Europe MRI Market – Size, Outlook, Trends, and Forecast (2024

Europe MRI Market - Size

Study Period

2018 - 2030

Base Year For Estimation

2023

Forecast Data Period

2024-2030

Historical Data Period

2018-2021

CAGR

7 %

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

MRI (Magnetic Resonance Imaging) or Nuclear Magnetic Response Imaging (NMRI) is an advanced and safe imaging technique that provides the visual representation of physiological processes in the body especially soft tissues in the body. It creates exhaustive images of the body parts, particularly soft tissues with the help of radiations and magnetic field. MRI scanners provide the visual representation of soft tissues inside the body. The patient bed enters a strong magnetic field, and the radio waves are applied for a short period. To make special signals, there are certain atoms will appear in the body. The MRI scanner takes the special signals and sends the information regarding the body’s current condition, and the computer will create the image according to the scanner response. MRI can be used in wide range of applications like neurology, oncology, cardiology, and others.

Europe MRI Market Segments Size & Growth:

The Europe MRI market is estimated to reach USD XX Billion by 2024, at a CAGR of XX% from $XX Billion in 2018. The major factors leading the Europe MRI market are growing geriatric population, rising prevalence of chronic conditions, growing applications of MRI-guided radiotherapy for brain tumours, advances in scanning technology and imaging contrast agents. The non-invasive diagnostic imaging is used for the detailed anatomical study of body parts, especially soft tissues. Rising demand for the non-invasive diagnostic imaging plays a crucial role in Europe MRI market growth. The growing applications of MRI-guided radiotherapy for brain tumours and advances in scanning technology are also contributing majorly to the Europe MRI market growth. High cost of MRI systems, expensive treatment, and

Europe MRI Market - Growth

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

lo reimbursement rates for MRI procedures are restraining the market growth during the forecast period. Lack of skilled professionals and instruments complexity are challenging the market growth in upcoming years. Emerging hybrid MRI systems and novel applications in developed economies are providing profitable opportunities to the market.

Europe MRI Market Segments Share:

Europe MRI market is segmented based on the architecture, field strength, applications, end-users, and geography. By architecture, the market is segmented into open MRI systems, closed MRI systems. Among these, the closed MRI systems are accounting largest market share in 2017, owing to the technological advancements, and cost-effectiveness. By field strength, the market is classified into low-to-mid-field strength MRI, high-field strength MRI, very high-field strength MRI, ultra-high-field strength MRI, and others. High-field segment is estimated to grow at the fastest growth rate during the forecast period, due to their advantages regarding SNR (Signal to Noise Ratio). By considering the applications segment, the market is categorised into the brain and neurological MRI, cardiology, oncology, vascular MRI, spine and musculoskeletal MRI, and others. Brain and the neurological segment are expected to hold the largest market share followed by the spine and musculoskeletal segment, owing to the increasing ageing population and growing awareness of diagnosis.

By Geography; the European countries such as United Kingdom, Germany, and Sweden has laid an excellent foundation for the MRI market by making healthcare setups, and by improving the awareness level of healthcare and diagnosis. The European countries per capita income are higher which is making the advanced medical techniques more accessible and affordable. Rising ageing population, increasing incidence of chronic disorders is

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Europe MRI Market - Porter's Five Force Analysis

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

driving the demand for MRI systems in Europe region.

Europe MRI Market Trends:

Canon Medical Systems Corporation has launched Pianissimo Vantage Titan 1.5T’s unique feature to reduce the noise at the source, and MRI no longer needs to be loud and disruptive.
To take flexibility and MRI performance to the higher levels, Canon Medical Systems pioneered the vantage systems with complete contrast-free MRA techniques. Fresh Blood Imaging and Time-Spatial Inversion Pulse are the advanced hybrid imaging techniques implemented.

Europe MRI Market Research Report:

An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.

To have complete market analysis, industry value chain analysis, Porter’s Five Force Analysis, PESTLE, SWOT analysis, and Y-o-Y analysis were carried to understand the market more comprehensively.

Regional and Global Diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year

Identifying DROC in the current market and their impact in altering the market dynamics.

Competitive landscape analysis to identify the mergers and acquisitions which will have a comparative financial analysis with major competitors.

Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.

The major key players in the Europe MRI Market are:

Hitachi Medical Corporation
GE Healthcare
Siemens Healthcare
Bruker Corporation
Philips Healthcare
Canon Medical System Corporation

Along with these companies, there were many other companies considered/ cited in the report while analysing the Europe MRI market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.

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