Magnetic resonance imaging (MRI) systems is a non-invasive technique in which light is used to interrogate cellular and molecular function in the living body by exploiting the special properties of photons.
The magnetic resonance imaging (MRI) systems market is growing pervasively. Market growth attributes to the increasing use of MRI systems to diagnose a myriad of diseases and disorders. Due to its various advantages, magnetic resonance imaging systems surpass the radiology imaging systems in terms of the adoption. Technological advances in molecular imaging and the growing demand for non-invasive diagnostic techniques positively impact market growth.
Moreover, increasing funding support for the development of MRI techniques escalates the market growth to furthered height. According to Market Research Future (MRFR), the global magnetic resonance imaging (MRI) systems market Size valuation is expected to reach USD 5 BN by 2023. The market would register a 3.5% CAGR during the assessment period (2018 to 2023), states MRFR in its recent MRI market research report. The market is estimated to witness several FDA approved launches of innovative products and approaches, which would multiply magnetic resonance imaging systems market share.
Rising technological advancements are estimated to propel the growth of the market. The growing prevalence of myriads of chronic diseases and increasing awareness about the innovative diagnostics methods influence the growth of the market. Additional factors, such as high R & D investments made for developing efficient imaging solutions, foster the growth of the market throughout the analysis period.
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Conversely, stringent regulatory processes are projected to obstruct the growth of the market in the years to come. Also, high costs associated with MRI systems hamper market growth. Nevertheless, rising financial support programs would support the growth of the market throughout the predicted period, suiting to changing needs of healthcare professionals.
Major Players:
Players leading the global magnetic resonance imaging systems market include Hitachi, Siemens AG, Canon Medical Systems, GE Healthcare, Philips, Toshiba Corporation, Toshiba Corporation, Xingaoyi, and Aurora Imaging Technologies, Inc., among others.
Segmentation:
The global market report on the magnetic resonance imaging (MRI) systems market includes several segments with an intent to get details. These segments are type, strength, disease application, and end user. Such a detailed look into the market reveals insights that can help in planning the market strategies.
By Type, the report on the magnetic resonance imaging (MRI) systems market can be segmented into closed MRI, open MRI, MRI, wide-bore and MRI standard bore.
By Field Strength, the market report on the magnetic resonance imaging (MRI) systems would include 1.5t MRI systems, 3t MRI systems, high-field MRI systems, very-high-field MRI systems, low-to-mid-field MRI systems, and others.
By Disease Application, the market report containing details on magnetic resonance imaging (MRI) systems includes brain & neurological MRI, spine & musculoskeletal MRI, breast MRI, cardiovascular MRI, pelvic & abdominal MRI, and others.
By End user, the market report on the magnetic resonance imaging (MRI) systems includes research laboratories, hospitals & clinics, diagnostic imaging centers, and pharmaceutical & biotechnology companies.
Regional Analysis
North America dominates the global magnetic resonance imaging (MRI) systems market. The largest market share attributes to the strong presence of several industry players and technological advancements in molecular imaging. Besides, factors such as the increasing market demand for non-invasive imaging techniques and increasing funding foster regional market growth.
Additionally, well-established healthcare sectors in the region, alongside the rising healthcare spending and adoption of MRI systems in medical diagnostics, spur the diagnostic imaging services market growth. The US and Canada account for major shares in the North American MRI systems market.
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Europe stands second in the global magnetic resonance imaging (MRI) systems market. The market growth is driven by the increasing funding to support preclinical research from regulatory authorities in the diagnosis of various chronic diseases. Moreover, augmenting demand for innovative & easy to use imaging agents in the medical sector has been increasing the cardiac MRI market size. Furthermore, growing healthcare expenses, the resurging economy in the region, and spreading awareness about MRI systems modalities positively impact the regional market.
The Asia Pacific magnetic resonance imaging (MRI) systems market is growing rapidly. Factors such as rising numbers of biotechnology and pharmaceutical companies increase the size of the MRI systems market excellently. Besides, the growing penetration of imaging technology in the healthcare sector for medical imaging purposes fosters regional market growth.
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