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According to #TechSci Research report, the Global MRI Market was valued at around USD6 billion in 2020 and is expected to witness CAGR of around 8% during the forecast period to reach around USD9.4 billion through 2026. Visit our website @ https://www.techsciresearch.com/ For more market research news visit our blog: https://techsciblog.com/
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MARKET INTELLIGENCE . CONSULTINGwww.techsciresearch.com
2016 – 2026
GLOBAL MRI MARKET
FORECAST & OPPORTUNITIES
2
Scope of ReportProduct of Interest (POI): MRI
Review Period
2016 – 2019
Base Year
2020
Estimated Year
2021
Forecast Period
2022 – 2026
Year RangeMRI MARKET
TYPE
• Fixed
• Mobile
Magnetic resonance imaging (MRI) is a medical imaging technique used in radiology to form pictures of theanatomy and the physiological processes of the body. MRI scanners use strong magnetic fields, magneticfield gradients, and radio waves to generate images of the organs in the body. MRI does not involve X-raysor the use of ionizing radiation, which distinguishes it from CT and PET scans. MRI is a medical applicationof nuclear magnetic resonance (NMR) which can also be used for imaging in other NMR applications, suchas NMR spectroscopy.
Market Segmentation FIELD STRENGTH
• High-Field MRI Systems
(1.5t MRI Systems, 3t
MRI Systems)
• Low-To-Mid-Field MRI
Systems (<1.5t)
• Very-High-Field MRI
Systems (4t and Above)
ARCHITECTURE
• Closed MRI Systems
• Open MRI Systems
APPLICATION
• Brain and Neurological
• Oncology
• Spine and Musculoskeletal
• Abdominal
• Cardiac
• Others
END USER
• Hospitals
• Imaging Centers
• Ambulatory Surgical Centers
• Others
3
Table of Contents
S. No. Contents
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
4.1. Brand Awareness
4.2. Factors Driving Global MRI Market
4.3. Factors Influencing Purchase Decision
4.4. Challenges/Issues Faced Post Purchase
5. Impact of COVID-19 on Global MRI Market
6. Global MRI Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value & Volume
6.2. Market Share & Forecast
6.2.1.By Field Strength (High-Field MRI Systems (1.5t MRI Systems, 3t MRI Systems), Low-To-Mid-Field MRI Systems (<1.5t), Very-High-Field MRI Systems (4t and Above)
6.2.2. By Type (Fixed, Mobile)
6.2.3. By Architecture (Closed MRI Systems and Open MRI Systems)
6.2.4.By Application (Brain and Neurological, Oncology, Spine and Musculoskeletal, Abdominal, Cardiac, Others)
6.2.5. By End User (Hospitals, Imaging Centers, Ambulatory Surgical Centers, Others)
6.2.6. By Company (2020)
6.2.7. By Region
4
Table of Contents
S. No. Contents
6.3. Product Market Map
7. Asia Pacific MRI Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value & Volume
7.2. Market Share & Forecast
7.2.1. By Field Strength
7.2.2. By Type
7.2.3. By Architecture
7.2.4 By Application
7.2.5. By End User
7.2.6. By Country
7.3. China MRI Market Outlook
7.3.1. Market Size & Forecast
7.3.1.1. By Value
7.3.2. Market Share & Forecast
7.3.2.1. By Field Strength
7.3.2.2. By Type
7.3.2.3. By Architecture
7.3.2.4. By Application
7.3.2.5. By End User
5
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S. No. Contents
7.4. India MRI Market Outlook
7.4.1. Market Size & Forecast
7.4.1.1. By Value
7.4.2. Market Share & Forecast
7.4.2.1. By Field Strength
7.4.2.2. By Type
7.4.2.3. By Architecture
7.4.2.4. By Application
7.4.2.5. By End User
7.5. Japan MRI Market Outlook
7.5.1. Market Size & Forecast
7.5.1.1. By Value
7.5.2. Market Share & Forecast
7.5.2.1. By Field Strength
7.5.2.2. By Type
7.5.2.3. By Architecture
7.5.2.4. By Application
7.5.2.5. By End User
6
Table of Contents
S. No. Contents
7.6. South Korea MRI Market Outlook
7.6.1. Market Size & Forecast
7.6.1.1. By Value
7.6.2. Market Share & Forecast
7.6.2.1. By Field Strength
7.6.2.2. By Type
7.6.2.3. By Architecture
7.6.2.4. By Application
7.6.2.5. By End User
7.7. Australia MRI Market Outlook
7.7.1. Market Size & Forecast
7.7.1.1. By Value
7.7.2. Market Share & Forecast
7.7.2.1. By Field Strength
7.7.2.2. By Type
7.7.2.3. By Architecture
7.7.2.4. By Application
7.7.2.5. By End User
7
Table of Contents
S. No. Contents
8. Europe MRI Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value & Volume
8.2. Market Share & Forecast
8.2.1. By Field Strength
8.2.2. By Type
8.2.3. By Architecture
8.2.4 By Application
8.2.5. By End User
8.2.6. By Country
8.3. France MRI Market Outlook
8.3.1. Market Size & Forecast
8.3.1.1. By Value
8.3.2. Market Share & Forecast
8.3.2.1. By Field Strength
8.3.2.2. By Type
8.3.2.3. By Architecture
8
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8.3.2.4. By Application
8.3.2.5. By End User
8.4. Germany MRI Market Outlook
8.4.1. Market Size & Forecast
8.4.1.1. By Value
8.4.2. Market Share & Forecast
8.4.2.1. By Field Strength
8.4.2.2. By Type
8.4.2.3. By Architecture
8.4.2.4. By Application
8.4.2.5. By End User
8.5. United Kingdom MRI Market Outlook
8.5.1. Market Size & Forecast
8.5.1.1. By Value
8.5.2. Market Share & Forecast
8.5.2.1. By Field Strength
8.5.2.2. By Type
8.5.2.3. By Architecture
9
Table of Contents
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8.5.2.4. By Application
8.5.2.5. By End User
8.6. Italy MRI Market Outlook
8.6.1. Market Size & Forecast
8.6.1.1. By Value
8.6.2. Market Share & Forecast
8.6.2.1. By Field Strength
8.6.2.2. By Type
8.6.2.3. By Architecture
8.6.2.4. By Application
8.6.2.5. By End User
8.7. Spain MRI Market Outlook
8.7.1. Market Size & Forecast
8.7.1.1. By Value
8.7.2. Market Share & Forecast
8.7.2.1. By Field Strength
8.7.2.2. By Type
8.7.2.3. By Architecture
10
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8.7.2.4. By Application
8.7.2.5. By End User
9. North America MRI Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value & Volume
9.2. Market Share & Forecast
9.2.1. By Field Strength
9.2.2. By Type
9.2.3. By Architecture
9.2.4 By Application
9.2.5. By End User
9.2.6. By Country
9.3. United States MRI Market Outlook
9.3.1. Market Size & Forecast
9.3.1.1. By Value
9.3.2. Market Share & Forecast
9.3.2.1. By Field Strength
9.3.2.2. By Type
9.3.2.3. By Architecture
9.3.2.4. By Application
9.3.2.5. By End User
11
Table of Contents
S. No. Contents
9.4. Mexico MRI Market Outlook
9.4.1. Market Size & Forecast
9.4.1.1. By Value
9.4.2. Market Share & Forecast
9.4.2.1. By Field Strength
9.4.2.2. By Type
9.4.2.3. By Architecture
9.4.2.4. By Application
9.4.2.5. By End User
9.5. Canada MRI Market Outlook
9.5.1. Market Size & Forecast
9.5.1.1. By Value
9.5.2. Market Share & Forecast
9.5.2.1. By Field Strength
9.5.2.2. By Type
9.5.2.3. By Architecture
9.5.2.4. By Application
9.5.2.5. By End User
12
Table of Contents
S. No. Contents
10. South America MRI Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value & Volume
10.2. Market Share & Forecast
10.2.1. By Field Strength
10.2.2. By Type
10.2.3. By Architecture
10.2.4 By Application
10.2.5. By End User
10.2.6. By Country
10.3. Brazil MRI Market Outlook
10.3.1. Market Size & Forecast
10.3.1.1. By Value
10.3.2. Market Share & Forecast
10.3.2.1. By Field Strength
10.3.2.2. By Type
10.3.2.3. By Architecture
13
Table of Contents
S. No. Contents
10.3.2.4. By Application
10.3.2.5. By End User
10.4. Argentina MRI Market Outlook
10.4.1. Market Size & Forecast
10.4.1.1. By Value
10.4.2. Market Share & Forecast
10.4.2.1. By Field Strength
10.4.2.2. By Type
10.4.2.3. By Architecture
10.4.2.4. By Application
10.4.2.5. By End User
10.5. Colombia MRI Market Outlook
10.5.1. Market Size & Forecast
10.5.1.1. By Value
10.5.2. Market Share & Forecast
10.5.2.1. By Field Strength
10.5.2.2. By Type
10.5.2.3. By Architecture
14
Table of Contents
S. No. Contents
10.5.2.4. By Application
10.5.2.5. By End User
11. Middle East and Africa MRI Market Outlook
11.1. Market Size & Forecast
11.1.1. By Value & Volume
11.2. Market Share & Forecast
11.2.1. By Field Strength
11.2.2. By Type
11.2.3. By Architecture
11.2.4. By Application
11.2.5. By End User
11.2.6. By Country
11.3. South Africa MRI Market Outlook
11.3.1. Market Size & Forecast
11.3.1.1 By Value
11.3.2. Market Share & Forecast
11.3.2.1. By Field Strength
11.3.2.2. By Type
11.3.2.3. By Architecture
11.3.2.4. By Application
15
Table of Contents
S. No. Contents
11.3.2.5. By End User
11.4. Saudi Arabia MRI Market Outlook
11.4.1. Market Size & Forecast
11.4.1.1. By Value
11.4.2. Market Share & Forecast
11.4.2.1. By Field Strength
11.4.2.2. By Type
11.4.2.3. By Architecture
11.4.2.4. By Application
11.4.2.5. By End User
11.5. UAE MRI Market Outlook
11.5.1. Market Size & Forecast
11.5.1.1. By Value
11.5.2. Market Share & Forecast
11.5.2.1. By Field Strength
11.5.2.2. By Type
11.5.2.3. By Architecture
11.5.2.4. By Application
11.5.2.5. By End User
16
Table of Contents
S. No. Contents
12. Market Dynamics
12.1. Drivers
12.2. Challenges
13. Market Trends & Developments
14. Competitive Landscape
14.1. Competition Outlook
14.2. Players Profiled (Leading Companies)
14.2.1. GE Healthcare
14.2.2. Aurora Imaging Technologies, Inc
14.2.3. Sanrad Medical Systems Pvt ltd.
14.2.4. Aspect Imaging
14.2.5. Esaote SpA
14.2.6. Fonar Corporation
14.2.7. Hitachi Ltd
14.2.8. Neusoft Medical Systems Co. Ltd
14.2.9. Koninklijke Philips NV
14.2.10. Siemens Healthcare GmbH
17
Table of Contents
S. No. Contents
14.2.11. Canon Medical Systems Corporation
14.2.12. Mindray Medical International Limited
14.2.13. Hologic, Inc.
14,2,14, Nordion Inc.
14.2.15. United Imaging Healthcare Co., Ltd
15. Strategic Recommendations
16. About Us & Disclaimer
RESEARCH METHODOLOGY
19
Research Methodology
✓ Identifying Key Opinion
Leaders
✓ Questionnaire Design
✓ In-depth Interviews
Data Collection
Developing List of Respondents
Formulating Questionnaire
Market Profiling
Data Validation
Data Analysis
In-depth secondary research was conducted to
determine top players in the global MRI market, overall market size and segmental market size.
In order to conduct industry experts’
interviews, TechSci formulated a detailed
discussion guide.
List of industry players and industry
specialists was developed.
TechSci conducted interviews with
industry experts and industry players for data collection and
verification.
Data obtained as a result of primary and secondary research was
validated through rigorous
triangulation.
The data was scrutinized using MS-Excel, statistical
tools and internal proprietary database to obtain qualitative and
quantitative insights about the global MRI market.
Data Collection
Data Filter& Analysis
Research &Intelligence
ActionableInsights
BusinessSolution
Primary Research Desk Research Company Analysis
✓ Recent Developments
✓ Market Changing
Aspects/Dynamics
✓ Government Policies
✓ Conclusion
✓ Market Participants
✓ Key Strengths
✓ LinkedIn✓ TechSci Internal
Database
✓ Factiva✓ Hoovers
Paid Sources
✓ Company Websites✓ Company Annual
Reports✓ White Paper Study✓ Financial Reports✓ Investor
Presentations✓ Regulatory Body✓ Associations, etc.
Secondary Research
Primary Research
20
Research Methodology
Baseline Methodology
Our dedicated team of industry experts has monitored and analyzed various aspects of the global MRI market. The team has analyzed the
outlook of various segments of this market, while considering the major influencing factors such as increasing patient pool suffering from
neurological and musculoskeletal disorders, among others. The study includes market forecasting, which would enable our clients to take
better decisions while planning their strategy to achieve sustainability in the global MRI market.
Methodology Followed for Calculation of Market Size:
• Market Size by Value & Volume : Market size, in terms of value, for the year 2020 was calculated based on information collected through
exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as MRI manufacturers, channel
partners, market influencers & end users, industry experts, and other industry participants.
• The team interviewed more than 15 – 20 MRI manufacturers, 100 – 120 end users, and 15 – 20 industry experts and other value chain
stakeholders in the global MRI market to obtain the overall market size from 2016 to 2020, which was validated by the Delphi technique.
Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data during 2016-2020.
21
Research Methodology
• Respondents were asked about the current and future market growth rates, market shares by field strength, by type, by architecture, by
application, by end user and by region. Removing the outlier responses, the geometric mean of growth estimates and provider wise revenue
shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various
type were further triangulated from other stakeholders.
Methodology Followed for Calculation of Market Shares:
• Market shares by field strength, by type, by architecture, by application, by end user and by region were calculated based on the responses
received through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue
generated from various types of MRI. The final shares were calculated by taking the geometric mean of the responses gathered from key
opinion leaders after eliminating the outliers.
Methodology Followed for Forecasting:
• TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in
SPSS/Tableau Software.
• Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast global MRI
market, TechSci Research used various forecast techniques such as:
✓ Moving Average
✓ Time Series Analysis
✓ Regression Analysis
✓ Econometric and Judgmental Analysis
22
Research Methodology
TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research
also used the impact analysis during short, medium and long term period to estimate the demand and to reach accurate market numbers. It
should be noted that the figures compiled are only for the organized market including market share data. The currency used in the report is the
United States Dollar (USD), with the market size indicated in USD million.
Partial List of Companies Interviewed Key Secondary Sources
▪ GE Healthcare
▪ Aurora Imaging Technologies, Inc.
▪ Sanrad Medical Systems Pvt ltd.
▪ Aspect Imaging
▪ Esaote SpA
▪ Fonar Corporation
▪ Hitachi Ltd
▪ Neusoft Medical Systems Co. Ltd
▪ Koninklijke Philips NV
▪ Siemens Healthcare GmbH
▪ Canon Medical Systems Corporation
▪ Mindray Medical International Limited
▪ Hologic, Inc.
▪ Nordion Inc.
▪ 5United Imaging Healthcare Co., Ltd
▪ World Bank
▪ International Monetary Fund (IMF)
▪ TechSci Research Proprietary Database & Knowledge
Repository
▪ Company Annual Reports
▪ Industry Magazines
▪ Industry Reports
▪ News Dailies
▪ Credible Paid Databases
23
Industry Brief
According to TechSci Research report, “Global MRI Market By Field Strength (High-Field MRI Systems (1.5t MRI Systems, 3t MRI Systems), Low-To-
Mid-Field MRI Systems (<1.5t), Very-High-Field MRI Systems (4t and Above)), By Type (Fixed, Mobile), By Architecture (Closed MRI Systems, Open
MRI Systems), By Application (Brain and Neurological, Oncology, Spine and Musculoskeletal, Abdominal, Cardiac, Others), By End User (Hospitals,
Imaging Centers, Ambulatory Surgical Centers, Others), By Region, Forecast & Opportunities, 2026”, the global MRI market was valued at around
USD6 billion in 2020 and is expected to witness CAGR of around 8% during the forecast period to reach around USD9.4 billion through 2026. Key
factors propelling the growth of the global MRI market include advancements in magnetic resonance imaging (MRI) techniques and growing
requirements for quick and effective diagnostic procedures. The increasing prevalence of health conditions such as spine lesions, tumors, and stroke
are further creating the demand for efficient diagnostic machines such as magnetic resonance imaging. Moreover, technological advancements like
diffusion and diffusion tensor imaging with tractography, perfusion imaging, functional imaging and neuroimaging including MR spectroscopy are
expected to drive the growth of the global MRI market in the coming years. Also, extensive R&D activities conducted by manufacturers are fueling the
growth of this market.
Additionally, increasing usage of MRI devices for the detection of severe internal injuries is fueling the market growth. Apart from this, the rising patient
pool suffering from neurological and musculoskeletal disorders is acting as a major growth driver for the global MRI market. However, the market is also
prone to some challenges. High cost of MRI machines and insufficient reimbursement policies in various countries are posing a challenge before
manufacturers. Furthermore, delayed product approval due to a stringent regulatory framework is likely to hamper the market growth in coming years.
The global MRI market is segmented based on field of strength, type, architecture, application, end user and region. Based on architecture, the market
can be segmented into closed MRI systems and open MRI systems. Among them, closed MRI systems held the largest market share in 2020 as they
use powerful magnetic fields and help in getting detailed slice selection and error-free analysis. Moreover, these systems are highly preferred by
radiologists and hence, are expected to further dominate the global MRI market through 2026.
Based on application, the global MRI market can be segmented into brain and neurological, oncology, spine and musculoskeletal, abdominal, cardiac
and others. Among them, the brain and neurological segment is expected to dominate the global MRI market during the forecast period as MRI is
identified as the best tool for diagnostic imaging and neuroscience research. Furthermore, MRIs are also capable of documenting brain injury from
trauma and can monitor degenerative disorders.
Major players operating in the global MRI market include GE Healthcare, Aurora Imaging Technologies, Inc., Sanrad Medical Systems Pvt ltd., Aspect
Imaging, Esaote SpA, Fonar Corporation, Hitachi Ltd, Neusoft Medical Systems Co. Ltd, Koninklijke Philips NV, Siemens Healthcare GmbH, Canon
Medical Systems Corporation, Mindray Medical International Limited, Hologic, Inc., Nordion Inc., and United Imaging Healthcare Co., Ltd. The market
players are focusing on developing advanced software to introduce new and more efficient MRI devices into the global market.
“North America dominated the global MRI market until 2020 and is expected to hold its dominance during the forecast period owing to the presence of a
well-established healthcare system and leading MRI system manufacturers in the region. However, Asia Pacific is anticipated to register the fastest
growth through 2026 due to the increasing prevalence of cardiovascular disorders and neurological diseases. Furthermore, availability of advanced
healthcare facilities and services at a lower cost is also augmenting the growth of MRI market in APAC,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
24
Sample Data - Snapshot
5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00
10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 90.00 100.00 110.00
2016 2020 2021E 2026F
By Value (USD Million)
By Volume (Million)
Global MRI Market Size, By Value (USD Million), By Volume (Million), 2016–2026F
CAGR By Value & Volume
XX%CAGR By Value & Volume
YY%
40%40%40%40%40%40%40%40%40%40%40%
30%30%30%30%30%30%30%30%30%30%30%
30%30%30%30%30%30%30%30%30%30%30%
2016
2017
2018
2019
2020
2021E
2022F
2023F
2024F
2025F
2026F
High-Field MRI Systems (1.5t MRI Systems, 3t MRI Systems) Low-To-Mid-Field MRI Systems (<1.5t)
Very-High-Field MRI Systems (4t and Above)
Asia Pacific MRI Market Share, By Field Strength, By Value, 2016–2026F
50%50%50%50%50%50%50%50%50%50%50%
50%50%50%50%50%50%50%50%50%50%50%
2016
2018
2020
2022F
2024F
2026F
Fixed Mobile
India MRI Market Share, By Type, By Value, 2016–2026F
25
Report Ordering
Report Name: GLOBAL MRI MARKET
FORECAST & OPPORTUNITIES
2016 – 2026
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About Us & Disclaimer
TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in
number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The
proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’
model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich
evaluation of the opportunities available in the market.
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The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely,accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considersreliable and firsthand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors oromissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of thisreport. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative marketsize and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.
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