The growth of the global MRI market is propelled by increase in the prevalence of chronic disorders
MRI System Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $6,493 million by 2022, registering a CAGR of 3.81% during the period 2016 to 2022. MRI is a noninvasive diagnostic methodology that generates computerized images of internal body tissues and organs using radio waves magnetic resonate atoms. MRI provides three dimensional views of organ and joints without invasive surgery in a detailed manner. MRI detects heart and surrounding arteries views and associated troubles. MRI study includes brain MRI, spines MRI, individual organ MRI, and extremities.
MRI is the most preferred imaging modality due to its numerous advantages over other modalities in terms of image quality as well as the ability to capture the images through soft tissues. The rise in diseases such as brain tumors, breast cancers, prostate cancers, scoliosis, and sclerosis enhances the demand for MRI, which majorly drive the MRI market. However, development in technology such as superconducting (SC) magnets, open architecture, high-field MRI, and software applications are the other drivers of this market. However, a decline in restitution rates for MRI procedures and scarcity of helium gas deposits obstructing the growth of this market, which restraints the market growth. The novel MRI systems are expected to detect the early molecular and cellular changes in Alzheimer disease and for other diseases, will provide scope in the market.
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Increase in adoption of MRI systems in hospitals, clinics, and diagnostic centers is expected to rise with highest market share and is identified as one of the lucrative targets for investment. However, based on architecture, the market is segmented into open MRI and closed MRI. The l recent years it witnessed large scale adoption in the MRI system market. Developments such as movement reduction application, high image quality, and less expensive scans, are expected to witness good growth in the coming years. However, this advancement currently possesses small market size in terms of value.
North America holds the largest market share of MRI systems due to the adoption of advancement in technology making MRI systems market more abundant in clinical applications. The global MRI system market in North America accounted for USD 1,756 million in 2014 and is anticipated to garner USD 2,245 million in 2022 expanding at a CAGR of 3.04 % between 2016 and 2022.
In future technological advancement will likely to offer additional features for early detection of molecular and cellular changes in Alzheimer disease and for other diseases. Fonar Corporation, a U.S. based company, has developed a new Radio Frequency receiver and scanning protocol that allows scoliosis patients to get diagnostic pictures of their spines without the risk of x-rays.
GE Healthcare, Siemens Healthcare, Philips Healthcare, Hitachi Medical Corporation, and Toshiba Medical Systems Corporation play key role in the market of MRI technology.
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