DUBLIN–(BUSINESS WIRE)–The “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, By Architecture, By Application, By End User, By Region, Forecast & Opportunities, 2026” report has been added to ResearchAndMarkets.com’s offering.
The Global MRI Market was valued at around USD6 billion in 2020 and is expected to witness a growing CAGR of around 8% during the forecast period to reach around USD9.4 billion through 2026.
This growth is attributed to technological advancements such as the inclusion of MRI with PET or CT that provides imaging possibilities with less exposure to harmful radiations. MRI devices are finding wide applications in the detection of severe internal injuries.
Furthermore, the increasing patient pool suffering from neurological and musculoskeletal disorders coupled with the growing need for quick and effective diagnostic procedures is acting as key growth drivers for the Global MRI Market. With the growing prevalence of health conditions such as tumors, spine lesions and stroke, the market is anticipated to grow further in the coming years.
Moreover, increasing awareness about chronic disorders and early diagnosis are propelling the growth of the Global MRI Market. In addition to this, growing expenditure on healthcare and increasing government support for MRI are supporting the market growth.
However, the Global MRI Market is also facing some restraints. The high cost of MRI devices and their installation might hamper the market growth. Furthermore, insufficient reimbursement policies in various countries and delayed product approval due to a stringent regulatory framework are also anticipated to pose a challenge for the manufacturers.
The Global MRI Market can be segmented based on field of strength, type, architecture, application, end-user and region. Based on field strength, the market can be segmented into high-field MRI systems that ranges from 1.5t to 3t, low-to-mid-field MRI systems that ranges < 1.5t and very-high-field MRI systems that ranges 4t and above.
Among them, high-field MRI systems accounted for the largest market share in 2020 as they are available at comparatively affordable prices and help in capturing images with higher precision. However, very-high-field MRI systems are expected to undergo the fastest CAGR during the forecast period owing to increasing approval from the regulatory bodies for the development of these systems.
Market players are adopting growth strategies like collaborations and are investing in new technology for introducing advanced MRI devices into the global market.
Major companies 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.
- United Imaging Healthcare Co., Ltd
Report Scope:
Years considered for this report:
- Historical Years: 2016-2019
- Base Year: 2020
- Estimated Year: 2021
- Forecast Period: 2022-2026
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)
Global MRI Market, By Type:
Global MRI Market, By Architecture:
- Closed MRI Systems
- Open MRI Systems
Global MRI Market, By Application:
- Brain and Neurological
- Oncology
- Spine and Musculoskeletal
- Abdominal
- Cardiac
- Others
Global MRI Market, By End-User:
- Hospitals
- Imaging Centers
- Ambulatory Surgical Centers
- Others
Global MRI Market, By Region:
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Europe
- France
- Germany
- United Kingdom
- Italy
- Spain
- North America
- United States
- Mexico
- Canada
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
For more information about this report visit https://www.researchandmarkets.com/r/5kgfh2
