Europe Open System MRI Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 385.80 Million |
| Market Size (2029) | USD 552.07 Million |
| CAGR (2024 - 2029) | 7.43 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Open System MRI Market Analysis
The Europe Open System MRI Market size is estimated at USD 385.80 million in 2024, and is expected to reach USD 552.07 million by 2029, growing at a CAGR of 7.43% during the forecast period (2024-2029).
During the COVID-19 pandemic, the European open system MRI market slowed down due to mandated social distancing measures, closures of companies, and international travel restrictions implemented, which limited economic activity. For instance, Siemens Healthcare saw a decline in its imaging business and in major modalities like MRI. Nevertheless, the market is expected to recover quickly during the forecast period.
The major factors driving the growth of the European open system MRI market are the growing incidence of age-associated chronic diseases, changing lifestyles, and high demand for safe and accurate diagnostic methods. Open MRI is used to accommodate claustrophobic, obese, and pediatric patients. ECIS estimated that the cancer burden rose to 2.8 million new cases (all types, excluding non-melanoma skin cancer) and 1.5 million deaths in 2021 in Europe. Therefore all these factors support the European open system MRI market.
The need for improvements in the quantity and quality of highly-precise MRI equipment is also expected to increase with time to tackle increasing diseases and populations. These government initiatives are also bound to boost the market growth in the healthcare sector. In 2021, the UK government introduced the "Medicines and Medical Device Act", which gave the Secretary of State broad powers to adopt a new regulatory framework for medical devices and medicines. Thus, the aforementioned factors are driving the growth of the European open system MRI market.
However, the high cost of devices may impede the market growth.
Europe Open System MRI Market Trends
This section covers the major market trends shaping the Europe Open System MRI Market according to our research experts:
Neurology Segment Under Application is Expected to Dominate the Market Growth During the Forecast Period
MRI systems used in neurology include diagnoses of brain and spinal cord tumors, infection, and vascular irregularities, which may lead to stroke. MRIs can also detect disorders and monitor degenerative disorders, such as multiple sclerosis, and they can even document brain injury from trauma. MRIs also have the potential to detect focal signal abnormalities, which may assist the clinical differentiation between Alzheimer's disease (AD) and vascular dementia (VaD).
Alzheimer Europe's 2021 report estimates that the number of people living with dementia in the European Union (EU27) is 7,853,705 and 9,780,678 in European countries represented by AE members. The number of people with dementia is expected to rise in the coming years, which would reflect positively on the market. Hence, the high burden of neurological diseases in Europe is expected to increase demand for diagnostic imaging equipment like open MRIs. Hence, these factors are expected to boost market growth.
United Kingdom is Expected to Hold a Significant Share in the Market
The presence of a sophisticated healthcare system such as the National Health Services (NHS) in the country, coupled with the growing geriatric population and increasing prevalence of chronic diseases such as cardiovascular diseases, musculoskeletal diseases, and cancer, is expected to boost the growth of the open system MRI) market in the United Kingdom during the forecast period. For instance, according to the Globocan 2021 report, the United Kingdom reported about 457,960 new cancer cases in 2021. As MRIs are one of the major imaging devices used in tumor diagnosis and monitoring, the demand for MRI systems is expected to increase.
According to a report from the British Heart Foundation, in the United Kingdom, roughly 7.6 million people were suffering from heart and cardiovascular disorders in 2020. An aging and growing population and improved survival rates from heart and circulatory events may see these numbers rise, which is expected to significantly boost the growth of the market studied in the country.
The presence of major market players, as well as other innovative and research-intensive companies in the nation with significant financing for R&D activities involved in advancing MRI technology, are also anticipated to contribute to the growth of the MRI market considerably. For instance, in September 2021, Hyperfine Inc. announced its plans for expansion in the United Kingdom and Pakistan. Hyperfine is a United States-based company engaged in the development of innovative MRI imaging devices.
Hence, growing strategic developments, coupled with the upsurge in the burden of chronic diseases, are boosting the market growth in the United Kingdom.
Europe Open System MRI Industry Overview
The European open-system MRI market is consolidated. The majority of open-system MRIs are manufactured by a few key players. With the increasing prevalence of diseases, technological advancements, and the aging population, some other players are also expected to enter the market in the coming years. Some market leaders in European open system MRIs are GE Healthcare, FujiFilm Corporation, Philips Healthcare, Siemens Healthcare, ESAOTE SA, and Canon Medical Systems Corporation.
Europe Open System MRI Market Leaders
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GE Healthcare
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Philips Healthcare
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Siemens Healthcare
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ESAOTE SA
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FujiFilm Corporation
*Disclaimer: Major Players sorted in no particular order
Europe Open System MRI Market News
- March 2022: The University of Waterloo developed a new form of MRI that makes cancerous tissue glow in medical images, enabling an easy and accurate diagnosis.
- December 2021: GE Healthcare launched its new MRI product, SIGNA Hero. This 3.0T MRI was named in honor of all the healthcare staff for continuing to offer their services amidst the global pandemic.
Europe Open System MRI Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Number of MRI Procedures
4.2.2 Increasing Product Launches
4.3 Market Restraints
4.3.1 High Cost of Open MRI Systems
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Resolution
5.1.1 Low- field Scanner
5.1.2 Mid-field Scanner
5.1.3 High-field Scanner
5.2 By Application
5.2.1 Neurology
5.2.2 Gastroenterology
5.2.3 Cardiology
5.2.4 Oncology
5.2.5 Other Applications
5.3 By Geography
5.3.1 Germany
5.3.2 United Kingdom
5.3.3 France
5.3.4 Italy
5.3.5 Spain
5.3.6 Rest of Europe
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 GE Healthcare
6.1.2 FujiFilm Corporation
6.1.3 Philips Healthcare
6.1.4 Siemens Healthcare
6.1.5 ESAOTE SA
6.1.6 Canon Medical Systems Corporation
6.1.7 Hitachi Medical Systems
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Europe Open System MRI Industry Segmentation
As per the scope of the report, open MRI is the more popular among the two available systems of MRI, which are open and closed. Open MRI systems have a magnetic field at the top and bottom and do not enclose the patient in a tunnel. This prevents the patients from becoming claustrophobic. The European open system MRI market is segmented by resolution (low-field scanner, mid-field scanner, and high-field scanner), application (neurology, gastroenterology, cardiology, oncology, and other applications), and geography (Germany, United Kingdom, France, Italy, Spain and Rest of Europe). The report offers values in USD million for the abovementioned segments.
| By Resolution | |
| Low- field Scanner | |
| Mid-field Scanner | |
| High-field Scanner |
| By Application | |
| Neurology | |
| Gastroenterology | |
| Cardiology | |
| Oncology | |
| Other Applications |
| By Geography | |
| Germany | |
| United Kingdom | |
| France | |
| Italy | |
| Spain | |
| Rest of Europe |
Europe Open System MRI Market Research FAQs
How big is the Europe Open System MRI Market?
The Europe Open System MRI Market size is expected to reach USD 385.80 million in 2024 and grow at a CAGR of 7.43% to reach USD 552.07 million by 2029.
What is the current Europe Open System MRI Market size?
In 2024, the Europe Open System MRI Market size is expected to reach USD 385.80 million.
Who are the key players in Europe Open System MRI Market?
GE Healthcare, Philips Healthcare, Siemens Healthcare, ESAOTE SA and FujiFilm Corporation are the major companies operating in the Europe Open System MRI Market.
What years does this Europe Open System MRI Market cover, and what was the market size in 2023?
In 2023, the Europe Open System MRI Market size was estimated at USD 359.12 million. The report covers the Europe Open System MRI Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Europe Open System MRI Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe Open System MRI Industry Report
Statistics for the 2024 Europe Open System MRI market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Open System MRI analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
