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The global magnetic resonance imaging (MRI) market size is estimated to reach USD 9.0 billion by 2030, registering a CAGR of 7.1% from 2022 to 2030. MRI is a resourceful diagnostic device to detect ailments associated with tumors, spine lesions, and strokes that impact the brain and the region of blood vessels. The increasing incidences of chronic diseases and the surge in the demand for early diagnostic techniques are fueling the growth of the market.
Growing developments in diagnostic techniques including visualization software, open MRI, and superconducting magnets are propelling the product demand in the global market. The recent innovations in MRI technology are primarily upgrades to the software. Further, the development of pacemaker-appropriate MRI systems is also projected to fuel the market demand. Additionally, different paramagnetic contrast agents including gadolinium-DTPA are deployed as an intravenous injection for delivering precise, sharp, and accurate images in a short time frame. Such technological innovations are anticipated to supplement market growth during the forecast period.
Based on architecture, the global market is categorized into open and closed systems. The closed system held the largest share of the market in 2021. This system implements high-frequency radio waves and strong magnetic fields for achieving precise images. A closed system facilitates getting an error-free analysis and comprehensive slice selection.
Based on field strength, the high field strength segment is anticipated to garner the fastest CAGR during the forecast period. Numerous research studies are being organized to realize the efficacy of high-field strength machines in different clinical applications. A number of players have initiated the development of high-field strength MRI systems and are gaining approvals from regulatory bodies. For instance, GE Healthcare received FDA approval for the company’s SIGNA 7.0T MRI scanner in November 2020. This system is designed to be used in both clinical and research settings for supporting a broad range of musculoskeletal and neurologic disease investigations.
Based on end-use, the global market is categorized into hospitals, ambulatory care centers, imaging centers, and others. The hospital segment dominated the market in 2021, primarily due to the increasing implementation of advanced MRI systems in enormous numbers in hospitals. Further, the rising applications of rapid MRI (rMRI) systems in emergency and trauma care centers, paired with the increase in the number of MRI installations in teaching hospitals are projected to be opportunistic for segmental growth.
Asia Pacific is forecasted to witness the fastest growth in the forecast period owing to the escalating geriatric population and growth in the demand for unconventional imaging modalities. In addition, the progressing medical tourism industry in various Asian countries is likely to boost the growth of the advanced medical imaging industry in the upcoming years. Countries including China, India, and Japan are creating new growth opportunities with a constantly expanding healthcare services industry, advanced healthcare facilities at a lower cost than most developed economies, and the presence of skilled healthcare staff.
The key players in the MRI market are developing systems with high field strength for enhancing their adoption in the arena of medical imaging. Furthermore, growth strategies including regional expansion, service portfolio expansion, and mergers & acquisitions are incrementally adopted by these players. For instance, Philips announced a strategic partnership with Akumin Inc., a significant provider of outpatient diagnostic imaging services in the U.S., in June 2021. This partnership was aimed at utilizing Philips' newly developed Radiology Operations Command Center throughout Akumin's outpatient imaging centers and co-develop clinical standards for Akumin's CT and MR imaging modalities.
Research Support Specialist, USA