GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028

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GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028

Market by Architecture, Field Type, Application, and Geography | Forecast 2021-2028

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As per Triton Market Research, the global magnetic resonance imaging (MRI) market was valued at $7.54 billion in 2020 and is expected to reach $13.28 billion by 2028, growing at a CAGR of 5.62% during the forecasted period 2021-2028.


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Magnetic resonance imaging (MRI) refers to non-invasive imaging technology, producing 3-D detailed anatomical images. It is often used for the detection of diseases, diagnosis, and monitoring treatments. Additionally, it is based on an advanced technology used to discover any changes in the direction of the rotational axis existing for protons found in the water that makes up the living tissues.

Triton’s report on the magnetic resonance imaging (MRI) market provides an in-depth insight into the market. The detailed analysis of the market includes key insights, Porter’s five forces analysis, market attractiveness index, vendor scorecard, key strategies, key impact analysis, and impact of COVID-19 on magnetic resonance imaging market.

The market is driven by several factors, such as growth in technological advancements, MRI use for breast cancer evaluation, and the development of minimally invasive procedures with MRI. Additionally, the rapid increase in chronic diseases, especially in the Asia-Pacific region, is mainly due to the increasing lifestyle risk factors. The four major chronic diseases are cardiovascular diseases, cancer, chronic respiratory diseases, and diabetes. Chronic diseases are the leading cause of death and disability in the United States. As per the Centers for Disease Control and Prevention (CDC), in 133 million Americans, 45% of the population has at least one chronic disease. In this regard, MRI helps locate cancer in the body and understand how far it has spread, based on which the treatment plan is decided.

Further, the growing number of accidents and injuries is anticipated to create affluent opportunities for the magnetic resonance imaging (MRI) market. As per the WHO, 1.3 million people die due to road traffic crashes every year, while many face lifelong disabilities due to the same. Moreover, most crashes lead to fatal head injuries, which increases the use of MRI scanners to identify the extent of the injury.

In contrast, since MRI Systems are medical-related products, it faces stringent regulations. Several regulatory bodies regulate the safe and secure way of using MRI-related devices as they are radiation-emitting electronic products that can cause damage to the human body if precautions are not taken.



Key geographies covered in the global magnetic resonance imaging (MRI) market are:

•           North America: United States and Canada

•           Europe: United Kingdom, France, Germany, Spain, Italy, Russia, and Rest of Europe

•           Asia-Pacific: China, Japan, India, South Korea, ASEAN Countries, Australia & New Zealand, and Rest of Asia-Pacific

•           Latin America: Brazil, Mexico, and Rest of Latin America

•           Middle East and Africa: United Arab Emirates, Saudi Arabia, Turkey, South Africa, and Rest of Middle East & Africa

The segmentation analysis of the magnetic resonance imaging (MRI) market is based on architecture, field type, and application:

•           Architecture segment includes:

           o          Closed MRI Systems

           o          Open MRI Systems

•           Field Type segment includes:

           o          High Field

                      •          3T MRI

                      •          7T MRI

           o          Mid Field

           o          Low Field

•           Application segment includes:

           o          Neurology

           o          Musculoskeletal

           o          Oncology

           o          Cardiology

           o          Gastroenterology

           o          Other Applications

The key players in the magnetic resonance imaging (MRI) market consist of Canon Medical Corp, Carestream Health Inc, Fujifilm Holdings Corporation, GE Healthcare, Philips Healthcare, Siemens Healthineers, Analogic Corporation, Fonar Corporation, Mindray Medical International Limited, Aurora Imaging Technology Inc, Konica Minolta, Shimadzu Corp, Hologic Inc, Medtronic Plc, and Esaote SPA. 

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Table of Content

1. GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET - SUMMARY

2. INDUSTRY OUTLOOK

2.1. IMPACT OF COVID-19 ON MAGNETIC RESONANCE IMAGING (MRI) MARKET

2.2. KEY INSIGHTS

2.2.1. ASIA-PACIFIC SECURES THE LARGEST REGIONAL MARKET

2.2.2. RISING NEED FOR MRI FROM EMERGING ECONOMIES

2.2.3. BASIC MRI TECHNIQUES GAINING POPULARITY

2.3. PORTER’S FIVE FORCES ANALYSIS

2.3.1. THREAT OF NEW ENTRANTS

2.3.2. THREAT OF SUBSTITUTES

2.3.3. BARGAINING POWER OF BUYERS

2.3.4. BARGAINING POWER OF SUPPLIERS

2.3.5. THREAT OF COMPETITIVE RIVALRY

2.4. MARKET ATTRACTIVENESS INDEX

2.5. VENDOR SCORECARD

2.6. KEY IMPACT ANALYSIS

2.6.1. PRICE

2.6.2. SCANNING CAPABILITIES

2.6.3. PATIENT COMFORT

2.7. KEY MARKET STRATEGIES

2.7.1. ACQUISITIONS

2.7.2. PRODUCT LAUNCHES

2.7.3. CONTRACTS & PARTNERSHIPS

2.7.4. BUSINESS EXPANSIONS & DIVESTITURES

2.8. MARKET DRIVERS

2.8.1. GROWTH IN TECHNOLOGY ADVANCEMENTS

2.8.2. GROWING CHRONIC DISEASES

2.9. MARKET CHALLENGES

2.9.1. DECLINING SOURCES FOR HELIUM GAS

2.9.2. UPWARD TREND IN COSTS OF MRI SYSTEMS

2.9.3. STRINGENT REGULATIONS

2.10. MARKET OPPORTUNITIES

2.10.1. MRI USE FOR BREAST CANCER EVALUATION

2.10.2. GROWING ACCIDENTS AND INJURIES

2.10.3. GROWTH IN MINIMALLY INVASIVE PROCEDURES WITH MRI

3. GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET OUTLOOK - BY ARCHITECTURE

3.1. CLOSED MRI SYSTEMS

3.2. OPEN MRI SYSTEMS

4. GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET OUTLOOK - BY FIELD TYPE

4.1. HIGH FIELD

4.1.1. 3T MRI

4.1.2. 7T MRI

4.2. MID FIELD

4.3. LOW FIELD

5. GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET OUTLOOK - BY APPLICATION

5.1. NEUROLOGY

5.2. MUSCULOSKELETAL

5.3. ONCOLOGY

5.4. CARDIOLOGY

5.5. GASTROENTEROLOGY

5.6. OTHER APPLICATIONS

6. GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET – REGIONAL OUTLOOK

6.1. NORTH AMERICA

6.1.1. MARKET BY ARCHITECTURE

6.1.2. MARKET BY FIELD TYPE

6.1.2.1. MARKET BY HIGH FIELD

6.1.3. MARKET BY APPLICATION

6.1.4. COUNTRY ANALYSIS

6.1.4.1. UNITED STATES

6.1.4.2. CANADA

6.2. EUROPE

6.2.1. MARKET BY ARCHITECTURE

6.2.2. MARKET BY FIELD TYPE

6.2.2.1. MARKET BY HIGH FIELD

6.2.3. MARKET BY APPLICATION

6.2.4. COUNTRY ANALYSIS

6.2.4.1. UNITED KINGDOM

6.2.4.2. GERMANY

6.2.4.3. FRANCE

6.2.4.4. SPAIN

6.2.4.5. ITALY

6.2.4.6. RUSSIA

6.2.4.7. REST OF EUROPE

6.3. ASIA-PACIFIC

6.3.1. MARKET BY ARCHITECTURE

6.3.2. MARKET BY FIELD TYPE

6.3.2.1. MARKET BY HIGH FIELD

6.3.3. MARKET BY APPLICATION

6.3.4. COUNTRY ANALYSIS

6.3.4.1. CHINA

6.3.4.2. JAPAN

6.3.4.3. INDIA

6.3.4.4. SOUTH KOREA

6.3.4.5. ASEAN COUNTRIES

6.3.4.6. AUSTRALIA & NEW ZEALAND

6.3.4.7. REST OF ASIA-PACIFIC

6.4. LATIN AMERICA

6.4.1. MARKET BY ARCHITECTURE

6.4.2. MARKET BY FIELD TYPE

6.4.2.1. MARKET BY HIGH FIELD

6.4.3. MARKET BY APPLICATION

6.4.4. COUNTRY ANALYSIS

6.4.4.1. BRAZIL

6.4.4.2. MEXICO

6.4.4.3. REST OF LATIN AMERICA

6.5. MIDDLE EAST AND AFRICA

6.5.1. MARKET BY ARCHITECTURE

6.5.2. MARKET BY FIELD TYPE

6.5.2.1. MARKET BY HIGH FIELD

6.5.3. MARKET BY APPLICATION

6.5.4. COUNTRY ANALYSIS

6.5.4.1. UNITED ARAB EMIRATES

6.5.4.2. SAUDI ARABIA

6.5.4.3. TURKEY

6.5.4.4. SOUTH AFRICA

6.5.4.5. REST OF MIDDLE EAST & AFRICA

7. COMPETITIVE LANDSCAPE

7.1. ANALOGIC CORPORATION

7.2. AURORA IMAGING TECHNOLOGY INC

7.3. CANON MEDICAL CORP

7.4. CARESTREAM HEALTH INC

7.5. ESAOTE SPA

7.6. FONAR CORPORATION

7.7. FUJIFILM HOLDINGS CORPORATION

7.8. GE HEALTHCARE

7.9. HOLOGIC INC

7.10. KONICA MINOLTA

7.11. MEDTRONIC PLC

7.12. MINDRAY MEDICAL INTERNATIONAL LIMITED

7.13. PHILIPS HEALTHCARE

7.14. SIEMENS HEALTHINEERS

7.15. SHIMADZU CORP

8. RESEARCH METHODOLOGY & SCOPE

8.1. RESEARCH SCOPE & DELIVERABLES

8.2. SOURCES OF DATA

8.3. RESEARCH METHODOLOGY

List of Tables

TABLE 1: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY GEOGRAPHY, 2021-2028 (IN $ MILLION)

TABLE 2: VENDOR SCORECARD        

TABLE 3: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY ARCHITECTURE, 2021-2028 (IN $ MILLION)

TABLE 4: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY FIELD TYPE, 2021-2028 (IN $ MILLION)          

TABLE 5: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY HIGH FIELD, 2021-2028 (IN $ MILLION)          

TABLE 6: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY APPLICATION, 2021-2028 (IN $ MILLION)

TABLE 7: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY GEOGRAPHY, 2021-2028 (IN $ MILLION)

TABLE 8: NORTH AMERICA MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY COUNTRY, 2021-2028 (IN $ MILLION)  

TABLE 9: NORTH AMERICA MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY ARCHITECTURE, 2021-2028 (IN $ MILLION)  

TABLE 10: NORTH AMERICA MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY FIELD TYPE, 2021-2028 (IN $ MILLION)           

TABLE 11: NORTH AMERICA MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY HIGH FIELD, 2021-2028 (IN $ MILLION)          

TABLE 12: NORTH AMERICA MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY APPLICATION, 2021-2028 (IN $ MILLION)       

TABLE 13: EUROPE MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY COUNTRY, 2021-2028 (IN $ MILLION)          

TABLE 14: EUROPE MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY ARCHITECTURE, 2021-2028 (IN $ MILLION)

TABLE 15: EUROPE MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY FIELD TYPE, 2021-2028 (IN $ MILLION)

TABLE 16: EUROPE MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY HIGH FIELD, 2021-2028 (IN $ MILLION)

TABLE 17: EUROPE MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY APPLICATION, 2021-2028 (IN $ MILLION)

TABLE 18: ASIA-PACIFIC MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY COUNTRY, 2021-2028 (IN $ MILLION)

TABLE 19: ASIA-PACIFIC MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY ARCHITECTURE, 2021-2028 (IN $ MILLION)  

TABLE 20: ASIA-PACIFIC MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY FIELD TYPE, 2021-2028 (IN $ MILLION)

TABLE 21: ASIA-PACIFIC MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY HIGH FIELD, 2021-2028 (IN $ MILLION)

TABLE 22: ASIA-PACIFIC MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY APPLICATION, 2021-2028 (IN $ MILLION)       

TABLE 23: LATIN AMERICA MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY COUNTRY, 2021-2028 (IN $ MILLION)

TABLE 24: LATIN AMERICA MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY ARCHITECTURE, 2021-2028 (IN $ MILLION)  

TABLE 25: LATIN AMERICA MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY FIELD TYPE, 2021-2028 (IN $ MILLION)           

TABLE 26: LATIN AMERICA MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY HIGH FIELD, 2021-2028 (IN $ MILLION)          

TABLE 27: LATIN AMERICA MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY APPLICATION, 2021-2028 (IN $ MILLION)       

TABLE 28: MIDDLE EAST AND AFRICA MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY COUNTRY, 2021-2028 (IN $ MILLION)  

TABLE 29: MIDDLE EAST AND AFRICA MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY ARCHITECTURE, 2021-2028 (IN $ MILLION)  

TABLE 30: MIDDLE EAST AND AFRICA MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY FIELD TYPE, 2021-2028 (IN $ MILLION)           

TABLE 31: MIDDLE EAST AND AFRICA MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY HIGH FIELD, 2021-2028 (IN $ MILLION)           

TABLE 32: MIDDLE EAST AND AFRICA MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY APPLICATION, 2021-2028 (IN $ MILLION)        

List of Figures

FIGURE 1: MARKET ATTRACTIVENESS INDEX       

FIGURE 2: KEY IMPACT ANALYSIS     

FIGURE 3: TOP 10 COUNTRIES WITH MOST ROAD TRAFFIC ACCIDENTS IN 2018 (DEATH RATE PER 10,000) 

FIGURE 4: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY ARCHITECTURE, 2020 & 2028 (IN %)

FIGURE 5: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY CLOSED MRI SYSTEMS, 2021-2028 (IN $ MILLION)   

FIGURE 6: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY OPEN MRI SYSTEMS, 2021-2028 (IN $ MILLION)   

FIGURE 7: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) SYSTEMS, BY FIELD TYPE, 2020 & 2028 (IN %)

FIGURE 8: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY HIGH FIELD, 2021-2028 (IN $ MILLION)          

FIGURE 9: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY HIGH FIELD, 2020 & 2028 (IN %)          

FIGURE 10: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY 3T MRI, 2021-2028 (IN $ MILLION)          

FIGURE 11: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY 7T MRI, 2021-2028 (IN $ MILLION)          

FIGURE 12: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY MID FIELD, 2021-2028 (IN $ MILLION)          

FIGURE 13: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY LOW FIELD, 2021-2028 (IN $ MILLION)

FIGURE 14: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY APPLICATION, 2020 & 2028 (IN %)

FIGURE 15: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY NEUROLOGY, 2021-2028 (IN $ MILLION)

FIGURE 16: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY MUSCULOSKELETAL, 2021-2028 (IN $ MILLION)      

FIGURE 17: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY ONCOLOGY, 2021-2028 (IN $ MILLION)

FIGURE 18: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY CARDIOLOGY, 2021-2028 (IN $ MILLION)

FIGURE 19: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY GASTROENTEROLOGY, 2021-2028 (IN $ MILLION) 

FIGURE 20: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET, BY OTHER APPLICATIONS, 2021-2028 (IN $ MILLION)     

FIGURE 21: GLOBAL MAGNETIC RESONANCE IMAGING (MRI) MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)  

FIGURE 22: UNITED STATES MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)        

FIGURE 23: CANADA MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)      

FIGURE 24: UNITED KINGDOM MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)        

FIGURE 25: GERMANY MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)      

FIGURE 26: FRANCE MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)      

FIGURE 27: SPAIN MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)      

FIGURE 28: ITALY MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)      

FIGURE 29: RUSSIA MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)      

FIGURE 30: REST OF EUROPE MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)        

FIGURE 31: CHINA MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)      

FIGURE 32: JAPAN MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)      

FIGURE 33: INDIA MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)      

FIGURE 34: SOUTH KOREA MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)   

FIGURE 35: ASEAN COUNTRIES MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)          

FIGURE 36: AUSTRALIA & NEW ZEALAND MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)

FIGURE 37: REST OF ASIA-PACIFIC MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)          

FIGURE 38: BRAZIL MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)      

FIGURE 39: MEXICO MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)      

FIGURE 40: REST OF LATIN AMERICA MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)

FIGURE 41: UNITED ARAB EMIRATES MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)

FIGURE 42: SAUDI ARABIA MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)   

FIGURE 43: TURKEY MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)      

FIGURE 44: SOUTH AFRICA MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)   

FIGURE 45: REST OF MIDDLE EAST & AFRICA MAGNETIC RESONANCE IMAGING (MRI) MARKET 2021-2028 (IN $ MILLION)       

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