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bbin体育The global magnetic resonance imaging (MRI) equipment market size was valued at USD 7.24 billion in 2019 and is projected to reach USD 11.36 billion by 2027, exhibiting a CAGR of 6.2% during the forecast period.
In terms of imaging techniques worldwide, magnetic resonance imaging is one of the most common imaging techniques used and is often considered indispensable in terms of diagnosis, treatment, and management of various critical illnesses. MRI scanners use a magnetic field to generate images of different body parts. The development of the global magnetic resonance imaging (MRI) system is considered to be a huge milestone in medical imaging as the procedure is non-invasive, potentially harmless, and produces detailed images of the human body’s abnormalities. The number of cancer and trauma cases is increasing and, in those cases, the use of such imaging systems for diagnosis is being used increasingly. For instance, in a survey released by the NHS England, the number of such procedures in England rose from 2,349,160 procedures in 2012-2013 to 3,464,010 in 2017-2018, thereby exhibiting a growth of 3.4% during this period. Such an increase in the number of procedures suggests that the use of MRI as an imaging technology is increasing. With the help of MRI scans, one can detect brain injury, tumors, stroke, dementia, and other developmental anomalies. Some of the trends present in the market include the increasing adoption of high strength systems which enable even further detailed imaging. The global market for MRI equipment is projected to exhibit steady growth during the forecast period. However, in 2020, due to the COVID-19 pandemic, the market is estimated to register a slow growth rate.
bbin体育The 2019-2020 coronavirus pandemic is anticipated to exert a massive impact on the healthcare systems across several countries worldwide. Some markets in healthcare are expected to witness a strong surge in demand due to their extensive utilization in combatting against these unprecedented times. At the same time, product areas that are affected by the postponement of certain medical procedures may witness a decline or reduced growth rate in 2020, since a number of healthcare institutions are putting these procedures on hold during this period.
bbin体育The magnetic resonance imaging equipment is one of those product areas that are anticipated to witness a noticeable slow growth rate during this time. Some of the reasons for this decline are advisory issued by key organizations such as the American College of Radiology (ACR), which says that magnetic resonance imaging equipment should not be used as an imaging technique for individuals with a COVID-19 diagnosis, or even those who are suspected of this infection. This has further restricted the usage of this imaging modality, and since all the non-priority medical procedures have been put on a temporary hold, the reduced demand for this equipment is anticipated to witness in this period.
bbin体育Key market players such as Siemens have anticipated major imaging modalities such as magnetic resonance imaging equipment to witness a decline in sales due to delay in installations, and the refocusing of the investment decisions. For instance; according to an article published by Spectra AB, outpatient imaging has seen a decline of over 70% in volumes as compared to 50% among inpatient and emergent scanning. It is anticipated that outpatient imaging may suffer a huge revenue loss in the forthcoming years. The number of MRI procedures volume is expected to be down by 46%. Therefore, it is paramount that radiology departments prepare themselves with the current crisis scenario and plan to cope up with the aftermath more efficiently and strongly.
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Increasing Product Launches and Adoption of High Strength Magnetic Resonance Imaging Equipment to Augment Growth
The increasing number of product launches in the high strength segments, coupled with the rising adoption of MRI systems of high strengths is one of the key prevailing trends in the global MRI systems market. Technological advancements have led to the development and subsequent marketing of high strength imaging equipment. The cause of this rise in adoption is the advantages associated with higher strength equipment, such as better imaging qualities and is particularly beneficial to certain forms of imaging such as vascular imaging. The higher strength systems have superior imaging qualities such as increased image sensitivity and the better visualization of physiological processes. For instance, in February 2018, scientists at the University of Minnesota scanned the world’s first ever 10.5 T human MRI image. In certain key growth markets such as Japan, it was estimated that in 2011, the numbers of imaging equipment were approximately 6,300 with more than 300 3T MRI systems. The trend is leaning towards the increased adoption of more high strength systems.
Increasing Prevalence of Chronic and Serious Diseases to Fuel Growth for MRI Equipment Market
In the current modern medical scenario, there has been a consistently strong demand for medical imaging due to the increasing prevalence of almost all types of chronic and serious diseases. For the effective diagnosis, treatment, and management of chronic illness, an effective and technologically advanced imaging technique is required. Magnetic resonance imaging due to its superior imaging properties and qualities enables medical professionals to effectively use it as a means of treatment. MRI can be used for the imaging for a number of disease indications such as anomalies in the brain and spinal cord, various types of cancers, injuries, certain types of cardiological problems, cysts, and tumors. Almost all of the above-mentioned medical conditions have exhibited a strong instance of incidence globally. In the emerging markets, the increasing introduction of effective and low-cost imaging is expected to boost the growth of the global MRI equipment market during the forecast period. The adoption of closed MRI systems is also expected to increase as they help to perform a detailed study of MRI.
The National Cancer Institute stated in 2018 that an estimated 1,735,350 new cases of cancer will be diagnosed in that very year. For instance, breast cancer, one of the most prevalent forms of cancers worldwide, can be efficiently imaged with the aid of MRI equipment. Magnetic resonance imaging also enables the efficient imaging of areas affected by strokes, a common neurological event. According to the Centers for Disease Control and Prevention (CDC), as of January 2020, an estimated 795,000 individuals in the U.S., suffer from strokes every year. At the same time, the increasing scope and application areas of this imaging technique is also boosting their adoption and subsequently, propelling growth. According to the estimates published by the European Magnetic Resonance Forum (EMRF) in 2015, out of the total imaging procedures conducted, brain and spine imaging procedures comprised more than 50% of the total procedures. The driving factors as such are projected to drive the demand for advanced diagnostics such as magnetic resonance imaging during the forecast period.
Technological Advancements to Drive Growth in Magnetic Resonance Imaging Equipment Market
bbin体育Another key driving factor that is expected to contribute substantially to the growth of the global market is the increasing technological advancements in the imaging equipment. Some of the technological advancements include the launches of open MRI which aids in the effective medical imaging of claustrophobic and overweight patients. The technological advancements also include improvements in field strength and computing power of the imaging equipment. These have led to faster imaging timings, better imaging quality, and higher spatial resolution due to advances in the equipment’s pulse sequences. New and technologically advanced products from key market players such as Siemens’ product offering of MAGNETOM Terra, the first ever 7T MRI system approved for clinical use, have also driven the market growth. These ultra-high field MRI systems are mostly concentrated in the developed markets of North America and Europe. Estimates published in 2020 by Elsevier stated that the number of 7T imaging systems in the world exceeds 70, with more installations expected in the forecast period. The above product launches coupled with the need for cutting edge medical imaging is further anticipated to boost the demand for these systems and create growth opportunities for the market.
High Costs of Magnetic Resonance Imaging Equipment Coupled with Other Limitations to Limit this Market Growth
bbin体育Despite the increasing demand for technologically advanced imaging systems for the efficient management and treatment of chronic diseases, certain critical limitations are restricting the growth of the global market. One of the major factors limiting the growth of the market is the higher costs associated with the installation and maintenance of imaging equipment. Installation and proper maintenance of these systems often require complex infrastructure and associated costs, which many medical institutions are often not able to undertake or provide. A significant number of the installed base of the MRO systems is located across countries in the emerging market such as Asia Pacific. These lead to the hospitals and diagnostics centers in these regions purchasing refurbished open MRI systems to meet their imaging needs. The refurbished systems are available at a substantially lower cost than the installation of a newer system, and the hospitals and other healthcare institutions in the developing countries often opt for these systems due to their cost effectiveness. At the same time, another critical limitation is the voluntary product recalls of a number of imaging systems due to reasons such as human error. It has also adversely impacted the market growth.
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Owing to Strong Installed Base of Magnetic Resonance Imaging Equipment, 1.5 T Segment to Dominate the Global MRI Equipment Market
Based on strength, the global market is segmented into less than 1.5 T, 1.5 T, and more than 1.5 T. The dominance of the 1.5 T segment is primarily due to the strong installed base worldwide of these types of MRI systems. A number of key market players such as GE Healthcare, Siemens, and Phillips have strong product portfolio devoted to the imaging systems of this strength and they also possess product offerings with diverse application areas. This segment dominated the global market in terms of volume and is one of the highest shareholders in terms of value.
bbin体育The more than 1.5T segment is also anticipated to account for the highest CAGR due to the increasing adoption of high strength imaging systems as they have superior imaging qualities, such as higher spatial resolution. For instance, in terms of volume and value share, the Indian market seems to be dominated by the 1.5T and the more than 1.5 T segments. The less than 1.5 T segment is expected to account for a lower market share in the forecast period due to the presence of refurbished systems in this segment and the lower adoption of low strength systems.
Strong Procedural Volumes Attributable to Musculoskeletal Application to Aid Dominance of the Segment in Magnetic Resonance Imaging Equipment Market
In terms of application, this market is segmented into musculoskeletal, neurology, cardiology, body imaging, and others. The musculoskeletal segment is expected to dominate in the forecast period owing to the large procedural volumes devoted to this application and the strong efficacy of magnetic resonance imaging in terms of soft tissue imaging. The neurology segment is expected to be the second most dominant segment in the forecast period because of the increasing usage of this image technique for the imaging of strokes. These two segments are expected to dominate the market because in the 2015 estimate published by the European Magnetic Resonance Forum (EMRF), more than 50% of the MR imaging procedures belonged to the brain and spine, which are the parts of these two above mentioned segments.
The cardiology and the body imaging segments are anticipated to grow at comparatively lower CAGR despite the increasing usage of these imaging techniques in certain cardiological events such as the detailed imaging of the beating heart. Increasing application areas such as molecular imaging is expected to boost the growth of the others segment during the forecast period.
Rising Installed Base of Magnetic Resonance Imaging Equipment at Hospitals to Enable Dominance of the Segment in Magnetic Resonance Imaging Equipment Market
bbin体育In terms of end users, the market is segmented into hospitals, ambulatory surgical centers, and diagnostic centers. One of the critical factors for the dominance of the hospitals segment is that they have the maximum number of MRI systems in various regions in terms of installed base. This is primarily because hospitals are one of the only institutions that are able to provide the complex infrastructure needed for the installation and running of these systems. The diagnostic centers segment is anticipated to be the second most dominant segment because in multiple regions such as India, a significant number of imaging examinations are conducted in these facilities.
bbin体育The ambulatory surgical centers segment is estimated to grow at a comparatively lower CAGR due to the comparatively smaller installed base and the presence of such facilities in specific regions only.
North America Magnetic Resonance Imaging Equipment Market Size, 2019 (USD Billion)
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On the basis of region, this market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In terms of regional share, North America was one of the largest markets with the revenue of the region standing at USD 1.54 billion in 2019. Some of the characteristics contributing to the region’s dominance include the increasing adoption of high strength and expensive imaging systems, strong healthcare expenditure and infrastructure, and high imaging procedural volume due to the rising prevalence of chronic diseases. Such factors, coupled with strong patient population, awareness towards new advances in diagnostics, and the presence of major medical imaging companies, are contributing factors for the region’s dominance in the global market. According to the Organization for Economic Co-operation and Development (OECD), the number of MRI systems in the U.S. per 1 million of the population was 39, which made the U.S. one of the largest markets in terms of installed base. The market in Europe is the second most dominant market globally. Some of the reasons for the European market’s dominance include the increasing volume of medical imaging procedures in the region, coupled with the strong healthcare expenditure, and the adoption of technologically advanced systems. The market in Asia Pacific is estimated to register the highest CAGR, as compared to all the regions. The increasing adoption of advanced systems, strong potential patient population base, and the rising awareness regarding advanced diagnostics due to the increasing prevalence of serious disorders are the key reasons for the high growth rate of the region. The market in Latin America is estimated to register a comparatively steady CAGR in the forecast period backed by the increasing developments of the healthcare infrastructure such as diagnostics systems and also the increasing procedure volumes of medical imaging. The Middle East & Africa is projected to register a smaller market share and CAGR, since the market is still in a nascent period. But, the increasing adoption of advanced healthcare systems stoked by the rising patient awareness and developing economic parameters can drive the growth in this region during the forecast period.
Strong and Diversified Portfolio of Magnetic Resonance Imaging Equipment to Help Companies Maintain Dominance
In terms of competitive landscape of the market, this market reflects a classical monopolistic market scenario, with the market consisting of a wide and varied range of players: established, and emerging. The established companies have robust revenue positions, coupled with a diverse product portfolio comprising MRI systems of varying strengths and application areas. These companies also have a strong foothold in the key growth regions and some of these established players include GE Healthcare, Siemens Healthineers, and Philips. For instance, GE Healthcare has an important range of imaging systems called the SIGNA, which has systems of the strengths of 1.5 T and 3.0 T.
bbin体育Also, the competitive scene has companies of a comparatively smaller size with a limited number of offerings in their product portfolio, especially in terms of imaging systems of higher strengths such as 7.0 T. These companies possess a strong domestic presence such as Shenzhen Anke Hi-tech Co., Ltd., and Shenzhen Basda Medical Apparatus Co., Ltd. in China, and are expected to increase their market share in the forecast period.
An Infographic Representation of Magnetic Resonance Imaging (MRI) Equipment Market
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The global magnetic resonance imaging equipment market report provides a detailed analysis of the market and focuses on key aspects such as market size & forecast (in volume) – key region – 2016-2027, cost of MRI test procedure (key countries), procedures per year (key countries), overview of technological developments, region-wise installed base imaging system – 2019, and distributor analysis – major companies. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of this market over the recent years.
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bbin体育 Value (USD billion)
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Fortune Business Insights says that the global market size was USD 7.24 billion in 2019 and is projected to reach USD 11.36 billion by 2027.
In 2019, the market value stood at USD 7.24 billion.
bbin体育Growing at a CAGR of 6.2%, the market will exhibit steady growth in the forecast period (2019-2027).
1.5 T segment is expected to be the leading segment in this market during the forecast period.
Rising prevalence of chronic diseases, increased demand for imaging, favorable health reimbursement, and launches of technologically advanced products are driving the market.
GE Healthcare, Siemens, Phillips are the leading players in the global market.
Asia Pacific dominated the market share in 2019.
Launches of technologically advanced products addressing the critical unmet needs of the market such as pediatric imaging, and lung imaging are driving the adoption of magnetic resonance imaging equipment.
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