Product Code: GVR-4-68040-480-0
7T Magnetic Resonance Imaging Systems Market Growth & Trends:
The global 7T magnetic resonance imaging systems market size is anticipated to reach USD 3.16 billion by 2030 and is projected to grow at a CAGR of 6.98% from 2024 to 2030, according to a new report by Grand View Research, Inc. The major factors contributing to market growth include advancements in imaging technology, increasing demand for high-resolution imaging, and expanding clinical applications. For instance, according to an article published by NCBI, Numerous research sites around the world have successfully demonstrated magnetic resonance imaging (MRI) of the human spinal cord at 7 Tesla, highlighting that the spinal cord is one area where higher magnetic fields and improved resolution can significantly enhance imaging outcomes.
The increasing prevalence of chronic disorders such as cancer, cardiovascular diseases, and neurological conditions is driving the demand for effective diagnostic tools, significantly contributing to the market growth. As these complex diseases become more common, the need for advanced imaging technologies that can provide detailed and accurate diagnoses is paramount. The high-resolution capabilities of 7-Tesla MRI systems allow for enhanced visualization of tissues and structures, making it particularly valuable in detecting subtle changes that may indicate the presence or progression of these conditions.
The growing applications for 7T MRI are further leading to the growing adoption of these devices among end users. For instance, the USD 9 million Siemens MAGNETOM 7T, housed in the Neuroimaging Center at Auburn University's Samuel Ginn College of Engineering, has received certification from the FDA for use with clinical patients. This new system offers enhanced imaging capabilities compared to the college's previous 7T research device.
Strategic initiatives undertaken by major market players, including mergers and acquisitions, product launches, regulatory approvals, partnerships, collaborations, and research and development (R&D) activities, play a crucial role in driving the market growth. For instance, in April 2024, Siemens Healthineers announced the launch of the MAGNETOM Terra.X 7 Tesla (7T) MRI scanner in Canada.
7T Magnetic Resonance Imaging Systems Market Report Highlights:
- Based on application, the research segment led the market with the largest revenue share of 70.6% in 2023. The clinical segment is anticipated to grow at the fastest CAGR during the forecast period
- Based on end use, the research institutions segment led the market with the largest revenue share of 67.4% in 2023. The hospital segment is expected to grow at the fastest CAGR over the forecast period
- North America dominated the market with the largest revenue share of 41.7% in 2023.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Segment Definitions
- 1.2.1. Application
- 1.2.2. End Use
- 1.2.3. Regional scope
- 1.2.4. Estimates and forecasts timeline
- 1.3. Research Methodology
- 1.4. Information Procurement
- 1.4.1. Purchased database
- 1.4.2. GVR's internal database
- 1.4.3. Secondary sources
- 1.4.4. Primary research
- 1.4.5. Details of primary research
- 1.4.5.1. Data for primary interviews in North America
- 1.4.5.2. Data for primary interviews in Europe
- 1.4.5.3. Data for primary interviews in Asia Pacific
- 1.4.5.4. Data for primary interviews in Latin America
- 1.4.5.5. Data for Primary interviews in MEA
- 1.5. Information or Data Analysis
- 1.5.1. Data analysis models
- 1.6. Market Formulation & Validation
- 1.7. Model Details
- 1.7.1. Commodity flow analysis (Model 1)
- 1.7.2. Approach 1: Commodity flow approach
- 1.7.3. Volume price analysis (Model 2)
- 1.7.4. Approach 2: Volume price analysis
- 1.8. List of Secondary Sources
- 1.9. List of Primary Sources
- 1.10. Objectives
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.2.1. Application outlook
- 2.2.2. End use outlook
- 2.2.3. Regional outlook
- 2.3. Competitive Insights
Chapter 3. 7T Magnetic Resonance Imaging (MRI) Systems Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.1.1. Parent market outlook
- 3.1.2. Related/ancillary market outlook
- 3.2. Market Dynamics
- 3.2.1. Market driver analysis
- 3.2.1.1. Technological advancements
- 3.2.1.2. Increasing demand for high-resolution imaging
- 3.2.1.3. Expanding applications
- 3.2.1.4. Growing adoption by end users
- 3.2.2. Market restraint analysis
- 3.2.2.1. High cost of equipment
- 3.2.2.2. Specialized infrastructure requirements
- 3.2.2.3. Regulatory hurdles and limited approvals for clinical use
- 3.3. 7T Magnetic Resonance Imaging (MRI) Systems Market Analysis Tools
- 3.3.1. Industry Analysis - Porter's
- 3.3.1.1. Supplier power
- 3.3.1.2. Buyer power
- 3.3.1.3. Substitution threat
- 3.3.1.4. Threat of new entrant
- 3.3.1.5. Competitive rivalry
- 3.3.2. PESTEL Analysis
- 3.3.2.1. Political landscape
- 3.3.2.2. Technological landscape
- 3.3.2.3. Economic landscape
Chapter 4. 7T Magnetic Resonance Imaging (MRI) Systems Market: Application Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. Global 7T Magnetic Resonance Imaging (MRI) Systems Application Market Movement Analysis
- 4.3. Global 7T Magnetic Resonance Imaging (MRI) Systems Market Size & Trend Analysis, by Application, 2018 to 2030 (USD Million)
- 4.4. Clinical
- 4.4.1. Clinical market estimates and forecasts, 2018 to 2030 (USD Million)
- 4.5. Research
- 4.5.1. Research market estimates and forecasts, 2018 to 2030 (USD Million)
Chapter 5. 7T Magnetic Resonance Imaging (MRI) Systems Market: End Use Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. Global 7T Magnetic Resonance Imaging (MRI) Systems End Use Market Movement Analysis
- 5.3. Global 7T Magnetic Resonance Imaging (MRI) Systems Market Size & Trend Analysis, by End Use, 2018 to 2030 (USD Million)
- 5.4. Hospitals and Clinics
- 5.4.1. Hospitals market estimates and forecasts, 2018 to 2030 (USD Million)
- 5.5. Research institutions
- 5.5.1. Research institutions market estimates and forecasts, 2018 to 2030 (USD Million)
- 5.6. Diagnostic Imaging Centers
- 5.6.1. Diagnostic imaging centers market estimates and forecasts, 2018 to 2030 (USD Million)
Chapter 6. 7T Magnetic Resonance Imaging (MRI) Systems Market: Regional Estimates & Trend Analysis By Application, End Use
- 6.1. Regional Market Share Analysis, 2023 & 2030
- 6.2. Regional Market Dashboard
- 6.3. Global Regional Market Snapshot
- 6.4. Market Size, & Forecasts Trend Analysis, 2018 to 2030:
- 6.5. North America
- 6.5.1. U.S.
- 6.5.1.1. Key country dynamics
- 6.5.1.2. Competitive scenario
- 6.5.1.3. Regulatory framework
- 6.5.1.4. Reimbursement structure
- 6.5.1.5. U.S. market estimates and forecasts, 2018 to 2030 (USD Million)
- 6.5.2. Canada
- 6.5.2.1. Key country dynamics
- 6.5.2.2. Competitive scenario
- 6.5.2.3. Regulatory framework
- 6.5.2.4. Reimbursement structure
- 6.5.2.5. Canada market estimates and forecasts, 2018 to 2030 (USD Million)
- 6.5.3. Mexico
- 6.5.3.1. Key country dynamics
- 6.5.3.2. Competitive scenario
- 6.5.3.3. Regulatory framework
- 6.5.3.4. Reimbursement structure
- 6.5.3.5. Mexico market estimates and forecasts, 2018 to 2030 (USD Million)
- 6.6. Europe
- 6.6.1. UK
- 6.6.1.1. Key country dynamics
- 6.6.1.2. Competitive scenario
- 6.6.1.3. Regulatory framework
- 6.6.1.4. Reimbursement structure
- 6.6.1.5. UK market estimates and forecasts, 2018 to 2030 (USD Million)
- 6.6.2. Germany
- 6.6.2.1. Key country dynamics
- 6.6.2.2. Competitive scenario
- 6.6.2.3. Regulatory framework
- 6.6.2.4. Reimbursement structure
- 6.6.2.5. Germany market estimates and forecasts, 2018 to 2030 (USD Million)
- 6.6.3. France
- 6.6.3.1. Key country dynamics
- 6.6.3.2. Competitive scenario
- 6.6.3.3. Regulatory framework
- 6.6.3.4. Reimbursement structure
- 6.6.3.5. France market estimates and forecasts, 2018 to 2030 (USD Million)
- 6.6.4. Italy
- 6.6.4.1. Key country dynamics
- 6.6.4.2. Competitive scenario
- 6.6.4.3. Regulatory framework
- 6.6.4.4. Reimbursement structure
- 6.6.4.5. Italy market estimates and forecasts, 2018 to 2030 (USD Million)
- 6.6.5. Spain
- 6.6.5.1. Key country dynamics
- 6.6.5.2. Competitive scenario
- 6.6.5.3. Regulatory framework
- 6.6.5.4. Reimbursement structure
- 6.6.5.5. Spain market estimates and forecasts, 2018 to 2030 (USD Million)
- 6.6.6. Norway
- 6.6.6.1. Key country dynamics
- 6.6.6.2. Competitive scenario
- 6.6.6.3. Regulatory framework
- 6.6.6.4. Reimbursement structure
- 6.6.6.5. Norway market estimates and forecasts, 2018 to 2030 (USD Million)
- 6.6.7. Sweden
- 6.6.7.1. Key country dynamics
- 6.6.7.2. Competitive scenario
- 6.6.7.3. Regulatory framework
- 6.6.7.4. Reimbursement structure
- 6.6.7.5. Sweden market estimates and forecasts, 2018 to 2030 (USD Million)
- 6.6.8. Denmark
- 6.6.8.1. Key country dynamics
- 6.6.8.2. Competitive scenario
- 6.6.8.3. Regulatory framework
- 6.6.8.4. Reimbursement structure
- 6.6.8.5. Denmark market estimates and forecasts, 2018 to 2030 (USD Million)
- 6.7. Asia Pacific
- 6.7.1. Japan
- 6.7.1.1. Key country dynamics
- 6.7.1.2. Competitive scenario
- 6.7.1.3. Regulatory framework
- 6.7.1.4. Reimbursement structure
- 6.7.1.5. Japan market estimates and forecasts, 2018 to 2030 (USD Million)
- 6.7.2. China
- 6.7.2.1. Key country dynamics
- 6.7.2.2. Competitive scenario
- 6.7.2.3. Regulatory framework
- 6.7.2.4. Reimbursement structure
- 6.7.2.5. China market estimates and forecasts, 2018 to 2030 (USD Million)
- 6.7.3. India
- 6.7.3.1. Key country dynamics
- 6.7.3.2. Competitive scenario
- 6.7.3.3. Regulatory framework
- 6.7.3.4. Reimbursement structure
- 6.7.3.5. India market estimates and forecasts, 2018 to 2030 (USD Million)
- 6.7.4. Australia
- 6.7.4.1. Key country dynamics
- 6.7.4.2. Competitive scenario
- 6.7.4.3. Regulatory framework
- 6.7.4.4. Reimbursement structure
- 6.7.4.5. Australia market estimates and forecasts, 2018 to 2030 (USD Million)
- 6.7.5. South Korea
- 6.7.5.1. Key country dynamics
- 6.7.5.2. Competitive scenario
- 6.7.5.3. Regulatory framework
- 6.7.5.4. Reimbursement structure
- 6.7.5.5. South Korea market estimates and forecasts, 2018 to 2030 (USD Million)
- 6.7.6. Thailand
- 6.7.6.1. Key country dynamics
- 6.7.6.2. Competitive scenario
- 6.7.6.3. Regulatory framework
- 6.7.6.4. Reimbursement structure
- 6.7.6.5. Thailand market estimates and forecasts, 2018 to 2030 (USD Million)
- 6.8. Latin America
- 6.8.1. Brazil
- 6.8.1.1. Key country dynamics
- 6.8.1.2. Competitive scenario
- 6.8.1.3. Regulatory framework
- 6.8.1.4. Reimbursement structure
- 6.8.1.5. Brazil market estimates and forecasts, 2018 to 2030 (USD Million)
- 6.8.2. Argentina
- 6.8.2.1. Key country dynamics
- 6.8.2.2. Competitive scenario
- 6.8.2.3. Regulatory framework
- 6.8.2.4. Reimbursement structure
- 6.8.2.5. Argentina market estimates and forecasts, 2018 to 2030 (USD Million)
- 6.9. MEA
- 6.9.1. South Africa
- 6.9.1.1. Key country dynamics
- 6.9.1.2. Competitive scenario
- 6.9.1.3. Regulatory framework
- 6.9.1.4. Reimbursement structure
- 6.9.1.5. South Africa market estimates and forecasts, 2018 to 2030 (USD Million)
- 6.9.2. Saudi Arabia
- 6.9.2.1. Key country dynamics
- 6.9.2.2. Competitive scenario
- 6.9.2.3. Regulatory framework
- 6.9.2.4. Reimbursement structure
- 6.9.2.5. Saudi Arabia market estimates and forecasts, 2018 to 2030 (USD Million)
- 6.9.3. UAE
- 6.9.3.1. Key country dynamics
- 6.9.3.2. Competitive scenario
- 6.9.3.3. Regulatory framework
- 6.9.3.4. Reimbursement structure
- 6.9.3.5. UAE market estimates and forecasts, 2018 to 2030 (USD Million)
- 6.9.4. Kuwait
- 6.9.4.1. Key country dynamics
- 6.9.4.2. Competitive scenario
- 6.9.4.3. Regulatory framework
- 6.9.4.4. Reimbursement structure
- 6.9.4.5. Kuwait market estimates and forecasts, 2018 to 2030 (USD Million)
Chapter 7. Competitive Landscape
- 7.1. Recent Developments & Impact Analysis, By Key Market Participants
- 7.2. Company/Competition Categorization
- 7.3. Key company market share analysis, 2023
- 7.4. Company Position Analysis
- 7.5. Company Categorization (Emerging Players, Innovators and Leaders
- 7.6. Company Profiles
- 7.6.1. Bruker
- 7.6.1.1. Company overview
- 7.6.1.2. Financial performance
- 7.6.1.3. Product benchmarking
- 7.6.1.4. Strategic initiatives
- 7.6.2. GE HealthCare
- 7.6.2.1. Company overview
- 7.6.2.2. Financial performance
- 7.6.2.3. Product benchmarking
- 7.6.2.4. Strategic initiatives
- 7.6.3. Siemens Healthineers
- 7.6.3.1. Company overview
- 7.6.3.2. Financial performance
- 7.6.3.3. Product benchmarking
- 7.6.3.4. Strategic initiatives
- 7.6.4. Koninklijke Philips N.V.
- 7.6.4.1. Company overview
- 7.6.4.2. Financial performance
- 7.6.4.3. Product benchmarking
- 7.6.4.4. Strategic initiatives