Global MRI Market Size, Share and Forecast 2026 | TechSci Research

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

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6.3. Product Market Map

7. Asia Pacific MRI Market Outlook




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

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7.4. India MRI Market Outlook


7.4.1.1. By Value



7.4.2.2. By Type




7.5. Japan MRI Market Outlook


7.5.1.1. By Value



7.5.2.2. By Type




6

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7.6. South Korea MRI Market Outlook


7.6.1.1. By Value



7.6.2.2. By Type




7.7. Australia MRI Market Outlook


7.7.1.1. By Value



7.7.2.2. By Type




7

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8. Europe MRI Market Outlook





8.2.2. By Type



8.2.5. By End User

8.2.6. By Country

8.3. France MRI Market Outlook


8.3.1.1. By Value



8.3.2.2. By Type


8

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8.4. Germany MRI Market Outlook


8.4.1.1. By Value



8.4.2.2. By Type




8.5. United Kingdom MRI Market Outlook


8.5.1.1. By Value



8.5.2.2. By Type


9

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S. No. Contents



8.6. Italy MRI Market Outlook


8.6.1.1. By Value



8.6.2.2. By Type




8.7. Spain MRI Market Outlook


8.7.1.1. By Value



8.7.2.2. By Type


10

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9. North America MRI Market Outlook





9.2.2. By Type



9.2.5. By End User

9.2.6. By Country

9.3. United States MRI Market Outlook


9.3.1.1. By Value



9.3.2.2. By Type




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9.4. Mexico MRI Market Outlook


9.4.1.1. By Value



9.4.2.2. By Type




9.5. Canada MRI Market Outlook


9.5.1.1. By Value



9.5.2.2. By Type




12

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10. South America MRI Market Outlook





10.2.2. By Type



10.2.5. By End User

10.2.6. By Country

10.3. Brazil MRI Market Outlook


10.3.1.1. By Value



10.3.2.2. By Type


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10.4. Argentina MRI Market Outlook


10.4.1.1. By Value



10.4.2.2. By Type




10.5. Colombia MRI Market Outlook


10.5.1.1. By Value



10.5.2.2. By Type


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11. Middle East and Africa MRI Market Outlook





11.2.2. By Type


11.2.4. By Application

11.2.5. By End User

11.2.6. By Country

11.3. South Africa MRI Market Outlook


11.3.1.1 By Value



11.3.2.2. By Type



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S. No. Contents


11.4. Saudi Arabia MRI Market Outlook


11.4.1.1. By Value



11.4.2.2. By Type




11.5. UAE MRI Market Outlook


11.5.1.1. By Value



11.5.2.2. By Type




16

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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

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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


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


• 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


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

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FORECAST & OPPORTUNITIES

2016 – 2026

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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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Global MRI Market Size, Share and Forecast 2026 | TechSci Research