Magnetic Resonance Imaging (MRI) Market Size, Share | Industry Report 2024

The global MRI market was valued at $4.8bn in 2016 and is anticipated to reach $7.4bn by 2024.

The key factors driving the MRI market include the growing demand for open architecture devices, technological advancements, the rise in geriatric population, and the growing prevalence of chronic diseases. The rise in geriatric population is a crucial factor boosting the usage rates. As per the United Nations Department of Economic and Social Affairs, globally the number of people aged 60 and above is projected to increase by a whopping 56% between 2015 and 2030. In 2015, the elderly population was estimated to be 901 million and is projected to reach 1.4 billion by 2030, and exceed 2.1 billion by 2050. The aging process, lifestyle factors, and injuries are key triggers driving the demand for hospitalization and ambulatory care.

The growing prevalence of chronic conditions such as cancer, cardiovascular, neurological diseases, spinal & orthopedic disorders is amongst the major factors driving the MRI market. As per the U.S., National Cancer Institute, in 2016, nearly 1,685210 new cancer cases will be diagnosed. The breast, lung, prostate, colon and rectum and kidney cancer are expected to be the most common cases. Moreover, the American Cancer Society recommends the use of MRI in patients detected with breast cancer and those at a high risk of developing the disease.

In 2016, North America was the leading region by revenue owing to factors such as the presence of well-developed hospital and diagnostic center network, the high prevalence of chronic diseases, transparent process for availing reimbursement, and high emphasis on research & development. The U.S. alone accounts for over 80% share in North America. The U.S. spends nearly 3.2 trillion dollars or 17% of GDP toward healthcare expenditure, to provide the best possible infrastructure and technology solutions to patients living in the region.

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Key findings from the study: -
• The key factors driving the MRI market include the growing demand for open architecture devices, technological advancements, the rise in geriatric population, and the growing prevalence of chronic diseases.
• As per the 2014 NHS data, the average growth of MRI tests from 2003 to 2014 was 12.3% per year. In 2013, there were 2,447,000 MRI tests and in 2014, 2,741,000 tests were conducted.
• The high demand for MRI and other imaging techniques in emerging nations is expected to drive the usage rates.
• Key players operating in the market include Siemens Healthineers, Aurora Imaging Technologies, Hitachi Medical Systems, Fujifilm Holdings Corporation, Philips N.V.; Toshiba Corporation, Esaote SpA, GE Healthcare, and Sanrad Medical Systems Pvt.Ltd Inc.

Ameri Research has segmented the Magnetic Resonance Imaging (MRI) Market by Architecture, product type, Application.

Market Segmentation:

MRI Market by Product (Revenue, Million, 2014 – 2024)
• High Field MRI
• Medium Field MRI
• Low Field MRI

MRI Market by Architecture, (Revenue, USD Million, 2014 – 2024)
• Open Architecture
• Closed Architecture

MRI Market by Application (Revenue, USD Million, 2014 – 2024)
• Brain & Neurological
• Spine & Musculoskeletal
• Cardiovascular
• Abdominal & Pelvic
• Breast
• Others

MRI Market Regional Outlook (Revenue, USD Million, 20124- 2024)
• North America
o U.S.
o Canada

• Europe
o UK
o Germany
o France
o Italy
o Spain

• Asia Pacific
o Japan
o China
o India
o Australia

• Latin America
o Brazil
o Mexico
o Columbia

• Middle East and Africa
o South Africa
o Saudi Arabia

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