Global Micro Magnetic Resonance Imaging Market, By Design (Open MRI, Closed MRI, Standard Bore MRI, Wide-Bore MRI), Application (Spine, Neurology, Orthopedic, Cardiovascular, Head and Neck, Abdominal and Prostate, Others), Device Type (Low-to-Mid Field MRI (below 1.5T), High Field MRI (1.5T - 3.0T), Very High Field (4.0T - 5.0T), Ultra-High Field MRI (6.0T and Above)), End User (Hospitals, Ambulatory Surgical Centers, Diagnostic Imaging Centers)– Industry Trends and Forecast to 2029
Micro Magnetic Resonance Imaging Market Analysis and Size
The micro-magnetic resonance imaging market is expected to grow in the forecast period of 2022-2029. The market for micro-magnetic resonance imaging is anticipated to rise as a result of rising technological developments in the sector, an increase in the use of non-invasive small-animal imaging techniques, and greater financing for preclinical research.
Data Bridge Market Research analyses that the micro magnetic resonance imaging market which was USD 1.5 billion in 2021, would rocket up to USD 2.02 billion by 2029, and is expected to undergo a CAGR of 3.80% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Report Scope and Market Segmentation
|
Report Metric
|
Details
|
|
Forecast Period
|
2022 to 2029
|
|
Base Year
|
2021
|
|
Historic Years
|
2020 (Customizable to 2014 - 2019)
|
|
Quantitative Units
|
Revenue in USD Billion, Volumes in Units, Pricing in USD
|
|
Segments Covered
|
Design (Open MRI, Closed MRI, Standard Bore MRI, Wide-Bore MRI), Application (Spine, Neurology, Orthopedic, Cardiovascular, Head and Neck, Abdominal and Prostate, Others), Device Type (Low-to-Mid Field MRI (below 1.5T), High Field MRI (1.5T - 3.0T), Very High Field (4.0T - 5.0T), Ultra-High Field MRI (6.0T and Above)), End User (Hospitals, Ambulatory Surgical Centers, Diagnostic Imaging Centers)
|
|
Countries Covered
|
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
|
|
Market Players Covered
|
Siemens (Germany), General Electric (U.S.), Koninklijke Philips N.V., (Netherlands), Hitachi Ltd., (Japan), CANON MEDICAL SYSTEMS CORPORATION (Japan), Sanrad Medical Systems Private Limited (India), ESAOTE SPA (Italy), Aspect Imaging Ltd. (Israel), FONAR Corp., (U.S.), Shenzhen Anke High-tech Co., Ltd., (China), Neusoft Corporation (China), AURORA HEALTHCARE US CORP (U.S.), and Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)
|
|
Market Opportunities
|
|
Market Definition
Micro-magnetic resonance imaging (MRI) is the imaging modality used in preclinical studies to conduct research on small animals for developing novel oncology treatments, identification of new drug candidates and chemical entities to treat cardiological, neurological, and infectious diseases. Due to its lack of ionising radiation, high spatial resolution, and specific suitability for imaging soft tissues, micro MRI is an effective technology. Functional, anatomical, and molecular imaging are just a few of the many uses of micro-MRI in tiny animals. It is employed in a number of disciplines, such as pharmacology, brain mapping, neurodegenerative diseases, and psychiatry.
Micro Magnetic Resonance Imaging Market Dynamics
Drivers
- Rising ageing population
The global ageing population, the development of new helium deposits, and the increased need for high field MRI to replace low field MRI are some of the reasons that are predicted to boost the growth of the micro-magnetic resonance imaging market between 2022 and 2029.
- Rising hybrid systems
The prevalence of hybrid systems combined with an increase in cancer research applications will further raise a number of chances that will contribute to the expansion of the micro-magnetic resonance imaging market over the time covered by the forecast.
- Technical developments
High magnetic field strength, high resolution, and cryogen-free systems are a few examples of technological advancements that could help the industry grow. Additionally, during the forecast period, a rise in the use of micro MRI for preclinical research is anticipated to drive market expansion. For instance, the BioSpec 152/11, a 15.2 Tesla ultra-high field magnetic resonance (MR) imaging equipment, was installed by Bruker and the Karlsruhe Institute of Technology (KIT) in Germany in August 2021.
Opportunities
- Use of high-end technologies
The COVID-19 pandemic resulted in a number of challenges, including logistical limitations, low demand, and diminished sales and marketing efforts. However, it is anticipated that by pushing end users to use high-end technologies for pre-clinical research, the market would be steadily improving by mid-2022. In the upcoming years, this is anticipated to greatly accelerate the expansion of the micro-magnetic resonance imaging market.
Restraints/Challenges
Rising cost of MRI system along with unfavourable reimbursement policies will restrict the growth of the micro-magnetic resonance imaging market in the above mentioned forecast period.
This micro magnetic resonance imaging market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the micro magnetic resonance imaging market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Micro Magnetic Resonance Imaging Market
Due to tight limitations, suspension of regularly scheduled visits and hospitalizations, and severe social distancing norms during the early pandemic, the demand for MRI imaging decreased, which had an impact on the industry under study. The total imaging volume in 2020 (weeks 1–16) decreased by 12.29% compared to 2019 according to the research study "Impact of the Coronavirus Disease 2019 (COVID-19) Pandemic on Imaging Case Volumes" published in May 2020, for example. Additionally, it said that imaging volumes across all patient service locations showed a higher decline (28.10%) in the weeks after COVID-19 (weeks 10 to 16). The same source also stated that MRI contributed to a nearly 74% reduction and an 88% decline in outpatient imaging at week 16, demonstrating the COVID-19's detrimental effects on the market under study. However, because of the long-term effects of COVID-19 on the body and widespread immunisation campaigns taking place all over the world, it is anticipated that the market under study will eventually reach its full potential.
Recent Development
- In November 2021, An advanced MRI facility was opened at the National Brain Research Centre (NBRC), Manesar in Haryana, India. The Siemens MRI Scanner PRISMA 3T MRI was placed at the National Brain Research Centre (NBRC), India's top institution for neuroscience research and education.
- In May 2019, Ezra's full-body MRI scanning procedure, which can find up to 11 malignancies in men and 13 in women, was introduced. Single-region scans (such pelvic or abdominal) can be had for as little as USD 675, while the Ezra Full-Body Scan costs USD 1,950.
- At the 2021 Radiological Society of North America, Fujifilm Healthcare Americas Corporation announced Velocity MRI System, an innovative, high field open MRI system (RSNA). The Velocity MRI system is Fujifilm's most recent MRI scanner, and with its distinctive open gantry, built-in radiofrequency (RF) coils, and reconstruction technologies, it is intended to improve patient experience and streamline workflow.
- In March 2021, European Congress of Radiology, Hitachi unveiled two new permanent open MRI systems. High-speed tests with motion-free images, simple setup and use for quick image return, and an open design that maximises patient comfort are all features of the APERTO Lucent Plus Open MRI.
Global Micro Magnetic Resonance Imaging Market Scope
The micro magnetic resonance imaging market is segmented on the basis of design, device type, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Design
- Open MRI
- Closed MRI
- Standard Bore MRI
- Wide-Bore MRI
Application
- Spine
- Neurology
- Orthopedic
- Cardiovascular
- Head and Neck
- Abdominal and Prostate
- Others
Device Type
- Low-to-Mid Field MRI (below 1.5T)
- High Field MRI (1.5T - 3.0T)
- Very High Field (4.0T - 5.0T)
- Ultra-High Field MRI (6.0T and Above)
End User
- Hospitals
- Ambulatory Surgical Centers
- Diagnostic Imaging Centers)
Micro Magnetic Resonance Imaging Market Regional Analysis/Insights
The micro magnetic resonance imaging market is analysed and market size insights and trends are provided by country, design, device type, application and end user as referenced above.
The countries covered in the micro magnetic resonance imaging market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the micro magnetic resonance imaging market due to the growing occurrence of cardiovascular and neurological disorders and rising technical innovations.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to the rising number of geriatric population along with expansion of healthcare services.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The micro magnetic resonance imaging market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for micro magnetic resonance imaging market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the micro magnetic resonance imaging market. The data is available for historic period 2010-2020.
Competitive Landscape and Micro Magnetic Resonance Imaging Market Share Analysis
The micro magnetic resonance imaging market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to micro magnetic resonance imaging market.
Some of the major players operating in the micro magnetic resonance imaging market are:
- Siemens (Germany)
- General Electric (U.S.)
- Koninklijke Philips N.V., (Netherlands)
- Hitachi Ltd. (Japan)
- CANON MEDICAL SYSTEMS CORPORATION (Japan)
- Sanrad Medical Systems Private Limited (India)
- ESAOTE SPA (Italy)
- Aspect Imaging Ltd. (Israel)
- FONAR Corp., (U.S.)
- Shenzhen Anke High-tech Co., Ltd., (China)
- Neusoft Corporation (China)
- AURORA HEALTHCARE US CORP (U.S.)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)
SKU-