Magnetic Resonance Imaging Market Size, Trends and Insights By Product (Open system, Closed system), By Field Strength (Low Field Strength, Mid Field Strength, High Field Strength), By Application (Brain and neurological, Spine and musculoskeletal, Vascular, Abdominal, Cardiac, Breast, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Siemens Healthineers
- GE Healthcare
- Philips Healthcare
- Canon Medical Systems Corporation
- Hitachi Medical Systems
- Others
Reports Description
Global Magnetic Resonance Imaging Market was valued at USD 7.2 Billion in 2024 and is expected to reach USD 15.6 Billion by 2033, at a CAGR of 6.7% during the forecast period 2024 – 2033.
Magnetic Resonance Imaging (MRI) is a non-intrusive medical imaging procedure that generates comprehensive pictures of the inside of the body by combining a high magnetic field, radio waves, and computer technology. It generates high-resolution pictures of tissues, organs, and structures, which aid in the diagnosis of a variety of medical disorders and diseases.
Magnetic Resonance Imaging Market: Growth Factors
Recent advancements in MRI technology
Recent advances in MRI technology have transformed the magnetic resonance imaging industry by improving image quality, velocity, and accessibility. Higher magnetic field strengths, updated coil designs, and improved imaging sequences produce higher-resolution pictures with increased tissue contrast, allowing for more accurate disease diagnosis and characterization.
Furthermore, advances in artificial intelligence and machine learning enable quicker picture processing and interpretation, hence improving workflow productivity. Furthermore, combining MRI with other imaging modalities, which include PET and CT, broadens diagnostic capabilities and increases treatment planning accuracy.
Such technological improvements drive market expansion by enhancing diagnostic accuracy, results for patients, and entire healthcare efficiency, as well as creating new opportunities for research and clinical applications in neuroimaging, cancer, and cardiology.
For instance, the most recent developments in magnetic resonance imaging (MRI) techniques have occurred on the software side, which enables quicker contrast scans, significantly simpler cardiac imaging procedures, and MR scans of the lung.
The Food and Drug Administration (FDA) approved GE Healthcare’s MAGiC industry’s first multi-contrast MRI method. MAGiC is the outcome of cooperation with SyntheticMR AB and provides physicians with more information than traditional scanning.
Growing chronic diseases
Chronic problems that include cardiovascular disease, cancer, and neurological conditions frequently need regular diagnostic imaging to provide appropriate assessment and therapy planning. MRI, with its capacity to create precise pictures of soft tissues and organs, is critical in the diagnosis, staging, and monitoring of various conditions.
As the global prevalence of chronic diseases rises owing to reasons such as ageing populations, sedentary lifestyles, and environmental variables, so will the need for MRI scans. This spike in demand propels market expansion as healthcare institutions invest in improved MRI technology to address diagnostic demands more effectively.
Furthermore, continuous technical advances in MRI systems, which include increased field strengths and imaging capabilities, help to drive market growth by improving diagnostic accuracy and results for patients. For instance, renal illness affects 10% of the worldwide adult population, with 2 million people in affluent nations suffering from acute renal damage each year.
Furthermore, the incidences of CKD and AKI are increasing. The progression of end-stage renal disease and cardiovascular problems has a substantial influence on patients’ outcomes, quality of life, and use of healthcare resources. Recent advances in functional and quantitative renal magnetic resonance imaging (MRI) methods demonstrate considerable promise for addressing these difficulties.
Magnetic Resonance Imaging Market: Restraints
High investment
The significant initial cost required for MRI equipment procurement and installation may discourage healthcare facilities from investing in or upgrading their imaging infrastructure. This can hinder market development, especially in areas with tight budgets or weak healthcare infrastructures.
Furthermore, the high cost of MRI operations may prevent consumers and healthcare professionals from using this imaging modality, thus lowering demand. Furthermore, fierce rivalry among MRI producers to innovate and distinguish their products might raise research and development expenses, which may eventually be passed on to customers, stifling market growth.
As a result, while MRI technology has sophisticated diagnostic capabilities, its costly investment needs might restrict market penetration and acceptance, particularly in less affluent or resource-constrained healthcare settings.
Magnetic Resonance Imaging Market: Opportunities
Rising development of open MRI systems
The introduction of open MRI systems has had a substantial impact on the magnetic resonance imaging (MRI) industry by overcoming the restrictions of classic closed MRI scanners. Open MRI systems provide a more expansive and less restricting atmosphere for patients, minimising feelings of claustrophobia and anxiety while boosting patient comfort and compliance.
This breakthrough has made MRI imaging more accessible to a larger spectrum of people, including paediatric patients, the elderly, and those with physical limitations. Furthermore, open MRI systems accommodate bigger individuals and allow imaging of body areas that are difficult to scan with closed systems.
As an outcome, the widespread use of open MRI technology has contributed to the overall expansion of the MRI market by improving the patient experience, expanding imaging capabilities, and widening the application.
For instance, the MROpen MRI system is a 0.5 Tesla (0.5T) open sky erect magnetic resonance imaging (MRI) scanner created and manufactured by Paramed Medical Systems, an affiliate of ASG Superconductors, an Italian medical device firm, to provide a stress-free examining expertise to patients who are unable to lie down or suffer from claustrophobia.
The system contains specialised multi-array coils that use MAX technology. The coils are multiplexed and mixed flat and solenoid coils to improve the scanning of each anatomical location by increasing the signal-to-noise ratio. The system’s magnetic field is positioned transversely, which improves image quality.
Magnetic Resonance Imaging Market: Segmentation Analysis
Global Magnetic Resonance Imaging market is segmented by product, field strength, application, and region. Based on product, the market is classified into open systems and closed systems. Closed systems dominated the market in 2023 with a market share of 75.5% and is expected to keep its dominance during the forecast period 2024-2033.
Closed systems, including closed-bore magnetic resonance imaging (MRI) scanners, have a substantial influence on the MRI industry.
Such machines have various advantages over standard open MRI systems, including increased magnetic field strength, better picture clarity, and lower noise levels, resulting in more accurate diagnoses. Closed systems also give a more pleasant and less claustrophobic environment to patients, which leads to higher patient satisfaction and adherence.
Closed-bore MRI scanners are also more efficient in terms of scan time and throughput, allowing healthcare institutions to serve more patients. Moreover, advances in closed-system technology, which includes wide-bore layouts and novel imaging patterns, are driving market expansion by meeting particular clinical demands and broadening the breadth of MRI applications across multiple medical specialities.
Based on field strength, the market is classified into low field strength, medium field strength and high field strength. Medium field strength dominated the market in 2023 with a market share of 48.4% and is expected to keep its dominance during the forecast period 2024-2033.
Medium field strength magnetic resonance imaging (MRI) devices, which generally operate at 1.5 Tesla (T), contribute significantly to the MRI market’s growth. These systems strike a compromise between image quality, cost-effectiveness, and adaptability, resulting in widespread application across several healthcare settings.
Their intermediate strength enables high-resolution imaging with a higher signal-to-noise ratio than low-field devices, allowing for a more comprehensive visualisation of anatomical structures and disease situations. Furthermore, medium field MRI systems are less expensive than high-field equivalents, making them available to a wider variety of healthcare providers.
Based on application, the market is classified into brain and neurological, spine and musculoskeletal, vascular, abdominal, cardiac, breast, and other. Brain and neurological dominated the market in 2023 with a market share of 23.8% and is expected to keep its dominance during the forecast period 2024-2033.
MRI is a non-invasive imaging method that produces comprehensive pictures of the brain and nervous system, helping to diagnose and monitor a variety of neurological illnesses that include tumors, stroke, multiple sclerosis, and neurodegenerative disorders.
The growing frequency of neurological illnesses, together with developments in MRI technology that enable greater resolution and functional imaging, promotes market expansion. Furthermore, the increased use of MRI for research reasons, such as investigating brain function and mapping neural circuits, contributes to market growth.
Furthermore, the development of specialized MRI methods such as diffusion tensor imaging (DTI) and functional MRI (fMRI) improves the capacity to see brain structures and activity, resulting in a rise in demand for MRI systems in neurological research and clinical practice.
Report Scope
| Feature of the Report | Details |
| Market Size in 2024 | USD 7.2 Billion |
| Projected Market Size in 2033 | USD 15.6 Billion |
| Market Size in 2023 | USD 6.5 Billion |
| CAGR Growth Rate | 6.7% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Product, Field Strength, Application and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Magnetic Resonance Imaging Market: Regional Insight
By region, Magnetic Resonance Imaging market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominated the global Magnetic Resonance Imaging market in 2023 with a market share of 35.5% and is expected to keep its dominance during the forecast period 2024-2033.
North America has a large network of top healthcare institutions, research centres, and technical innovators pushing developments in MRI technology.
Furthermore, favourable healthcare regulations and reimbursement frameworks boost the use of MRI equipment, hence driving market expansion. Furthermore, North America’s enormous patient population and high frequency of chronic illnesses create a significant need for diagnostic imaging services, such as MRI scans.
Additionally, persistent expenditures in R&D, together with strategic alliances between industrial giants and academic institutions, continue to improve MRI capabilities and increase its clinical uses. In addition, the existence of major MRI manufacturers and a competitive market environment encourage innovation and affordability, which fuels the market’s growth.
Magnetic Resonance Imaging Market: Recent Developments
- In September 2023, Polarean Imaging plc collaborated with VIDA Diagnostics to improve the Polarean xenon 129 MRI structure further advancing clinical and research use.
- In June 2023, Imagion Biosystems Limited signed an agreement with Siemens Healthineers, with a focus on partnering in the United States through Siemens Medical Solutions USA. Under this expanded agreement, Imagion intends to conduct a multi-site Phase 2 trial with the MagSense HER2 imaging agent.
- In April 2023, Siemens Healthineers developed an additional production line at its Bengaluru capacity for the production of MRI machines.
List of the prominent players in the Magnetic Resonance Imaging Market:
- Siemens Healthineers
- GE Healthcare
- Philips Healthcare
- Canon Medical Systems Corporation
- Hitachi Medical Systems
- Hologic Inc.
- Esaote SpA
- Fonar Corporation
- Neusoft Medical Systems Co. Ltd.
- United Imaging Healthcare Co. Ltd.
- Time Medical Systems
- Aurora Imaging Technology Inc.
- Bruker Corporation
- Aspect Imaging Ltd.
- Mediso Medical Imaging Systems
- MR Solutions Ltd.
- IMRIS, Deerfield Imaging
- MR Instruments Inc.
- Paramed Medical Systems
- Shenzhen Basda Medical Apparatus Co. Ltd.
- Others
These key players are adopting various growth strategies such as mergers & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.
The Magnetic Resonance Imaging Market is segmented as follows:
By Product
- Open system
- Closed system
By Field Strength
- Low Field Strength
- Mid Field Strength
- High Field Strength
By Application
- Brain and neurological
- Spine and musculoskeletal
- Vascular
- Abdominal
- Cardiac
- Breast
- Others
Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Russia
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market Research Methodology
- Chapter 2. Executive Summary
- 2.1 Global Magnetic Resonance Imaging Market, (2024 – 2033) (USD Billion)
- 2.2 Global Magnetic Resonance Imaging Market: snapshot
- Chapter 3. Global Magnetic Resonance Imaging Market – Industry Analysis
- 3.1 Magnetic Resonance Imaging Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Recent advancements in MRI technology
- 3.2.2 Growing chronic diseases
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market Attractiveness Analysis By Product
- 3.7.2 Market Attractiveness Analysis By Field Strength
- 3.7.3 Market Attractiveness Analysis By Application
- Chapter 4. Global Magnetic Resonance Imaging Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Magnetic Resonance Imaging Market: Company Market Share, 2024
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Magnetic Resonance Imaging Market – Product Analysis
- 5.1 Global Magnetic Resonance Imaging Market Overview: By Product
- 5.1.1 Global Magnetic Resonance Imaging Market Share, By Product, 2024 and – 2033
- 5.2 Open system
- 5.2.1 Global Magnetic Resonance Imaging Market by Open System, 2024 – 2033 (USD Billion)
- 5.3 Closed system
- 5.3.1 Global Magnetic Resonance Imaging Market by Closed System, 2024 – 2033 (USD Billion)
- 5.1 Global Magnetic Resonance Imaging Market Overview: By Product
- Chapter 6. Global Magnetic Resonance Imaging Market – Field Strength Analysis
- 6.1 Global Magnetic Resonance Imaging Market Overview: By Field Strength
- 6.1.1 Global Magnetic Resonance Imaging Market Share, By Field Strength, 2024 and – 2033
- 6.2 Low Field Strength
- 6.2.1 Global Magnetic Resonance Imaging Market by Low Field Strength, 2024 – 2033 (USD Billion)
- 6.3 Mid Field Strength
- 6.3.1 Global Magnetic Resonance Imaging Market by Mid Field Strength, 2024 – 2033 (USD Billion)
- 6.4 High Field Strength
- 6.4.1 Global Magnetic Resonance Imaging Market by High Field Strength, 2024 – 2033 (USD Billion)
- 6.1 Global Magnetic Resonance Imaging Market Overview: By Field Strength
- Chapter 7. Global Magnetic Resonance Imaging Market – Application Analysis
- 7.1 Global Magnetic Resonance Imaging Market Overview: By Application
- 7.1.1 Global Magnetic Resonance Imaging Market Share, By Application, 2024 and – 2033
- 7.2 Brain and neurological
- 7.2.1 Global Magnetic Resonance Imaging Market by Brain and Neurological, 2024 – 2033 (USD Billion)
- 7.3 Spine and Musculoskeletal
- 7.3.1 Global Magnetic Resonance Imaging Market by Spine and musculoskeletal, 2024 – 2033 (USD Billion)
- 7.4 Vascular
- 7.4.1 Global Magnetic Resonance Imaging Market by Vascular, 2024 – 2033 (USD Billion)
- 7.5 Abdominal
- 7.5.1 Global Magnetic Resonance Imaging Market by Abdominal, 2024 – 2033 (USD Billion)
- 7.6 Cardiac
- 7.6.1 Global Magnetic Resonance Imaging Market by Cardiac, 2024 – 2033 (USD Billion)
- 7.7 Breast
- 7.7.1 Global Magnetic Resonance Imaging Market by Breast, 2024 – 2033 (USD Billion)
- 7.8 Others
- 7.8.1 Global Magnetic Resonance Imaging Market by Others, 2024 – 2033 (USD Billion)
- 7.1 Global Magnetic Resonance Imaging Market Overview: By Application
- Chapter 8. Magnetic Resonance Imaging Market – Regional Analysis
- 8.1 Global Magnetic Resonance Imaging Market Regional Overview
- 8.2 Global Magnetic Resonance Imaging Market Share, by Region, 2024 & – 2033 (USD Billion)
- 8.3. North America
- 8.3.1 North America Magnetic Resonance Imaging Market, 2024 – 2033 (USD Billion)
- 8.3.1.1 North America Magnetic Resonance Imaging Market, by Country, 2024 – 2033 (USD Billion)
- 8.3.1 North America Magnetic Resonance Imaging Market, 2024 – 2033 (USD Billion)
- 8.4 North America Magnetic Resonance Imaging Market, by Product, 2024 – 2033
- 8.4.1 North America Magnetic Resonance Imaging Market, by Product, 2024 – 2033 (USD Billion)
- 8.5 North America Magnetic Resonance Imaging Market, by Field Strength, 2024 – 2033
- 8.5.1 North America Magnetic Resonance Imaging Market, by Field Strength, 2024 – 2033 (USD Billion)
- 8.6 North America Magnetic Resonance Imaging Market, by Application, 2024 – 2033
- 8.6.1 North America Magnetic Resonance Imaging Market, by Application, 2024 – 2033 (USD Billion)
- 8.7. Europe
- 8.7.1 Europe Magnetic Resonance Imaging Market, 2024 – 2033 (USD Billion)
- 8.7.1.1 Europe Magnetic Resonance Imaging Market, by Country, 2024 – 2033 (USD Billion)
- 8.7.1 Europe Magnetic Resonance Imaging Market, 2024 – 2033 (USD Billion)
- 8.8 Europe Magnetic Resonance Imaging Market, by Product, 2024 – 2033
- 8.8.1 Europe Magnetic Resonance Imaging Market, by Product, 2024 – 2033 (USD Billion)
- 8.9 Europe Magnetic Resonance Imaging Market, by Field Strength, 2024 – 2033
- 8.9.1 Europe Magnetic Resonance Imaging Market, by Field Strength, 2024 – 2033 (USD Billion)
- 8.10 Europe Magnetic Resonance Imaging Market, by Application, 2024 – 2033
- 8.10.1 Europe Magnetic Resonance Imaging Market, by Application, 2024 – 2033 (USD Billion)
- 8.11. Asia Pacific
- 8.11.1 Asia Pacific Magnetic Resonance Imaging Market, 2024 – 2033 (USD Billion)
- 8.11.1.1 Asia Pacific Magnetic Resonance Imaging Market, by Country, 2024 – 2033 (USD Billion)
- 8.11.1 Asia Pacific Magnetic Resonance Imaging Market, 2024 – 2033 (USD Billion)
- 8.12 Asia Pacific Magnetic Resonance Imaging Market, by Product, 2024 – 2033
- 8.12.1 Asia Pacific Magnetic Resonance Imaging Market, by Product, 2024 – 2033 (USD Billion)
- 8.13 Asia Pacific Magnetic Resonance Imaging Market, by Field Strength, 2024 – 2033
- 8.13.1 Asia Pacific Magnetic Resonance Imaging Market, by Field Strength, 2024 – 2033 (USD Billion)
- 8.14 Asia Pacific Magnetic Resonance Imaging Market, by Application, 2024 – 2033
- 8.14.1 Asia Pacific Magnetic Resonance Imaging Market, by Application, 2024 – 2033 (USD Billion)
- 8.15. Latin America
- 8.15.1 Latin America Magnetic Resonance Imaging Market, 2024 – 2033 (USD Billion)
- 8.15.1.1 Latin America Magnetic Resonance Imaging Market, by Country, 2024 – 2033 (USD Billion)
- 8.15.1 Latin America Magnetic Resonance Imaging Market, 2024 – 2033 (USD Billion)
- 8.16 Latin America Magnetic Resonance Imaging Market, by Product, 2024 – 2033
- 8.16.1 Latin America Magnetic Resonance Imaging Market, by Product, 2024 – 2033 (USD Billion)
- 8.17 Latin America Magnetic Resonance Imaging Market, by Field Strength, 2024 – 2033
- 8.17.1 Latin America Magnetic Resonance Imaging Market, by Field Strength, 2024 – 2033 (USD Billion)
- 8.18 Latin America Magnetic Resonance Imaging Market, by Application, 2024 – 2033
- 8.18.1 Latin America Magnetic Resonance Imaging Market, by Application, 2024 – 2033 (USD Billion)
- 8.19. The Middle-East and Africa
- 8.19.1 The Middle-East and Africa Magnetic Resonance Imaging Market, 2024 – 2033 (USD Billion)
- 8.19.1.1 The Middle-East and Africa Magnetic Resonance Imaging Market, by Country, 2024 – 2033 (USD Billion)
- 8.19.1 The Middle-East and Africa Magnetic Resonance Imaging Market, 2024 – 2033 (USD Billion)
- 8.20 The Middle-East and Africa Magnetic Resonance Imaging Market, by Product, 2024 – 2033
- 8.20.1 The Middle-East and Africa Magnetic Resonance Imaging Market, by Product, 2024 – 2033 (USD Billion)
- 8.21 The Middle-East and Africa Magnetic Resonance Imaging Market, by Field Strength, 2024 – 2033
- 8.21.1 The Middle-East and Africa Magnetic Resonance Imaging Market, by Field Strength, 2024 – 2033 (USD Billion)
- 8.22 The Middle-East and Africa Magnetic Resonance Imaging Market, by Application, 2024 – 2033
- 8.22.1 The Middle-East and Africa Magnetic Resonance Imaging Market, by Application, 2024 – 2033 (USD Billion)
- Chapter 9. Company Profiles
- 9.1 Siemens Healthineers
- 9.1.1 Overview
- 9.1.2 Financials
- 9.1.3 Product Portfolio
- 9.1.4 Business Strategy
- 9.1.5 Recent Developments
- 9.2 GE Healthcare
- 9.2.1 Overview
- 9.2.2 Financials
- 9.2.3 Product Portfolio
- 9.2.4 Business Strategy
- 9.2.5 Recent Developments
- 9.3 Philips Healthcare
- 9.3.1 Overview
- 9.3.2 Financials
- 9.3.3 Product Portfolio
- 9.3.4 Business Strategy
- 9.3.5 Recent Developments
- 9.4 Canon Medical Systems Corporation
- 9.4.1 Overview
- 9.4.2 Financials
- 9.4.3 Product Portfolio
- 9.4.4 Business Strategy
- 9.4.5 Recent Developments
- 9.5 Hitachi Medical Systems
- 9.5.1 Overview
- 9.5.2 Financials
- 9.5.3 Product Portfolio
- 9.5.4 Business Strategy
- 9.5.5 Recent Developments
- 9.6 Hologic Inc.
- 9.6.1 Overview
- 9.6.2 Financials
- 9.6.3 Product Portfolio
- 9.6.4 Business Strategy
- 9.6.5 Recent Developments
- 9.7 Esaote SpA
- 9.7.1 Overview
- 9.7.2 Financials
- 9.7.3 Product Portfolio
- 9.7.4 Business Strategy
- 9.7.5 Recent Developments
- 9.8 Fonar Corporation
- 9.8.1 Overview
- 9.8.2 Financials
- 9.8.3 Product Portfolio
- 9.8.4 Business Strategy
- 9.8.5 Recent Developments
- 9.9 Neusoft Medical Systems Co. Ltd.
- 9.9.1 Overview
- 9.9.2 Financials
- 9.9.3 Product Portfolio
- 9.9.4 Business Strategy
- 9.9.5 Recent Developments
- 9.10 United Imaging Healthcare Co. Ltd.
- 9.10.1 Overview
- 9.10.2 Financials
- 9.10.3 Product Portfolio
- 9.10.4 Business Strategy
- 9.10.5 Recent Developments
- 9.11 Time Medical Systems
- 9.11.1 Overview
- 9.11.2 Financials
- 9.11.3 Product Portfolio
- 9.11.4 Business Strategy
- 9.11.5 Recent Developments
- 9.12 Aurora Imaging Technology Inc.
- 9.12.1 Overview
- 9.12.2 Financials
- 9.12.3 Product Portfolio
- 9.12.4 Business Strategy
- 9.12.5 Recent Developments
- 9.13 Bruker Corporation
- 9.13.1 Overview
- 9.13.2 Financials
- 9.13.3 Product Portfolio
- 9.13.4 Business Strategy
- 9.13.5 Recent Developments
- 9.14 Aspect Imaging Ltd.
- 9.14.1 Overview
- 9.14.2 Financials
- 9.14.3 Product Portfolio
- 9.14.4 Business Strategy
- 9.14.5 Recent Developments
- 9.15 Mediso Medical Imaging Systems
- 9.15.1 Overview
- 9.15.2 Financials
- 9.15.3 Product Portfolio
- 9.15.4 Business Strategy
- 9.15.5 Recent Developments
- 9.16 MR Solutions Ltd.
- 9.16.1 Overview
- 9.16.2 Financials
- 9.16.3 Product Portfolio
- 9.16.4 Business Strategy
- 9.16.5 Recent Developments
- 9.17 IMRIS Deerfield Imaging
- 9.17.1 Overview
- 9.17.2 Financials
- 9.17.3 Product Portfolio
- 9.17.4 Business Strategy
- 9.17.5 Recent Developments
- 9.18 MR Instruments Inc.
- 9.18.1 Overview
- 9.18.2 Financials
- 9.18.3 Product Portfolio
- 9.18.4 Business Strategy
- 9.18.5 Recent Developments
- 9.19 Paramed Medical Systems
- 9.19.1 Overview
- 9.19.2 Financials
- 9.19.3 Product Portfolio
- 9.19.4 Business Strategy
- 9.19.5 Recent Developments
- 9.20 Shenzhen Basda Medical Apparatus Co. Ltd.
- 9.20.1 Overview
- 9.20.2 Financials
- 9.20.3 Product Portfolio
- 9.20.4 Business Strategy
- 9.20.5 Recent Developments
- 9.21 Others.
- 9.21.1 Overview
- 9.21.2 Financials
- 9.21.3 Product Portfolio
- 9.21.4 Business Strategy
- 9.21.5 Recent Developments
- 9.1 Siemens Healthineers
List Of Figures
Figures No 1 to 28
List Of Tables
Tables No 1 to 77
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2032
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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Prominent Player
- Siemens Healthineers
- GE Healthcare
- Philips Healthcare
- Canon Medical Systems Corporation
- Hitachi Medical Systems
- Hologic Inc.
- Esaote SpA
- Fonar Corporation
- Neusoft Medical Systems Co. Ltd.
- United Imaging Healthcare Co. Ltd.
- Time Medical Systems
- Aurora Imaging Technology Inc.
- Bruker Corporation
- Aspect Imaging Ltd.
- Mediso Medical Imaging Systems
- MR Solutions Ltd.
- IMRIS, Deerfield Imaging
- MR Instruments Inc.
- Paramed Medical Systems
- Shenzhen Basda Medical Apparatus Co. Ltd.
- Others
FAQs
The restraints of the Magnetic Resonance Imaging market is high investment.
The major driver for the Magnetic Resonance Imaging market is recent advancements in MRI technology and growing chronic diseases.
The “Brain and neurological” had the largest share in the global market for Magnetic Resonance Imaging.
The key players in the market are Siemens Healthineers, GE Healthcare, Philips Healthcare, Canon Medical Systems Corporation, Hitachi Medical Systems, Hologic Inc., Esaote SpA, Fonar Corporation, Neusoft Medical Systems Co. Ltd., United Imaging Healthcare Co. Ltd., Time Medical Systems, Aurora Imaging Technology Inc., Bruker Corporation, Aspect Imaging Ltd., Mediso Medical Imaging Systems, MR Solutions Ltd., IMRIS, Deerfield Imaging, MR Instruments Inc., Paramed Medical Systems, Shenzhen Basda Medical Apparatus Co. Ltd., Others.
“North America” had the largest share in the Magnetic Resonance Imaging Market.
The global market is projected to grow at a CAGR of 6.7% during the forecast period, 2024-2033.
The Magnetic Resonance Imaging Market size was valued at USD 7.2 Billion in 2024.