Global Magnetic Resonance Imaging Devices Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2031

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Magnetic Resonance Imaging Devices Market Analysis

Magnetic resonance imaging devices are being deployed for diagnosis, detection, and treatment of various chronic diseases. The technology assists in detecting the changes occurred in protons found in the tissue fluid. These devices do not make use of x-rays when frequent imaging is required for diagnosis.

Magnetic Resonance Imaging Devices Market Size

Global magnetic resonance imaging devices market size was valued at USD 6.71 billion in 2023 and is projected to reach USD 9.18 billion by 2031, with a CAGR of 4.00% during the forecast period of 2024 to 2031.

Report Scope and Market Segmentation       

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Magnetic Resonance Imaging Devices Market Definition

Magnetic resonance imaging (MRI) machines use procedures that are mostly used in radiology to take photographs of anatomy and physiological processes in the body of the patient. Brain tumours, MS, stroke, brain injury, developmental abnormalities, dementia, infections, and headache causes are all diagnosed with MRI images. The MRI scan method is a non-invasive diagnostic tool that is used to diagnose a wide variety of medical disorders.

Magnetic Resonance Imaging Devices Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Increasing number of product launches

One of the important prevailing trends in the market is the rising number of product launches in the high-strength sector, along with the rising acceptance of these high-strength systems.

• Growing incidence of chronic and serious diseases

Due to the rising frequency of practically all forms of severe and chronic disorders, there has been a continual high need for medical imaging in today's modern medical situation. To effectively diagnose, treat, and manage chronic illness, an effective and technologically sophisticated imaging technology is essential

• Technological advancements

The rising technical improvements in imaging equipment are a key driving factor that is predicted to contribute significantly to the worldwide market's growth. The introduction of open MRI, which aids in the effective medical imaging of claustrophobic and overweight patients, is one of the technological achievements. Improvements in field strength and computing capability of imaging equipment are also part of the technical advancements.

Opportunities

Furthermore, introducing magnetic resonance imaging techniques and growing awareness of early diagnosis extends profitable opportunities for the market players.

Restraints/Challenges

On the other hand, the growing cost of magnetic resonance imaging systems is further expected to hinder the magnetic resonance imaging devices market. However, the growing usage of refurbished and recycled magnetic resonance imaging products might further challenge the growth of the market in the forecast period.

This magnetic resonance imaging devices 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 magnetic resonance imaging devices 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 Magnetic Resonance Imaging Devices Market

COVID-19 had a negative impact on the magnetic resonance imaging devices market owing to the supply chain disruptions and COVID-19 restrictions imposed by government. The advent of COVID-19 has hampered MRI demand due to a drop in MRI equipment production. As a result of the COVID-19 epidemic, key players in the market saw a large drop in revenue. The sale of MRI equipment was influenced by the reallocation of healthcare resources, falling patient visits, supply chain interruptions, and other important factors. However, market will resume its growth in the post-pandemic due to the easing in restrictions that were imposed earlier.

Magnetic Resonance Imaging Devices Market Scope

The magnetic resonance imaging devices market is segmented on the basis of field strength, type, modality, indication, end user and distribution channel. The growth amongst these segments will help you analyze meager 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.

Field Strength

• High-Field MRI Systems
• Mid-Field MRI Systems
• Low-Field MRI Systems
• Others

Type

• Closed MRI Systems
• Wide Bore MRI
• Open MRI Systems

Modality                                                                                                

• Stationary System
• Portable/Mobile System
• Point-of-Care (POC) System

Indication

• Brain and Neurological
• Musculoskeletal
• Cardiology
• Mammography
• Oncology
• Pelvic and Abdominal
• Gynecology
• Urology
• Dental
• Others

End User

• Hospitals
• Diagnostic Centers
• Imaging Centers
• Specialty Clinics
• Ambulatory Surgical Centers
• Academic and Research Institutes

Distribution Channel

• Direct Tender
• Retail Sales

Magnetic Resonance Imaging Devices Market Regional Analysis

The magnetic resonance imaging devices market is analysed and market size insights and trends are provided by country, field strength, type, modality, indication, end user and distribution channel as referenced above.

The countries covered in the magnetic resonance imaging devices 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 magnetic resonance imaging devices market because of the rise in the utilization of magnetic resonance imaging equipment to diagnose diseases within the region. Furthermore, the growing prevalence of chronic diseases will further accelerate the growth of the magnetic resonance imaging devices market.

Asia-Pacific is expected to show significant amount of growth in the forecast period of 2024 to 2031 because of growing demand of MRI equipment. Moreover, the rapidly increasing analysis frequency and growing government initiative to raise awareness of the importance of analysis is further anticipated to boost the market growth.

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.   

Magnetic Resonance Imaging Devices Market Share

The magnetic resonance imaging devices 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 magnetic resonance imaging devices market.

Magnetic Resonance Imaging Devices Market Leaders Operating in the Market Are:

• Aspect Imaging (Israel)
• CANON MEDICAL SYSTEMS CORPORATION (Japan)
• Siemens (Germany)
• General Electric Company (US)
• Hitachi, Ltd. (Japan)
• Koninklijke Philips N.V. (Netherlands)
• Neusoft Corporation (China)
• ESAOTE SPA (Italy)
• FONAR (US)
• Synaptive Medical (Canada)
• AllTech Medical Systems (US)
• United Imaging Intelligence (China)
• Medonica Co. LTD (South Korea)
• IMRIS (Canada)
• Promaxo (US)
• AURORA HEALTHCARE US CORP (US)
• SG HealthCare Pvt. Ltd. (India)
• HYPERFINE (US)
• Elekta AB (Sweden)
• Beijing Wandong Medical Technology Co.,Ltd (China)
• ASG Superconductors spa (Italy)

Latest Developments in Magnetic Resonance Imaging Devices Market

• In January 2019, In India, Koninklijke Philips N.V. unveiled new imaging system solutions, including Next MR Wave (Ingenia Ambition, Ingenia Elition). These MR technologies will provide clinicians with extensive information, allowing them to make accurate diagnoses. This development improved the company's product portfolio, allowing it to produce more income

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