MRI Market is to Witness Rapid Growth through 2025

Growing demand for quick and effective diagnostic procedures and advancements in diagnostic techniques to drive 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, Standard Bore MRI Systems, Wide-Bore MRI Systems, Open MRI Systems), By Application (Brain and Neurological, Oncology, Spine and Musculoskeletal, Vascular, Abdominal, Cardiac, Others), By End User (Hospitals, Imaging Centers, Ambulatory Surgical Centers, Others), By Region, Forecast & Opportunities, 2025”, the market is anticipated to grow at a healthy CAGR during the forecast period. Key factors propelling the growth of global MRI market include advancements in MRI techniques and growing requirement for quick and effective diagnostic procedures. 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 (MRI). 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 global MRI market in the coming years. Also, extensive R&D activities conducted by manufactures are fueling the growth of this market.

Additionally, increasing usage of MRI devices for detection of severe internal injuries is fueling the market growth. Apart from this, rising patient pool suffering from neurological and musculoskeletal disorders are acting as major growth driver for 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 as challenge before manufacturers. Furthermore, delayed product approval due to stringent regulatory framework are likely to hamper the market growth in coming years.

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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, standard bore MRI systems, wide-bore MRI systems and open MRI systems. Among them, closed MRI systems held largest market share in 2019 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 2025.

Based on application, global MRI market can be segmented into brain and neurological, oncology, spine and musculoskeletal, vascular, abdominal, cardiac and others. Among them, brain and neurological segment is expected to dominate the global market during the forecast period as MRI is identified as the best tool for diagnostic imaging and neuroscience research. Furthermore, MRI 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., Koninklijke Philips NV, Aspect Imaging, Esaote SpA, Toshiba Corporation, Fonar Corporation, Hitachi Ltd, Neusoft Medical Systems Co. Ltd, Koninklijke Philips NV, Siemens Healthcare GmbH, Barco NV, Canon Medical Systems Corporation, Mindray Medical International Limited, Hologic, Inc. and Nordion Inc. 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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“North America dominated the global MRI market in 2019 and is expected to hold its dominance during the forecast period owing to presence of well-established healthcare system and leading MRI system manufacturers in the region. However, Asia Pacific is anticipated to register fastest growth through 2025 due to 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, Standard Bore MRI Systems, Wide-Bore MRI Systems, Open MRI Systems), By Application (Brain and Neurological, Oncology, Spine and Musculoskeletal, Vascular, Abdominal, Cardiac, Others), By End User (Hospitals, Imaging Centers, Ambulatory Surgical Centers, Others), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of global MRI market and provides statistics & 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 global MRI market.

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