MRI Market Global Industry Assessment & Forecast
- By Architecture Closed System, Open System
- By Field Strengt Low Field Strength, Mid Field Strength, High Field Strength
- By Application Brain and neurological, Spine and musculoskeletal, Vascular, Abdominal, Cardiac, Breast, Others
- By Hospitals, Imaging Centers, Ambulatory Surgical Centers, Others
|Forecast Years:||2021 - 2028|
|Historical Years:||2016 - 2020|
|Revenue 2021:||5.4 Billion|
|Revenue 2028:||15.35 Billion|
|Revenue CAGR (2021 - 2028):||5.9|
|Fastest Growing Region (2022 - 2028)||Asia Pacific|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
- Others Request Customization Speak To Analyst
The global MRI market was valued at USD 5.4 Billion in 2020 and is projected to reach USD 15.35 Billion by 2028, growing at a CAGR of 5.9% from 2021 to 2028.
|Historical Data (Actual Data)||2016-2020|
|Base Year Data||2020|
|Current Year Date||2021|
|Projected year data||2021-2028|
|Annual Market Size (2028)||15.35 Billion|
|Annual Market Size (2021)|
|CAGR (2021 - 2028)||5.9%|
Overview and Description
Magnetic resonance imaging (MRI) is a medical imaging technique used in radiology to form pictures of the anatomy and the physiological processes of the body. MRI scanners use strong magnetic fields, magnetic field gradients, and radio waves to generate images of the organs in the body.
The global MRI market is segmented based on products, applications, regions, and countries. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments have been analyzed based on present and future trends. The research study provides complete assessment of the market on the basis of competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2016 to 2020 with forecast from 2021 to 2028.
COVID-19 Impact Analysis
COVID-19 pandemic led to government of numerous countries across the globe to impose strict lockdown restrictions during the preliminary stages. In 2021, numerous countries faced the adverse effects of the pandemic due to the outbreak of second wave, which also led governments to again impose lockdown measures. Business shutdowns, partial business operations, and travel restrictions have led to challenges in supply chain and in turn production. However, it is expected that reopening of trade activities, the market will witness steady growth in the demand in the coming years. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.
The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:
o Impact Assessment of COVID-19 Pandemic
o Pre & Post COVID-19 Market Size
o Qualitative analysis on the short term & long term impact of COVID-19 on the market
o The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.
MRI is an effective diagnostic machine for identifying various diseases related to tumors, spine lesions, and stroke impacting the area of brain and blood vessels. The rising pervasiveness of these diseases is anticipated to play a vital role in market growth.
Cancer cases are rising, furthermore, the rising demand for effective and quick diagnostic procedures is anticipated to contribute towards the growth of the market.
High cost involved may hamper the market growth.
Global MRI Market Report Scope
|Market Size Provided for Years||2016-2028|
|Market Size Provided In Terms Of||Revenue & Volume|
|Segments Covered||Architecture, Field Strengt, Application|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Countries Covered||The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Companies Covered||Siemens Healthcare, Philips Healthcare, Canon Medical Systems Corporation, Neusoft Medical Systems Co. Ltd, Aurora Imaging Technologies, GE, Esaote, Bruker Corporation, Fonar Corporation, Hitachi Medical Corporation, Toshiba Medical Systems.|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and Asia Pacific, company market share analysis, and COVID-19 impact analysis|
Global MRI Market: Architecture Segment Analysis
- Closed System
- Open System
Global MRI Market: Field Strengt Segment Analysis
- Low Field Strength
- Mid Field Strength
- High Field Strength
Regional Analysis: Preview
Based on region, the global MRI market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region led the market with the largest share in 2020. Some of the key countries contributing to the surge in the market are the U.S., U.K., Germany, France, China, India, Japan, and South Korea.
The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the global MRI market are Siemens Healthcare, Philips Healthcare, Canon Medical Systems Corporation, Neusoft Medical Systems Co. Ltd, Aurora Imaging Technologies, GE, Esaote, Bruker Corporation, Fonar Corporation, Hitachi Medical Corporation, Toshiba Medical Systems.. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.
Market Size, 2021 (USD Billion)
Global MRI Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
Key Highlights – Global MRI Market
- Global MRI Market is projected to reach USD 15.35 Billion by 2028
- Asia Pacific held the highest share of the MRI market
- Close MRI held the largest share of the product segment in the MRI market
- High Field Strength held the major share of the application segment in the MRI market
Frequently Asked Question
What is the global demand for MRI in terms of revenue?
The global MRI valued at 5.4 Billion in 2020 and is expected to reach 15.35 Billion in 2028 growing at a CAGR of 5.9%.
Which are the prominent players in the market?
The prominent players in the market are Siemens Healthcare, Philips Healthcare, Canon Medical Systems Corporation, Neusoft Medical Systems Co. Ltd, Aurora Imaging Technologies, GE, Esaote, Bruker Corporation, Fonar Corporation, Hitachi Medical Corporation, Toshiba Medical Systems..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 5.9% between 2021 and 2028.
What are the driving factors fueling the growth of the market?
The driving factors of the MRI include
- MRI is an effective diagnostic machine for identifying various diseases related to tumors, spine lesions, and stroke impacting the area of brain and blood vessels. The rising pervasiveness of these diseases is anticipated to play a vital role in market growth.
- Cancer cases are rising, furthermore, the rising demand for effective and quick diagnostic procedures is anticipated to contribute towards the growth of the market.
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the MRI in 2020.