Grand View Research, a market research and consulting company, predicts continued growth in the magnetic resonance imaging (MRI) market.
The global MRI 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, more than 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 to the adoption of MRI machines. Various countries are installing these MRI machines. For instance, as per Organisation for Economic Co-operation and Development (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. 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. Moreover, the development of cardiac pacemaker compatible MRI systems is also expected to propel market growth in the 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 market growth during the forecast period.
COVID-19 is expected to have a negative impact on the MRI market. COVID-19 has impacted the outpatient imaging services segment. New York metropolitan health system reported an 87% reduction in outpatient imaging services and this is 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. Also, the growing development of intraoperative MRI and usage of the same in various applications – such as neurosurgery – is expected to propel 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.
High magnetic frequency MRI systems are gaining pace; therefore, various universities are conducting research or studies on these systems. In February 2018, scientists at the University of Minnesota performed an MRI of the human body using 10.5T MRI machine. This machine is expected to open new avenues in diagnosis of a wide range of diseases such as Alzheimer’s, heart disease, diabetes and cancer.
MarketsandMarkets forecasts the MRI systems market will reach $7.09 billion by 2023 expanding at a CAGR of 3.9% during the forecast period. It reports that the key factors driving the growth of this market include a rising awareness about the benefits of early diagnosis, technological advancements leading to the replacement of low-field MRI systems with high-field MRI systems and the discovery of new helium deposits. On the other hand, the high cost of MRI systems and declining reimbursement rates for MRI procedures are likely to limit the growth of this market to a certain extent.