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The MRI Systems Market To Grow At A CAGR Of 6.32% From 2022 To 20227|The Technological Advances In MRI To Boost Market Growth- Technavio

By PR Newswire

PR Newswire
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NEW YORK, Aug. 7, 2023 /PRNewswire/ -- The MRI systems market is forecast to increase by USD 2,494.99 million from 2022 to 2027, at a CAGR of 6.32%, according to a recent market study by Technavio. The growth of the market will be driven by the Increasing prevalence of diseases coupled with the growing geriatric population, Technological advances in MRI, and Expanding clinical applications of MRI. Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download The Sample Report

MRI Systems Market 2023-2027 – Company Scope

Technavio has extensively analyzed 15 major companies, including Aspect Imaging Ltd., AURORA HEALTHCARE US Corp., Bruker Corp., Canon Inc., Esaote Spa, FONAR Corp., FUJIFILM Corp., GE Healthcare Technologies Inc., Hologic Inc., Koninklijke Philips NV, MR Solutions Ltd., Neusoft Corp., Onex Corp., Sanrad Medical Systems Pvt ltd, Shenzhen Anke High tech Co., Shimadzu Corp., Siemens Healthineers AG, and Time Medical Holding Co Ltd.

Key Benefits for Industry Players & Stakeholders – 

  • The report offers information on the criticality of Company inputs, including R&D, CAPEX, and technology.
  • It also provides detailed analyses of the market's competitive landscape and companies' product offerings.
  • The report also provides a qualitative and quantitative analysis of companies to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Expand operations in the future - To get requisite details, ask for a custom report.

MRI Systems Market - Segmentation Assessment

The market is segmented by product (Closed MRI systems and Open MRI systems), type (Fixed MRI and Mobile MRI), and Geography (North America, Europe, Asia, and Rest of World (ROW)).

The market share growth by the closed MRI systems segment will be significant during the forecast period. Closed MRI systems are divided into wide-bore systems, also called open-bore systems, and narrow-bore systems. The patient is scanned in the bore area. Furthermore, patients with organ abnormalities quickly scan due to the high magnetic field and the confined magnetic field. Thus, these factors are expected to drive segment growth during the forecast period.

North America is estimated to contribute 41% to the growth of the global market during the forecast period. The US and Canada are the key contributors to the market in the region. The growing prevalence of several medical conditions, the improved healthcare infrastructure, the strong presence of established companies, the increasing number of MRI examinations, favorable reimbursement policies, and the rising adoption of MRI systems are the key factors for the market growth. Therefore, these factors are expected to drive market growth in the region during the forecast period.

To get detailed insights about inclusions and exclusions, buy the report 

MRI Systems Market – Market Dynamics

Key Driver

The technological advancements in MRI is a key factor driving market growth. Magnetic field strength, power consumption, signal-to-noise ratio (SNR), design, and software are some of the key areas of technological advancement in MRI systems. For example, the new generation of his MRI system is equipped with a 70 cm bore size. Additionally, new MRI system capabilities include innovative workflow solutions, image enhancement, and fast scanning technology.  Hence, the innovation of such advanced technologies is expected to drive market growth during the forecast period.

Major Trends

The focus on the development of helium-free MRI systems is a major trend in the market. Helium is an integral part of MRI systems, and the shortage of helium has led to a significant increase in demand in recent decades. This makes MRI systems more expensive to manufacture. Furthermore, Companies are focusing on research and development of helium-free MRI systems. For example, MRI Solutions offers the world's first commercially available helium-free MRI scanner. superconducting wire is used as compared to traditional liquid helium cooling jackets in the scanner's new magnet design. Hence, these factors are expected to drive market growth during the forecast period.

Significant Challenges

The rise in the adoption of refurbished MRI systems is one of the key challenges restricting market growth. This is due to the significant cost savings they offer compared to newer MRI machines. In addition, there are many benefits such as warranty and after-sales service. many small diagnostic centers and independent hospitals are the end users of the product. Hence, the increasing adoption of refurbished MRI systems is expected to restrict market growth during the forecast period.

Drivers, Trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

 What are the key data covered in this MRI Systems Market report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the MRI systems market between 2023 and 2027
  • Precise estimation of the size of the MRI systems market and its contribution to the market with a focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the MRI systems market  across North America, Europe, Asia, and Rest of the World (ROW)
  • A thorough analysis of the market's competitive landscape and detailed information about companies
  • Comprehensive analysis of factors that will challenge the growth of MRI systems market companies.

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MRI Systems Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 6.32%

Market growth 2023-2027

USD 2,494.99 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.0

Regional analysis

North America, Europe, Asia, and the Rest of the World (ROW)

Performing market contribution

North America at 41%

Key countries

US, Canada, Germany, UK, and China

Competitive landscape

Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

Aspect Imaging Ltd., AURORA HEALTHCARE US Corp., Bruker Corp., Canon Inc., Esaote Spa, FONAR Corp., FUJIFILM Corp., GE Healthcare Technologies Inc., Hologic Inc., Koninklijke Philips NV, MR Solutions Ltd., Neusoft Corp., Onex Corp., Sanrad Medical Systems Pvt ltd, Shenzhen Anke High tech Co., Shimadzu Corp., Siemens Healthineers AG, and Time Medical Holding Co Ltd

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

  • 1.1 Market Overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Company Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of companies included in the market definition
  • 3.2 Market segment analysis 
    • Exhibit 13: Market segments
  • 3.3 Market size 2022
  • 3.4 Market outlook: Forecast for 2022-2027 
    • Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
    • Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
    • Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
    • Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

  • 4.1 Global MRI Systems Market 2017 - 2021 
    • Exhibit 18: Historic Market Size – Data Table on global mri systems Market 2017 - 2021 ($ million)
  • 4.2 Product Segment Analysis 2017 - 2021 
    • Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ million)
  • 4.3 Type Segment Analysis 2017 - 2021 
    • Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ million)
  • 4.4 Geography Segment Analysis 2017 - 2021 
    • Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)
  • 4.5 Country Segment Analysis 2017 - 2021 
    • Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

  • 5.1 Five forces summary
    • Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
  • 5.2 Bargaining power of buyers 
    • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
  • 5.3 Bargaining power of suppliers 
    • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
  • 5.4 Threat of new entrants 
    • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
  • 5.5 Threat of substitutes 
    • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
  • 5.6 Threat of rivalry
    • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
  • 5.7 Market condition
    • Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

  • 6.1 Market segments
    • Exhibit 30: Chart on Product - Market share 2022-2027 (%)
    • Exhibit 31: Data Table on Product - Market share 2022-2027 (%)
  • 6.2 Comparison by Product 
    • Exhibit 32: Chart on Comparison by Product
    • Exhibit 33: Data Table on Comparison by Product
  • 6.3 Closed MRI systems - Market size and forecast 2022-2027 
    • Exhibit 34: Chart on Closed MRI systems - Market size and forecast 2022-2027 ($ million)
    • Exhibit 35: Data Table on Closed MRI systems - Market size and forecast 2022-2027 ($ million)
    • Exhibit 36: Chart on Closed MRI systems - Year-over-year growth 2022-2027 (%)
    • Exhibit 37: Data Table on Closed MRI systems - Year-over-year growth 2022-2027 (%)
  • 6.4 Open MRI systems - Market size and forecast 2022-2027 
    • Exhibit 38: Chart on Open MRI systems - Market size and forecast 2022-2027 ($ million)
    • Exhibit 39: Data Table on Open MRI systems - Market size and forecast 2022-2027 ($ million)
    • Exhibit 40: Chart on Open MRI systems - Year-over-year growth 2022-2027 (%)
    • Exhibit 41: Data Table on Open MRI systems - Year-over-year growth 2022-2027 (%)
  • 6.5 Market opportunity by Product 
    • Exhibit 42: Market opportunity by Product ($ million)
    • Exhibit 43: Data Table on Market opportunity by Product ($ million)

7 Market Segmentation by Type

  • 7.1 Market segments
    • Exhibit 44: Chart on Type - Market share 2022-2027 (%)
    • Exhibit 45: Data Table on Type - Market share 2022-2027 (%)
  • 7.2 Comparison by Type
    • Exhibit 46: Chart on Comparison by Type
    • Exhibit 47: Data Table on Comparison by Type
  • 7.3 Fixed MRI - Market size and forecast 2022-2027 
    • Exhibit 48: Chart on Fixed MRI - Market size and forecast 2022-2027 ($ million)
    • Exhibit 49: Data Table on Fixed MRI - Market size and forecast 2022-2027 ($ million)
    • Exhibit 50: Chart on Fixed MRI - Year-over-year growth 2022-2027 (%)
    • Exhibit 51: Data Table on Fixed MRI - Year-over-year growth 2022-2027 (%)
  • 7.4 Mobile MRI - Market size and forecast 2022-2027 
    • Exhibit 52: Chart on Mobile MRI - Market size and forecast 2022-2027 ($ million)
    • Exhibit 53: Data Table on Mobile MRI - Market size and forecast 2022-2027 ($ million)
    • Exhibit 54: Chart on Mobile MRI - Year-over-year growth 2022-2027 (%)
    • Exhibit 55: Data Table on Mobile MRI - Year-over-year growth 2022-2027 (%)
  • 7.5 Market opportunity by Type 
    • Exhibit 56: Market opportunity by Type ($ million)
    • Exhibit 57: Data Table on Market opportunity by Type ($ million)

8 Customer Landscape

  • 8.1 Customer landscape overview 
    • Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

  • 9.1 Geographic segmentation 
    • Exhibit 59: Chart on Market share by geography 2022-2027 (%)
    • Exhibit 60: Data Table on Market share by geography 2022-2027 (%)
  • 9.2 Geographic comparison 
    • Exhibit 61: Chart on Geographic comparison
    • Exhibit 62: Data Table on Geographic comparison
  • 9.3 North America - Market size and forecast 2022-2027 
    • Exhibit 63: Chart on North America - Market size and forecast 2022-2027 ($ million)
    • Exhibit 64: Data Table on North America - Market size and forecast 2022-2027 ($ million)
    • Exhibit 65: Chart on North America - Year-over-year growth 2022-2027 (%)
    • Exhibit 66: Data Table on North America - Year-over-year growth 2022-2027 (%)
  • 9.4 Europe - Market size and forecast 2022-2027 
    • Exhibit 67: Chart on Europe - Market size and forecast 2022-2027 ($ million)
    • Exhibit 68: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
    • Exhibit 69: Chart on Europe - Year-over-year growth 2022-2027 (%)
    • Exhibit 70: Data Table on Europe - Year-over-year growth 2022-2027 (%)
  • 9.5 Asia - Market size and forecast 2022-2027 
    • Exhibit 71: Chart on Asia - Market size and forecast 2022-2027 ($ million)
    • Exhibit 72: Data Table on Asia - Market size and forecast 2022-2027 ($ million)
    • Exhibit 73: Chart on Asia - Year-over-year growth 2022-2027 (%)
    • Exhibit 74: Data Table on Asia - Year-over-year growth 2022-2027 (%)
  • 9.6 Rest of World (ROW) - Market size and forecast 2022-2027 
    • Exhibit 75: Chart on Rest of World (ROW) - Market size and forecast 2022-2027 ($ million)
    • Exhibit 76: Data Table on Rest of World (ROW) - Market size and forecast 2022-2027 ($ million)
    • Exhibit 77: Chart on Rest of World (ROW) - Year-over-year growth 2022-2027 (%)
    • Exhibit 78: Data Table on Rest of World (ROW) - Year-over-year growth 2022-2027 (%)
  • 9.7 US - Market size and forecast 2022-2027 
    • Exhibit 79: Chart on US - Market size and forecast 2022-2027 ($ million)
    • Exhibit 80: Data Table on US - Market size and forecast 2022-2027 ($ million)
    • Exhibit 81: Chart on US - Year-over-year growth 2022-2027 (%)
    • Exhibit 82: Data Table on US - Year-over-year growth 2022-2027 (%)
  • 9.8 Germany - Market size and forecast 2022-2027 
    • Exhibit 83: Chart on Germany - Market size and forecast 2022-2027 ($ million)
    • Exhibit 84: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
    • Exhibit 85: Chart on Germany - Year-over-year growth 2022-2027 (%)
    • Exhibit 86: Data Table on Germany - Year-over-year growth 2022-2027 (%)
  • 9.9 Canada - Market size and forecast 2022-2027 
    • Exhibit 87: Chart on Canada - Market size and forecast 2022-2027 ($ million)
    • Exhibit 88: Data Table on Canada - Market size and forecast 2022-2027 ($ million)
    • Exhibit 89: Chart on Canada - Year-over-year growth 2022-2027 (%)
    • Exhibit 90: Data Table on Canada - Year-over-year growth 2022-2027 (%)
  • 9.10 UK - Market size and forecast 2022-2027 
    • Exhibit 91: Chart on UK - Market size and forecast 2022-2027 ($ million)
    • Exhibit 92: Data Table on UK - Market size and forecast 2022-2027 ($ million)
    • Exhibit 93: Chart on UK - Year-over-year growth 2022-2027 (%)
    • Exhibit 94: Data Table on UK - Year-over-year growth 2022-2027 (%)
  • 9.11 China - Market size and forecast 2022-2027 
    • Exhibit 95: Chart on China - Market size and forecast 2022-2027 ($ million)
    • Exhibit 96: Data Table on China - Market size and forecast 2022-2027 ($ million)
    • Exhibit 97: Chart on China - Year-over-year growth 2022-2027 (%)
    • Exhibit 98: Data Table on China - Year-over-year growth 2022-2027 (%)
  • 9.12 Market opportunity by geography 
    • Exhibit 99: Market opportunity by geography ($ million)
    • Exhibit 100: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

  • 10.1 Market drivers
  • 10.2 Market challenges
  • 10.3 Impact of drivers and challenges 
    • Exhibit 101: Impact of drivers and challenges in 2022 and 2027
  • 10.4 Market trends

11 Company Landscape

  • 11.1 Overview
  • 11.2 Company landscape 
    • Exhibit 102: Overview on Criticality of inputs and Factors of differentiation
  • 11.3 Landscape disruption
    • Exhibit 103: Overview on factors of disruption
  • 11.4 Industry risks
    • Exhibit 104: Impact of key risks on business

12 Company Analysis

  • 12.1 Companies covered 
    • Exhibit 105: Companies covered
  • 12.2 Market positioning of companies 
    • Exhibit 106: Matrix on company position and classification
  • 12.3 Aspect Imaging Ltd.
    • Exhibit 107: Aspect Imaging Ltd. - Overview
    • Exhibit 108: Aspect Imaging Ltd. - Product / Service
    • Exhibit 109: Aspect Imaging Ltd. - Key offerings
  • 12.4 AURORA HEALTHCARE US Corp. 
    • Exhibit 110: AURORA HEALTHCARE US Corp. - Overview
    • Exhibit 111: AURORA HEALTHCARE US Corp. - Product / Service
    • Exhibit 112: AURORA HEALTHCARE US Corp. - Key offerings
  • 12.5 Bruker Corp.
    • Exhibit 113: Bruker Corp. - Overview
    • Exhibit 114: Bruker Corp. - Business segments
    • Exhibit 115: Bruker Corp. - Key news
    • Exhibit 116: Bruker Corp. - Key offerings
    • Exhibit 117: Bruker Corp. - Segment focus
  • 12.6 Canon Inc.
    • Exhibit 118: Canon Inc. - Overview
    • Exhibit 119: Canon Inc. - Business segments
    • Exhibit 120: Canon Inc. - Key offerings
    • Exhibit 121: Canon Inc. - Segment focus
  • 12.7 Esaote Spa
    • Exhibit 122: Esaote Spa - Overview
    • Exhibit 123: Esaote Spa - Product / Service
    • Exhibit 124: Esaote Spa - Key offerings
  • 12.8 FONAR Corp.
    • Exhibit 125: FONAR Corp. - Overview
    • Exhibit 126: FONAR Corp. - Business segments
    • Exhibit 127: FONAR Corp. - Key offerings
    • Exhibit 128: FONAR Corp. - Segment focus
  • 12.9 FUJIFILM Corp.
    • Exhibit 129: FUJIFILM Corp. - Overview
    • Exhibit 130: FUJIFILM Corp. - Business segments
    • Exhibit 131: FUJIFILM Corp. - Key news
    • Exhibit 132: FUJIFILM Corp. - Key offerings
    • Exhibit 133: FUJIFILM Corp. - Segment focus
  • 12.10 GE Healthcare Technologies Inc. 
    • Exhibit 134: GE Healthcare Technologies Inc. - Overview
    • Exhibit 135: GE Healthcare Technologies Inc. - Business segments
    • Exhibit 136: GE Healthcare Technologies Inc. - Key offerings
    • Exhibit 137: GE Healthcare Technologies Inc. - Segment focus
  • 12.11 Hologic Inc.
    • Exhibit 138: Hologic Inc. - Overview
    • Exhibit 139: Hologic Inc. - Business segments
    • Exhibit 140: Hologic Inc. - Key news
    • Exhibit 141: Hologic Inc. - Key offerings
    • Exhibit 142: Hologic Inc. - Segment focus
  • 12.12 Koninklijke Philips NV 
    • Exhibit 143: Koninklijke Philips NV - Overview
    • Exhibit 144: Koninklijke Philips NV - Business segments
    • Exhibit 145: Koninklijke Philips NV - Key news
    • Exhibit 146: Koninklijke Philips NV - Key offerings
    • Exhibit 147: Koninklijke Philips NV - Segment focus
  • 12.13 MR Solutions Ltd.
    • Exhibit 148: MR Solutions Ltd. - Overview
    • Exhibit 149: MR Solutions Ltd. - Product / Service
    • Exhibit 150: MR Solutions Ltd. - Key offerings
  • 12.14 Neusoft Corp.
    • Exhibit 151: Neusoft Corp. - Overview
    • Exhibit 152: Neusoft Corp. - Business segments
    • Exhibit 153: Neusoft Corp. - Key offerings
    • Exhibit 154: Neusoft Corp. - Segment focus
  • 12.15 Sanrad Medical Systems Pvt ltd 
    • Exhibit 155: Sanrad Medical Systems Pvt ltd - Overview
    • Exhibit 156: Sanrad Medical Systems Pvt ltd - Product / Service
    • Exhibit 157: Sanrad Medical Systems Pvt ltd - Key offerings
  • 12.16 Siemens Healthineers AG 
    • Exhibit 158: Siemens Healthineers AG - Overview
    • Exhibit 159: Siemens Healthineers AG - Business segments
    • Exhibit 160: Siemens Healthineers AG - Key news
    • Exhibit 161: Siemens Healthineers AG - Key offerings
    • Exhibit 162: Siemens Healthineers AG - Segment focus
  • 12.17 Time Medical Holding Co Ltd 
    • Exhibit 163: Time Medical Holding Co Ltd - Overview
    • Exhibit 164: Time Medical Holding Co Ltd - Product / Service
    • Exhibit 165: Time Medical Holding Co Ltd - Key offerings

13 Appendix

  • 13.1 Scope of the report
  • 13.2 Inclusions and exclusions checklist 
    • Exhibit 166: Inclusions checklist
    • Exhibit 167: Exclusions checklist
  • 13.3 Currency conversion rates for US$ 
    • Exhibit 168: Currency conversion rates for US$
  • 13.4 Research methodology
    • Exhibit 169: Research methodology
    • Exhibit 170: Validation techniques employed for market sizing
    • Exhibit 171: Information sources
  • 13.5 List of abbreviations
    • Exhibit 172: List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: media@technavio.com

Website: www.technavio.com


SOURCE Technavio

First published on Tue, Aug 8, 2023

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