The global Magnetic Resonance Imaging Market size is expected to reach USD 8.5 billion by 2028. The market is expected to expand at a CAGR of 6.0% from 2021 to 2028. The growing prevalence of chronic diseases and increasing demand for early diagnostic techniques are the factors expected to drive the market. In addition, the growing adoption of less invasive procedures is also contributing to the growth of the market. Moreover, the growing number of clinical trials to understand the effectiveness and efficiency of magnetic resonance imaging (MRI) machines in various clinical applications is also expected to boost market growth.
End-users
such as research institutes and universities are frequently studying the
efficiency of MRI devices with high field strength such as 7T, 10T, and 10.5T.
The growing number of research studies will help in unlocking the potential
usage and advantages of high field MRI machines for various preclinical as well
as clinical applications. Currently, 7T MRI machines are only effective in
brain and knee imaging, largely due to the absence of advance coil required for
these high field machines. Therefore, the development of advance coils to
expand the application of 7T MRI machines is expected to propel market growth
during the forecast period.
Key market players
are adopting various strategies such as mergers and acquisitions,
collaborations, and partnerships to be competitive in the market. Aurora
Imaging Technology entered into a distribution agreement with Sumec Group
Corporation. Under this distribution agreement, Sumec Corporation will
distribute MRI portfolio ofAurora Imaging Technology in China. This, in turn,
is helping both the companies in geographical expansion.
Related Press Release@ Magnetic
Resonance Imaging Market Report
MRI
Market Report Highlights
- Adoption of advanced
imaging technologies is augmenting the growth of the market
- Open system is
anticipated to be the fastest growing segment during the forecast period
due to its efficiency to accommodate all size of patients without feeling
claustrophobic
- MRI for neurological
and brain disorders dominated the market largely due to growing number of
neurological conditions and increasing demand for less invasive diagnostic
procedure
- The high field segment
is expected to experience fastest growth largely due to its efficiency to
provide detailed images for diagnosis
- Ambulatory surgical
centers are expected to exhibit highest growth rate during the forecast
period. Government initiatives to improve primary care is one of the major
factor impacting the segment growth
- In 2020, North America
dominated the magnetic resonance imaging (MRI) market and accounted for
the largest revenue share owing to continuous research and high adoption
of advanced techniques in the region
- Asia Pacific is
anticipated to witness the fastest growth rate over the forecast period
due to growing number of clinical studies in the region for high field MRI
machines
Read More@ What is Magnetic Imaging Resonance (MRI)? —
Uses, Myths, and Future
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