Open MRI Systems Market

Open MRI Systems Market Size, Share & Trends Analysis Report By Field Strength (Low-Field, Mid-Field, High-Field, Less than 1.5T, 1.5T, and More than 1.5T), By Application (Vascular, Abdominal, Musculoskeletal, Neurology, Cardiology, Body Imaging, and Others), By End-use (Hospitals, Ambulatory Surgical Centers, ASCs and Diagnostic Centers), By Region, And Segment Forecasts, 2024 – 2032

 

MRI Systems Market Size and Trends-open

On one side, the open MRI systems market was worth USD 1.63 billion in 2023. On the other hand, it is expected to expand at a CAGR of 7.7% from 2024 to 2030. Some of the primary facets variables propelling this average market growth include the rising incidence of age-associated chronic diseases, changing lifestyles, and a high demand for safe and accurate diagnosis methods. According to a report published by the World Federation of Neurology in October 2023, it states that neurological disorders are the second most important cause of death and disability in the world. Following this, Global Burden of Disease (GBD) also reports that the number of people suffering from brain diseases might increase two folds by 2050. This is expected to positively affect growth during the forecasting period as demand rises for early and accurate diagnosis tools.

Open MRI systems are less likely to cause panic attacks or claustrophobia, which makes them popular with patients suffering from either condition. Open systems are preferred when scanning babies and can accommodate more overweight and stockier patients. Open system purchases are preferred for hospitals and diagnostic centers because it takes images of various medical conditions.

This is contributed by growth in the open MRI systems market due to the increase in the older population and increasing cancer incidents across the globe. According to the Union for International Cancer Control (UICC), around 53 percent of cancer patients are aged 65 or older. Moreover, as age increases, cancer penetration becomes faster. Also, the geriatric population is anticipated to rise to 1.6 billion by 2050. With increased life expectancy and effective therapeutic methods, demand for repetitive diagnostic scans for effective disease management will fuel end-user demand.

Emerging trend of using MRI for all diagnostic imaging applications will thus escalate the need for MRI devices, and this escalation will thus influence growth during the forecast period. For example, a recent Diagnostic Imaging Dataset Statistical Release reported that England had undergone a total of 43.4 million such imaging tests performed as at February 2022 through January 2023. In January 2023 alone, there was a total of 3.41 million imaging tests reported, of which 0.31 million were MRI:

Emerging trend preventive healthcare and need for early diagnosis are amongst key driving factors expected to boost market growth during the forecast period. Most of the major players are developing advanced open systems with high strength and image quality, which is expected to generate more demand for open MRI systems in turn fueling the overall market growth.

Key Market Insights

M.6860 million in the price of MRI equipment globally. It very much was USD as. The market is anticipated to grow from USD 7.76 billion in 2024 to USD 12.20 billion by 2032, indicating a compound annual growth rate (CAGR) of 5.8 percent during the forecast period. Asia Pacific dominated the global market with a share of 45.48% in 2023.

Magnetic resonance imaging (MRI) equipment is the most widely used diagnostic imaging technique across many healthcare facilities, including hospitals, clinics, and more. The equipment employs powerful magnetic fields and radio waves to create inner-body images in detail. Increasing incidence rates of chronic diseases such as cancer, neurological disorders, and others, as well as rising numbers of injury cases, increases the global demand for this equipment.

According to the 2022 article published by Parkinson’s Foundation, the population of found USA nearly has a figure of 1.0 million persons suffering from the parkinsonism disease and probably about 90,000 peoples are diagnosed every year with this disease. The growing magnetic resonance imaging (MRI) equipment market size is also attributed to the aggressive focus of key players on developing and launch of high-tech products in response to the surging international demand from health care providers and patient populations.

The effect of covid-19 on the global market was adverse, decreasing the demand for this device due to the decline in patient numbers. Major companies also incurred losses as sales of the products plummeted worldwide.

Trends in the MRI Equipment Market

Market Expansion Driven by Increased Demand for High-Strength MRI Scanners

Advancing modernization features in MRI scanners by major players in the market have tilted the scale toward creating high-strength MRIs. The conventional MRI scanner for medical diagnosis has only a strength of 1.5T. Changing technology in recent years offers higher-performance MRI equipment such as 3T MRI or even up to 7T MRI.

Most of these high-field and ultra-high-field MRI scanners are found in ordinary clinical practice. Previously, a large proportion of such high-strength scanners were only found in research centers.

In February 2020, the FDA 510(k) clearance was awarded to Hyperfine Research for its bedside MRI system, a portable point-of-care device controllable with a wireless tablet such as an Apple iPad.

Its higher field strength allows producing sectional images of knee and head and is intended for patients weighing more than 66 lbs. These devices are widely applicable, such as in diagnosis. This is because MRI strengthens the imaging for functional and anatomical details typically hidden under lower strengths.

The benefits associated with stronger field strength MRI equipment are converting practitioners from the usual 1.5T to much higher strengths such as 7T and 3T.

Insights On Field Strength

The mid-field section has dominated and accounted for a remarkable share of 46.8% of the market in 2023. This includes devices characterized by field strength ranging between 0.3T and 1 T. This very high percentage is due to several research and frequent launches of mid-field open MRI devices. For example, in July 2024, FUJIFILM Holdings Corporation introduced to the United States APERTO Lucent (a mid-field open MRI system). The system is superior to conventional MRI modalities in several respects.

The high-field segment is expected to experience the highest growth of 9.0% in CAGR during the forecast period due to revolutionary advancements resulting from intensive research and innovation in imaging. Companies are aggressively launching open high field strength MRIs into the market to avail of high-quality imaging services to both patients and health practitioners. According to the report released by OpenGov Asia, India, in August 2023, will be launching its first indigenous next-generation high-field Magnetic Resonance Imaging (MRI) Scanner. This initiative significantly brought down the cost of MRI services, hence expected much adoption in the subsequent years to drive market growth.

Magnetic Resonance Imaging (MRI) Equipment Market Growth Factors

By Increased Prevalence of Chronic Conditions and Diagnosis in the Population to Boost Market Growth

Market expansion is attributed to chronic illness conditions like cancers plus some other neurological disorders, including epilepsy, Alzheimer’s, and Parkinson’s diseases, among others. The diagnoses on the population would, however, see an increase through the rising initiatives by healthcare organizations, major companies, and the like, in advocating awareness of these conditions.

Over 6 million Americans currently live with Alzheimer Disease and the number increases according to a report published by the Alzheimer’s Association in 2023. The increasing diagnosis rate among the population towards developing healthcare infrastructures, such as those in China, India, Brazil, and others, is a result of rising healthcare expenditure that is favoring such devices.

Growing adoption along with the benefits that magnetic resonance imaging equipment offers as compared with other types of diagnostic imaging equipment is expected to facilitate an upward growth of the global magnetic resonance imaging equipment market during the period forecasted.

Application Insights

The Brain and Neurology segment constituted the largest share in 2023, accounting for 22.6%. Increased demand for open diagnostic systems such as brain and spine imaging can be attributed to the increased aging population and rising neurological disorders, which benefit in detecting anomalies and injuries. For instance, in February 2024, Koninklijke Philips N.V. updated its Image-Guided Therapy System-Azurion-to launch the new Azurion neuro biplane system in a bid to increase productivity and help care teams treat more patients, enabling quicker decisions, and achieving superior results. The system possesses improved 2D and 3D imaging capabilities and affords greater flexibility to position the X-ray detector.

The breast segment is projected to grow at a whopping CAGR of 8.3% throughout the forecast period, due to the surging number of cases of breast cancer, subsequently driving the adoption of open MRI systems for breast imaging. Based on WHO data, in 2022, 2.3 million cases of breast cancer were reported worldwide, and at any given time during that year, breast cancer was diagnosed with the greatest prevalence among women in 157 out of 185 countries.

Restrainers Experimental High Costs Associated With These Systems Stunt Market Development.

Magnetic resonance imaging (MRI) equipment is a high cost in its major limitation – the installation and maintenance of magnetic resonance imaging (MRI) equipment. Installation and proper care of these systems often require complex infrastructure and incur various related costs, which many medical institutions cannot undertake.

Some factors that are expected to bear on the adoption of these devices in emerging countries in the market include the high cost of MRI scanners in comparison to other diagnostic imaging apparatus such as CT scans and longer duration in completing scans. The higher costs associated with maintenance and repair, energy, administration, and so on contribute to the overall expenses of the devices.

For example, according to a 2023 article published by Health Images, Computed Tomography (CT) Scanner averages the time of around 10-15 minutes, while an MRI scanner may take up to an hour or more. This suggests that high prices for these systems tend to encourage many hospitals and diagnostic centers in developing countries to purchase reconditioned systems to meet their imaging requirements. It is substantially cheaper than purchasing a new system. Cost-effective, refurbished systems are normally employed in hospitals and other healthcare institutions within developing countries. Another critical limitation is a voluntary recall of several imaging systems due to human error, which may inhibit the growth of this market.

End-Use Insights

The hospitals segment led the market, with its share of 37.2% in 2023. Underneath several open MRI machines installed by hospitals because of several advantages as compared with the traditional MRI machine. The increasing access being largely afforded over the open MRI machines is because of such demand to be considered as the market’s growth. The demand is also expected to be on the rise further along the years based on the increase in specialty hospitals. An article shared by BioSpectrum in May 2023 revealed that out of more than 70,000 hospitals in the country, many still do not have open MRI machines. Thus, this increasing demand could compel many hospitals to establish such open MRI machines, which could generate very huge revenue growth for the market in the coming years. Imaging centers segment is estimated to grow faster with CAGRs of about 9.4%, the highest over the duration of the forecast period. Outpatient imaging centers are more advantageous from a time perspective to hospitals for MRI studies, as they grant access to earlier appointments, highly specialized staff, and very advanced technology with lower pricing. This makes them even more attractive and is expected to result in the proliferation ratio and uptake of such centers as a segment of market growth. An article published by Definitive Healthcare, LLC said early in April 2023 that there were more than 18,000 imaging centers scattered all across the United States.

Magnetic Resonance Imaging (Mri) Equipment Market Segmentation Analysis By Strength Analysis

Emergence of Numerous Product Launched with 1.5T Strength has led to the Dominance of this Segment

Strength-based segmentation includes less than 1.5T, 1.5T, and more than 1.5T.

The 1.5T segment was the leading segment in the magnetic resonance imaging market in 2023 rather because numerous installed bases exist for MRI machines using a 1.5T strength due to efficiency and a wide range of brands and models because of affordability, quality, and factors. Focus of key players into launching products with 1.5T strength is one other and another major contributor to its growth.

 

During the forecast period, the segment above 1.5T will witness the highest CAGR growth. The emerging technological advancements driven by key players are enabling to manufacture even stronger magnetic resonance imaging (MRI) equipment, leading to better efficiency and quality of the scans performed.

The less than 1.5T segment is expected to hold a minor share of the market during the forecast period due to refurbished systems without such systems and below average adoption of common strength systems.

By Application Analysis

Growing Number of Musculoskeletal Procedures Among the Population Led to the Dominance of Musculoskeletal Segment Based on application, the market is segmented into musculoskeletal, neurology, cardiology, body imaging, and others.

The musculoskeletal segment dominated the market in 2023. The segment’s dominance can be attributed to several factors, such as the rising number of musculoskeletal injuries among the population, increasing imaging procedures, and the increasing prevalence of various musculoskeletal conditions among the population.

According to 2022 statistics published by the World Health Organization (WHO), approximately 1.7 billion people have musculoskeletal conditions worldwide.

The neurology segment is expected to be the second most dominant segment in the market over the forecast period. The rising focus of the companies operating in the market on developing and introducing technologically advanced products with improved capabilities to diagnose neurological disorders compared to other imaging procedures is a significant factor contributing to the segment’s growth.

According to the European Magnetic Resonance Forum (EMRF) estimates, more than 50% of the MRI procedures are conducted on the brain and spine.

The cardiology and body imaging segments are anticipated to grow at a comparatively lower CAGR despite the increasing usage of these imaging techniques in events, such as the detailed imaging of a beating heart. Increasing application areas, such as molecular imaging, are expected to boost the growth of the others segment during the forecast period.

The Bigger Installed Base Of Facilities: Extending The Use In Hospitals And ASC-Global Dominating End User Analysis

 

End-User Segmentation Of The Market Includes Hospitals And Ascs Along With Diagnostic Centers.

The segment hospitals and ASCs accounted for the largest share of the magnetic resonance imaging (MRI) equipment market in 2023. One of the key reasons behind this was the huge existing installation base for such systems in such locations. Besides, the increasing number of hospitals and ASCs in developed and emerging countries will also serve as a fundamental criterion for holding the segment.

 

According to OECD statistics published in 2021, the diagnostic tests carried out in the hospitals of the US using MRI number around US19.1 million in the year 2021.

Diagnostic centers are anticipated to grow at a considerable growth during the forecast period. The rising number of diagnostic imaging centers in emerging countries such as China and India and the rising number of the diagnostic imaging procedures performed in these centers will majorly aid in the segment growth.

Geographic Review

In 2023, the North American open MRI systems market constituted around 36.74% of the overall revenue due to increased number of influential market players and heavy uptake of advanced diagnostic technologies. The rise in adoption of MRI in diagnosis for a wide variety of diseases, friendly government policies, and increased number of ambulatory diagnostic centers are the major factors contributing to the anticipated driver growth during the forecast period.

Trends in the Open MRI Systems Market in the United States

The open MRI systems market in the U.S. was dominant within North America, having a 77.7% share in 2023 due to various product approvals, government initiatives, and increasing demand for high-quality imaging systems. For example, in February 2022, Magnifico Open MRI of Esaote S.p.A. was approved by the FDA in order to provide customer-driven services. This system can be distinctly used by all patients, even with heavy children and the claustrophobic ones. Chronic diseases such as cancer and neurological disorders are increasingly on the rise, along with escalated awareness on MRI working, hence creating the demand for better MRI systems to propel the market forward.

Trends in the Open MRI Systems Market in the EUROPE

This region has allegedly identified an opportunity in the open MRI market that could make it significantly induce growth in this sector within the coming years. Rapidly changing healthcare infrastructure and favorable government policies are projected to drive this segment’s growth. For example, in March 2024, Community Diagnostic Centre, UK has made investments of USD 2129.6 million for MRI and CT scans. It is responsible for 155 open CDCs, which have performed over 7.0 million tests in England. In addition to this, the presence of leading players, research, and approvals by regulatory bodies has contributed to the growth of this market. For instance, in February 2023, Hyperfine, Inc. received the CE mark approval from the government of Europe for its Swoop imaging system. This approval can mark the significant geographic expansion of the company in the European region to boost market growth.

Trends in the Open MRI Systems Market in Asia Pacific

These increasing aspects, including the thriving economies, china, and india, are expected to enable the Asia Pacific’s growth with the highest CAGR of 8.6% during the forecast years. Medical tourism drives and fuels the region and increases competition between healthcare service providers in marketing, which is among the factors expected to increase the demand for advanced MRI systems in the marketplace.

 

 

India open MRI systems market

The fastest open MRI systems market in India has a bright future ahead because of its huge population and alarming demand for medical facilities. By 2023, it was published that approximately 4050 MRIs were present in India, which comes down to 3 MRIs available for every one million population. The country is on its way to actively strategizing to remedy this deficiency. For instance, Siemens Healthineers AG inaugurated its Magnetic Resonance Imaging machines production plant in India in May 2023. The company has made an investment plan of USD 15.5 million in this project up to 2025. This strategy could help in making the open MRI machines affordable, thus increasing adoption to boost market growth.

Latin America Open MRI Systems Market Behavior

Latin America open MRI systems market in 2023 appears to be gaining traction and is likely to be one of the interesting regions for future investments in open MRI systems due to mounting demand via chronic diseases like cancer, neurological disorders, and others, where advanced images are required for accurate diagnosis and monitoring. In addition, improved healthcare infrastructure and increased investments in the region are further engines of growth for the local market. Open MRI systems are appreciated for being relatively more patient-friendly and even claustrophobic, geriatric, and obese patients find it quite convenient for increasing accessibility and comfort levels.

 

Brazil open MRI systems market

It is projected to grow rapidly in the upcoming years because of the increasing aging population, since very often such conditions in the older population are treated by performing several imaging studies. People prefer them as they are more comfortable, less claustrophobic, and accessible to patients with locomotor disability. Therefore, this demographic trend features a huge spike in market growth. According to IBGE (the Brazilian Institute of Geography and Statistics), the median age of the population in Brazil increased by 6 years since 2010, reaching 35 years in 2022. The aging index rose from 30.7 in 2010 to 55.2 in 2022, which indicates that there are 55.2 elderly persons for every 100 children aged 0-14. In 2022, the population comprised 51.5% women (104.5 million) and 48.5% men (98.5 million), which means 6 million more women than men.

The trends in open MRI systems market in Middle East & Africa

The open MRI systems market in the Middle East and Africa is very profitable, as the region is named in 2023. Prominent initiatives of government are meant for improving infrastructure within the health sector and technologically advanced MRI systems such as drug coverage programs. Both these transform patients’ accessibility towards high-tech diagnostic tools and bring about greater utilization of medical imaging services. In turn, this results in a marked increase in advanced MRI systems adoption. In fact, the UAE has a state-funded system of health, where the regulation of the state takes place at both federal and emirate levels. There exists a federal health authority called as, the Ministry of Health and Prevention. Other authorities include the Dubai Health Authority (DHA), Health Authority-Abu Dhabi (HAAD), and Emirates Health Authority (EHA).

 

The market for open MRI systems in Saudi Arabia

It is anticipated to accelerate in the years to come because of substantial investments in concert with new hospitals and diagnostic centers conducted in healthcare infrastructure. Additionally, increased participation of private sector investment boosts investments in advanced medical technology such as open MRI systems and contributes to the growth of the kingdom’s diagnostic capacity. For example, 60% of the healthcare spending burden was attributed to Saudi Arabia according to the report of 2023 among all GCC countries where the health sector has been one of the most strategic areas targeted by the Saudi government. The kingdom has allocated USD 50.4 billion to the healthcare and social development sectors, which comprises 16.96% of that year’s annual budget, making it the second largest area of expenditure after education. In addition, the Saudi government would like to privatize the healthcare sector.

Company-related details about Open MRI Company

Some top companies in the open MRI systems market include GE Healthcare, Siemens Healthineers AG, Koninklijke Philips N.V., Hitachi, Ltd., CANON MEDICAL SYSTEMS CORPORATION, Esaote SPA, FUJIFILM Holdings Corporation, Neusoft Corporation, Alltech Medical Systems, and Shenzhen Anke High-tech Co., Ltd. Organizations are emphasizing increasing consumer base to gain competitive advantage over others in the industry. Therefore, some of the strategic initiatives adopted by key players include mergers and acquisitions, as well as partnering with other major companies.

GE Healthcare is dedicated to providing various healthcare products and services that will produce a better mode of care for patients inside the hospitals. The product segment includes several imaging solutions, such as Magnetic Resonance Imaging (MRI) Solutions.

Siemens Healthineers AG houses a wide and diverse range of healthcare products for treatment and diagnostics. Their product offerings come with corresponding support and documentation as well. Furthermore, an extensive number of products is also devoted to the segment of medical imaging, which includes medical resonance imaging devices.

Key Open MRI Systems Companies:

The following are the leading companies in the open MRI systems market. These companies collectively hold the largest market share and dictate industry trends.

• GE Healthcare
• Siemens Healthineers AG
• Koninklijke Philips N.V.
• Hitachi, Ltd.
• CANON MEDICAL SYSTEMS CORPORATION
• Esaote SPA
• FUJIFILM Holdings Corporation
• Neusoft Corporation
• Alltech Medical Systems
• Shenzhen Anke High-tech Co., Ltd.

Updated developments on the industry:

December 2023- Today, Siemens Healthineers AG has announced the introduction of the MAGNETOM Cima.X which is a 3 T MRI system in the Canadian market. This launch put the company in a stronger position within the healthcare sector of Canada through broad and accurate diagnosis possibilities that will significantly improve patient care.

November 2023 – Koninklijke Philips N.V. has widened the scope of the partnership agreement with SyntheticMR aimed at bringing to the market SyMRI 3D. This would develop more of the imaging products that the company has to offer.

November 2023 – GE Healthcare launched a 1.5T wide bore Magnetic Resonance Imaging (MRI) system, SIGNA Champion. The system is designed to improve the standard of care for patients by integrating advanced AI and innovative features that enable faster and more precise MRI scans.

August 2023- FUJIFILM Corporation announced the launching of a new 1.5Tesla MRI System, ECHELON Synergy, integrated with deep learning reconstruction technology. This advancement will greatly improve the image quality and patient satisfaction.

April 2023- Canon Medical Systems Corporation launched an MRI planning solution that is AI automated for the speed up of MRI planning time. The system uses artificial intelligence as well as deep learning for improving diagnostic imaging-acquired prostate, liver, and entire spine examinations.

Separation of Global Open MRI Systems Market Report

It is expected that this report would forecast revenue growth at the global, regional, and country levels and furnish emerging trends of industries in all sub-segments from the period 2018 to 2030. Under this study by Grand View Research, the global open MRI systems market report has been segmented by field strength, application, end-use, and region:

• Field Strength Outlook (Revenue, USD Million, 2018 – 2030)

• • Low-Field

• • Mid-Field

• • High-Field

• Application Outlook (Revenue, USD Million, 2018 – 2030)

• • Obstructive Sleep Apnea

• • Brain & Neurological

• • Spine & Musculoskeletal

• • Vascular

• • Abdominal

• • Cardiac

• • Breast

• • Others

• End-use Outlook (Revenue, USD Million, 2018 -2030)

• • Hospitals

• • Imaging Centers

• • Ambulatory Surgical Centers

• • Others

• Regional Outlook (Revenue, USD Million, 2018 – 2030)

• • North America

• • • U.S.

• • • Canada

• • • Mexico

• • Europe

• • • UK

• • • Germany

• • • France

• • • Italy

• • • Spain

• • • Denmark

• • • Sweden

• • • Norway

• • Asia Pacific

• • • Japan

• • • China

• • • India

• • • Australia

• • • South Korea

• • • Thailand

• • Latin America

• • • Brazil

• • • Argentina

• • Middle East and Africa (MEA)

• • • South Africa

• • • Saudi Arabia

• • • UAE

• • • Kuwait

 

FREQUENTLY ASKED QUESTIONS

What is the growth outlook for the global magnetic resonance imaging (MRI) market?

The market is anticipated to register a CAGR of 4.2% for the magnetic resonance imaging (MRI) market.

What is the value prediction for the magnetic resonance imaging (MRI) market for the year 2034?

The magnetic resonance imaging (MRI) market is estimated to reach USD 9376.7 million by the year 2034.

Who are the key players in the magnetic resonance imaging (MRI) market?

Siemens Healthcare GmbH, Koninklijke Philips N.V., Toshiba cooperation, GE healthcare.

Which product type is expected to lead the MRI market?

The open system segment is expected to lead the MRI market.

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