MRI Systems Market – Segmentation, Growth Drivers, Geographical Analysis and Major Key Players

Asia Pacific is accounted for the largest share of the MRI systems market, followed by Europe.


Northrook, IL -- (SBWIRE) -- 12/09/2019 -- Increasing geriatric population, rising awareness about the benefits of early diagnosis, and the introduction of technologically advanced MRI systems with better image quality and high throughput. Factors such as novel application areas such as detection of metastasis in cancer, hybrid MRI systems and emerging markets are expected to offer lucrative growth opportunities for players in the MRI systems market.

What the Market Looks Like?

Predicted to grow at a CAGR of 3.9% during the forecast period, the global MRI Systems Market is estimated to reach USD 7.09 Billion by 2023.

Global MRI system market is segmented by architecture, field strength, and region. Based on architecture, the market is segmented into closed and open MRI systems. The closed MRI systems segment is further divided into standard bore and wide bore MRI systems. In 2017, the closed MRI systems segment accounted for the largest share of the MRI system market. The large share of this segment is attributed to the high-field strength of these systems enabling higher image quality and throughput. The wide bore closed MRI systems segment is expected to grow at the fastest rate owing to their capability to accommodate larger patients.

MRI scanning market is segmented into low-field (<1.5T), high-field (1.5T-3T), and very-high field (4T and above). In 2017, the high-field MRI systems segment accounted for the largest share of the global MRI system market. The high-field MRI systems segment is further divided into 1.5T MRI systems and 3T MRI systems. The 3T MRI systems accounted for the larger share by value in the magnetic resonance imaging systems market by field strength owing to its better imaging quality than 1.5T machines. The very-high-field MRI system market is expected to grow at the fastest rate with the FDA and CE mark approval of the newly launched MAGNETOM Terra 7T machines by Siemens Healthineers or clinical use.

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What Drives the Market?

The growth of the global market for Magnetic Resonance Imaging Systems is primarily influenced by the following factors:

- Discovery of New Helium Deposits
- Technological Advancements
- Increasing Focus on the Replacement of Low-Field MRI Systems With High-Field MRI Systems
- Increasing Geriatric Population
- Rising Awareness on Early Diagnosis

While the overall market is expected to grow during the forecast period, the high price of MRI systems, incompatibility of MRI systems in some patient populations, and uncertain healthcare reforms are likely to restrain the growth of this market to a certain extent.

Geographical growth scenario of Magnetic Resonance Imaging Systems Market

Geographically, Asia Pacific dominated the market in 2017 with the highest market share in the MRI system market. The largest share of this regional segment is attributed to the increasing FDI enabling local and foreign MRI manufacturers to invest in this region, rising disposable incomes, and rising demand for high-field MRI systems in APAC countries. However, RoW is expected to grow at the highest CAGR during the forecast period. Untapped markets in Latin America and MEA is the key driver of the regional segment.

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Leading market players and strategies adopted

Global MRI system market include GE Healthcare (US), Siemens Healthineers (Germany), Philips (Netherlands), Canon Medical Systems (Japan), and Hitachi (Japan).

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