Global MRI Market – Size, Outlook, Trends and Forecast (2024

Global MRI Market - Size

Study Period

2018 - 2030

Base Year For Estimation

2023

Forecast Data Period

2024-2030

Historical Data Period

2018-2021

CAGR

7 %

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

MRI stands for Magnetic Resonance Imaging; is the diagnostic tool used in radiology to form pictures and physiological processes of the body. MRI is a medical imaging technology offers the ease of identification and diagnostics of several diseases. More than 25,000 MRI scanners are in use worldwide. MRI scanners provide the visual representation of soft tissues inside the body. The patient bed enters a strong magnetic field, and the radio waves are applied for a short period. To make special signals, there are certain atoms will appear in the body. The MRI scanner takes the special signals and sends the information regarding the body’s current condition, and the computer will create the image according to the scanner response.

Global MRI Market Segments Size & Growth:

The global MRI market is estimated to reach USD XX Billion by 2024, at a CAGR of XX% from $XX Billion in 2018. The major factors leading the global MRI market are growing geriatric population, rising prevalence of chronic conditions, growing applications of MRI-guided radiotherapy for brain tumours, advances in scanning technology and imaging contrast agents. The non-invasive diagnostic imaging is used for the detailed anatomical study of body parts, especially soft tissues. Rising demand for the non-invasive diagnostic imaging plays a crucial role in global MRI market growth. The growing applications of MRI-guided radiotherapy for brain tumours and advances in scanning technology are also contributing majorly to the global MRI market growth. High cost of MRI systems, expensive treatment, and lo reimbursement rates for MRI procedures are restraining the market growth during the forecast period. Lack of skilled professionals and instruments complexity

Global MRI Market - Growth

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

are challenging the market growth in upcoming years. Emerging hybrid MRI systems and novel applications in developed economies are providing profitable opportunities to the market.

Global MRI Market Segments Share:

Global MRI market is segmented based on the architecture, field strength, applications, end-users, and geography. By architecture, the market is segmented into open MRI systems, closed MRI systems. Among these, the closed MRI systems are accounting largest market share in 2017, owing to the technological advancements, and cost-effectiveness. By field strength, the market is classified into low-to-mid-field strength MRI, high-field strength MRI, very high-field strength MRI, ultra-high-field strength MRI, and others. High-field segment is estimated to grow at the fastest growth rate during the forecast period, due to their advantages regarding SNR (Signal to Noise Ratio).

By considering the applications segment, the market is categorised into the brain and neurological MRI, cardiology, oncology, vascular MRI, spine and musculoskeletal MRI, and others. Brain and neurological segment are envisaged to grow with the largest MRI (Magnetic Resonance Imaging) market share followed by the spine and musculoskeletal segment, owing to the increasing ageing population, and growing awareness of diagnosis.

By Geography; North America region is in the first position and is envisaged to continue the same pace in future also. Vast demand for the MRI systems for the treatment of chronic diseases is escalating the market growth in North America. MRI market is segmented into United States, Canada, and Others in North America. Similarly, all the regions are further segmented into countries. The increasing geriatric population and rising demand for the MRI modality are catalysing the MRI market in the Asia Pacific.

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Global MRI Market - Porter's Five Force Analysis

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

APAC (Asia Pacific) region is envisaged to grow at a robust pace in future.

Global MRI Market Trends:

Hitachi Medical Corporation, a leading medical technology manufacturer, released ECHELON Smart – 1.5T MRI with a smart concept to provide effective clinical images, and sophisticated applications.
Bruker Corporation is one of the top players in global MRI market provides small animal MRI solutions for molecular and preclinical MRI research, and these systems provide high spatial resolution imaging of the living organisms.

Global MRI Market Research Report:

An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.

To have complete market analysis, industry value chain analysis, Porter’s Five Force Analysis, PESTLE, SWOT analysis, and Y-o-Y analysis were carried to understand the market more comprehensively.

Regional and Global Diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year

Identifying DROC in the current market and their impact in altering the market dynamics.

Competitive landscape analysis to identify the mergers and acquisitions which will have a comparative financial analysis with major competitors.

Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.

The major key players in the Global MRI Market are:

Hitachi Medical Corporation
GE Healthcare
Siemens Healthcare
Bruker Corporation
Philips Healthcare
Canon Medical System Corporation

Along with these companies, there were many other companies considered/ cited in the report while analysing the global MRI market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.

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