MRI Systems Market Opportunities and Future Trends

The global MRI systems market generated a $5.9 billion revenue in 2017 and is expected to reach $7.9 billion by 2023, witnessing a CAGR of 5.2% during the forecast period (2018–2023). The increasing prevalence of chronic diseases and surging geriatric population are boosting the growth of the market. Furthermore, technological advancements in MRI systems, rising awareness about the early diagnosis of diseases, and increasing government support for the imaging method are also augmenting the domain progress.

MRI, short for magnetic resonance imaging, is a kind of medical imaging technique that aids in the diagnosis and assessment of a medical condition, such as bone disorders, hematological disorders, brain and head injuries, and several types of cancers. It uses radio waves, strong magnets, and a computer to show detailed pictures of a patient’s internal anatomy, such as organs, bones, glands, nerves, and blood vessels.

Advancements in technology are playing an important role in driving the sector. The market has seen various research and development activities that aim to offer better throughput, faster exam time, and improved image quality. Some of the advanced products launched in the MRI system market are Hybrid MRI and MRI-compatible devices. Thanks to MRI-compatible devices, people with implants, such as pacemakers, can easily go for scans. In addition, the development of the intraoperative MRI technology, which plays a critical role in diagnosing and treating central nervous system disorders, has revolutionized neurosurgery.

MRI systems market players are developing multi-contrast MRI scanners that help in detecting anomalies in different body parts at once. In September 2016, GE Healthcare received the USFDA approval for its MAGiC (MAGnetic resonance image Compilation) scanners, which give multiple image contrasts in a single scan. Discovery MR750, Discovery MR750w, Optima MR450, Optima MR450w, and SIGNA Pioneer are the MAGiC MRI scanners developed in collaboration with SyntheticMR AB. Similarly, in October 2017, the USFDA cleared Siemens AG’s 7 T Magnetom Terra MRI system, designed for the arms, legs (extremities), and head of patients weighing over 66 pounds.

Thus, with advancements in technology, the quality of the MRI systems is increasing, which, in turn, is leading the market forward.

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