Magnetic Resonance Imaging Market Expected to Show a Significant Growth During the Forecast Period 2022 – 2028

Posted on 2022-06-02 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, June 02, 2022 — /EPR Network/ —

Magnetic Resonance Imaging Industry Overview

The global magnetic resonance imaging market size was valued at USD 5.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2021 to 2028.

Magnetic resonance imaging (MRI) is an efficient diagnostic machine for identifying diseases related to spine lesions, tumors, and stroke impacting the area of blood vessels and brain. The increasing prevalence of these diseases is expected to play an important role in market growth. For instance, as per the American Cancer Society, in 2019, 1,762,450 new cancer cases were recorded in the U.S. In addition to this, the growing demand for quick and effective diagnostic procedures is expected to contribute towards the adoption of MRI machines. Various countries are installing these MRI machines. For instance, as per OECD, in 2017 the number of MRI units installed in the U.S. was 37.6 per million population.

Gather more insights about the market drivers, restrains and growth of the Global Magnetic Resonance Imaging market

Advancements in diagnostic techniques such as open MRI, visualization software, and superconducting magnets are fueling the growth of the MRI market. The recent advances seen in MRI technology are mainly on the software. These software advancements help in enabling faster contrast scans and simplifies imaging workflow. In September 2016, GE Healthcare’s Magic (Magnetic Resonance Image Compilation) software received U.S. FDA approval. This software helps in delivering eight contrasts in single acquisition in a fraction of time. Moreover, the development of cardiac pacemaker compatible MRI systems is also expected to propel the market growth in cardiology segment. Furthermore, various paramagnetic contrast agents such as gadolinium-DTPA are used as an intravenous injection to provide sharp, precise, and accurate images within a shorter time frame. These technological advancements in MRI are expected to propel the market growth during the forecast period.COVID-19 is expected to have a negative impact on MRI market. COVID-19 has majorly impacted the outpatient imaging services. New York metropolitan health system reported 87.0% reduction in the outpatient imaging services, thereby, expected to impact the MRI market.

Various recent advancements such as diffusion and diffusion tensor imaging with tractography, neuroimaging including MR spectroscopy, perfusion imaging and functional imaging using the bold technique is expected to boost market growth during the forecast period. Also, the growing development of intraoperative MRI and usage of the same in various applications such as neurosurgery is expected to propel the market growth during the forecast period. Moreover, diffusion-weighted MR imaging is mainly used to detect stroke within 30 minutes of its occurrence. Therefore, advancements in MRI machines to enhance its usage for various applications is expected to drive the market growth during the forecast period.

Browse through Grand View Research’s Medical Imaging Industry Research Reports.

Magnetic Resonance Imaging Coils Market – The global magnetic resonance imaging coils market size was valued at USD 7.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.5% from 2021 to 2028.
Ultrasound Device Market – The global ultrasound device market size was valued at USD 7.9 billion in 2021 and is anticipated to expand at a CAGR of 4.5% from 2022 to 2030.

Magnetic Resonance Imaging Market Segmentation

Grand View Research has segmented the global magnetic resonance imaging market based on architecture, field strength, end-use, application, and region:

MRI Architecture Outlook (Volume, Units; Revenue, USD Million, 2016 – 2028)
- Closed System
- Open System
MRI Field Strength Outlook (Volume, Units; Revenue, USD Million, 2016 – 2028)
- Low Field Strength
- Mid Field Strength
- High Field Strength
MRI Application Outlook (Volume, Units; Revenue, USD Million, 2016 – 2028)
- Brain and neurological
  - Low Field Strength
  - Mid Field Strength
  - High Field Strength
- Spine and musculoskeletal
  - Low Field Strength
  - Mid Field Strength
  - High Field Strength
- Vascular
  - Low Field Strength
  - Mid Field Strength
  - High Field Strength
- Abdominal
  - Low Field Strength
  - Mid Field Strength
  - High Field Strength
- Cardiac
  - Low Field Strength
  - Mid Field Strength
  - High Field Strength
- Breast
  - Low Field Strength
  - Mid Field Strength
  - High Field Strength
- Other
  - Low Field Strength
  - Mid Field Strength
  - High Field Strength
- MRI End-use Outlook (Revenue, USD Million, 2016 – 2028)
  - Hospitals
  - Imaging Centers
  - Ambulatory Surgical Centers
  - Others
- MRI Regional Outlook (Volume, Units; Revenue, USD Million, 2016 – 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)

Market Share Insights

November 2021: Fujifilm Healthcare Americas Corporation unveiled its advanced, high field open MRI system called Velocity MRI System at the 2021 Radiological Society of North America (RSNA).
March 2021: Hitachi launched two new permanent open MRI systems at the start of the 2021 European Congress of Radiology. The APERTO Lucent Plus Open MRI provides high-speed exams with motion-free images and easy siting and operation for fast return-of-image and an open design that maximizes patient comfort.

Key Companies profiled:

Some prominent players in the global magnetic resonance imaging market include

GE Healthcare
Hitachi Medical Systems America AG.
Siemens AG
Toshiba Corporation
Aurora Imaging Technologies, Inc.
Koninklijke Philips N.V.
Esaote SPA
Sanrad Medical Systems Pvt. Ltd.

Order a free sample PDF of the Magnetic Resonance Imaging Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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