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Magnetic Resonance Imaging Market Expected to Reach USD 11 Billion by 2031 Driven by Technological Advancements and Growing Demand

The Magnetic Resonance Imaging (MRI) market was valued at USD 6.6 Billion in 2023 and estimated to reach a value of USD 11 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 6.6% from 2024 to 2031.

Magnetic Resonance Imaging (MRI) Market
Magnetic Resonance Imaging (MRI) Market

Rise of Hybrid Imaging Systems

The introduction of combined PET/MRI systems is a game-changer. These systems combine the strengths of both PET and MRI technologies, allowing for more comprehensive and accurate diagnoses. A 2021 study in the BRJ Journal demonstrated how simultaneous PET-MRI with a unified image reconstruction framework significantly improves cardiovascular disease assessment by enhancing PET image quality. This ability to provide a more complete picture is expected to drive market growth as healthcare providers increasingly adopt these hybrid systems.

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Universal Health Coverage Boosts Accessibility

The presence of universal healthcare in many developed countries, like the US and Canada, plays a crucial role. By reducing the cost of MRI procedures, these programs encourage people to undergo scans, leading to a higher market demand. In the US, for instance, 80-90% of citizens have health coverage through Medicare, Medicaid, and SCHIP, making MRI scans more accessible.

Emerging Markets Embrace Advanced Diagnostics

The increasing adoption of MRI systems in developing countries is another major growth factor. As new healthcare facilities are established worldwide, advanced diagnostic tools like MRI are being incorporated. A prime example is the recent launch of a sophisticated MRI facility at the National Brain Research Centre (NBRC) in India. This trend of new facilities adopting advanced MRI technology is expected to continue, further expanding the market.

During the forecast period, North America is expected to lead the magnetic resonance imaging market”.

North America is anticipated to remain the dominant region in the MRI market throughout the forecast period. The region has a significant burden of chronic diseases like cancer. For instance, the American Cancer Society estimates that nearly 2 million new cancer cases are reported annually in the United States alone. This necessitates the use of advanced diagnostic techniques like MRI, driving market growth.

Regulatory approvals for advanced MRI systems and AI-powered image analysis solutions further contribute to market expansion. For example, Health Canada’s approval of Subtle Medical’s AI-powered solutions in October 2021 demonstrates a supportive regulatory environment for innovative technologies.

Leading market players in the region are actively introducing advanced MRI systems. For instance, ADM Diagnostics received FDA clearance for CorInsights MRI in December 2021. This system provides valuable insights into brain tissue volume, aiding radiologists and neurologists in diagnosis and treatment planning.

The Growing Need for MRI Scans

The use of Magnetic Resonance Imaging (MRI) is on the rise, driven by a critical need in healthcare. With chronic diseases like cancer becoming increasingly prevalent, accurate diagnosis is paramount. The National Center for Health Statistics estimates nearly 2 million new cancer cases annually in the US alone. This high disease burden necessitates the use of MRI for diagnosis and treatment planning. Additionally, the demand for fast and effective diagnostic procedures is driving the adoption of MRI machines across various healthcare facilities.

Technological Advancements Push the Boundaries

The field of MRI is constantly evolving thanks to significant technological advancements. One groundbreaking development is the integration of Artificial Intelligence (AI) into MRI systems. These AI-powered systems, like FUJIFILM’s ECHELON Synergy MRI, utilize Deep Learning Reconstruction (DLR) to capture sharper images and accelerate scan times.

Polarean Imaging entered into a partnership with VIDA Diagnostics in September 2023 to accelerate the adoption of the Polarean xenon MRI 129 platform in clinical and research studies. This collaboration holds promise for the development of hyperpolarized gas MRI, a potentially revolutionary imaging technique.

In June 2023, Imagion Biosystems extended its collaboration with Siemens Healthineers to focus on the United States market. This collaboration aims to conduct a multi-site Phase 2 study for the MagSense HER2 imaging agent, which could significantly improve breast cancer diagnosis.

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List of Magnetic Resonance Imaging (MRI) Companies Profiled in Report:

  • GE healthcare
  • Siemens AG
  • Toshiba Corporation
  • Aurora imaging Technologies
  • Esaote SPA
  • Sahrad Medical Systems
  • Fujifilm
  • Koninklijke Philips N.V
  • Others

Segment Analysis

Architecture Insights

Closed MRI systems dominated the market in 2023, capturing over 74% of the share. However, manufacturers are developing wide-bore and open MRI systems to address patient comfort concerns associated with enclosed designs.

Field Strength Insights

The mid-field strength segment held the largest share (48%) in 2023 and is projected to maintain dominance due to the optimal balance between image quality and affordability offered by these machines.

End-use Insights

Hospitals held the largest share (39%) in 2023 due to the increasing installation of MRI units in these facilities, particularly in emergency care and teaching hospitals.

Application Insights

Brain and neurological imaging dominated the market in 2023, followed by the breast imaging segment, which is expected to grow significantly due to the rising incidence of breast cancer.

Key Takeaways from the Magnetic Resonance Imaging (MRI) Market Study

  • The MRI market is projected to reach USD 11 billion by 2031, driven by the rising prevalence of chronic diseases, technological advancements, and increasing adoption in emerging markets.
  • Growing geriatric population and the associated rise in age-related diseases are expected to fuel the demand for MRI scans.
  • Advancements like AI integration, development of MRI-compatible pacemakers, and wider application areas like intraoperative MRI will significantly influence market growth.
  • High costs associated with MRI systems and helium gas scarcity pose challenges to market expansion.
  • North America is expected to retain its dominance due to the high prevalence of chronic diseases, favorable regulatory landscapes, and new product launches.

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