Magnetic Resonance Imaging (MRI) Market Size, Growth and Share Analysis By Field Strength (High-Field MRI Systems), Type (Close MRI and Open MRI), Disease Application (Brain and Neurological MRI), Regional Outlook and End-Users Forecast to 2023
Magnetic Resonance Imaging (MRI) Market Overview
The Global Magnetic Resonance Imaging (MRI) Market size is anticipated to reach USD 5 billion at a CAGR of 3.5% by the end of 2023, says Market Research Future (MRFR). MRI is a non-invasive diagnostic technology that produces digital images of the internal body structures. It uses the magnetic resonate atoms to show the pictures of the inner body tissue and organs. The magnetic resonate particles are the radio waves that provides the three-dimensional images of the internal organs and joints in the body. MRI shows you the detailed structure of the organ without any invasive surgery. It also detects the heart, surrounding view of the artery and the troubles related to it. MRI study also involves Brain MRI, individual organ MRI and the extremities. The MRI market works on four demands.
The four applications of magnetic resonance imaging market include the non-invasive procedure in practices, the harmful effects of the radiation-based imaging, rising in the research and development of the life science and the increasing use of magnetic resonance imaging in the drug discovery.
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There are certain other factors also that fuel the growth of the MRI market. The primary factor that is increasing the demand for MRI is the increase in the geriatric population. The increase in the geriatric population leads to the rise of cardiovascular, neurological and ophthalmic disorders which results in the growth of the MRI market. However, certain factors affect the growth of magnetic resonance imaging market such as high cost of the instruments, strict regulatory, insufficient reimbursement policies and the lack of skilled operators.
Magnetic Resonance Imaging (MRI) Market Segmentation
The global magnetic resonance imaging market is segmented into four types.
- Disease Application
- Magnetic field strength
Based on the architectural model, the MRI market is of two kinds;
- Open MRI
- Closed MRI.
Based on the magnetic field strength, the magnetic resonance imaging market is divided into four types
- Very high
based on its application, the global magnetic resonance imaging market is classified into four types.
- Spine MRI
- Organ MRI
- Ultra-brain MRI
The MRI market is also segmented based on end-users that include
- Diagnostics Centre
As of now, the medium and the high-field segments are having large scale adoption. Usually, the medium and high-field sections produce better image quality to the end-users that helps in better treatment of the disease. The increasing demand for MRI in the hospitals and clinics is rising with the highest MRI market share. The MRI market is one of the significant markets for investment.
Magnetic Resonance Imaging (MRI) Market Regional Outlook
- North America holds the largest MRI market The adoption of technological advancement is making the MRI market more abundant in North America. The future improvement in the technology will offer more futuristic features in MRI; it includes early detection of the molecular and the cellular changes for diseases.
- Europe holds the second-largest MRI market share in the global market. The significant factors that drive the market are increasing health care infrastructure, advancement in the treatment facilities and increase expenditure in the health care sector.
- Asia pacific is also expecting rapid growth in the MRI market. The faster adaptation of the health care and initiative taken by the governments is raising the growth of the MRI market.
Magnetic Resonance Imaging Market Competitive Landscape:
The global magnetic resonance imaging (MRI) market is getting boosted by the strategic decisions of several companies like Siemens AG, Hitachi, GE Healthcare, Canon Medical Systems, Toshiba Corporation, Philips, Xingaoyi, Toshiba Corporation, and Aurora Imaging Technologies, Inc. These companies are planning mergers, acquisitions, collaborations, and others to ensure their own stand in the market. Their growing investment in the research and development sector is promoting healthy competition, which could ensure a better growth rate in the coming years.
Magnetic Resonance Imaging (MRI) Market News
- New technological advances added to the software of the MRI. It enables the MRI to make fast contrast scan; it also simplifies the cardiac imaging workflows that will help the end-user to get effective results.
- Hyperfine Research Inc. announced that they have received clearance from FDA for their bedside MRI machine, which is first-of-its-kind. Its cost would be significantly lower than the traditional models and power consumption would be less.
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