Europe Open System MRI Market Size (2024 - 2029)

The European open system MRI market is projected to experience significant growth over the forecast period, driven by an increasing prevalence of age-related chronic diseases, evolving lifestyles, and a rising demand for safe and accurate diagnostic methods. The market's expansion is supported by the need for enhanced MRI equipment to address growing health challenges and population demands, alongside government initiatives aimed at improving healthcare infrastructure. Despite the potential for rapid recovery and growth, the high cost of MRI devices poses a challenge to market expansion.

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Market Size of Europe Open System MRI Industry

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Europe Open System MRI Market Summary
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

Europe Open System MRI Market Major Players

*Disclaimer: Major Players sorted in no particular order

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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 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
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Europe Open System MRI Market Size Summary

The European open system MRI market is poised for significant growth over the forecast period, driven by an increasing incidence of age-associated chronic diseases and a rising demand for safe and accurate diagnostic methods. Open MRIs are particularly beneficial for accommodating patients who are claustrophobic, obese, or pediatric, which broadens their applicability in clinical settings. The market is expected to recover swiftly from the setbacks experienced during the COVID-19 pandemic, as factors such as government initiatives and advancements in MRI technology continue to support its expansion. The introduction of regulatory frameworks like the "Medicines and Medical Device Act" in the UK further underscores the commitment to enhancing healthcare infrastructure, thereby fostering market growth.

In the United Kingdom, the open system MRI market is expected to benefit from a sophisticated healthcare system, a growing geriatric population, and an increasing prevalence of chronic diseases such as cardiovascular disorders and cancer. The demand for MRI systems is anticipated to rise, driven by the need for diagnostic imaging in tumor diagnosis and monitoring. The presence of major market players and innovative companies investing in R&D activities is also expected to contribute significantly to market growth. Despite the high cost of devices posing a potential challenge, the overall market landscape remains positive, with strategic developments and the rising burden of chronic diseases acting as key growth drivers.

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Europe Open System MRI Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Increasing Number of MRI Procedures

      2. 1.2.2 Increasing Product Launches

    3. 1.3 Market Restraints

      1. 1.3.1 High Cost of Open MRI Systems

    4. 1.4 Porter's Five Force Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 2.1 By Resolution

      1. 2.1.1 Low- field Scanner

      2. 2.1.2 Mid-field Scanner

      3. 2.1.3 High-field Scanner

    2. 2.2 By Application

      1. 2.2.1 Neurology

      2. 2.2.2 Gastroenterology

      3. 2.2.3 Cardiology

      4. 2.2.4 Oncology

      5. 2.2.5 Other Applications

    3. 2.3 By Geography

      1. 2.3.1 Germany

      2. 2.3.2 United Kingdom

      3. 2.3.3 France

      4. 2.3.4 Italy

      5. 2.3.5 Spain

      6. 2.3.6 Rest of Europe

Europe Open System MRI Market Size FAQs

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.

In 2024, the Europe Open System MRI Market size is expected to reach USD 385.80 million.

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