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Magnetic Resonance Imaging Market Global Forecast up to 2025

  • Published Date: 08 Jul 2019
  • Number of Pages: 130
  • Category: Healthcare and Medical
  • Country: Global
Global Magnetic Resonance Imaging Market: Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025
[128 pages report] This market research report includes a detailed segmentation of the global magnetic resonance imaging market by product type (closed MRI systems and open MRI systems), by field (low field MRI systems, high field MRI systems, and very high MRI systems), by applications (cardiology, neurology, oncology, gastroenterology, musculoskeletal, and others), by end-users (hospitals, ambulatory care, diagnostic centers, and others), and by regions (North America, Europe, APAC, and RoW).
Research Overview
Infoholic Research predicts that the global magnetic resonance imaging market will grow at a CAGR of 7.5% during the forecast period. Medical imaging is growing substantially as it is the primary tool for diagnosing a wide range of diseases. The development of computer-aided diagnostics that have integrated in radiology services has enabled to diagnose and produce high quality images and expand the reach and improving the quality of diagnosis. Today there are many challenges faced by radiologists and the most common diagnostic issue is the collection of data about patients in larger volume that is complex. However, EMR and EHR are used to smoothen the process flow, whereas AI is leveraging the cloud-based features with imaging softwares and solutions that will solve many problems of radiologists.
The market is witnessing drastic changes in technology that has led to high adoption of MRI systems across various chronic diseases examination. Further, the advancements in Artificial Intelligence (AI) is replacing human analysis. Increase incidence of chronic diseases, rise in geriatric population, growing awareness about early benefits of diagnosis, and introduction of advanced MRI systems with better image quality is driving the market.


The market is fueled by innovation and new technological techniques & procedures. The increase in demand for more advanced & customized diagnosis and treatment with availability of vast healthcare services globally have pushed the market to produce safe, efficient, and cost-effective products in the market. The advancement in technology has shifted most of the developed economies towards 3T product segments for high quality images. The last two decades have witnessed an unparalleled growth in advanced and innovative technologies, which resulted in the development of state-of-the-art medical device industry.
Segmentation by Product Type:
Closed MRI Systems
Open MRI Systems
The closed MRI systems are the most widely and commonly used equipment in hospitals and diagnostics centers across the globe. These are long and capsule like MRI scans that give high quality images. They share the maximum revenue in the global MRI market and is expected to grow steadily in the market.
Segmentation by Applications:
Cardiology
Neurology
Oncology
Gastroenterology
Musculoskeletal
Others
In 2018, the cardiology segment accounted for the maximum share with increased use of angioplasty, stenting, and pacemakers procedures.
Segmentation by End-users:
Hospitals
Ambulatory Care
Diagnostic Centers
Others
In 2018, hospitals gained the highest share in the global magnetic resonance imaging market with large volumes of diagnostics and treatments globally.
Segmentation by Regions:
North America
Europe
APAC
RoW
According to Infoholic Research analysis, North America accounted for the largest share of the global magnetic resonance imaging market in 2018. In North America, the US and Canada are the leading countries. Europe is the second leading region. The market in Europe was largely driven due to advances in medical imaging technologies. Factors such as increase in the prevalence of diseases, continuous adoption of advanced technologies, and increasing aging population are driving the market. The leading countries are Germany, France, UK, and Italy to the market. This region dominates the overall presence of ultrasound devices and has the most diversified MRI systems available in the market. It has the highest percentage of elderly population with many individuals with chronic diseases such as CVD, diabetes, obesity, high blood pressure, and other neurology related disorders.
The APAC region is expected to grow faster due to increase in sales of new MRI systems in the coming years. This is due to high demand for imaging equipment due to rapid increase in the number of hospitals and diagnostic laboratories, especially in countries such as India and China.
Competitive Analysis The competition in the magnetic resonance imaging industry is intense and has immense potential opportunity for vendors (especially technology service providers) to integrate with medical devices for new product launches. The market in the developed countries is witnessing increased adoption of MRI systems for high-quality imaging, screening, and diagnosing due to improved access and encouragement from the government & other healthcare institutions. The market is highly dynamic with the presence of few big players accounting for more than 65% share in the overall market. Pureplay vendors such as Aspect Imaging has introduced the worlds first complete and most effective permanent magnet simultaneous PET/MRI solution for preclinical research. The company has wide range of applications with top quality multimodality imaging tools. The vendors are focusing on developing strategic alliances with companies that manufacture medical imaging systems to leverage their products and widen their customer base by delivering for unmet medical needs.
Key Vendors:
Siemens Healthineers
GE Healthcare
Fujifilm Holdings Corp.
Philips Healthcare
Canon Medical Systems
Key Competitive Facts:
The market is highly competitive with all the players competing to gain the market share. Intense competition, rapid advancements in technology, frequent changes in government policies, and the prices are key factors that confront the market.
The requirement of high initial investment, implementation, and maintenance cost in the market are also limiting the entry of new players.
Responding to competitive pricing pressures specific to each of our geographic markets
Protection of proprietary technology for products and manufacturing processes
Benefits The report provides complete details about the usage and adoption rate of magnetic resonance imaging systems. Thus, the key stakeholders can know about the major trends, drivers, investments, vertical players initiatives, and government initiatives towards the medical devices segment in the upcoming years along with details of the pureplay companies entering the market. Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders in order to expand their business and capture the revenue in specific verticals and to analyze before investing or expanding the business in this market.
Key Takeaways:
Understanding the potential market opportunity with precise market size and forecast data.
Detailed market analysis focusing on the growth of the magnetic resonance imaging industry.
Factors influencing the growth of the magnetic resonance imaging market.
In-depth competitive analysis of dominant and pureplay vendors.
Prediction analysis of the magnetic resonance imaging industry in both developed and developing regions.
Key insights related to major segments of the magnetic resonance imaging market.
The latest market trend analysis impacting the buying behavior of the consumers.
Key Stakeholders:
Publisher Name : Infoholic Research

1Industry Outlook11
1.1Medical Devices Industry11
1.1.1Overview11
1.1.2Medical Technologies14
1.1.3Industry Trends16
1.2Healthcare Spending in the US17
1.3Regulatory Bodies & Standards17
1.4Reimbursement Scenario18
1.5Emerging Global Markets20
1.6Patient Demographics21
1.7Medical Imaging23
1.7.1Overview23
1.7.2Definition: Magnetic Resonance Imaging24
1.7.3Why Magnetic Resonance Imaging?24
1.7.4PESTLE Analysis26
2Report Outline28
2.1Report Scope28
2.2Report Summary28
2.3Research Methodology30
2.4Report Assumptions30
3Market Snapshot31
3.1Total Addressable Market (TAM)31
3.2Segmented Addressable Market (SAM)32
3.3Opportunity Analysis35
3.4Strategic Initiatives36
3.5Related Markets37
3.5.1Ultrasound Devices37
3.5.2Medical X-ray Equipment37
3.5.3Medical Imaging37
3.5.4Mammography Devices38
3.5.5Healthcare X-ray Detectors38
3.6Porter 5 (Five) Forces39
4Market Characteristics40
4.1Market Segmentation40
4.1.1Closed Magnetic Resonance Imaging Systems42
4.1.2Open Magnetic Resonance Imaging Systems43
4.2Magnetic Resonance Imaging Market, By Field44
4.2.1Low Field MRI Systems44
4.2.2High Field MRI Systems45
4.2.3Very High Field MRI Systems46
4.3Magnetic Resonance Imaging Market, By Application Type48
4.3.1Cardiology49
4.3.2Neurology49
4.3.3Oncology49
4.3.4Gastroenterology50
4.3.5Musculoskeletal50
4.3.6Others50
4.4Market Dynamics50
4.4.1Drivers51
4.4.1.1Increase in adoption of MRI systems51
4.4.1.2Rise in investment in advanced diagnostic facilities52
4.4.1.3Government initiatives to propel the overall growth52
4.4.1.4Rise in demand of multi-modality molecular imaging52
4.4.2Restraints53
4.4.2.1High cost of MRI devices53
4.4.2.2Low reimbursement/unfavorable reimbursement plans53
4.4.2.1Intense competition among vendors53
4.4.2.2Lack of skilled radiologists54
4.4.3Opportunities54
4.4.3.1Emergence of 7T MRI system54
4.4.3.2Medical imaging to integrate with IT54
4.4.3.3Healthcare industry undergoing transformation to move towards affordable and quality care54
4.4.3.4Development in medical imaging55
4.4.3.5Introduction of artificial intelligence to aid radiology56
4.4.3.6Early prevention and diagnosis56
4.4.3.7Big data and analytical tools to enhance healthcare interoperability56
4.4.4DRO Impact Analysis57
4.5Key Stakeholders58
5Industry Trends59
5.1Market Trends & Impact59
6Buying Criteria60
7End-users61
7.1Overview61
7.2Hospitals62
7.3Ambulatory Care Centers (ASCs)62
7.4Diagnostic Centers63
7.5Others (Research Centers and Universities)63
8Regions65
8.1Overview65
8.2North America66
8.2.1Overview66
8.3Europe68
8.3.1Overview68
8.4APAC69
8.4.1Overview69
8.5Rest of the World71
8.5.1Overview71
9Market Attractiveness74
9.1Overview74
9.2Market Attractiveness by End-users75
10Competitive Landscape76
10.1Competitor Comparison Analysis76
10.1.1Key Competitive Facts77
11Vendors Profile79
11.1GE Healthcare79
11.1.1Overview79
11.1.2Business Units84
11.1.3Geographic Revenue86
11.1.4Business Focus86
11.1.5SWOT Analysis87
11.1.6Business Strategies87
11.2Philips Healthcare88
11.2.1Overview88
11.2.2Business Units94
11.2.3Geographic Revenue95
11.2.4Business Focus95
11.2.5SWOT Analysis96
11.2.6Business Strategies96
11.3Siemens Healthineers Inc.97
11.3.1Overview97
11.3.2Business Units103
11.3.3Geographic Revenue105
11.3.4Business Focus105
11.3.5SWOT Analysis106
11.3.6Business Strategies106
11.4Fujifilm Holdings Corp.107
11.4.1Overview107
11.4.2Business Units112
11.4.3Geographic Revenue113
11.4.4Business Focus113
11.4.5SWOT Analysis114
11.4.6Business Strategies114
11.5Canon Medical Systems Corp.115
11.5.1Overview115
11.5.2Business Segments118
11.5.3Geographic Revenue118
11.5.4Business Focus119
11.5.5SWOT Analysis119
11.5.6Business Strategies120
12Companies to Watch for121
12.1Aspect Imaging121
12.1.1Overview121
12.1.2Key Highlights
121
12.1.3Key News121
12.2Hitachi Medical Corp.122
12.2.1Overview122
12.2.2Key Highlights
122
12.2.3Key Focus123
12.3Hologic Corp.123
12.3.1Overview123
12.3.2Key Highlights
124
12.3.3Key News124
12.4Accuray Inc.124
12.4.1Overview124
12.4.2Key Highlights
125
12.4.3Key News125
12.5Aurora Imaging Technology, Inc.125
12.5.1Overview125
12.5.2Key Highlights
125
12.5.3Key News126
13Other Prominent Vendors127
14Annexure128

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List Of Tables

Tables

TABLE 1MEDICAL DEVICES BY CATEGORY12
TABLE 2TOP LISTED MEDICAL DEVICES COMPANY 201813
TABLE 3MRI MARKET OUTLOOK32
TABLE 4GLOBAL MAGNETIC RESONANCE IMAGING MARKET BY END-USERS63
TABLE 5GLOBAL MAGNETIC RESONANCE IMAGING REVENUE BY REGIONS FORECAST, 20192025 ($MILLION)66
TABLE 6COMPETITIVE STRUCTURE ANALYSIS OF GLOBAL MAGNETIC RESONANCE IMAGING MARKET (2018)78
TABLE 7GE HEALTHCARE: PRODUCT OFFERINGS79
TABLE 8GE HEALTHCARE: RECENT DEVELOPMENTS80
TABLE 9PHILIPS HEALTHCARE: PRODUCT OFFERINGS88
TABLE 10PHILIPS HEALTHCARE: RECENT DEVELOPMENTS89
TABLE 11SIEMENS HEALTHINEERS INC.: RECENT DEVELOPMENTS97
TABLE 12SIEMENS HEALTHINEERS INC.: RECENT DEVELOPMENTS100
TABLE 13FUJIFILM HOLDINGS CORP.: OFFERINGS107
TABLE 14FUJIFILM HOLDINGS CORP.: RECENT DEVELOPMENTS108
TABLE 15CANON MEDICAL SYSTEMS CORP.: OFFERINGS115
TABLE 16CANON MEDICAL SYSTEMS CORP.: RECENT DEVELOPMENTS116
TABLE 17ASPECT IMAGING: SNAPSHOT121
TABLE 18SHIMADZU CORP.: SNAPSHOT122
TABLE 19HOLOGIC CORP.: SNAPSHOT123
TABLE 20ACCURAY INC.: SNAPSHOT124
TABLE 21AURORA IMAGING TECHNOLOGY, INC.: SNAPSHOT125
TABLE 22OTHER PROMINENT VENDORS IN THE GLOBAL MAGNETIC RESONANCE IMAGING MARKET127

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List Of Figures

Charts

CHART 1GLOBAL MEDICAL DEVICE MARKET BY GEOGRAPHY (2017)11
CHART 2GLOBAL MEDICAL IMAGING MARKET BY GEOGRAPHY (2017)14
CHART 3GLOBAL MEDICAL DEVICES MARKET SEGMENTATION15
CHART 4IMPERATIVES OF EMERGING MARKETS21
CHART 5US POPULATION DISTRIBUTION BY AGE 201722
CHART 6US HEALTHCARE CONSUMPTION BY AGE 201722
CHART 7WORLD POPULATION AGED 65 YEARS AND ABOVE, 19602060 (%)23
CHART 8PESTLE ANALYSIS OF MAGNETIC RESONANCE IMAGING MARKET26
CHART 9RESEARCH METHODOLOGY OF GLOBAL MAGNETIC RESONANCE IMAGING MARKET30
CHART 10GLOBAL MAGNETIC RESONANCE IMAGING MARKET REVENUE, 20192025 ($MILLION)34
CHART 11OPPORTUNITY ANALYSIS36
CHART 12PORTERS 5 FORCES ON GLOBAL MAGNETIC RESONANCE IMAGING MARKET39
CHART 13GLOBAL MAGNETIC RESONANCE IMAGING MARKET SEGMENTATION40
CHART 14GLOBAL MAGNETIC RESONANCE IMAGING MARKET 2018 AND 202540
CHART 15GLOBAL MAGNETIC RESONANCE IMAGING MARKET OVERVIEW BY PRODUCTS 2018 ($MILLION)41
CHART 16GLOBAL MAGNETIC RESONANCE IMAGING MARKET SEGMENTATION BY PRODUCT, 20182025 ($MILLION)41
CHART 17GLOBAL MAGNETIC RESONANCE IMAGING MARKET SEGMENTATION BY PRODUCT, 20182025 (%)42
CHART 18GLOBAL CLOSED MAGNETIC RESONANCE IMAGING SYSTEMS MARKET REVENUE, 20182025 ($MILLION)43
CHART 19GLOBAL OPEN MAGNETIC RESONANCE IMAGING SYSTEMS MARKET REVENUE, 2018-2025 ($MILLION)44
CHART 20GLOBAL LOW FIELD MRI MARKET REVENUE, 2018-2025 ($MILLION)45
CHART 21GLOBAL HIGH FIELD MRI MARKET REVENUE, 20182025 ($MILLION)46
CHART 22GLOBAL VERY HIGH MRI MARKET REVENUE, 2018-2025 ($MILLION)48
CHART 23GLOBAL MAGNETIC RESONANCE IMAGING MARKET BY APPLICATION 2018 (%)48
CHART 24MARKET DYNAMICS DRIVERS, RESTRAINTS & OPPORTUNITIES50
CHART 25DRO - IMPACT ANALYSIS OF GLOBAL MAGNETIC RESONANCE IMAGING MARKET57
CHART 26KEY STAKEHOLDERS OF GLOBAL MAGNETIC RESONANCE IMAGING MARKET58
CHART 27GLOBAL MAGNETIC RESONANCE IMAGING MARKET BY END-USER SEGMENTATION, 2018 (%)61
CHART 28GLOBAL MAGNETIC RESONANCE IMAGING MARKET BY GEOGRAPHICAL SEGMENTATION, 2018 AND 2025 (%)65
CHART 29GLOBAL MAGNETIC RESONANCE IMAGING MARKET BY REGIONS 2018 ($MILLION)66
CHART 30MAGNETIC RESONANCE IMAGING MARKET REVENUE IN NORTH AMERICA, 2018-2025 ($MILLION)68
CHART 31MAGNERIC RESONANCE IMAGING MARKET REVENUE IN EUROPE, 20182025 ($MILLION)69
CHART 32MAGNETIC RESONANCE IMAGING MARKET REVENUE IN APAC, 20182025 ($MILLION)70
CHART 33MAGNETIC RESONANCE IMAGING MARKET REVENUE FORECAST IN REST OF THE WORLD, 2018-2025 ($MILLION)72
CHART 34GLOBAL MAGNETIC RESONANCE IMAGING MARKET SEGMENTATION BY GEOGRAPHY, 2018-2025 ($MILLION)72
CHART 35GLOBAL MAGNETIC RESONANCE IMAGING MARKET SEGMENTATION BY GEOGRAPHY, 2018-2025 (%)73
CHART 36GE HEALTHCARE: OVERVIEW SNAPSHOT83
CHART 37GE HEALTHCARE: BUSINESS UNITS84
CHART 38GE HEALTHCARE: GEOGRAPHIC REVENUE86
CHART 39GE HEALTHCARE: SWOT ANALYSIS87
CHART 40PHILIPS HEALTHCARE: OVERVIEW SNAPSHOT93
CHART 41PHILIPS HEALTHCARE: BUSINESS UNITS94
CHART 42PHILIPS HEALTHCARE: GEOGRAPHIC REVENUE95
CHART 43PHILIPS HEALTHCARE: SWOT ANALYSIS96
CHART 44SIEMENS HEALTHINEERS INC.: OVERVIEW SNAPSHOT102
CHART 45SIEMENS HEALTHINEERS INC.: BUSINESS UNITS103
CHART 46SIEMENS HEALTHINEERS INC.: GEOGRAPHIC REVENUE105
CHART 47SIEMENS HEALTHINEERS INC.: SWOT ANALYSIS106
CHART 48FUJIFILM HOLDINGS CORP.: OVERVIEW SNAPSHOT111
CHART 49FUJIFILM HOLDINGS CORP.: BUSINESS UNITS112
CHART 50FUJIFILM HOLDINGS CORP.: GEOGRAPHIC REVENUE113
CHART 51FUJIFILM HOLDINGS CORP.: SWOT ANALYSIS114
CHART 52CANON MEDICAL SYSTEMS CORP.: OVERVIEW SNAPSHOT117
CHART 53CANON MEDICAL SYSTEMS CORP.: SEGMENT SALES118
CHART 54CANON MEDICAL SYSTEM CORP.: GEOGRAPHIC REVENUE118
CHART 55CANON MEDICAL SYSTEMS CORP.: SWOT ANALYSIS119

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