North America to Dominate Global MRI Market Through 2026 with a CAGR of 8.12%
Growing demand for quick and effective
diagnostic procedures and advancements in diagnostic techniques is expected to
drive the global MRI market.
According to
TechSci Research report, “Global MRI Market By
Field Strength (High-Field MRI Systems (1.5t MRI Systems, 3t MRI Systems),
Low-To-Mid-Field MRI Systems (<1.5t), Very-High-Field MRI Systems (4t and
Above)), By Type (Fixed, Mobile), By Architecture (Closed MRI Systems, Open MRI
Systems), By Application (Brain and Neurological, Oncology, Spine and
Musculoskeletal, Abdominal, Cardiac, Others), By End User (Hospitals, Imaging
Centers, Ambulatory Surgical Centers, Others), By Region, Forecast &
Opportunities, 2026”, the global MRI market was valued at around USD6
billion in 2020 and is expected to witness CAGR of around 8% during the
forecast period to reach around USD9.4 billion through 2026. Key factors propelling the growth of the
global MRI market include advancements in magnetic resonance imaging (MRI)
techniques and growing requirements for quick and effective diagnostic
procedures. The increasing prevalence of health conditions such as spine
lesions, tumors, and stroke are further creating the demand for efficient
diagnostic machines such as magnetic resonance imaging. Moreover, technological
advancements like diffusion and diffusion tensor imaging with tractography,
perfusion imaging, functional imaging and neuroimaging including MR
spectroscopy are expected to drive the growth of the global MRI market in the
coming years. Also, extensive
R&D activities conducted by manufacturers are fueling the growth of this
market.
Additionally,
increasing usage of MRI devices for the detection of severe internal injuries
is fueling the market growth. Apart from this, the rising patient pool
suffering from neurological and musculoskeletal disorders is acting as a major
growth driver for the global MRI market. However, the market is also prone to
some challenges. High cost of MRI machines and insufficient reimbursement
policies in various countries are posing a challenge before manufacturers.
Furthermore, delayed product approval due to a stringent regulatory framework
is likely to hamper the market growth in coming years.
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The global MRI
market is segmented based on field of strength, type, architecture,
application, end user and region. Based on architecture, the market can be
segmented into closed MRI systems and open MRI systems. Among them, closed MRI
systems held the largest market share in 2020 as they use powerful magnetic
fields and help in getting detailed slice selection and error-free analysis.
Moreover, these systems are highly preferred by radiologists and hence, are
expected to further dominate the global MRI market through 2026.
Based on
application, the global MRI market can be segmented into brain and
neurological, oncology, spine and musculoskeletal, abdominal, cardiac and
others. Among them, the brain and neurological segment is expected to dominate
the global MRI market during the forecast period as MRI is identified as the
best tool for diagnostic imaging and neuroscience research. Furthermore, MRIs
are also capable of documenting brain injury from trauma and can monitor
degenerative disorders.
Major players operating in the global MRI
market include GE Healthcare, Aurora Imaging Technologies, Inc., Sanrad Medical
Systems Pvt ltd., Aspect Imaging, Esaote SpA, Fonar Corporation, Hitachi Ltd,
Neusoft Medical Systems Co. Ltd, Koninklijke Philips NV, Siemens Healthcare
GmbH, Canon Medical Systems Corporation, Mindray Medical International Limited,
Hologic, Inc., Nordion Inc., and United Imaging Healthcare Co., Ltd. The
market players are focusing on developing advanced software to introduce new
and more efficient MRI devices into the global market.
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“North America
dominated the global MRI market until 2020 and is expected to hold its
dominance during the forecast period owing to the presence of a
well-established healthcare system and leading MRI system manufacturers in the
region. However, Asia Pacific is anticipated to register the fastest growth
through 2026 due to the increasing prevalence of cardiovascular disorders and
neurological diseases. Furthermore, availability of advanced healthcare
facilities and services at a lower cost is also augmenting the growth of MRI
market in APAC,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global
MRI Market By Field Strength (High-Field MRI Systems (1.5t MRI Systems, 3t MRI
Systems), Low-To-Mid-Field MRI Systems (<1.5t), Very-High-Field MRI Systems
(4t and Above)), By Type (Fixed, Mobile), By Architecture (Closed MRI Systems,
Open MRI Systems), By Application (Brain and Neurological, Oncology, Spine and
Musculoskeletal, Abdominal, Cardiac, Others), By End User (Hospitals, Imaging
Centers, Ambulatory Surgical Centers, Others), By Region, Forecast &
Opportunities, 2026” has evaluated the
future growth potential of the global MRI market and provides statistics and
information on market size, structure and future market growth. The report
intends to provide cutting-edge 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 the global MRI market.
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