Market Report

STAFF REPORT

The global magnetic resonance imaging market size was valued at $5.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2021 to 2028, according to Grand View Research.

Magnetic resonance imaging (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 market growth. For instance, as per the American Cancer Society, in 2019, 1.7 million new cancer cases were recorded in the U.S. In addition to this, the growing demand for quick and effective diagnostic procedures is expected to contribute towards the adoption of MRI machines. Various countries are installing these MRI machines. For instance, as per OECD, in 2017 the number of MRI units installed in the U.S. was 37.6 per million population.

Advancements in diagnostic techniques such as open MRI, visualization software and superconducting magnets are fueling the growth of the MRI market, according to Grand View Research. The recent advances seen in MRI technology are mainly on the software. These software advancements help in enabling faster contrast scans and simplifies imaging workflow.

“In September 2016, GE Healthcare’s MAGiC (MAGnetic resonance image Compilation) software received U.S. FDA approval. This software helps in delivering eight contrasts in single acquisition in a fraction of time. Moreover, the development of cardiac pacemaker compatible MRI systems is also expected to propel the market growth in cardiology segment. Furthermore, various paramagnetic contrast agents such as gadolinium-DTPA are used as an intravenous injection to provide sharp, precise and accurate images within a shorter time frame. These technological advancements in MRI are expected to propel the market growth during the forecast period,” according to Grand View Research. “COVID-19 is expected to have a negative impact on MRI market. COVID-19 has majorly impacted the outpatient imaging services. New York metropolitan health system reported 87.0% reduction in the outpatient imaging services, thereby, expected to impact the MRI market.”

Various recent advancements such as diffusion and diffusion tensor imaging with tractography, neuroimaging including MR spectroscopy, perfusion imaging and functional imaging using the bold technique is expected to boost market growth during the forecast period, Grand View Research adds. Also, the growing development of intraoperative MRI and usage of the same in various applications such as neurosurgery is expected to propel the market growth during the forecast period. Moreover, diffusion-weighted MR imaging is mainly used to detect stroke within 30 minutes of its occurrence. Therefore, advancements in MRI machines to enhance its usage for various applications is expected to drive the market growth during the forecast period.

Mordor Intelligence also predicts MRI market growth.

The magnetic resonance imaging (MRI) market was valued at $8 billion in 2021, and it is expected to reach $11.5 billion by 2027, registering a CAGR of 6.10% during the forecast period, according to Mordor Intelligence.

“During the early pandemic, due to the lockdown restrictions, suspension of non-urgent scheduled visits and hospitalizations, and stringent social distancing norms, the demand for MRI imaging reduced which affected the studied market. For instance, according to the research study ‘Impact of the Coronavirus Disease 2019 (COVID-19) Pandemic on Imaging Case Volumes’ published in May 2020 reported that the total imaging volume in 2020 (weeks 1-16) declined by 12.29% compared with 2019. It also reported that post-COVID-19 (weeks 10-16) revealed a greater decrease (28.10%) in imaging volumes across all patient service locations. The same source also reported that 88% decline was seen at week 16 in outpatient imaging, and MRI contributed to a nearly 74% decline which shows a negative impact of the COVID-19 on the studied market. However, owing to the long-term impact of the COVID-19 on the body and large-scale vaccination programs running around the world, the studied market is expected to regain its full potential over the years,” Mordor Intelligence reports. •