Open System MRI Market to grow with a CAGR of 6.40% During Forecast Period

Increasing healthcare infrastructure and a supportive regulatory environment are the major drivers for the Global Open System MRI Market.

According to TechSci Research report, “Global Open System MRI Market Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, Global open system MRI Market has valued at USD 1.35 billion in 2022 and is anticipated to witness an impressive growth in the forecast period with a CAGR of 6.40% through 2028. This can be due to collaborations and partnerships among leading companies with a diverse approach to merge the expertise of individual companies and to strengthen their position in the market.

Market expansion in emerging economies is a significant driver of demand for the global open system MRI (Magnetic Resonance Imaging) market. Emerging economies, which include countries in Asia, Latin America, the Middle East, and Africa, are experiencing rapid economic growth, increased healthcare investments, and expanding healthcare infrastructure. As emerging economies experience economic growth, governments and private sectors often allocate more resources to healthcare. Increased healthcare spending translates into greater investments in medical equipment, including MRI systems. Emerging economies are building and upgrading healthcare facilities, including hospitals and diagnostic centers, to meet the healthcare needs of their growing populations. The acquisition of modern medical imaging equipment is a priority to enhance healthcare services. Emerging economies often face a higher burden of diseases, including non-communicable diseases such as cardiovascular diseases and cancer. MRI technology is vital for early diagnosis, disease staging, and treatment planning.

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Open MRI systems are more acceptable by people who suffer from claustrophobia and panic attacks because they carry a lower risk of these disorders. For scanning newborns, open systems are typically preferable since they can handle fatter and stockier patients. As open systems enable diagnostic imaging of a variety of illnesses, hospitals and diagnostic facilities choose to purchase them.

In January 2023, Esaote North America, Inc announced the launch of The Magnifico Vet MRI system, a novel imaging solution specifically designed to deliver diagnostic efficacy in a range of veterinary institutions. The MagnificoTM Vet is a powerful, veterinarian-focused scanning breakthrough designed for swiftly and conveniently imaging animals of all sizes. There has never been a simpler way to perform veterinary MRI scanning, from the user-friendly interface and simple patient positioning to the quick data entry and patient retrieval. The environmentally friendly MagnificoTM Vet is a masterpiece of practical design ready to offer superb diagnostic images. It is created with sustainable green permanent-magnet technology, is cryogen-free, and consumes a great deal less power than superconducting systems.

Reimbursement issues are indeed a challenge in the global open system MRI (Magnetic Resonance Imaging) market. These challenges revolve around the complexities of healthcare reimbursement policies, which can vary widely from one country to another and even within different healthcare systems within a single country. Healthcare reimbursement models vary considerably across different countries and healthcare systems. Some countries have a predominantly government-funded or single-payer system, while others rely on private insurance, a mix of public and private funding, or out-of-pocket payments. Each reimbursement model has its own rules and processes for covering medical services, including diagnostic imaging like MRI scans. n some healthcare systems, obtaining prior authorization or preapproval from payers (government health agencies or insurance companies) is necessary before conducting MRI scans. The approval process can be time-consuming and administratively burdensome for healthcare providers.

Global Open System MRI Market segmentation is based on Resolution, Application, and Region.

Based on Resolution, Global Open System MRI Market is segmented into low-field scanner, mid-field scanner, and high-field scanner. A mid-field scanner, also known as a mid-range MRI (Magnetic Resonance Imaging) scanner, is a type of MRI machine that falls between the categories of high-field and low-field scanners in terms of magnetic field strength. In MRI, the strength of the magnetic field is measured in Tesla (T), and mid-field scanners typically operate in the range of 0.3 to 1.0 Tesla. Mid-field MRI systems are versatile and can be used for a wide range of clinical applications. They are suitable for imaging various parts of the body, including the brain, spine, musculoskeletal system, abdomen, and pelvis. While they may not provide the same level of image resolution as high-field scanners, they offer better image quality than low-field systems.

Based on Region, North America dominated the Global Open System MRI Market. North America, particularly the United States and Canada, boasts a highly developed and advanced healthcare infrastructure. This includes a substantial number of healthcare facilities, hospitals, imaging centers, and clinics equipped with MRI machines. The region's relatively strong economy and high healthcare expenditure contribute to its leadership in medical imaging technologies. Healthcare providers in North America often have the financial resources to invest in cutting-edge medical equipment, including open system MRI scanners. North America is home to many leading MRI manufacturers and medical technology companies. These companies continually innovate and develop advanced MRI systems, including open-bore and wide-bore designs.

Asia-pacific region to fastest growth in the Global Open System MRI Market. APAC is the most populous region in the world, with a significant and growing population. A larger population often translates to increased demand for healthcare services, including diagnostic imaging such as MRI scans. Many countries in the APAC region have been experiencing robust economic growth over the past few decades. This economic prosperity has led to an expansion of healthcare infrastructure, increased healthcare spending, and greater accessibility to advanced medical technologies, including MRI systems. As income levels rise in APAC countries, there is a growing awareness of healthcare and a greater focus on preventive and diagnostic healthcare services. This increased awareness drives the demand for medical imaging services, including MRI scans.

Some of the major companies operating in the Global Open System MRI Market include:

• GE Healthcare
• Hitachi Medical Corporation
• Philips Healthcare
• Siemens Healthcare
• ESAOTE SA
• Canon Medical Systems Corporation
• Hologic Inc.
• Nordion Inc.
• Onex Corporation (Carestream Health)
• Shimadzu Corporation
• Toshiba Corporation
• Barco N.V.

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“Certain areas, particularly in North America, are projected to exert significant demand for MRI. The growth in the competitive landscape and the presence of well-established companies in the market, committed to enhance the overall wellbeing of people each year, are expected to contribute to a remarkable growth of the Global Open System MRI Market in the forecast period," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.

Open System MRI Market - Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented by Resolution (low-field scanner, mid-field scanner, and high-field scanner), By Application (neurology, gastroenterology, oncology, cardiology, and other applications), and By Region, Competition evaluated the future growth potential of Global Open System MRI Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Open System MRI Market.