MRI Market

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.

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 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.

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.

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of MEA

• 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