Magnetic Resonance Imaging Market Size, Growth, Trends, Share and Analysis

Magnetic Resonance Imaging Market

Market Overview:

Key variables driving the development of the worldwide magnetic resonance imaging industry are increasing technological advances, such as the incorporation of MRI with PET or CT, providing imaging options with lower exposure to damaging radiation, increasing MRI acceptance in developing nations, and increasing availability of Universal health coverage in developed and developing nations.

Global players such as GE, Siemens, and Philips have a strong grip on technology improvement as well as worldwide distribution channels, helping the growing amount of government and private diagnostic facilities worldwide. However, owing to its cost-effectiveness and simple accessibility, the use of refurbished MRI equipment is also commonly preferred in the developing markets.

The present industry is witnessing significant advances in technology. The limits of electromagnetes largest field strength in MRI have expanded to a staggering 7 T beyond standard 1.5T-3T. This technology leap has broadened the MRI device application profile and is anticipated to grow further over the forecast period.

The present worldwide market for MRI is plagued by problems with low reimbursement rates for MRI processes and post-sale service problems. MRIs are high-cost capital equipment varying from 7-14 years of average lifespan. Post-sales service is therefore becoming an significant consideration for buyers, but the present market has mainly failed to address these requirements.

Report Scope:

Magnetic resonance imaging is a method of medical imaging that is used in radiology to create images of the bodys anatomy and physiological procedures in both health and disease. These images are also used to diagnose and detect body defects.

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Key Market Trends: –

Neurology Segment Holds the Largest Market Share Currently and is Believed to Continue the Same Over the Forecast period:

The worldwide MRI industry neurology segment maintains the biggest market share, and a CAGR of 6.7 percent is anticipated to be recorded in the future. MRI is the best diagnostic imaging instrument and research into neuroscience. It provides morphological images with the highest spatial resolution and unmatched contrast of soft tissue, as well as central nervous system CNS unique functional information. 97% of MRI locations conduct brain tests and 1 in 4 MRI scans are brain tests, making it one of the most frequently performed neurological tests. MRI systems neurological uses include the diagnosis of tumors of the brain and spinal cord, infection, and vascular irregularities that can lead to stroke. MRI can also detect the illnesses and monitor degenerative disorders, such as multiple sclerosis, and can even document trauma-related brain injury.

North America Dominates the MRI Market and is Expected to Hold the Largest Market Share During the Forecast Period:

The worldwide magnetic resonance imaging market is presently dominated by North America, and it is anticipated to remain its stronghold for a few more years. This region is anticipated to boost its market share in the future, due to the United States well-established healthcare scheme and the projects being undertaken by the numerous organizations along with the government to support the diagnosis of the disease. Siemens and Philips are the United States major firms.

Siemens and Philips are the United States major firms. The average price of MRI scanning varies from USD 650 to USD 950 depending on whether or not dye is used. With that, the U.S. has the biggest market share in North America of roughly 94.6 percent and is anticipated to record a 6.3 percent CAGR over the forecast period.

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Competitive Landscape:

The extremely competitive worldwide market for magnetic resonance imaging is made up of several significant players. With regard to market share, the market is presently dominated by few of the main players. However, by introducing fresh products with lower prices, mid-size to smaller businesses are growing their market presence with technological development and quality service provision. In the worldwide magnetic resonance imaging industry, companies such as Siemens Healthineers, GE Healthcare, Canon Medical Systems, and Philips Healthcare have an important market share.

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