South Korea Magnetic Resonance Imaging Market Insights Forecasts to 2033

• The South Korea Magnetic Resonance Imaging Market Size was valued at USD 296.5 Million in 2023.
• The Market is growing at a CAGR of 5.21% from 2023 to 2033
• The South Korea Magnetic Resonance Imaging Market Size is expected to reach USD 492.5 Million by 2033

The South Korea Magnetic Resonance Imaging Market is anticipated to exceed USD 492.5 Million by 2033, growing at a CAGR of 5.21% from 2023 to 2033. The growing geriatric population and increasing prevalence of chronic disease are driving the growth of the magnetic resonance imaging market in the South Korea.     

Market Overview

Magnetic resonance imaging is a medical imaging method that creates comprehensive images of the body’s internal structures using radio waves, magnets, and a computer. MRIs are safe and often used, in contrast to X-rays and CT scans. They are especially useful for imaging soft tissues such as the brain, spinal cord, muscles, and internal organs. MRI is a useful diagnostic technique for a wide range of illnesses and is utilized in many medical professions in South Korea. The growing aging population is responsible for driving the market as these age groups are more prone to diseases which leads to a surging need for better health facilities. The technical innovations, research, and accessibility to healthcare through policies and programs promoting the country’s modern healthcare infrastructure are driving the adoption of MRI. The market for high-field MRI scanners is growing rapidly, in part because local startup companies in South Korea are developing magnetic resonance (MR) software.

Report Coverage

This research report categorizes the market for the South Korea magnetic resonance imaging market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea magnetic resonance imaging market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea magnetic resonance imaging market.

Driving Factors

The population of individuals 65 years of age and over increased from 4.73 million in 2020 to 8.537 million in 2021, making up almost 16.5% of the total population (Source: Statics Korea 20201 Elderly Statics). The growing aging population is responsible for driving the market. Further, technological developments and rising healthcare costs are driving the South Korea MRI market. The increasing need for efficient diagnostic instruments and technology that can deliver precise results for delivering efficient treatment is anticipated to propel the market. The International Diabetes Federation estimates that there will be 3,511.8 diabetics in South Korea in 2021 and that number will rise to 3,934.2 by 2030. The rising prevalence of diabetes, which has increased the risk of stroke and other CVDs is anticipated to drive the market.

Restraining Factors

The high cost of magnetic resonance imaging (MRI) systems is responsible for restraining the market growth.

Market Segmentation

The South Korea Magnetic Resonance Imaging Market share is classified into architecture, field strength, application, and end-use.

• The closed system segment dominated the market with the largest market share in 2023.

The South Korea magnetic resonance imaging market is segmented by architecture into open system and closed system. Among these, the closed system segment dominated the market with the largest market share in 2023. Closed system are used to capture incredibly detailed images by using strong magnetic fields and high-frequency radio waves. The enclosed architecture guarantees error-free analysis and allows for exact image slice selection.

• The mid field strength segment accounted for the largest revenue share of the South Korea magnetic resonance imaging market in 2023.

The South Korea magnetic resonance imaging market is segmented by field strength into low field strength, mid field strength, and high field strength. Among these, the mid field strength segment accounted for the largest revenue share of the South Korea magnetic resonance imaging market in 2023. Healthcare professionals frequently go for machines with mid-level field strength because of their capacity to produce high-precision images and because they are frequently more reasonably priced.

• The brain & neurological segment dominated the South Korea magnetic resonance imaging market during the forecast period.

Based on the application, the South Korea magnetic resonance imaging market is divided into obstructive sleep apnea (OSA), brain & neurological, spine & musculoskeletal, vascular, abdominal, cardiac, breast, and other. Among these, the brain & neurological segment dominated the South Korea magnetic resonance imaging market during the forecast period. MRI has higher detail and scan quality as compared to computed tomography for brain and neurological examination. As brain and neurological associated diseases are the leading cause of mortality, there is driving market demand in the brain and neurological segment

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• The hospitals segment dominates the market with the largest market share during the forecast period.       

Based on the end-use, the South Korea magnetic resonance imaging market is divided into hospitals, imaging centers, ambulatory surgical centers, and others. Among these, the hospitals segment dominates the market with the largest market share during the forecast period. There is an increasing application of rapid MRI (rMRI) in emergency care. The rising installation of MRI in teaching hospitals is propelling the market growth in the hospital segment.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea magnetic resonance imaging market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Siemens Healthcare Private Limited
• General Electric Company
• Canon Medical Systems Corporation
• Koninklijke Philips N.V.
• Hitachi, Ltd.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In January 2024, AIRS Medical, a leading AI-powered healthcare solution provider, announced that it has received EU Medical Device Regulation (MDR) CE certification for its AI-powered MRI enhancement solution 'SwiftMR'. This certification allows AIRS Medical to sell its flagship product, 'SwiftMR,' across the EU (27 countries), Turkey, EEA (Liechtenstein, Iceland, Norway), Great Britain, and Switzerland.
• In August 2022, AIRS Medical, a healthcare startup based in South Korea and a member of the Born2Global Centre, announced that it has raised approximately $20M in Series B funding. The round of Series B funding welcomed new investors Q Capital Partners and Hanwha Life and additional funds from Klim Ventures, which had contributed to the startup's Series A funding.
• In May 2022, Global medical artificial intelligence (AI) company, VUNO signed a memorandum of understanding (MOU) with Visual Medica, one of the largest PACS (Picture Archiving and Communication System) companies in Latin America (LATAM).

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the South Korea Magnetic Resonance Imaging Market based on the below-mentioned segments:

South Korea Magnetic Resonance Imaging Market, By Architecture

• Open System
• Closed System

South Korea Magnetic Resonance Imaging Market, By Field Strength

• Low Field Strength
• Mid Field Strength
• High Field Strength

South Korea Magnetic Resonance Imaging Market, By Application

• Obstructive Sleep Apnea (OSA)
• Brain & Neurological
• Spine & Musculoskeletal
• Vascular
• Abdominal
• Cardiac
• Breast
• Other

South Korea Magnetic Resonance Imaging Market, By End-Use

• Hospitals
• Imaging Centers
• Ambulatory Surgical Centers
• Others