Magnetic Resonance Imaging (MRI) Market Dimension 2021 | Global Future Estimation, Insight and Complete Strategic Analysis 2021-2030

The Magnetic Resonance Imaging (MRI) Market was valued at USD 6.55 billion in 2019 and is predicted to reach USD 11.68 billion by 2030 with a CAGR of 5.4% from 2020-2030.

Magnetic resonance imaging is a diagnostic technology that uses a strong magnetic field and radio waves to produce detailed pictures of the internal organs. MRI can provide anatomical images of the brain or spinal cord using different sequences of magnetic pulses. MRI pictures also help to detect brain injuries, brain damages associated with epilepsy, abnormally developed brain regions, neurodegenerative disorders, tumors, inflammation, infection, vascular irregularities and strokes. It also provides accurate information about the structure of the bones, soft tissues and joints. MRI technology does not use ionizing radiation and thereby less harmful than X-rays and CT scans.

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Top Companies: GE Healthcare, Siemens Healthcare, Philips Healthcare, Hitachi Medical Corporation, Toshiba Medical Systems Corporation, Shimadzu Corp, Carestream Health, Hologic, Barco and Nordion Inc.

Market Dynamics and Trends

The rising public awareness and improving healthcare facilities have increased the demand for better diagnosis and treatment, which in turn has been driving the magnetic resonance imaging market growth. Also, the rise in various cardiovascular, neurological, and ophthalmic diseases along with growing geriatric population are factors expected to increase the demand for MRI scans for accurate diagnosis, thus driving the MRI market growth during the forecast period. Moreover, rise in trauma cases, constant innovation in the MRI machines by the market players, increased demand for accurate diagnosis and the potential to provide in-depth photographs of soft tissues and vascular systems are factors expected to boost the MRI market growth.

However, reduced reimbursement amounts, lack of expert professionals and high cost associated with the installation of MRI systems are few factors expected to restrain the market growth to some extent. On the other hand, increasing investments in R&D activities and development of cost-effective MRI machines are expected to provide ample growth opportunities for the market players in the coming years.

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Market Segmentations and Scope of the Study:

The magnetic resonance imaging market is categorized on the basis of product type, field strength, application, enduser and geography. On the basis of product type, the market is segmented into, open MRI and close MRI. On the basis of field strength, the market is divided into high field system, medium field system and low field system. Based on application, the market is categorized into brain and neurological, spine and musculoskeletal, vascular, abdominal, cardiac, breast, and others. Based on enduser, the market is bifurcated into hospitals, imaging centers, ambulatory surgical centers, and others. Geographic breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America holds the lion share of the MRI market at present. This is attributed to factors such as higher healthcare expenditure, rising cases of chronic diseases, and introduction of hybrid MRI systems in this region. Europe is holding the second-largest share of the market due to growing demand of advanced diagnostic devices and increasing geriatric population.

However, Asia Pacific is expected to show fastest growth in terms of market share owing to rapid expansion of healthcare industry, increasing awareness about the benefits of early diagnosis and availability of low-cost healthcare services.

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