BANGALORE, India, July 13, 2020 /PRNewswire/ -- MRI is a medical imaging technique that uses strong magnetic fields, magnetic field gradients, and radio waves to generate images of the anatomy and the physiological processes of the body.
Magnetic Resonance Imaging Systems Market size is projected to reach USD 6.3 Billion by 2026, from USD 5.3 Billion in 2020, at a CAGR of 2.9% during 2020-2026.
Growing awareness of the advantages of early diagnosis, technical developments leading to the replacement of low-field MRI systems with high-field MRI systems, and the discovery of new helium deposits are key factors driving the growth of magnetic resonance imaging market size.
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TRENDS INFLUENCING THE MRI MARKET SIZE
As the demand for better diagnosis and non-invasive procedures is growing, people look forward to innovations that can enable faster contrast scans and simplify imaging workflow. An increase in investment is expected to propel the growth of the magnetic Imaging system market size.
It is expected that the rapid development of intraoperative magnetic resonance imaging and its use in neurosurgery and other such applications will propel the growth of the market.
Advances in diagnostic techniques, such as open MRI, visualization software, and superconducting magnets, are predicted to further fuel the magnetic resonance imaging market size. In addition, the production of cardiac pacemaker-compatible MRI systems is also expected to propel cardiology segment demand.
The development of magnetic resonance imaging systems is driven largely by replacement in mature markets such as North America and Europe. The primary factors responsible for the current replacement wave include the implementation of MRI scanners with wider patient bores and the replacement of existing MRI systems which have achieved optimal use.
Despite various advantages associated with MRI systems, the costs incurred in the purchase and installation of these machines are significantly high, which is expected to affect the growth MRI size, particularly in developing regions.
MRI MARKET SHARE ANALYSIS
The Asia Pacific held the largest MRI Market share during the forecast period. MRI Market Growth in this region can be attributed to the increasing geriatric population, increased FDI (allowing local and foreign MRI manufacturers to invest in magnetic resonance imaging development projects), improved healthcare infrastructure, increased disposable income, and increased demand for high-field MRI equipment in several APAC countries.
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MRI SYSTEMS MARKET SEGMENTATION
- GE Medical Systems, LLC
- Siemens AG
- Hitachi Medical Corporation
- Royal Dutch Philips Electronics
- Toshiba Corporation
- Xingaoyi Medical Equipment Co.,Ltd
- Shenyang Neusoft Medical Systems Co.
- Resources Wandong Medical Equipment Co.
- Shenzhen Anke High-tech Co.Ltd
- Alltech Medical Systems Co.
MRI Market size by Product
- Permanent magnet MRI
- Superconducting magnet MRI.
MRI Market size by End User
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SIMILAR REPORTS :
- MRI Equipment Market Report
MRI is a medical imaging technique used in radiology to form pictures of the anatomy and the physiological process of the body. MRI scanners use stronger magnetic fields, radio waves, and field gradients to produce images of body organs.
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- Intraoperative MRI Market Report
The global Intraoperative MRI Market size is valued at 66 Million USD in 2018 and will reach 83 Million USD by the end of 2025, growing at a CAGR of 3.3% during 2019-2025
Intraoperative MRI is growing at a substantial CAGR due to a rise in the prevalence of neurological disorders and pediatric epilepsy incidences.
The competitors' key focus is the manufacture of intraoperative MRI devices with new developments such as superior magnetic field strength for better imaging. Acquisitions and mergers, partnerships, patent approvals, and product launches are the main approaches that businesses adopt to boost their revenue.
This report studies the Intraoperative MRI Market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors, and Porter's Five Forces Analysis.
- Micro-MRI Market Report
An increasing number of geriatric populations across the globe, the introduction of new helium deposits, and the rising need for the replacement of low field to high field MRI are some of the factors that will likely enhance the growth of the micro-MRI market size during the forecast period.
However, the MRI device costs and unfavorable reimbursement policies would restrict the growth of the Micro-MRI Market size.
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