Magnetic Resonance Imaging Systems Market Overview
The global magnetic resonance imaging systems market is expected to reach USD 5 billion at a CAGR of 5.5% during the forecast period. The magnetic resonance imaging systems market has grown in all segments and across different regions as a result of rising populations and rising per capita incomes, which has shifted people’s demands to highly sophisticated and technologically advanced products and equipment, which has acted as a motivating factor for the magnetic resonance imaging systems market.
Another major driver in the global magnetic resonance imaging systems market has been the growing number of health awareness programmes and missions that have inspired people all over the world to improve their health and become more aware of the diseases that can be caused by consuming various products. Furthermore, improvements in health-care facilities around the world, as well as public and private-sector spending, have aided the magnetic resonance imaging systems market’s rapid rise.
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The overall expansion of the magnetic resonance imaging systems market has been rapid, but certain issues are impeding this progress, such as the huge sums of money required to establish magnetic resonance imaging systems companies, which makes it difficult for new players to enter the market.
Magnetic Resonance Imaging Systems Market Segmental Analysis
The market for magnetic resonance imaging (MRI) systems is divided into four categories: type, field strength, disease application, and end-user.
The market is divided into open MRI, closed MRI, standard bore MRI, and wide-bore MRI depending on the kind.
The market is divided into high-field MRI systems, 1.5t MRI systems, 3t MRI systems, low-to-mid-field MRI systems, very-high-field MRI systems, and others based on field strength.
The market is divided into spine and musculoskeletal MRI, brain and neurological MRI, pelvic and abdominal MRI, breast MRI, cardiovascular MRI, and others based on disease application.
The market is divided into diagnostic imaging centres, hospitals and clinics, research laboratories, and pharmaceutical and biotechnology businesses, depending on the end-user.
Magnetic Resonance Imaging Systems Market Regional Overview
The Americas is the market leader and has a promising market for magnetic resonance imaging (MRI) systems, owing to the increased prevalence of cardiovascular, neurological, and ocular problems associated with the growing elderly population, which is a key cause of this disease. Furthermore, factors such as increased government initiatives and funding for medical device research, rising demand for accurate diagnosis, awareness of the negative effects of radiation imaging, the ability to provide in-depth images of soft tissues and vascular systems, and the presence of pharmaceutical behemoths all contribute to the region’s market growth.
Due to major driving factors such as the availability of advanced treatment facilities, increasing healthcare expenditure, good healthcare infrastructure, and a flourishing medical device industry due to the presence of major market players, Europe accounts for the second largest market and holds a healthy share in the global magnetic resonance imaging systems market. Furthermore, awareness of the advantages of Magnetic Resonance Imaging (MRI) Systems over radiation imaging, as well as the ability of residents to afford diagnostics, are driving market expansion.
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Asia Pacific is predicted to be the fastest-growing region with the most promising growth prospects. Thus, market growth would be increased throughout the projected period due to the large patient pool, faster adoption of healthcare technology, government measures to improve healthcare quality, and the availability of advantageous insurance policies. Furthermore, due to the lower cost of clinical trials and research, major players have established regional headquarters and manufacturing sites in Singapore, China, Japan, Korea, and Australia, indicating that the Magnetic resonance imaging systems market would grow positively in the future.
Magnetic Resonance Imaging Systems Market Competitive Dynamics
Market Research Future (MRFR) recognizes the following companies as the key players in the magnetic resonance imaging systems market. Some of the players are Hitachi, Siemens AG, Canon Medical Systems, GE Healthcare, Philips, Toshiba Corporation, Toshiba Corporation, Xingaoyi, Aurora Imaging Technologies, Inc.
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