuracy as well as improved patient comfort will fuel future growth of magnetic resonance imaging market. Manufacturers are geared toward unveiling wide-bore systems for high field strength MRI systems to tap into the vast revenue potential. On the back of technological advancements in both closed-bore and open MRI systems, the magnetic resonance imaging market size is estimated to exceed US$ 10.6 Bn by 2031.

Rise in incidence of chronic diseases has spurred the need for MRI in various medical specialties. The TMR report authors have observed that many magnetic resonance imaging market manufacturers are witnessing ample opportunities in cancer treatment, which they are capitalizing on by offering new imaging technologies for tumors helping for cancer staging.

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The analysts opine that development of MRI systems that are suitable for claustrophobic and obese patients presents value-grab opportunities for medtech companies in magnetic resonance imaging market. Furthermore, manufacturers are also leaning on unveiling MRI systems that cater to pediatrics.

Key Findings of Magnetic Resonance Imaging Market Study

Preference of High-field MRI System Pivots Abundant Opportunities: High-field MRI systems have gained considerable adoption, particularly devices in the 1.5T - 3.0T range. The segment is anticipated to account for a leading share of in magnetic resonance imaging market during the forecast period of 2022-2031. Massive uptake in various applications can be attributed to attributes of faster scanning and high image resolution, among others. The study found that the use of high-field closed MRI systems will grow rapidly for detailed examinations of spine and orthopedics, since these offer remarkable image clarity.
R&D in MRI Systems Focusing on Patient Comfort to Enrich Market Prospects: Manufacturers in the magnetic resonance imaging market lean on ensuring devices in higher-field magnet category that cause less discomfort. Of note, this has nudged to make design advancements in wide-bore systems. In essence, focus on patient comfort on one hand and image clarity on the other will unlock promising frontiers.
Rising MRI of Spine Generating Substantial Revenues: Of the various key applications, the use of MRI for spine is widespread. The segment held the major market share in 2021. MRI has been widely used in the diagnosis of intervertebral disc disease. Prevalence of spinal injuries is generating lucrative opportunities in magnetic resonance imaging market.

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Magnetic Resonance Imaging Market: Key Drivers

Rise in demand for magnetic resonance imaging (MRI) procedures in elderly population is a key market driver, observed the TMR study. Increased prevalence of chronic conditions is steering the need for MRI for monitoring or diagnosing treatments for a wide range of medical specialties.
Continuous research and development of imaging equipment with emphasis on patient comfort has extended horizon for investments in the magnetic resonance imaging market. Of note, this is creating new value propositions for patients who are claustrophobic.

Magnetic Resonance Imaging Market: Regional Growth Dynamics

The TMR study found that North America held a key market share in 2021. Presence of a massive target population has led companies to spur commercialization of various products. Stridently, the North America magnetic resonance imaging market witnessed new revenue streams on the back of rapid uptake of cutting-edge MRI technologies. Rise in number of MRI scans for various conditions in the U.S. has driven the expansion of the regional market.
Asia Pacific is a remarkably lucrative region in the global magnetic resonance imaging market. The study authors estimated its magnetic resonance imaging market share to be 27.5% in 2021. Market players have capitalized on untapped demand in the region, mainly fueled by rapidly aging population and growing healthcare spending in numerous developing countries.

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Magnetic Resonance Imaging Market: Key Players

Medtech companies in magnetic resonance imaging market are leaning on leveraging the synergies of strategic partnerships with diagnostic imaging services providers. Most key firms are keen on product innovations and expanding their product portfolio in order to expand their market shares.

Some of the key players are AllTech Medical Systems, Magnetica, Esaote SpA, Hitachi, Ltd., Siemens Healthineers AG, Koninklijke Philips N.V., and GE Healthcare.

Magnetic Resonance Imaging Market Segmentation

Design

Open MRI
Closed MRI

Device Type

Low-to-Mid Field MRI (Below 1.5T)
High-field MRI (1.5T - 3.0T)
Very High Field MRI (4.0T - 5.0T)
Ultra-high Field MRI (6.0T and Above)

Application

Spine
Neurology
Orthopedic
Cardiovascular
Head and Neck
Abdominal and Prostate
Others

End-user

Hospitals
Ambulatory Surgical Centers
Diagnostic Imaging Centers

Regions Covered

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Countries

U.S.
Canada
Germany
U.K.
France
Italy
Spain
China
India
Japan
Australia & New Zealand
Brazil
Mexico
GCC Countries
South Africa

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