The MRI Systems Market to flourish based on virtual, personalized care at a CAGR of 6.5%

The MRI Systems Market is slated to grow at a gracious rate of 6.5% by the year 2031. With a value-oriented approach being the need of the hour, the healthcare vertical is likely to go the technologically advanced way in the next 10 years. With Big Data, AI comprising these advancements, the healthcare vertical is bound to create greater strides going forward.

The global MRI Systems Market is all set to witness a CAGR of 6.5% by the year 2031. With digitized communication channels making a beeline to the healthcare vertical, the advanced clinics are into virtual consultation mode, and this scenario is expected to continue even going forward.

Regulatory approvals for this type of communication are on the way. Close to 70% of the public hospitals worldwide are being asked to adopt digital means. This would be the scene with healthcare vertical in the subsequent period.

As per Persistence Market Research's latest revised industry analysis, the global MRI systems market was valued at over US$ 8 Bn in 2020, and is projected to exhibit a CAGR of 6.5% over the forecast period (2021-2031).

Increase in cases of brain aneurysm and traumatic brain injury, rise in prevalence of chronic disorders, R&D in developing innovative MRI scanners, increased product and acceptance due to improved warrantees and service plans by manufacturers are some of the driving factors for MRI systems.

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Manufacturers of MRI scanners are providing extended post installation warranties along with repairing services and other service plans such as MRI system management, site planning, installation, and de-installation services for buyers. Industry leaders such as Siemens, Philips Healthcare, and GE Healthcare provide Mobile MRI (which can be transported from one place to another) services through their certified mobile trailer manufacturers. Such facilities provided by manufacturers have led to increased product acceptance, which has contributed to market growth.

The active healthcare landscape in developing economies is anticipated to boost growth of the medical devices industry and the diagnostic imaging market. Over the past few years, governments in Asia Pacific are encouraging start-ups as well as MNCs to boost industrial growth across the region.

For example, the Government of India launched an initiative called 'The Start-Up India' in January 2016, which included US$ 1.5 billion funding for start-ups.

Medical devices are among the main segments of the healthcare industry, and governments are supporting the industry by setting up venture capital funds to support small and medium enterprises providing magnetic resonance imaging systems.

Company Profiles:

GE Healthcare
Koninklijke Philips N.V.,
Siemens Healthineers
Neusoft Medical Systems
Aspect Imaging
Canon Medical Systems, Inc.,
Hitachi Medical Systems
Esaote S.p.A
Fonar Corporation
AllTech Medical Systems

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Key Takeaways from Market Study

By strength type 1.5T MRI systems hold a market share of 46.7%, and the segment is set to expand at a CAGR of around 6.4% through 2031.
By architecture type, open architecture holds 57.6% market share, and is expected to continue growing at a moderate rate over the forecast period.

By end user, hospitals hold the largest share of over 40%, and are expected to continue a similar trend throughout the forecast period.
By region, North America held the highest share in the global market in 2020, growing at a CAGR of nearly 5.6%.

"Rising incidence of neurological disorders and increasing initiatives by healthcare governing bodies to promote MRI systems are expected to drive market growth over the coming years," says an analyst of Persistence Market Research.

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Market Competition

There are a few major players in the global magnetic resonance imaging market, which is extremely competitive. In terms of share, the market is currently dominated by a few prominent players. Mid-size to smaller businesses, on the other hand, are expanding their market presence with technological improvements and high-quality service.

Product launches and approvals together with collaboration agreements have emerged as the key growth strategy adopted by some of the leading manufacturers of MRI systems. By adopting these strategies, key stakeholders are expanding their geographic footprints and strengthening their existing product portfolios.

GE Healthcare, in November 2020, received FDA approval for its SIGNA 7.0T MRI scanner. Primarily intended for neurological applications, the SIGNA 7.0 T can also be used for imagining of function and metabolism of joints that are not clearly visible in 3T scanners.

Siemens Healthineers, in October 2017, received U.S. FDA approval for Magnetom Terra, a 7T MRI system.

In January 2020, GE Healthcare and Affidea B.V. entered into technology partnership agreement (including six-year service contract). As per the agreement, GE Healthcare will mount more than 200 diagnostic imaging systems across Affidea's network in Europe.

What Does the Report Cover?

Persistence Market Research offers a unique perspective and actionable insights on the MRI systems market in its latest study, presenting historical demand assessment of 2016 - 2020 and projections for 2021 - 2031.

The research study is based on strength type (3T), architecture type (open and close), and end user (hospitals, academics & research institutes, ambulatory surgical centres, and diagnostic centres), across the seven key regions of the world.

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