Magnetic Resonance Imaging Market Size 2022: Key Players, Market size, challenges, and opportunities

Market Overview

Magnetic resonance imaging is popular by its abbreviation “MRI”. The doctors prescribe the movement “MRI”; people start fearing the seriousness of the illness. Many chronic diseases like tumor’s, stroke, spine lesions, etc., require a detailed diagnosis for better treatment. MRI is supposed to be a diagnostic machine that functions more efficiently than normal imaging machines. It is a unique imaging technique that uses waves like magnetic and computer-generated radio waves to produce detailed images. These detailed images can be taken on any organ or tissues in our body based on the requirement. MRI images are in demand as they clarify water, fat, muscle, and other kinds of soft tissues.

MRI provides benefits such as ease of creating several images, ability to take from any direction or in any orientation, a large portion of the body can be covered, radiation-free, etc. All these factors boost the Magnetic Resonance Imaging Market Size. The factors like expensive, inability to detect all sorts of cancer variations, non-suitability for claustrophobic patients, skin allergies (in some cases), non-suitable for patients have metal implantations in their body, etc., may hamper the magnetic resonance imaging market. Like all other markets, even this market had to see a downfall during the pandemic situation COVID’19. Firstly, due to the strict lockdown imposed by the respective governments, people were not allowed to visit the hospital unless the severity of the patient was critical. More focus was done on treating Corona Virus affected people. Now, the pandemic situation is coming under control, and the surface coil magnetic resonance imaging is likely to rise. The growth in chronic patients is the main reason behind the market growth.

Key Players

Market Research Future (MRFR) recognizes the following companies as the key players in the magnetic resonance imaging (MRI) systems market. Some of the players are Hitachi, Siemens AG, Canon Medical Systems, GE Healthcare, Philips, Toshiba Corporation, Toshiba Corporation, Xingaoyi, Aurora Imaging Technologies, Inc.

Market Segmentation

The magnetic resonance imaging market can be segmented on its architecture, field strength, application, end-user, and geography. According to the architecture category, the market can be divided into the open and closed system, while in field strength, it can be divided into low, mid, and high field strength. According to the application, the market can be divided into Vascular, Spine and musculoskeletal, brain and neurological, abdominal, breast, cardiac, and other affected organs. Hospitals, imaging centres, ambulatory surgical centres belong to the end-users category. According to the geography category, the magnetic resonance imaging market can be divided into North America, Europe, Asia-Pacific, and the rest of the world.

Regional Classification

In the architecture category, the closed MRI system has the largest share in the MRI market. If the field strength is analyzed, the present scenario states that mid-field strength is dominating the market, but there is a chance of high field strength dominating the market in the coming years. In the end-user segment, hospitals dominate the market, followed by the imaging centers. The main focus on brain and neurological imaging in the applications segment dominates the market. North America has the largest share in the geography category, followed by Europe and other developing countries.

Industry News

The global analysis of the magnetic resonance imaging market reveals that the expected revenue by the end of 2028 would be 8.5 billion USD at a CAGR of 6%. Improvements in diagnostic techniques like visualization software, open MRI, superconducting magnets, etc., are some of the factors which result in a rise in the magnetic resonance imaging market. However, since the main drawback is its cost, a focus on reducing the cost of MRI will lessen the burden of the patients, thereby increasing the magnetic resonance imaging market. 

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