Global MRI Market was worth US$ 5.3 Bn in 2020 and total revenue is expected to grow at a rate of 6.0 % CAGR from 2021 to 2027, reaching almost US$ 7.97 Bn in 2027.
MRI Market Overview:
The Global MRI Market Because of its applications in neurological, vascular, spine, and cardiac illnesses, the magnetic resonance imaging system sector is in high demand. The market is expected to rise over the forecast period due to technical advancements and increased expenditure in MRI imaging. The demand for MRI is increasing day by day due to the growing geriatric population; it is estimated that 16.0 percent of the world's population will be over 65 years old by 2050. Older people are more likely to suffer from various diseases and complications, so the demand for MRI is increasing day by day. In 2019, 1,762,450 new cancer cases were reported in the United States, according to the American Cancer Society.
In addition, the rising need for quick and effective diagnostic treatments is expected to boost the use of MRI equipment.
Historical Forecast Period:
Maximize Market Research report presents the analysis of each segment from 2021 to 2027 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2020to 2027.
MRI Market Overview and Dynamics:
The report covers comprehensive data on market drivers, restraints, emerging trends, and growth opportunities that can change the market dynamics of the end use industry. It provides an in-depth analysis of the MRI Market segments which include products, applications, and competitor analysis.
Academic institutes, research laboratories, hospitals, and doctors are all interested in advances in MRI techniques such as superconducting (SC) magnets, open architecture, high-field MRI, and software applications. The availability of MRI-compatible pacemakers will significantly increase the number of patients who will benefit from MRI procedures. In established markets such as North America and Europe, MRI equipment is on the rise due to replacement. The introduction of larger patient bore MRI scanners, as well as the replacement of older MRI systems that have reached their maximum usefulness, are the driving forces behind the latest wave of replacement.
MRI scanners come in a variety of shapes and sizes, as well as magnetic strengths. The average sales price for MRI systems with a magnetic strength of 1.5T or less is roughly USD 1.5 million. 1.5T MRI scanners with superconducting magnets are also quite costly. High-field (3T) MRI equipment, on the other hand, costs between 2.5 and 5 million dollars. Low-field MRI machines, even refurbished, can cost millions of dollars. The high cost of MRI solutions is expected to impede market expansion. MRI scanners have the potential to cause implantable devices such as pacemakers and ICDs to malfunction or be irreversibly destroyed.
China, India, and Brazil, as well as other emerging Middle Eastern and African nations, are expected to be revenue drivers for MRI manufacturers. To take advantage of the expanding market growth potential, companies like GE and Philips have developed MRI equipment for consumers in Asia, South America, and Africa. The devices are appropriate for smaller hospitals since they have a smaller footprint and are simple, quick to use, and economical to install and maintain. Handling advanced and complex MRI devices demands a high level of technical knowledge. With the advancement of MRI technology, technicians are required to use CNNs and RNNs for image segmentation, partitioning images into physiologically relevant regions and extracting key information using machine learning.
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Segmentation:
The market is divided into three segments: open MRI systems, closed MRI systems, and standard and wide bore MRI systems. Closed MRI systems dominated the market in 2020, accounting for 75.8% of total market share. The closed MRI system uses high-frequency radio waves and powerful magnetic fields to obtain full images. Because of the tight construction, precise slice selection and analysis are possible. Patients in closed MRIs may feel claustrophobic and uneasy due to the high levels of noise. The results may be incorrect as a result of these difficulties. Some industry players are focusing their efforts on developing broad bore and open MRI systems that can accommodate claustrophobic and large patients.
Patients have less dread and claustrophobia in open MRI systems since they are less enclosed. An open MRI system is useful for diagnosing newborns as a result of this advantage. Closed MRI systems, on the other hand, are preferred by radiologists. Several clinical trials are in underway to determine how successful open MRI scanners are at diagnosing diseases in newborns. In July 2017, the US FDA approved the first MRI equipment for infant brain and skull imaging in intensive care units.
Low-to-mid Field, High-field, 1.5T, 3T, and Very-high Field strength are the sub-segments of the market. With 35.5 percent market share in 2020, the low to mid field lead the market and is predicted to increase significantly throughout the forecast period. These low-cost, high-field-strength MRI machines enable in the acquisition of images with more precision. The field strength of low-field MRI machines is less than 1.5T, mid-field MRI machines is 1.5T to 3T, and high-field MRI machines is greater than 3T. During the predicted period, the low field segment is expected to grow the least.
Spine and musculoskeletal MRI, Brain and neurological MRI, Vascular MRI, Pelvic and Abdominal MRI, Breast MRI, and Cardiac MRI are the various segments of the market. Because the scans produced by MRI systems are of greater quality than those produced by computerised tomography scans, they led the market and held a 24.2 percent share in 2020. Similarly, as the prevalence of breast cancer continues to climb, the market for breast imaging is expected to grow rapidly, creating a demand for detecting disease-related risk factors. As a result, MRI techniques aid in the providing of quantitative information about cancer by detecting the biological and physical properties of tissue.
MRI is increasingly becoming the preferred method for spinal and musculoskeletal imaging. High-contrast images of the spinal cord and subarachnoid region are obtained using the spin-echo technique. This method can be applied to a wide range of emergency and trauma care situations. The spin-echo technique provides for a detailed assessment of soft tissue and spinal cord injury on the inside. According to the Association for Safe International Traffic Travel, road accidents hurt or incapacitate around 20-50 million people each year.
Key Players:
• Siemens Healthineers
• GE Healthcare
• Phillips
• Hitachi
• Canon Medical Systems
• Koninklijke Philips N.V.
• Aurora Imaging Technologies Inc.
• General Electric Company
• Esaote SpA
• Toshiba Corporation.
• Aspect Imaging
• Bruker
• Fonar
• Neusoft Medical Systems
• Shenzhen Mindray Bio-Medical Electronics
• Xingaoyi
• Aurora Imaging Technology
• Sanrad Medical Systems Pvt. Ltd.
• Mindray Medical International Limited
• Hologic, Inc.
• Nordion Inc.
• United Imaging Healthcare Co., Ltd.
Regional Analysis:
Regional analysis is another highly comprehensive part of the research and analysis study of the MRI Market presented in the MMR report. Local development plans are often affected by the performance of MRI market. Our report briefly explains all the factors, market size, growth rate, import and export in regions covering North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. This research has provided market trends, key opportunities, factors affecting of particular regions, to examine the global and domestic MRI market and these findings have been strategically presented in the report.
Competition Landscape:
Most of the key players present in the MRI Market are focusing on mergers and acquisitions to expand their geographic presence and gain a competitive edge. Meanwhile, some of the other players are updating their existing product portfolios and adding innovative screens to keep up with the high consumer demand and generate more sales.
Key questions answered in MRI Market report
- What was the market size of MRI Market in 2020 and forecast up to 2027?
- Which is the largest regional MRI Market?
- What are the major trends followed in MRI Market across different regions?
- Who is the key MRI Market companies leading the market?
- What are the key strategies adopted by the leading MRI Market companies in market?
- Unique data points of this report
- Statistics on MRI Market penetration and spending worldwide
- Recent trends across different regions in terms of adoption of MRI Market for various end-use.
- Notable developments going on in MRI Market
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2020 (actual) and 2027 (forecast)
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