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The global magnetic resonance imaging equipment market size was valued at USD 6.51 billion in 2023, driven by increasing prevalence of chronic diseases across the globe. The market is expected to grow at a CAGR of 6.2% during the forecast period of 2024-2032, with the values likely to attain USD 11.19 billion by 2032.
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Magnetic Resonance Imaging (MRI) is a technique utilized for medical imaging to scan the body by applying strong magnetic fields and radio waves to produce detailed images of the internal structures of our body. The magnetic resonance imaging equipment market demand is driven by the rising prevalence of diseases such as tumors, cancer, sclerosis, and scoliosis, among different age groups of the population. Consequently, the market players have increased their focus on developing and launching advanced MRI systems with artificial intelligence and machine learning integration.
With the growing awareness of a proper healthcare system, governments of different countries around the world are increasing their focus on their healthcare infrastructure development. In addition, there has been a trend in the development of high-field strength MRI equipment.
New Product Launches to Boost the Magnetic Resonance Imaging Equipment Market Growth
In August 2023, FUJIFILM Healthcare Americas Corporation announced the FDA 510(k) clearance for ECHELEON Synergy , their novel 1.5 Tesla magnetic resonance imaging system. To provide improved image quality and prompt scans, the system uses the company’s artificial intelligence powered proprietary Deep Learning Reconstruction (DLR) technology. In addition, the system is also equipped with AutoExam One Touch that offers automated workflow for brain and knee exams. The system can accommodate a patient weighing up to 550 pounds and also contains SoftSound™ gradient technology to improve patient experience by reducing acoustic noise.
Increasing Integration of Machine Learning and Artificial Intelligence Technologies
The growing convergence of novel technologies such as artificial intelligence and machine learning in the existing systems is anticipated to boost the magnetic resonance imaging equipment market share during the forecast period. In November 2023, Canon Medical Systems USA Inc., introduced Precise IQ Engine (PIQE*) . It uses high resolution deep learning resolution (powered by Altivity) as a new approach to integrate AI and provide smarter and improved solutions for better quality and insight in the MRI scans. To boost productivity and offer precise patient solutions, the system is equipped with Tablet UX remote software to monitor exams, facilitate enhanced patient and healthcare professional communication, and even register patients remotely.
Rising Collaborations to Provide Effective Solutions
In June 2023, Phillips entered a partnership with Polarean, a medical imaging company to offer advanced insights to combat the rising incidence of respiratory illnesses. Combined with Polarean’s XENONVIEW, Philips MR 7700 multi-nuclei MRI scanner aims to evaluate the lung ventilation with xenon gas MR imaging. Lung ventilation evaluation can help with the treatment and management of multiple pulmonary conditions such as chronic obstructive pulmonary disease (COPD), asthma, cystic fibrosis, and bronchopulmonary dysplasia (BPD). Leveraging the hyperpolarization physics expertise of Polarean, the image quality is expected to improve by several folds. The increasing number of collaborations to improve the efficiency, affordability and precision of imaging services is a major factor bolstering the magnetic resonance imaging equipment market size.
Growing Prevalence for Portable MRI Equipment
To tackle the obstacles associated with conventional MRI systems, the medical device landscape has been witnessing increased technological advancements. In November 2023, Phillips showcased BlueSeal MR Mobile unit , the first and only 1.5T fully sealed mobile MRI system with helium free operation. The lightweight and easy to move system can be easily installed at convenient places for both patients as well as healthcare practitioners. Along with improving the imaging quality, the integration of Philips’ BlueSeal magnet technology has helped in saving around 1.5 litres of helium, making it a sustainable method as well.
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Market Breakup by Strength
Market Breakup by Architecture
Market Breakup by Application
Market Breakup by End User
Market Breakup by Region
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The United States is poised to hold a major portion of the global magnetic resonance imaging equipment market share in the forecast period. The market share can be attributed to the presence of a robust and technically advanced healthcare and research infrastructure. Moreover, the presence of prominent healthcare companies aid the market value by bringing new and improved techniques to offer better patient outcomes.
The Asia Pacific region is witnessing significant improvements in the healthcare infrastructure to meet the rising magnetic resonance imaging equipment market demand. In April 2023, Siemens Healthineers launched a new MRI manufacturing facility in Bengaluru, India. The newly launched facility is focused on manufacturing MAGNETOM Free.Star , a helium free approach to high-quality MRI in the nation. In addition, technology driven, and emerging startups are also launching new products in the market. In August 2023, India-based Voxelgrids , launched an advanced and affordable MRI scanner with the aid of BIRAC (Biotechnology Industry Research Assistance Council) fundings.
In October 2023, Phillips announced their collaboration with Quibim to deliver artificial intelligence-based imaging solutions in prostate exams to combat the rising cases of prostate cancer. Prostate cancer detection is largely based on prostate-specific antigen (PSA) screening blood test; however, recent research has shown that MRI exams are more successful to provide appropriate guidance for tumour management and treatment. The partnership is based on leveraging Quibim’s artificial intelligence (AI) based QP-Prostate software to offer meaningful quantitative data and automate real-time prostate gland segmentation in the images. Such strategic collaborations are indicative of the current market trend which involves companies undergoing product portfolio expansions along with bringing latest innovations into their existing product lines.
The key features of the magnetic resonance imaging equipment market report include patent analysis, grants analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Strength |
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| Breakup by Architecture |
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| Breakup by Application |
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| Breakup by End User |
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| Breakup by Region |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market attained a value of about USD 6.51 billion in 2023 driven by growing prevalence of chronic diseases across the globe.
The market is anticipated to grow at a CAGR of 6.2% during the forecast period of 2024-2032, likely to reach a market value of USD 11.19 billion by 2032.
The market demand is driven by the increasing integration of artificial intelligence and machine learning in the MRI equipment along with a surge in collaborations between companies to offer sustainable and environment friendly solutions.
The growing prevalence for portable and compact MRI systems is a major market trend. In November 2023, Phillips launched BlueSeal MR Mobile unit, the first and only 1.5T fully sealed mobile MRI system with helium free operation. The portable system can be easily placed anywhere as per patient convenience.
Based on types, the market is divided into closed MRI systems and open MRI systems.
Low field, mid field and high field are common strength types available in the market.
Common application areas include musculoskeletal, neurology, cardiology, vascular, abdominal and others.
Major end users include hospitals, ambulatory surgical centres, diagnostic or imaging centres among others.
The major regions of the market include North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is currently leading the global market.
Key players involved in the market are General Electric Company, Koninklijke Philips N.V., Canon Medical Systems Corporation, Siemens Healthineers AG, Fujifilm Corporation, Shenzhen Anke High-tech Co., Ltd., Fonar Corporation, Philips Healthcare, Esaote Spa, Sanrad Medical systems Pvt. ltd., Aurora Healthcare, Barco N.V., Hitachi, Ltd. (Hitachi Medical Corporation), Mindray Bio-Medical Electronics Co., Ltd., Bruker Corporation, and Hyperfine.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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