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Analysis of Magnetic Resonance Imaging (MRI) Market 2019-2024: Industry Trends, Share, Size, Price, Revenue, Business Strategy, Production Technology Forecast to 2024


The “Magnetic Resonance Imaging (MRI) Market” 2019 report provides market size (value and volume), market share, growth rate by types, applications, and combines both qualitative and quantitative methods to make micro and macro forecasts in different regions or countries. Magnetic Resonance Imaging (MRI) Market report also aims to provide useful and comprehensive insights into current market trends and future growth scenarios. Magnetic Resonance Imaging (MRI) market report contains information like SWOT analysis, business highlights, strength, weakness, threats and opportunities of industry.

Top Manufacturers of Magnetic Resonance Imaging (MRI) Market Are:

  • Bruker Corporation
  • Esaote SpA
  • Fonar Corporation
  • GE Healthcare
  • Hitachi Ltd
  • Neusoft Medical Systems Co. Ltd
  • Koninklijke Philips NV
  • Siemens Healthcare GmbH
  • Aurora Imaging Technology
  • Canon Medical Systems Corporation

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    Market Overview:

  • The key factors propelling the growth of the global magnetic resonance imaging market are an increase in technological advancement, such as the inclusion of MRI with PET or CT, to provide imaging possibilities with less exposure to harmful radiations, rising adoption of MRI in developing countries, and availability with rising adoption of Universal health coverage in the developed and developing markets. The global players, such as GE, Siemens, and Philips, have an extensive hold on improving technology, as well as global distribution channels, which helps the increasing number of public and private diagnostic centers around the world. However, the use of refurbished MRI equipment is also widely preferred in the developing markets, due to its cost-effectiveness and easy availability.
  • The current market is experiencing major technological advancements. The limits of the largest field strength of electromagnets in MRI has expanded beyond the conventional 1.5T-3T to a staggering 7T. This leap in technology has widened the application profile of MRI devices and is expected to further expand in the forecast period.
  • The current global MRI market is plagued with issues of low reimbursement rates for MRI procedures and problems with post-sale service. MRIs are high-cost capital equipment with an average lifespan ranging between 7-14 years. As such, post-sales service becomes an important factor for purchasers, but the current market has been largely unsuccessful in addressing these needs.

    Scope of the Report:

  • Magnetic resonance imaging is a medical imaging technique, which is used in radiology to produce pictures of the anatomy and the physiological processes of the body in both health and disease. These pictures are further used to diagnose and detect the presence of abnormalities in the body.

    Magnetic Resonance Imaging (MRI) Market Report Answers the Following Questions:

    • What will the market size and the growth rate be in 2024?
    • What are the key factors driving the global Magnetic Resonance Imaging (MRI) market?
    • What are the key market trends impacting the growth of the global Magnetic Resonance Imaging (MRI) market?
    • What are the challenges to market growth?
    • Who are the key vendors in the global Magnetic Resonance Imaging (MRI) market?
    • What are the market opportunities and threats faced by the vendors in the global Magnetic Resonance Imaging (MRI) market?
    • Trending factors influencing the market shares of the relevant regions.
    • What are the key outcomes of the five forces analysis of the global Magnetic Resonance Imaging (MRI) market?

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    Key Market Trends:

    Neurology Segment Holds the Largest Market Share Currently and is Believed to Continue the Same Over the Forecast period.

    The neurology segment of the global MRI market holds the largest market share, and it is expected to record a CAGR of 6.7% in the coming future.

    MRI is the best tool for diagnostic imaging and neuroscience research. It provides morphological images with the highest spatial resolution and unmatched soft tissue contrast, as well as the unique functional information of the central nervous system (CNS). 97% of MRI sites perform the brain examinations and 1 in 4 MRI scans is of the brain, making it one of the most commonly performed exams in neurology. Neurological uses of MRI systems include the diagnosis of brain and spinal cord tumors, infection and vascular irregularities, which may lead to stroke. MRI can also detect the disorders, along with performing the monitoring of degenerative disorders, such as multiple sclerosis, and it can even document brain injury from trauma.

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

    North America currently dominates the global 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, along with the government to promote the disease diagnosis. Siemens and Philips are the leading companies in the United States. The average MRI scanning cost ranges between USD 650 to USD 950 based on dye being used or not. With that, the United States has the largest market share of approximately 94.6% in North America, and is expected to record a CAGR of 6.3% over the forecast period.

    Market Dynamics: –

    • Drivers: (Developing regions and growing markets)
    • Limitations: (Regional, Key Player facing Issues, Future Barriers for growth)
    • Opportunities: (Regional, Growth Rate, Competitive, Consumption)

    The report provides key statistics on the market status of the Magnetic Resonance Imaging (MRI) Market manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the Magnetic Resonance Imaging (MRI).

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    Report Objectives:

    • Analyzing the size of the Magnetic Resonance Imaging (MRI) market on the basis of value and volume.
    • Accurately calculating the market segments, consumption, and other dynamic factors of different sections of the global Magnetic Resonance Imaging (MRI) market.
    • Determining the key dynamics of the Magnetic Resonance Imaging (MRI) market.
    • Highlighting significant trends of the Magnetic Resonance Imaging (MRI) market in terms of manufacture, revenue, and sales.
    • Deeply summarizing top players of the Magnetic Resonance Imaging (MRI) market and showing how they compete in the industry.
    • Studying industry processes and costs, product pricing, and various trends related to them.
    • Displaying the performance of different regions and countries in the global Magnetic Resonance Imaging (MRI) market.

    Detailed TOC of Magnetic Resonance Imaging (MRI) Market Report 2019-2024:

    1.1 Study Deliverables
    1.2 Study Assumptions
    1.3 Scope of the Study



    4.1 Market Overview
    4.2 Market Drivers
    4.2.1 INTRODUCTION of Hybrid MRI Systems
    4.2.2 Availability of Universal Health Coverage in North America, Europe and several Asian Countries
    4.2.3 Increasing Adoption in Emerging Markets
    4.3 Market Restraints
    4.3.1 High Cost of MRI Systems
    4.3.2 Declining Helium Availability
    4.3.3 Capital Equipment Nature of MRI Systems
    4.4 Porter’s Five Forces Analysis
    4.4.1 Threat of New Entrants
    4.4.2 Bargaining Power of Buyers/Consumers
    4.4.3 Bargaining Power of Suppliers
    4.4.4 Threat of Substitute Products
    4.4.5 Intensity of Competitive Rivalry

    5.1 Architecture
    5.1.1 Closed MRI Systems
    5.1.2 Open MRI Systems
    5.2 Field Strength
    5.2.1 Low Field MRI Systems
    5.2.2 High Field MRI Systems
    5.2.3 Very High Field MRI Systems and Ultra-high MRI Systems
    5.3 Application
    5.3.1 Oncology
    5.3.2 Neurology
    5.3.3 Cardiology
    5.3.4 Gastroenterology
    5.3.5 Musculoskeletal
    5.3.6 Other Applications
    5.4 Geography
    5.4.1 North America United States Canada Mexico
    5.4.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
    5.4.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
    5.4.4 Middle East & Africa GCC South Africa Rest of Middle East & Africa
    5.4.5 South America Brazil Argentina Rest of South America

    6.1 Company Profiles
    6.1.1 Bruker Corporation
    6.1.2 Esaote SpA
    6.1.3 Fonar Corporation
    6.1.4 GE Healthcare
    6.1.5 Hitachi Ltd
    6.1.6 Neusoft Medical Systems Co. Ltd
    6.1.7 Koninklijke Philips NV
    6.1.8 Siemens Healthcare GmbH
    6.1.9 Aurora Imaging Technology
    6.1.10 Canon Medical Systems Corporation



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