Growing demand for quick and
effective diagnostic procedures and advancements in diagnostic techniques is
expected to drive the global MRI market.
According
to TechSci Research report, “Global MRI
Market By Field Strength (High-Field MRI Systems (1.5t
MRI Systems, 3t MRI Systems), Low-To-Mid-Field MRI Systems (<1.5t), Very-High-Field
MRI Systems (4t and Above)), By Type (Fixed, Mobile), By Architecture (Closed
MRI Systems, Open MRI Systems), By Application (Brain and Neurological,
Oncology, Spine and Musculoskeletal, Abdominal, Cardiac, Others), By End User
(Hospitals, Imaging Centers, Ambulatory Surgical Centers, Others), By Region,
Forecast & Opportunities, 2026”, the global MRI market was valued at around
USD6 billion in 2020 and is expected to witness CAGR of around 8% during the
forecast period to reach around USD9.4 billion through 2026. Key factors propelling the growth of the global MRI
market include advancements in magnetic resonance imaging (MRI) techniques and
growing requirements for quick and effective diagnostic procedures. The increasing
prevalence of health conditions such as spine lesions, tumors, and stroke are
further creating the demand for efficient diagnostic machines such as magnetic
resonance imaging. Moreover, technological advancements like diffusion and
diffusion tensor imaging with tractography, perfusion imaging, functional
imaging and neuroimaging including MR spectroscopy are expected to drive the
growth of the global MRI market in the coming years. Also, extensive R&D
activities conducted by manufacturers are fueling the growth of this market.
Additionally, increasing usage of MRI devices for the detection
of severe internal injuries is fueling the market growth. Apart from this, the rising
patient pool suffering from neurological and musculoskeletal disorders is
acting as a major growth driver for the global MRI market. However, the market
is also prone to some challenges. High cost of MRI machines and insufficient
reimbursement policies in various countries are posing a challenge before
manufacturers. Furthermore, delayed product approval due to a stringent
regulatory framework is likely to hamper the market growth in coming years.
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"Global MRI Market"
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The
global MRI market is segmented based on field of strength, type, architecture,
application, end user and region. Based on architecture, the market can be
segmented into closed MRI systems and open MRI systems. Among them, closed MRI
systems held the largest market share in 2020 as they use powerful magnetic
fields and help in getting detailed slice selection and error-free analysis.
Moreover, these systems are highly preferred by radiologists and hence, are
expected to further dominate the global MRI market through 2026.
Based
on application, the global MRI market can be segmented into brain and
neurological, oncology, spine and musculoskeletal, abdominal, cardiac and
others. Among them, the brain and neurological segment is expected to dominate
the global MRI market during the forecast period as MRI is identified as the best
tool for diagnostic imaging and neuroscience research. Furthermore, MRIs are
also capable of documenting brain injury from trauma and can monitor degenerative
disorders.
Major
players operating in the global MRI market include GE Healthcare, Aurora
Imaging Technologies, Inc., Sanrad Medical Systems Pvt ltd., Aspect Imaging,
Esaote SpA, Fonar Corporation, Hitachi Ltd, Neusoft Medical Systems Co. Ltd,
Koninklijke Philips NV, Siemens Healthcare GmbH, Canon Medical Systems Corporation,
Mindray Medical International Limited, Hologic, Inc., Nordion Inc., and United
Imaging Healthcare Co., Ltd. The
market players are focusing on developing advanced software to introduce new
and more efficient MRI devices into the global market.
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According
to TechSci Research report “North America dominated the global MRI market until
2020 and is expected to hold its dominance during the forecast period owing to the
presence of a well-established healthcare system and leading MRI system
manufacturers in the region. However, Asia Pacific is anticipated to register the
fastest growth through 2026 due to the increasing prevalence of cardiovascular
disorders and neurological diseases. Furthermore, availability of advanced healthcare
facilities and services at a lower cost is also augmenting the growth of MRI
market in APAC,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global MRI Market By Field Strength (High-Field MRI
Systems (1.5t MRI Systems, 3t MRI Systems), Low-To-Mid-Field MRI Systems
(<1.5t), Very-High-Field MRI Systems (4t and Above)), By Type (Fixed,
Mobile), By Architecture (Closed MRI Systems, Open MRI Systems), By Application
(Brain and Neurological, Oncology, Spine and Musculoskeletal, Abdominal,
Cardiac, Others), By End User (Hospitals, Imaging Centers, Ambulatory Surgical
Centers, Others), By Region, Forecast & Opportunities, 2026” has evaluated the future growth potential of the global
MRI market and provides statistics and information on market size, structure
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in the global MRI market.
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