Magnetic Resonance Imaging (MRI) Market Size, Trends and Growth Analysis By Type (Open MRI and Close MRI), Field Strength (High-Field MRI Systems), Disease Application (Brain and Neurological MRI), and by End-Users (Hospitals & Clinics) – Global Forecast Till 2023
The global Magnetic Resonance Imaging (MRI) market size is poised to record USD 5 Billion by 2023 at a 3.5% CAGR over the forecast period. This market is motivated primarily by the growing need for non-invasive procedures, the adverse effects of radiation-based imaging, the growth in research and development activities in the life sciences field, and the use of magnetic resonance imaging (MRI) systems in drug discovery and preclinical testing processes.
Market expansion, however, is limited by factors such as stringent regulatory approval processes, high instrument prices, a lack of competent operators, and inadequate reimbursement policies for magnetic resonance imaging (MRI) systems.
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Magnetic Resonance Imaging (MRI) Market Segmental Analysis
Based on type, field power, disease application and end-user, the global MRI market is segmented.
The magnetic resonance imaging market is segmented into open MRI, closed MRI, wide-bore MRI, standard bore MRI, comprise the type segment.
The magnetic resonance imaging market is segmented into high-field MRI systems, 1.5 t MRI systems, 3 t MRI systems, low-to-mid-field MRI systems, very high-field MRI systems and others on the basis of field strength.
The industry is segmented into spinal and musculoskeletal MRI, brain and neurological MRI, vaginal and abdominal MRI, breast MRI, cardiovascular MRI, and others with respect to the application of the disorder.
The magnetic resonance imaging is categorized into medical imaging centres, hospitals and clinics, research labs, and pharmaceutical & biotechnology businesses according to the end consumer.
MRI Market Regional Overview
Based on region the MRI market is segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa.
Leading to the growing prevalence of cardiovascular, neurological and ophthalmic diseases linked to the increasing geriatric population, which is a significant cause factor for this disease, America dominates the market for magnetic resonance imaging (MRI) systems. In addition, factors such as increased government interventions and support for medical device research, increased demand for accurate diagnosis, awareness of the adverse effects of radiation imaging, the potential to provide in-depth photographs of soft tissues and vascular systems, and the involvement of pharmaceutical giants are also driving the growth of the market in this area.
Due to significant driving factors such as the provision of specialised treatment facilities, increased healthcare spending, strong healthcare infrastructure and the thriving medical technology industry due to the participation of major market players, Europe is the second largest market and holds a fair share in the global magnetic resonance imaging ( MRI) systems market. In addition, knowledge about the advantages of Magnetic Resonance Imaging ( MRI) systems over radiation imaging and the willingness of residents to provide diagnostics promotes business development.
It is predicted that Asia Pacific will be the fastest developing region with the most exciting growth prospects. Thus, due to the large customer population, faster adaptation of healthcare technologies, government measures to enhance the quality of healthcare, accessibility of favourable business growth of insurance policies will increase during the forecast period. In addition, due to lower costs of clinical trials and testing, major players have set up their regional offices and production facilities in Singapore, China, Japan , Korea, and Australia, which would make the Magnetic Resonance Imaging ( MRI) systems industry a positive growth curve in the future.
Due to some major reasons, such as lack of knowledge, insufficient connectivity, and access to treatment facilities, the Middle East & Africa is expected to see the least growth in the sector. In the Middle East, due to the growth of the healthcare sector and the growing availability of specialty treatment centres, the United Arab Emirates and Saudi Arabia have the largest market share. Therefore, due to Saudi Arabia, the development of the UAE sector and government measures to improve the standard of health care in the Africa region, the market could show steady growth.
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MRI Market Competitive Dashboard
Market Research Future (MRFR) recognizes the following companies as the major players in the Magnetic Resonance Imaging (MRI) market. Some of the players are Siemens AG, Hitachi, Canon Medical Systems, GE Healthcare, Philips, Toshiba Corporation, Toshiba Corporation, Xingaoyi, Aurora Imaging Technologies, Inc.
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