MRI Market is to Witness Rapid Growth through 2025
Growing demand for quick and
effective diagnostic procedures and advancements in diagnostic techniques to
drive global MRI market
According
to TechSci Research report, “Global
MRI Market
By Field Strength (High-Field MRI Systems (1.5t MRI Systems, 3t MRI Systems),
Low-To-Mid-Field MRI Systems (<1.5t), Very-High-Field MRI Systems (4t and
Above)), By Type (Fixed, Mobile), By Architecture (Closed MRI Systems, Standard
Bore MRI Systems, Wide-Bore MRI Systems, Open MRI Systems), By Application
(Brain and Neurological, Oncology, Spine and Musculoskeletal, Vascular,
Abdominal, Cardiac, Others), By End User (Hospitals, Imaging Centers,
Ambulatory Surgical Centers, Others), By Region, Forecast & Opportunities,
2025”, the market is anticipated to
grow at a healthy CAGR during the forecast period. Key factors propelling the
growth of global MRI market include advancements in MRI techniques and growing
requirement for quick and effective diagnostic procedures. Increasing
prevalence of health conditions such as spine lesions, tumors, and stroke are
further creating the demand for efficient diagnostic machines such as Magnetic
Resonance Imaging (MRI). Moreover, technological advancements like diffusion
and diffusion tensor imaging with tractography, perfusion imaging, functional
imaging and neuroimaging including MR spectroscopy are expected to drive the growth
of global MRI market in the coming years. Also, extensive R&D activities
conducted by manufactures are fueling the growth of this market.
Additionally, increasing usage of MRI devices for
detection of severe internal injuries is fueling the market growth. Apart from
this, rising patient pool suffering from neurological and musculoskeletal
disorders are acting as major growth driver for global MRI market. However, the
market is also prone to some challenges. High cost of MRI machines and
insufficient reimbursement policies in various countries are posing as
challenge before manufacturers. Furthermore, delayed product approval due to
stringent regulatory framework are likely to hamper the market growth in coming
years.
Browse
XX market data Tables and XX Figures spread through XXX
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The global
MRI market is segmented based on field of strength, type, architecture, application,
end user and region. Based on architecture, the market can be segmented into closed
MRI systems, standard bore MRI systems, wide-bore MRI systems and open MRI systems.
Among them, closed MRI systems held largest market share in 2019 as they use
powerful magnetic fields and help in getting detailed slice selection and
error-free analysis. Moreover, these systems are highly preferred by
radiologists and hence, are expected to further dominate the global MRI market
through 2025.
Based
on application, global MRI market can be segmented into brain and neurological,
oncology, spine and musculoskeletal, vascular, abdominal, cardiac and others.
Among them, brain and neurological segment is expected to dominate the global
market during the forecast period as MRI is identified as the best tool for
diagnostic imaging and neuroscience research. Furthermore, MRI are also capable
of documenting brain injury from trauma and can monitor degenerative disorders.
Major players operating in the global MRI
market include GE Healthcare, Aurora Imaging Technologies, Inc., Sanrad Medical
Systems Pvt ltd., Koninklijke Philips NV, Aspect Imaging, Esaote SpA, Toshiba
Corporation, Fonar Corporation, Hitachi Ltd, Neusoft Medical Systems Co. Ltd,
Koninklijke Philips NV, Siemens Healthcare GmbH, Barco NV, Canon Medical
Systems Corporation, Mindray Medical International Limited, Hologic, Inc. and
Nordion Inc. The market players are focusing on developing advanced software to
introduce new and more efficient MRI devices into the global market.
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“North
America dominated the global MRI market in 2019 and is expected to hold its
dominance during the forecast period owing to presence of well-established
healthcare system and leading MRI system manufacturers in the region. However,
Asia Pacific is anticipated to register fastest growth through 2025 due to
increasing prevalence of cardiovascular disorders and neurological diseases. Furthermore,
availability of advanced healthcare facilities and services at a lower cost is
also augmenting the growth of MRI market in APAC,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Global MRI Market By Field Strength (High-Field MRI
Systems (1.5t MRI Systems, 3t MRI Systems), Low-To-Mid-Field MRI Systems
(<1.5t), Very-High-Field MRI Systems (4t and Above)), By Type (Fixed,
Mobile), By Architecture (Closed MRI Systems, Standard Bore MRI Systems,
Wide-Bore MRI Systems, Open MRI Systems), By Application (Brain and
Neurological, Oncology, Spine and Musculoskeletal, Vascular, Abdominal,
Cardiac, Others), By End User (Hospitals, Imaging Centers, Ambulatory Surgical
Centers, Others), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of global MRI
market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global MRI market.
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