Magnetic Resonance Imaging (MRI) Systems Market by Architecture Type (Open MRI and Closed MRI Systems), Field Strength (Low-field Systems, High-field Systems, and Medium-field Systems): Global Opportunity Analysis and Industry Forecast, 2021–2030 The global MRI Systems MarketSizewas valued at $5,772.48 million in 2020, and is projected to reach $8,450.98 million by 2030, registering a CAGR of 3.9% from 2021 to 2030.
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MRI is a diagnostic technique that makes use of nuclear magnetic resonance of atoms within the body generated by use of radio waves to provide detailed information about structures of internal body parts, such as minor damages to ligaments, tendons, and muscles that cannot be seen with the X-ray, ultrasound, or computed tomography (CT) scan. An MRI scan is a method of obtaining images of interiors of humans and animals.
Coronavirus (COVID-19) was discovered in late December, 2019 in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted from humans to humans. The outbreak of COVID-19 pandemic has affected the Magnetic Resonance Imaging Systems Market, health facilities, their supply chain, and demand for MRI devices. However, the COVID-19 pandemic led to increase in the prices of MRI imaging, which resulted in increase in the prices of MRI Systems. Moreover, the delayed manufacturing, shipment, and payment of the MRI Systems players affected the Magnetic Resonance Imaging Systems Market.
In addition, limited movement of people during the implementation of lockdown also impacted the MRI Systems industry. Overall, the impact of COVID-19 on the MRI Systems Market was recorded to be fairly negative. This was attributed to disturbances in production, import & export of raw material, and finished goods due to the shutdowns in various COVID-19 affected countries, and large number of workers falling ill during the pandemic and increase in the demand & supply gap. However, this situation is expected to change post COVID-19 pandemic in the coming years.
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Key Findings Of The Study
- Based on architecture type, the closed MRI Systems segment held majority share and growing with the rate of 4.2% share in the global market in 2020.
- On the basis of field strength, the medium-field system segment held largest market share in 2020 and is expected to remain dominant throughout the forecast period.
- Based on region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 5.2% during the forecast period.
Key Market Segments
- By Architecture Type
- Open MRI Systems
- Closed MRI Systems
- By Field strength
- Low-field Systems
- High-field Systems
- Medium-field Systems
Based on architecture type, the market is categorized into open MRI and closed MRI Systems. The closed MRI Systems segment dominated the global market in 2020, and is anticipated to continue this trend during the forecast period owing to the key factors such as advantages of using closed MRI Systems over open MRI Systems, rise in demand for closed MRI Systems, surge in prevalence of chronic diseases, advancements in the MRI Systems and the launch of new products.
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