Magnetic Resonance Imaging Scanners and Accessories Industry Data Book Covers Magnetic Resonance Imaging, MRI Coils & Motion Tracking Systems Market.
Grand View Research’s magnetic resonance imaging scanners and accessories industry data book is a collection of market sizing information & forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
Magnetic Resonance Imaging Market Insights
The global magnetic resonance imaging (MRI) market size was valued at USD 5.26 billion in 2022 and is anticipated to grow at a CAGR of 6.8% over the forecast period. MRI is an efficient diagnostic machine for identifying diseases related to spine lesions, tumors, and stroke impacting the area of blood vessels and brain. The increasing prevalence of these diseases is expected to play an important role in the market growth. For instance, as per the International Agency for Research on Cancer, in 2020, 19,292,789 new cancer cases were recorded globally. In addition to this the growing demand for quick and effective diagnostic procedures is expected to contribute towards the adoption of MRI machines.
North America dominated the global market by capturing over 37% of the global MRI market in 2021. Increasing incidence of chronic diseases in this region, which includes breast cancer, cardiovascular disorders, and neurological diseases is creating a demand for imaging analysis. The region is expected to maintain its dominance throughout the forecast period. Technological innovations coupled with the growing incidence of chronic conditions is anticipated to spur the growth of MRI during the forecast period.
MRI Coils Market Insights
The global magnetic resonance imaging coils market size was valued at USD 7.98 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 8.7% from 2023 to 2030. The market is being driven by several factors, including increasing demand for diagnostic imaging procedures, technological advancements in magnetic resonance imaging (MRI) coil design, and the rising prevalence of chronic diseases including neurological disorders, cancer, and cardiovascular diseases. As per the WHO estimates, cardiovascular diseases are a leading cause of death, taking 17.9 million lives each year. This, in turn, is anticipated to propel the growth of enhanced imaging diagnostics, thus, fueling the growth of the industry.
North America dominated the market globally and held the highest revenue share of 27.6% in 2022. Technological advancements have led to the development of faster and more powerful machines that produce higher-quality images, which has increased the demand for MRI in the diagnosis and treatment of various medical conditions. The prevalence of chronic diseases is also increasing, leading to a higher demand for imaging services.
Europe also held a significant share in the market this can be attributed to factors such as an increase in the prevalence of chronic disorders, and rapid adoption of advanced technologies, According to the European heart network, each year, cardiovascular diseases cause around 3.9 million deaths in Europe which are fueling the demand of MRI Coils.
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Motion Tracking Systems Market Insights
The global MRI motion tracking systems market size was valued at USD 2.7 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 20.76% from 2022 to 2030. MRI is an efficient tool to detect aneurysms, tumors, and abnormalities in the brain and body. As per OECD, in 2020 the number of MRI units installed in the U.S. was 34.54 per million population. However, it is the growing need of the hour to develop a system that improves the stability of the image captured by MRI and reduces unnecessary rescans. Scans conducted for patients needing sedation such as pediatrics and geriatric patients with involuntary motions, often record motion artifacts, creating unclear diagnostic scans. Hence, motion tracking systems, are used to tackle such issues.
North America dominated the global market by capturing over 58.3% of the revenue share in 2021. Increased adoption of MRI scans over other diagnostic modalities, high healthcare GDP, stringent diagnostic regulation, and the presence of numerous research institutes working to develop more effective systems.
The APAC region accounts for a higher CAGR of 40.8% in the forecast period. This high-growth region holds the potential to develop local systems at a minimized cost in the future and increased contracts to contract research manufacturers from manufacturers of developed nations. Latin America and the Middle East and Africa markets generated no revenue from 2020 to 2021. However, it is said to improve by 2022 as local players would enter the market.
The APAC region accounts for a higher CAGR of 40.8% in the forecast period. This high-growth region holds the potential to develop local systems at a minimized cost in the future and increased contracts to contract research manufacturers from manufacturers of developed nations. Latin America and the Middle East and Africa markets generated no revenue from 2020 to 2021. However, it is said to improve by 2022 as local players would enter the market.
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Magnetic Resonance Imaging Scanners and Accessories Industry Data Book Competitive Landscape
The high price is one of the most impeding factors for the sales of these systems. The major players are focusing on minimizing the prices for medium-strength MRI systems using various methods. Technological advancements in manufacturing and the high influx of these systems in the market is expected to bring the prices down in the upcoming years.
Key players operating in the Magnetic Resonance Imaging Scanners and Accessories Industry are –
• GE Healthcare
• Siemens Healthineers
• Toshiba Corporation
• Aurora Imaging Technologies, Inc.
• Koninklijke Philips N.V.
• Esaote SPA
• Sanrad Medical Systems Pvt ltd
• Fujifilm
• MR Instruments, Inc.
• RAPID MR International, LLC
• ScanMed
• Canon Medical Systems Corporation
• Hologic Inc.
• Bruker
• TracInnovations
• Kineticor
• Metria Innovations
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