Magnetic Resonance Imaging (MRI) Market Analysis by Recent Developments, Demand and Future Scope 2021 to 2026

The Global Magnetic Resonance Imaging (MRI) Market Report provides a study with an in-depth overview, describing the product/industry scope and elaborates market outlook and status (2021-2026). The report is curated after in-depth research and analysis by experts. The report provides comprehensive valuable insights on the global Magnetic Resonance Imaging (MRI) market development activities demonstrated by industry players, growth opportunities, and market sizing with analysis by key segments, leading and emerging players, and geographies.

The global magnetic resonance imaging market is expected to register a CAGR of nearly 5.5% over the forecast period, with estimated market size of USD 7,550 million in 2020 and expected to reach 10,250 million by 2026.

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Top Companies in the Global Magnetic Resonance Imaging (MRI) Market: Siemens Healthineers, GE Healthcare, Canon Medical Systems, and Philips Healthcare

Industry News:

In April 2020, the American College of Radiology (ACR) issued a guidance recommendations specifying that radiologists diagnosing the COVID-19 patients should only use the diagnostic imaging equipment only when it is necessary. Furthermore, the guidance recommended that the usage of equipment, like MRI and CT scans, should be temporarily halted to curb the contamination with the virus through diagnostic equipment. However, as the diagnostic imaging instruments, like MRI, represent essential component of healthcare services, the impact is not expected to be long-term.

Market Overview:

The demand for this technology is increasing due to the rising cases of cancer globally. According to Cancer Research UK suggests that the population suffering from cancer is expected to increase in the future. As per its 2018 report, if recent trends in incidence of major cancers and population growth are consistent, it is predicted that there will be 27.5 million new cancer cases worldwide each year by 2040. This is an increase of 61.7% from 2018, which is expected to be higher in males, with a rise of about 67.6%, compared to females, with an estimated rise of 55.3%.? This factor is expected to increase the demand for MRI in oncology, helping the market grow.

COVID-19 is expected to have a negative impact on the oncology segment from the MRI market. COVID-19 has majorly impacted outpatient imaging services. For instance, as per the article published in NCBI in 2020, "COVID-19 Pandemic Impact on Decreased Imaging Utilization: A Single Institutional Experience", System-wide imaging volume decreased by 55% between April 7 and 13, 2020. Outpatient exams decreased by 68% relative to normal practice. Emergency exams decreased by 48% and inpatient exams declined by 31%. Mammograms and nuclear medicine scans were the most affected modalities, decreasing by 93% and 61%, respectively.

Segment by Type
Radiofrequency Coil
Gradient Coil

Segment by Application
Neurology
Cardiovascular
Spine and Musculoskeletal
Others

Regional Analysis:

North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia)
South America (Brazil, Argentina, Colombia)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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North America Dominates the MRI Market and is Expected to Hold the Largest Market Share Over the Forecast Period.

North America currently dominates the magnetic resonance imaging market, and it is expected to continue its stronghold for a few more years. This region is expected to increase its market share in the future, owing to the well-established healthcare system of the United States and the initiatives that are being carried out by the various organizations. Siemens and Philips are the leading companies in North America. With that, the United States has the largest market share over the forecast period.

The burden of chronic illnesses, like cancer, cardiovascular diseases (CVD), and neurological diseases, is huge in the United States (US). The Centers for Disease Control and Prevention (CDC) estimates that between 2010 and 2020, the number of new cancer cases in the country may go up about by 24% in men to more than 1 million cases per year, and by about 21% in women to more than 900,000 cases per year. MRI systems are an important part of diagnostics and treatment plans, like radiation therapy. As a result of increasing cancer cases, the demand for MRI is expected to increase in the region.

Key Reasons to Purchase:
 
- To gain insightful analyses of the market and have comprehensive understanding of the global Magnetic Resonance Imaging (MRI) market and its commercial landscape.
 
- Assess the production processes, major issues, and solutions to mitigate the development risk.
 
- To understand the most affecting driving and restraining forces in the market and its impact in the global market.
 
- Learn about the market strategies that are being adopted by leading respective organizations.
 
- To understand the future outlook and prospects for the Magnetic Resonance Imaging (MRI) market.

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