MRI Systems Market Worth $6.6 billion | Zion Market Research
Zion Market Research has published a new report titled “Magnetic Resonance Imaging Systems Market by Architecture (Closed Systems and Open Systems); by Field Strength (Very-high-field Systems, High-field Systems, and Low-to-mid-field Systems): Global Industry Perspective, Comprehensive Analysis and Forecast.
According to the report, global demand for MRI Systems Market in terms of revenue was estimated to be worth $5.2 billion in 2023 and is poised to reach $6.6 billion by 2028, growing at a CAGR of 5.0% from 2023 to 2028
Magnetic resonance imaging (MRI) is prominently used radiology technique for imaging of physiological processes and anatomical structures of the body. Strong magnetic fields, or field gradients and radio waves are used by MRI systems use to produce high quality images of organs and anatomical body structures. X-rays or ionizing radiations are not used in MRI like in CT, PET scans or CAT scans. MRI imaging technology is based on principle of nuclear magnetic resonance (NMR).
The market growth of magnetic resonance imaging systems market is driven by increasing penetration of MRI systems for diagnostic imaging, detection of new helium deposits, technological advancements, growing elderly population base, emphasis on early diagnosis, increasing health awareness, rising demand for high quality image producing high field MRI systems over low field systems. Growing on R&D investment, and new product launches are expected to further boost the market growth. However, high cost of systems may hinder the market growth in the coming years.
The magnetic resonance imaging systems market is segmented based on field strength, and region. Based on field strength market is segmented into MRI system with high field, low to mid field and very high field. Market was dominated by high-field MRI systems segment in 2018. This large share is attributed to wide adoption by physicians due to better image quality. Fastest growth is projected for very high field MRI systems over the forecast period owing to launch of new products with FDA approval and CE mark. Systems with field strength <1.5T are considered low-to-mid field whereas very high field MRI systems typically range from 4T and above. Field strength for high-field MRI systems ranges between 1.5T to 3T.
Based on architecture market is segmented into closed and open MRI systems. Closed MRI systems dominated the market in 2018 with largest revenue share. High field strength offers higher image quality and thus closed MRI systems led the market. Closed MRI systems are sub categorized into standard and wide bore MRI systems. Rapid growth is projected for wide bore segment in the coming years due to their ability to accommodate larger patients.
At regional level, Asia Pacific held largest revenue share of the market in 2018 with increasing number of MRI installations. This is due to increasing FDI, increasing disposable income, increasing investments by hospitals and diagnostic centers for infrastructural development to offer with best in class facilities to its customers. North America held the second largest market share mainly due to the emphasis placed on presence of major manufacturers, availability of funds, increasing awareness, infrastructural development etc. European market was another important regional market for MRI systems. Middle East and Africa region will experience slower growth in the years to come. Latin America is projected to witness moderate growth for magnetic resonance imaging systems market during the forecast period.
Major players included in the report are -
· Canon Medical Systems
· Hitachi
· Siemens Healthineers
· Philips
· GE Healthcare
The report segment of global magnetic resonance imaging systems market as follows:
Global Magnetic Resonance Imaging Systems Market: By Field Strength
· Low to mid field MRI systems (<1.5T)
· High field MRI systems (1.5T to 3T)
· Very high field MRI systems (4T and above)
Global Magnetic Resonance Imaging Systems Market: By Architecture
· Open MRI systems
· Closed MRI systemsStandard bore MRIWide bore MRI
Global Magnetic Resonance Imaging Systems Market: By Region
· North AmericaU.S.
· EuropeUKFranceGermany
· Asia PacificChinaJapanIndia
· Latin AmericaBrazil
· Middle East and Africa
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