Increasing Awareness Regarding Benefits of Early Diagnosis is driving the market for Magnetic Resonance Imaging over the forecast period
According to The Insight Partners market research study titled ‘Magnetic Resonance Imaging Market to 2025 – Global Analysis and Forecasts by Field Strength, Architecture, Application, and End User, The global magnetic resonance imaging market is expected to reach US$ 7,955.1 Mn in 2025 from US$ 5,913.6 in 2017. The market is estimated to grow with a CAGR of 3.8% from 2018-2025. The report highlights the trends prevalent in the global magnetic resonance imaging market and the factors driving the market along with those that act as deterrents to its growth.
Global magnetic resonance imaging market, based on the field strength into low field MRI systems, high-field MRI systems, and ultra-high-field MRI systems. The high-field MRI systems is the largest segment among the field strength segment in the magnetic resonance imaging market in 2017 and is also anticipated to hold the largest market in the year 2025. The low-field MRI systems segment is fastest growing segment and is accounted to grow at the highest growth rate during the forecast period. The low-field MRIs segment is also expected to dominate due to the attractive costs as they are two to three times less expensive to the original equipment manufacturers (OEM) than that of the high-field counterparts.
The market for magnetic resonance imaging is expected to grow due to increasing awareness regarding early detection of diseases, technological advancements in magnetic resonance imaging, and increasing funding and initiatives undertaken by government and private bodies to promote MRI technology across the world are boosting the market over the years. In addition, the development of hybrid MRI systems are likely to have a positive impact on the growth of the market in the coming years.
Key market players operating in the market of magnetic resonance imaging across the globe includes General Electric, Koninklijke Philips N.V., Siemens AG, Canon Medical Systems Corporation, Esaote SpA, FONAR, Hitachi, Ltd., Aspect Imaging, Neusoft Corporation and Time Medical Holding. For instance, in June 2018, Canon Medical Systems Corporation introduced a new ultra-high resolution research-enabled 3T MRI System that allows for more accurate tissue diagnosis at early disease stages. The developments performed by the companies are helping the market to grow in the coming years.
The report segments the global magnetic resonance imaging market as follows:
Global Magnetic Resonance Imaging Market – By Field Strength
Low-Field MRI Systems
High-Field MRI Systems
Ultra-High Field MRI Systems
Global Magnetic Resonance Imaging Market – By Architecture
Closed MRI Systems
Open MRI Systems
Global Magnetic Resonance Imaging Market – By Application
Neurology
Musculoskeletal
Cardiology
Gastroenterology
Oncology
Others
Global Magnetic Resonance Imaging Market – By End User
Hospitals
Ambulatory Surgical Centers
Diagnostic Centers
Global Magnetic Resonance Imaging Market – By Geography
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Asia Pacific (APAC)
Japan
China
India
Middle East & Africa (MEA)
Turkey
South Africa
UAE
Saudi Arabia
South & Central America (SCAM)
Brazil
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