Magnetic Resonance Imaging (MRI) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Magnetic Resonance Imaging (MRI) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global magnetic resonance imaging market is expected to register a CAGR of nearly 5.5% over the forecast period, with estimated market size of USD 7,550 million in 2020, and it is expected to reach USD 10,250 million by 2026.

Among the majorly used COVID-19 screening options, imaging is preferred by most healthcare professionals, as it provides a primary diagnosis in a short time. All the imaging modalities including magnetic resonance imaging have been used exhaustively to study COVID-19 and its effect on different patients in each demography. Improvements in radiology imaging techniques have enabled the industry to build smaller and portable low-magnetic-field MRIs. People with underlying disease conditions can face more serious complications due to COVID-19. Thus, this may increase the adoption of imaging systems during the pandemic. For instance, in 2020, Hyperfine received the United States FDA clearance to use Swoop for brain imaging across all age groups. Thus, rising product approval and adoption impact the market studied.

The other key factors propelling the growth of the magnetic resonance imaging market are increase in the technological advancements, 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 the rising adoption of universal health coverage in the developed and developing markets.

Magnetic resonance imaging (MRI) is an efficient diagnostic machine for identifying diseases related to tumors, stroke, and spine lesions impacting the area of blood vessels and the brain. The rising prevalence of these diseases is expected to play a crucial role in market growth. For instance, as per the American Cancer Society, in 2020, 19.2 million new cancer cases were recorded across the world. In addition to this, the rising demand for effective and quick diagnostic procedures is expected to contribute toward the adoption of MRI machines.

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. For instance, in 2019, the US Food and Drug Administration (FDA) approved Clariscan developed by GE Healthcare. Clariscan is a gadolinium-based contrast agent indicated for intravenous use with MRI in brain (intracranial), spine, and associated tissues in adult and pediatric patients, to detect and visualize areas with disruption of the blood brain barrier (BBB) and/or abnormal vascularity. Increasing demand for and development of the MRI technology are expected to help the market growth. However, the use of refurbished MRI equipment is also widely preferred in the developing markets, due to its cost-effectiveness and easy availability.

Key Market TrendsThe Oncology Segment is Expected to Hold a Significant Market Share Over the Forecast Period

MRI creates pictures of soft tissue parts of the body that are sometimes hard to see using other imaging tests. As a result, MRI is very good at finding and pinpointing some cancers. An MRI with contrast dye is the best way to see the brain and spinal cord tumors. Using MRI, doctors can sometimes tell if a tumor is cancerous or not.

MRI images can also help doctors plan treatment, such as surgery or radiation therapy.

The demand for this technology is increasing due to the rising cases of cancer globally. According to the Cancer Research UK, the population suffering from cancer is expected to increase in the future. As per its 2018 report, if recent trends in incidence of major cancers and population growth are consistent, it is predicted that there will be 27.5 million new cancer cases worldwide each year by 2040. This is an increase of 61.7% from 2018, which is expected to be higher in males, with a rise of about 67.6%, compared to females, with an estimated rise of 55.3%.​This factor is expected to increase the demand for MRI in oncology, helping the market grow.

COVID-19 is expected to have a negative impact on the oncology segment. COVID-19 has majorly impacted outpatient imaging services. For instance, as per the article published in NCBI in 2020, COVID-19 Pandemic Impact on Decreased Imaging Utilization: A Single Institutional Experience, system-wide imaging volume decreased by 55% between April 7 and 13, 2020. Outpatient exams decreased by 68% relative to normal practice. Emergency exams decreased by 48% and inpatient exams declined by 31%. Mammograms and nuclear medicine scans were the most affected modalities, decreasing by 93% and 61%, respectively.

Also, as per the survey conducted by Breastcancer.org in 2020, in 534 patients, 31.7% of people who had been diagnosed with breast cancer reported a delay in care; of these people, 22% reported that they had a delay in screening and 9.3% reported a delay in treatment due to COVID-19 in the United States.

Thus, the impact of COVID-19 on the routine diagnostics services industry has been prominent.

North America Dominates the MRI Market and is Expected to Hold the Largest Market Share Over the Forecast Period

North America currently dominates the 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. Siemens and Philips are the leading companies in North America.

The burden of chronic illnesses, like cancer, cardiovascular diseases (CVD), and neurological diseases, is huge in the United States (US). The Centers for Disease Control and Prevention (CDC) estimated that between 2010 and 2020, the number of new cancer cases in the country increased by 24% in men to more than 1 million cases per year, and by about 21% in women to more than 900,000 cases per year. MRI systems are an important part of diagnostics and treatment plans, like radiation therapy. As a result of increasing cancer cases, the demand for MRI is expected to increase in the region.

As a result of this growing demand, many companies have been launching new improved systems to capitalize on the market. In 2017, the US Food and Drug Administration cleared the first seven tesla (7T) magnetic resonance imaging (MRI) device, more than doubling the static magnetic field strength available for use in the United States. The Magnetom Terra is the first 7T MRI system cleared for clinical use in the United States.

The rising number of cases of COVID-19 is expected to have a negative impact on the growth of the North American MRI market. The impact of COVID-19 on the routine diagnostics services industry has been prominent. Governments of various countries have posed restrictions on the usage of MRI, as there are high chances of contamination with the usage of large equipment. In April 2020, the American College of Radiology (ACR) issued guidance recommendations specifying that radiologists diagnosing the COVID-19 patients should only use the diagnostic imaging equipment only when it is necessary. Furthermore, the guidance recommended that the usage of equipment, like MRI and CT scans, should be temporarily halted to curb the contamination by the virus through diagnostic equipment. However, as the diagnostic imaging instruments, like MRI, represent essential component of healthcare services, the impact is not expected to be long-term.

Competitive Landscape

The global magnetic resonance imaging market is highly competitive and consists of several major players. In terms of market share, a few of the major players currently dominate the market. However, with technological advancements and quality service provisions, mid-size to smaller companies are increasing their market presence by introducing new products with less prices. Companies, like Siemens Healthineers, GE Healthcare, Canon Medical Systems, and Philips Healthcare, hold a significant market share in the global magnetic resonance imaging market.

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Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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