Magnetic Resonance Imaging Market to Hit USD 7,955.1 million by 2025

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The magnetic resonance imaging market is projected to reach US$ 7,955.1 million by 2025 from US$ 5,913.6 million in 2017; it is expected to register a CAGR of 3.8% from 2018 to 2025.

According The Insight Partners study on “Magnetic Resonance Imaging Market   Forecast to 2025– COVID-19 Impact and Global Analysis – Field Strength, Architecture, Application, End User,” The report highlights trends existing in the market, and drivers and hindrances pertaining to the market growth.

Magnetic resonance imaging (MRI) is a scan which utilizes strong magnetic fields and radio waves for producing detailed images of the inside of the body. The MRI scanner is a large tube that contains powerful magnets, the patient lies inside the tube during the scan. The radio waves manipulate the magnetic position of the atoms of the body, which are picked up by a powerful antenna and sent to a computer. The computer performs calculations, which produces clear, cross-sectional black-and-white images of the body. An MRI scan can be used to examine almost any part of the body, which include brain and spinal cord, bones and joints, breasts, heart and blood vessels, internal organs, such as the liver, womb or prostate gland, and others.

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Market Insights

Increasing Awareness Regarding Benefits of Early Diagnosis

Early diagnosis of a medical condition opens the door to treatment and future care. The earlier diagnosis of diseases helps the medical professionals and patients to take up various important medical decisions in terms of care, support needs, financial and legal matters. There exists a large number of advantages to obtaining accurate and early diagnosis after noticing of cognitive symptoms related to a particular medical condition. These benefits include reversal of symptoms, effective, sooner and early treatment of the individual, empowerment of the patient, time for better decision making and others. Magnetic resonance imaging (MRI) is one of the very effective and popularly practiced imaging techniques for diagnosis of diseases associated with various medical specialties including neurological disorders, musculoskeletal diseases, cancer, cardiovascular disorders and others. The increasing awareness among global populace regarding the importance of early disease detection is a major factor responsible to drive the growth of global magnetic resonance imaging market.

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.

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Field Strength-Based Insights

Based on field strength, the magnetic resonance imaging market is segmented into low-field MRI systems, high-field MRI systems, and ultra-high field MRI systems. In 2017, the high field MRI systems segment held a largest market share of 55.0% of the magnetic resonance imaging market, by field strength. This segment is also expected to dominate the market in 2025 owing to its ability to have a wide imaging potential and significantly higher resolution that can be used in various modalities that range from standard musculoskeletal studies to advanced work in neurology, cardiology, and specific spectroscopy scanning. Furthermore, the low field MRI systems segment is anticipated to witness the fastest growth rate during the forecast period.

Architecture-Based Insights

Based on architecture, the magnetic resonance imaging market is segmented into closed MRI systems and open MRI systems. The open MRI Systems segment is anticipated to grow at a CAGR of 4.4% during the forecast period. The open architecture of the MRI scanners decreases the risk of claustrophobia and risk of panic attacks at exponential levels as well as allows patients of all the sizes and shapes to take up the MRI tests for accurate diagnosis and treatment of their medical conditions.

Application-Based Insights

The application segment includes cardiology, oncology, neurology, gastroenterology, musculoskeletal and others. The musculoskeletal segment is anticipated to grow at a CAGR of 4.5% during the forecast period. The advantages offered by the MRI such as increased signal-to-noise ratio, higher spatial resolution, improved spectral resolution for spectroscopy, improved sensitivity for X-nucleus imaging, and decreased image acquisition times.

End User-Based Insights

Based on end user, the magnetic resonance imaging market is segmented into hospital, ambulatory surgical centers, and diagnostic centers. The hospitals segment is anticipated to grow at a CAGR of 4.0% during the forecast period. Rising prevalence of various diseases, increasing number of hospitals across the globe, and rapid growth of various surgical procedures are primarily attributed the growth of this segment in the magnetic resonance imaging market in the coming years.

Magnetic Resonance Imaging Market : Competitive Landscape and Key Developments

General Electric,Koninklijke Philips N.V.,Siemens AG,Canon Medical Systems Corporation,Esaote SpA,FONAR,Hitachi, Ltd.,Aspect Imaging,NeuSOFT Technologies,Time Medical Holding

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