Global Magnetic Resonance Imaging Equipment Market Size Study, by Strength, by Application, by End-User and Regional Forecasts 2022-2032

Description

Global Magnetic Resonance Imaging (MRI) equipment market is estimated to be valued at USD 7.41 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 5.8% over the forecast period 2024-2032. MRI equipment represents a crucial diagnostic imaging technology used extensively in healthcare facilities such as hospitals and clinics. By leveraging powerful magnetic fields and radio waves, these devices produce detailed internal body images. The growing incidence of chronic diseases, including cancer and neurological disorders, coupled with the increasing number of trauma cases, is driving the demand for MRI equipment globally.

Moreover, the strategic emphasis by key players on developing and launching technologically advanced products is propelling market growth. Enhanced focus on research and development activities has led to the introduction of advanced MRI equipment, including high-strength scanners such as 3T and 7T, which are becoming increasingly common in clinical diagnostics. The trend towards high-strength MRI scanners is significantly driving market expansion. The development and introduction of advanced MRI devices, including those with field strengths of 3T and higher, are gaining traction. For example, the FDA's 510(k) clearance for Hyperfine Research's portable MRI system exemplifies the trend towards high-strength, versatile MRI devices. The prevalence of chronic conditions and the increasing rate of diagnosis among populations are enhancing market growth. Conditions like Alzheimer's disease, Parkinson's disease, and cancer necessitate advanced diagnostic imaging, thereby fueling the adoption of MRI equipment. Despite the high costs associated with MRI systems, which include installation, maintenance, and operational expenses, the market continues to grow. However, these costs can limit adoption, particularly in developing countries, leading some healthcare facilities to opt for refurbished systems as a cost-effective alternative.

The key regions considered for the Global Magnetic Resonance Imaging (MRI) Equipment Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific is a dominating region in the Global Magnetic Resonance Imaging (MRI) Equipment Market in terms of revenue. The market growth in the region is being attributed to factors including as the adoption of advanced systems, a large patient base, and growing awareness of advanced diagnostics. Whereas, the market in North America is anticipated to grow at the fastest rate over the forecast period fueled by high healthcare expenditure, advanced infrastructure, and a high prevalence of chronic diseases.

Major market players included in this report are:

Siemens Healthineers
GE Healthcare
Philips Healthcare
Canon Medical Systems Corporation
Hitachi Medical Systems
Fujifilm Holdings Corporation
Toshiba Medical Systems Corporation (now Canon Medical Systems Corporation)
Hologic, Inc.
Esaote SpA
Koninklijke Philips N.V.
Aurora Imaging Technology, Inc.
Bruker Corporation
Medtronic plc
Shimadzu Corporation
Carestream Health, Inc.

The detailed segments and sub-segment of the market are explained below:

By Strength

Less than 1.5T
1.5T
More than 1.5T

By Application

Musculoskeletal
Neurology
Cardiology
Body Imaging
Others

By End-User

Hospitals & ASCs
Diagnostic Centers

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
RoMEA

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

Chapter 1. Global Magnetic Resonance Imaging (MRI) Equipment Market Executive Summary

1.1. Global Magnetic Resonance Imaging (MRI) Equipment Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Strength
- 1.3.2. By Application
- 1.3.3. By End-User
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Magnetic Resonance Imaging (MRI) Equipment Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Magnetic Resonance Imaging (MRI) Equipment Market Dynamics

3.1. Market Drivers
- 3.1.1. Rising Prevalence of Chronic Conditions
- 3.1.2. Technological Advancements in MRI Scanners
- 3.1.3. Improved Healthcare Infrastructure in Emerging Markets
3.2. Market Challenges
- 3.2.1. High Costs of MRI Equipment
- 3.2.2. Availability of Alternative Diagnostic Techniques
3.3. Market Opportunities
- 3.3.1. Growing Demand in Emerging Markets
- 3.3.2. Development of Portable MRI Systems
- 3.3.3. Increasing Awareness of Advanced Diagnostics

Chapter 4. Global Magnetic Resonance Imaging (MRI) Equipment Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top Investment Opportunity
4.4. Top Winning Strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Magnetic Resonance Imaging (MRI) Equipment Market Size & Forecasts by Strength 2022-2032

5.1. Segment Dashboard
5.2. Global Magnetic Resonance Imaging (MRI) Equipment Market: Strength Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Less than 1.5T
- 5.2.2. 1.5T
- 5.2.3. More than 1.5T

Chapter 6. Global Magnetic Resonance Imaging (MRI) Equipment Market Size & Forecasts by Application 2022-2032

6.1. Segment Dashboard
6.2. Global Magnetic Resonance Imaging (MRI) Equipment Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Musculoskeletal
- 6.2.2. Neurology
- 6.2.3. Cardiology
- 6.2.4. Body Imaging
- 6.2.5. Others

Chapter 7. Global Magnetic Resonance Imaging (MRI) Equipment Market Size & Forecasts by End-User 2022-2032

7.1. Segment Dashboard
7.2. Global Magnetic Resonance Imaging (MRI) Equipment Market: End-User Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 7.2.1. Hospitals & ASCs
- 7.2.2. Diagnostic Centers

Chapter 8. Global Magnetic Resonance Imaging (MRI) Equipment Market Size & Forecasts by Region 2022-2032

8.1. North America Magnetic Resonance Imaging (MRI) Equipment Market
- 8.1.1. U.S. Magnetic Resonance Imaging (MRI) Equipment Market
  - 8.1.1.1. Strength breakdown size & forecasts, 2022-2032
  - 8.1.1.2. Application breakdown size & forecasts, 2022-2032
  - 8.1.1.3. End-User breakdown size & forecasts, 2022-2032
- 8.1.2. Canada Magnetic Resonance Imaging (MRI) Equipment Market
8.2. Europe Magnetic Resonance Imaging (MRI) Equipment Market
- 8.2.1. U.K. Magnetic Resonance Imaging (MRI) Equipment Market
- 8.2.2. Germany Magnetic Resonance Imaging (MRI) Equipment Market
- 8.2.3. France Magnetic Resonance Imaging (MRI) Equipment Market
- 8.2.4. Spain Magnetic Resonance Imaging (MRI) Equipment Market
- 8.2.5. Italy Magnetic Resonance Imaging (MRI) Equipment Market
- 8.2.6. Rest of Europe Magnetic Resonance Imaging (MRI) Equipment Market
8.3. Asia-Pacific Magnetic Resonance Imaging (MRI) Equipment Market
- 8.3.1. China Magnetic Resonance Imaging (MRI) Equipment Market
- 8.3.2. India Magnetic Resonance Imaging (MRI) Equipment Market
- 8.3.3. Japan Magnetic Resonance Imaging (MRI) Equipment Market
- 8.3.4. Australia Magnetic Resonance Imaging (MRI) Equipment Market
- 8.3.5. South Korea Magnetic Resonance Imaging (MRI) Equipment Market
- 8.3.6. Rest of Asia Pacific Magnetic Resonance Imaging (MRI) Equipment Market
8.4. Latin America Magnetic Resonance Imaging (MRI) Equipment Market
- 8.4.1. Brazil Magnetic Resonance Imaging (MRI) Equipment Market
- 8.4.2. Mexico Magnetic Resonance Imaging (MRI) Equipment Market
- 8.4.3. Rest of Latin America Magnetic Resonance Imaging (MRI) Equipment Market
8.5. Middle East & Africa Magnetic Resonance Imaging (MRI) Equipment Market
- 8.5.1. Saudi Arabia Magnetic Resonance Imaging (MRI) Equipment Market
- 8.5.2. South Africa Magnetic Resonance Imaging (MRI) Equipment Market
- 8.5.3. Rest of Middle East & Africa Magnetic Resonance Imaging (MRI) Equipment Market

Chapter 9. Competitive Intelligence

9.1. Key Company SWOT Analysis
9.2. Top Market Strategies
9.3. Company Profiles
- 9.3.1. Siemens Healthineers
  - 9.3.1.1. Key Information
  - 9.3.1.2. Overview
  - 9.3.1.3. Financial (Subject to Data Availability)
  - 9.3.1.4. Product Summary
  - 9.3.1.5. Market Strategies
- 9.3.2. GE Healthcare
- 9.3.3. Philips Healthcare
- 9.3.4. Canon Medical Systems Corporation
- 9.3.5. Hitachi Medical Systems
- 9.3.6. Fujifilm Holdings Corporation
- 9.3.7. Toshiba Medical Systems Corporation (now Canon Medical Systems Corporation)
- 9.3.8. Hologic, Inc.
- 9.3.9. Esaote SpA
- 9.3.10. Koninklijke Philips N.V.
- 9.3.11. Aurora Imaging Technology, Inc.
- 9.3.12. Bruker Corporation
- 9.3.13. Medtronic plc
- 9.3.14. Shimadzu Corporation
- 9.3.15. Carestream Health, Inc.

Chapter 10. Research Process

10.1. Research Process
- 10.1.1. Data Mining
- 10.1.2. Analysis
- 10.1.3. Market Estimation
- 10.1.4. Validation
- 10.1.5. Publishing
10.2. Research Attributes