The latest market report published by Credence Research, Inc. “Global Magnetic Resonance Imaging (MRI) Systems Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The global Magnetic Resonance Imaging (MRI) Systems market is anticipated to grow at a substantial CAGR of 4.30% in the upcoming years. The global Magnetic Resonance Imaging (MRI) Systems industry was estimated to be worth USD 8.99 billion in 2022 and was expected to be worth USD 16.76 billion by 2028.
Magnetic Resonance Imaging (MRI) Systems Market Dynamics are constantly evolving due to the increasing adoption of advanced healthcare technologies and a rising prevalence of chronic diseases. The market is expected to continue its growth trajectory in the coming years, primarily driven by technological advancements in MRI systems that offer better imaging quality and faster processing speeds. Additionally, an increase in government funding for research and development activities related to MRI technology has also spurred growth within the industry. Furthermore, rising demand for non-invasive diagnostic procedures has created lucrative opportunities for players operating in this space. However, high costs associated with MRI systems coupled with strict regulatory policies may hinder market growth to some extent.
Segment Performance:
In 2022, the closed system segment accounted for the largest share of the market, driven by the evolution of more potent and effective equipment.
The mid-field strength segment held a prominent share, as it is widely used in oncology, cardiology, orthopedics, and neurology.
The hospital segment captured a significant share, primarily due to hospitals being equipped with the complex infrastructure required to install and operate MRI systems.
The cardiac segment held a prominent share, fueled by the increasing incidence of cardiac diseases globally and the usage of MRI for imaging medical complications such as strokes.
Regional Dominance:
In 2022, the Asia Pacific region held a prominent share in the global Magnetic Resonance Imaging (MRI) Systems market.
The region's strong patient base, increasing awareness of sophisticated diagnostics, and adoption of advanced technologies contributed to its market dominance.
Japan, with its high number of installed MRI systems per million population, played a significant role in the region's market position.
Key Countries:
The United States, being a major player in the healthcare industry, held a prominent position in the MRI Systems market.
European countries such as Germany, the United Kingdom, France, and Italy also contributed significantly, benefiting from well-established healthcare systems and research and development in medical imaging technologies.
Economic Impact:
The COVID-19 pandemic and the focus on managing and treating COVID-19 patients have temporarily impacted the utilization of MRI systems, leading to a decline in the market.
However, as the healthcare sector recovers and the demand for diagnostic imaging increases, the MRI Systems market is expected to rebound.
Competitive Environment:
The competitive landscape of the Magnetic Resonance Imaging (MRI) Systems industry encompasses economic profitability, sales, revenues, market share, business organization summaries, product introductions, and market opportunities.
Notable players in the market include GE Healthcare, Siemens AG, Toshiba Corporation, Aurora Imaging Technologies, Inc., Koninklijke Philips N.V., Esaote SPA, Sanrad Medical Systems Pvt ltd, Fujifilm.
Key Trends:
Wider-bore and open MRI systems have gained popularity, offering a more comfortable experience for patients, particularly those who are claustrophobic or larger in size.
Integration of Artificial Intelligence (AI) in MRI systems for image acquisition, reconstruction, and analysis is a growing trend.
Collaboration with Stakeholders:
Manufacturers of MRI systems collaborate with healthcare providers to ensure access to the latest innovations and technologies.
Partnerships with healthcare professionals and research institutions contribute to improving product functionality, features, and performance.
Major Investments:
Leading players in the Magnetic Resonance Imaging (MRI) Systems market have made significant investments in driving innovation, enhancing product offerings, and expanding their market presence.
For example, Canon Medical launched the Vantage
Why to Buy This Report-
· The report provides a qualitative as well as quantitative analysis of the global Magnetic Resonance Imaging (MRI) Systems Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
· The report includes information on the competitive landscape, such as how the market's top competitors operate at the global, regional, and country levels.
· In-depth analysis of the global market segmentation on the Field Strength Outlook and Field Strength Outlook
· Major nations in each region with their import/export statistics
· The global Magnetic Resonance Imaging (MRI) Systems Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
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Magnetic Resonance Imaging (MRI) Systems Market Information: By Type (Open MRI and Close MRI), Field Strength (High-Field MRI Systems), Disease Application (Brain and Neurological MRI), and by End-Users (Hospitals & Clinics) - Forecast Till 2027Market OverviewThe global Magnetic Resonance Imaging (MRI) Systems market 2020 is poised to record USD 5 Billion by 2023 at a 3.5% CAGR over the forecast period.
Market HighlightsThis market is motivated primarily by the growing need for non-invasive procedures, the adverse effects of radiation-based imaging, the growth in research and development activities in the life sciences field, and the the use of magnetic resonance imaging ( MRI) systems in drug discovery and preclinical testing processes.Market expansion, however, is limited by factors such as stringent regulatory approval processes, high instrument prices, a lack of competent operators, and inadequate reimbursement policies for magnetic resonance imaging ( MRI) systems.Request Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/6194 Segmental AnalysisBased on type, field power, disease application and end-user, the global market for magnetic resonance imaging ( MRI) systems is segmented.The market is segmented into open MRI, closed MRI, wide-bore MRI, standard bore MRI, comprise the type segment.The market is segmented into high-field MRI systems, 1.5 t MRI systems, 3 t MRI systems, low-to-mid-field MRI systems, very high-field MRI systems and others on the basis of field strength.The industry is segmented into spinal and musculoskeletal MRI, brain and neurological MRI, vaginal and abdominal MRI, breast MRI, cardiovascular MRI, and others with respect to the application of the disorder.The industry is categorised into medical imaging centres, hospitals and clinics, research labs, and pharmaceutical & biotechnology businesses according to the end consumer.Regional Overview Based on region the market is segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa.Leading to the growing prevalence of cardiovascular, neurological and ophthalmic diseases linked to the increasing geriatric population, which is a significant cause factor for this disease, America dominates the market for magnetic resonance imaging ( MRI) systems.
In addition, factors such as increased government interventions and support for medical device research, increased demand for accurate diagnosis, awareness of the adverse effects of radiation imaging, the potential to provide in-depth photographs of soft tissues and vascular systems, and the involvement of pharmaceutical giants are also driving the growth of the market in this area.Due to significant driving factors such as the provision of specialised treatment facilities, increased healthcare spending, strong healthcare infrastructure and the thriving medical technology industry due to the participation of major market players, Europe is the second largest market and holds a fair share in the global magnetic resonance imaging ( MRI) systems market.
Thus, due to the large customer population, faster adaptation of healthcare technologies, government measures to enhance the quality of healthcare, accessibility of favourable business growth of insurance policies will increase during the forecast period.
In addition, due to lower costs of clinical trials and testing, major players have set up their regional offices and production facilities in Singapore , China, Japan , Korea, and Australia, which would make the Magnetic Resonance Imaging ( MRI) systems industry a positive growth curve in the future.
Due to some major reasons , such as lack of knowledge, insufficient connectivity, and access to treatment facilities, the Middle East & Africa is expected to see the least growth in the sector.
According to the latest report by IMARC Group, The global magnetic resonance imaging systems market exhibited moderate growth during 2015-2020.
Looking forward, the global magnetic resonance imaging (MRI) systems market is expected to grow at a CAGR of around 5% during 2021-2026.Magnetic Resonance Imaging (MRI) systems refer to a non-invasive imaging technology used for producing three-dimensional (3D) images of the anatomy and physiological functioning of the body.
An MRI machine uses a strong magnetic field and radio waves to generate detailed images and facilitate the detection, diagnosis, and treatment of a disease.
It is usually combined with computed tomography (CT) and positron emission tomography (PET) scans for investigating various abnormalities, such as infections, tumors and cysts in the brain, bones, heart, and other internal organs.Market Trends:The increasing prevalence of chronic diseases, especially among the geriatric population, and the rising awareness regarding the benefits of early diagnosis are some of the major factors driving the global MRI systems market growth.
Rapid technological advancements, such as the development of four-dimensional (4D) imaging techniques and high-field MRI systems that are compatible with cardiac pacemakers, are alsosupporting the market growth.
The sudden outbreak of coronavirus disease (COVID-19) is further creating a positive outlook for the market as MRI is extensively used for evaluating the effects of the virus.Request for a free sample copy of this report: https://www.imarcgroup.com/magnetic-resonance-imaging-systems-market/requestsampleWe are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries.
Increasing demand for the medium (1.5T and 3T) field strength MRI system coupled with high investments in R of magnetic resonance imaging are fueling the market growth.Market Size – USD 5.62 Billion in 2018, Market Growth - CAGR of 4.6%, Market Trends – Increase in demand for magnetic resonance imaging for neurological procedures in the hospitals and ambulatory surgical center globally.
The global magnetic resonance imaging market is forecast to reach USD 8.50 Billion by 2027, according to a new report by Reports and Data.
Magnetic Resonance Imaging (MRI) is a non-invasive scanning technology that produces three-dimensional detailed anatomical images by incorporating powerful magnets and radiofrequency, unlike the X-Rays and CT Scans which make use of ionizing radiation technology.
Inside parts of various joints, ligaments, cartilage, muscles, tendons, and other injured parts of the body, especially for the disorders of the soft tissues, which cannot be observed with X-Rays and CT scan, can be projected through MRI system.
An increased awareness about healthcare & wellness, changing neurological & cerebrospinal disease patterns, government supports, and escalating volumes of implementation of the MRI units in various healthcare centers is expected to boost the further rapid growth of this market.The North American market is forecasted to grow with a CAGR of 4.9% during the forecast period, owing to its rising geriatric population and extensive demand for MRI units in the hospitals and ambulatory surgery centers.
This sub-segment is expected to grow at a CAGR of 7.0% during the forecast period.Closed MRI units take detailed images of the anatomy in a narrow cylindrical body through a bore.
Industry InsightsThe global magnetic resonance imaging (MRI) market was valued at USD 3.2 billion in 2015.
The systems are used mainly for the detection of central nervous system (CNS) related diseases such as tumors, spine lesions, stroke influenced area in brain and blood vessels.
The higher adoption in the technology is due to the its sharp and precise images in short period of 20 minutes time because of its paramagnetic contrast agent and gadolinium-DTPA use as an intravenous injection.The high cost of devices and maintenance as well as servicing cost are hinders the market growth.
The closed type of instrument captures the largest market in 2015.
The MRI is used for the scanning of various body parts such as abdomen, pelvis, brain, spine, heart, breast and musculoskeletal structure due to its anatomical and physiological scanning competence.The other alternative failed to give accurate and precise imaging results for the neural and brain disorders that boosts the market growth for MRI market.
The MRI market is not so suitable for the breast and cardiac imaging due to the other strong preferable techniques such as of X-ray and other fist line imaging techniques.Regional InsightsNorth America dominated the market with the largest revenue share in 2015.
