Magnetic Resonance Imaging (MRI) Market Trends, Growth and Size Analysis By Type (Open MRI and Close MRI), Field Strength (High-Field MRI Systems), Disease Application (Brain and Neurological MRI), and End-Users (Hospitals & Clinics) – Global Forecast Till 2023
Magnetic Resonance Imaging (MRI) Market Overview
Global magnetic resonance imaging market size valuation is expected to reach USD 5 Billion 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 magnetic resonance imaging (MRI) market is growing pervasively and 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.
The report defines all significant market aspects with experts’ opinions on current and historical data. The report also covers market statistics, investment opportunities, gross margins, competitive analysis, top business strategies, and a comprehensive assessment of the COVID 19 impacts on market growth. Moreover, increasing funding support for the development of MRI techniques escalates the market growth to furthered height. The market is estimated to witness several FDA approved launches of innovative products and approaches, which would multiply Magnetic Resonance Imaging Market share.
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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 MRI market throughout the analysis period.
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.
Global Magnetic Resonance Imaging Market Segmentation
By Type, the global magnetic resonance imaging market is segmented into Open MRI, Closed MRI, Standard Bore MRI, wide-bore MRI.
By Field Strength, the global magnetic resonance imaging market High-Field MRI Systems, 1.5t MRI Systems, 3t MRI Systems, Low-To-Mid-Field MRI Systems, Very-High-Field MRI Systems, and others.
By Disease Application, the global magnetic resonance imaging market Spine & Musculoskeletal MRI, Brain & Neurological MRI, Pelvic & Abdominal MRI, Breast MRI, Cardiovascular MRI, and others.
By End-Users, the global magnetic resonance imaging market Diagnostic Imaging Centers, Hospitals & Clinics, Research Laboratories, Pharmaceutical & Biotechnology Companies, and others.
Magnetic Resonance Imaging Market Regional Outlook
North America dominates the global magnetic resonance imaging (MRI) market. The largest MRI 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 market.
Europe stands second in the global magnetic resonance imaging (MRI) market. The market growth is driven by the increasing funding to support preclinical researches 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) market is growing rapidly. Factors such as rising numbers of biotechnology and pharmaceutical companies increase the size of the MRI market excellently. Besides, the growing penetration of imaging technology in the healthcare sector for medical imaging purposes fosters regional market growth.
MRI market Competitive Analysis
Highly competitive, the MRI market appears fragmented due to the presence of several notable players. To gain a larger competitive share in the market, players adopt strategies such as mergers & acquisitions, collaboration, expansion, and product & technology launch. Industry players make substantial investments to drive R&D and expansion plans. R & D investments help them better their imaging agents, and expansion investment helps them increase their global footprints.
MRI Market Major Players:
Players leading the global Magnetic Resonance Imaging Market include Hitachi, Siemens AG, Canon Medical Systems, GE Healthcare, Philips, Toshiba Corporation, Toshiba Corporation, Xingaoyi, and Aurora Imaging Technologies, Inc., among others.
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MRI Industry/Innovation/Related News:
Axonics Modulation Technologies, Inc.(the US), a medical technology company, announced receiving the US FDA premarket approval supplement approval for its 3T full-body MRI conditional labeling Axonics r-SNM System. Axonics SNM devices are designed for the treatment of urinary and bowel dysfunction. This FDA approval allows Axonics to provide healthcare professionals with more choices in selecting the optimal MR scanner for their patients’ imaging needs.
FDA approved the Axonics r-SNM System with full-body conditional labeling for 1.5T MRI scanners. With this incremental approval for 3T scans, the Axonics device continues to be the only SNM system available in the US that is MRI compatible for both 1.5T and 3T full-body scans.
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