Market Size of Italy Magnetic Resonance Imaging Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 251.66 Million |
Market Size (2029) | USD 322.11 Million |
CAGR (2024 - 2029) | 5.06 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Italy Magnetic Resonance Imaging Market Analysis
The Italy Magnetic Resonance Imaging Market size is estimated at USD 251.66 million in 2024, and is expected to reach USD 322.11 million by 2029, growing at a CAGR of 5.06% during the forecast period (2024-2029).
COVID-19 had an adverse impact on the magnetic resonance imaging market in Italy. According to a July 2020 article titled "Impact of coronavirus disease 2019 (COVID-19) emergency on Italian radiologists: a national survey," following the COVID-19, the Italian government put social isolation and containment measures into place, which ultimately resulted in a lockdown of the entire nation. Due to this circumstance, the majority of radiological departments were compelled to discontinue doing MRI and CT scans. Because of a decline in ultrasound, mammography, and MRI, most Italian radiology departments saw a considerable loss in imaging volumes, especially in private practice, where 13.3% of institutions stopped operating. In COVID-19, cardiac inflammation has a wide range of effects. According to a research study published in February 2021 titled "Researchers Investigate What COVID-19 Does to the Heart," in March 2020, doctors in Italy determined that extreme fatigue in an otherwise healthy 53-year-old woman with a positive SARS-CoV-2 test who had mild respiratory symptoms and fever a week earlier was probably caused by inflammation of the heart muscle and sac, known as myopericarditis. Cardiac MRI was used to find this condition. Therefore, there will likely be a future need for the MRI market to diagnose COVID problems. Thus, it is expected to increase the demand for the MRI market for diagnosing COVID complications in the future.
The major factors that are expected to drive the growth of the studied market of magnetic resonance imaging (MRI) in Italy are the increasing burden of chronic diseases such as cardiovascular (CVD) diseases and initiatives by market players. According to a research study titled "Cardiovascular disease burden: Italian and global perspectives," which was published in March 2021, the prevalence of cardiovascular diseases (CVDs) in Italy is nearly two times higher than the global prevalence (12.9% vs. 6.6%), while age-standardized estimates are similar (6.2% vs. 6.3%), and the impact of longer life expectancies is a major factor affecting CVD epidemiology in Italy when compared to the rest of the world. Several market players are working on strategic initiatives that are helping to drive market expansion. In January 2020, ASG Superconductors is an Italian company especially focused on developing the latest technology and market development of the MROpen EVO, the best MRI experience system based on unique superconducting technology and other innovative applications. By significantly minimising claustrophobia and providing the patient with high-quality diagnostic images in a relaxing scanning environment, MROpen EVO is incredibly patient-friendly. Thus, the abovementioned factors are expected to increase the market growth.
However, it is anticipated that the market expansion in Italy will be constrained by inadequate reimbursement and the high cost of equipment.
Italy Magnetic Resonance Imaging Industry Segmentation
As per the scope of the report, magnetic resonance imaging is a medical imaging technique, which is used in radiology to produce pictures of the anatomy and the physiological processes of the body. These pictures are further used to diagnose and detect the presence of abnormalities in the body. Italy Magnetic Resonance Imaging Market is segmented by Architecture (Closed MRI Systems, and Open MRI Systems), Field Strength (Low Field MRI Systems, High Field MRI Systems, and Very High Field MRI Systems and Ultra-high MRI Systems), Application (Oncology, Neurology, Cardiology, Gastroenterology, Musculoskeletal, and Other Applications). The report offers the value (in USD million) for the above segments.
By Architecture | |
Closed MRI Systems | |
Open MRI Systems |
By Field Strength | |
Low Field MRI Systems | |
High Field MRI Systems | |
Very High Field MRI Systems and Ultra-high MRI Systems |
By Application | |
Oncology | |
Neurology | |
Cardiology | |
Gastroenterology | |
Musculoskeletal | |
Other Applications |
Italy Magnetic Resonance Imaging Market Size Summary
The magnetic resonance imaging (MRI) market in Italy is poised for growth, driven by the increasing prevalence of chronic diseases such as cardiovascular conditions and cancer. The market is experiencing a resurgence following the setbacks caused by the COVID-19 pandemic, which had led to a significant decline in imaging volumes due to nationwide lockdowns and social distancing measures. The demand for MRI systems is expected to rise as they play a crucial role in diagnosing COVID-19 related complications, such as cardiac inflammation. Additionally, advancements in MRI technology, such as the development of open MRI systems, are enhancing patient comfort and expanding the market's reach. These innovations are particularly beneficial for patients who experience claustrophobia or have specific physical needs, thereby broadening the patient base for MRI procedures.
The competitive landscape of the Italian MRI market is characterized by the presence of major players like GE Healthcare, Siemens Healthineers AG, Canon Medical Systems Corporation, Fujifilm Holdings Corporation, and Koninklijke Philips NV. These companies are actively engaged in strategic initiatives to drive market expansion, such as the introduction of innovative MRI systems and technological advancements. Despite the promising growth prospects, the market faces challenges related to inadequate reimbursement and the high cost of MRI equipment. However, the ongoing efforts to provide cutting-edge technology and improve patient safety are expected to propel the market forward. The increasing incidence of cancer and the subsequent need for advanced imaging systems for diagnosis and monitoring further contribute to the market's growth trajectory in Italy.
Italy Magnetic Resonance Imaging Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Prevalence of Chronic Diseases
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1.2.2 Increasing Technological Advancements
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1.3 Market Restraints
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1.3.1 Lack Of Proper Reimbursement And Stringent Regulatory Approval Procedures
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1.3.2 High Cost of Equipment
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1.4 Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Architecture
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2.1.1 Closed MRI Systems
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2.1.2 Open MRI Systems
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2.2 By Field Strength
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2.2.1 Low Field MRI Systems
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2.2.2 High Field MRI Systems
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2.2.3 Very High Field MRI Systems and Ultra-high MRI Systems
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2.3 By Application
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2.3.1 Oncology
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2.3.2 Neurology
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2.3.3 Cardiology
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2.3.4 Gastroenterology
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2.3.5 Musculoskeletal
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2.3.6 Other Applications
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Italy Magnetic Resonance Imaging Market Size FAQs
How big is the Italy Magnetic Resonance Imaging Market?
The Italy Magnetic Resonance Imaging Market size is expected to reach USD 251.66 million in 2024 and grow at a CAGR of 5.06% to reach USD 322.11 million by 2029.
What is the current Italy Magnetic Resonance Imaging Market size?
In 2024, the Italy Magnetic Resonance Imaging Market size is expected to reach USD 251.66 million.