Rockville , Feb. 06, 2024 (GLOBE NEWSWIRE) -- The global MRI system market is estimated to capture US$10,491.7 million in 2024 and expand at a consistent 6.5% CAGR through 2034. The market is anticipated to attain a valuation of US$ 19,640.8 million by 2034.
Several medical professionals are commencing their facilities with affordable MRI services to meet the surging demand. Thus increasing the adoption of MRI in the field of medical services. Additionally, increasing government initiatives intended for better and more ambulatory care centers, especially to increase people residing in rural areas' access to healthcare services, is expected to propel the adoption of MRI systems.
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The market is further expected to be driven by increasing advancements in MRI machines like the innovation of silent MRI scanning technologies, multi-contract MRI scanners, etc. Moreover, investments in MRI scanners are predicted to rise as health concerns among people increase.
| Report Attribute | Details |
| Value Projection (2034) | US$ 19,640.8 Million |
| Growth Rate (2024-2034) | 6.5% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 48 Tables |
| No. of Figures | 144 Figures |
Key Takeaways from the Market Study
- In 2019, the MRI system market gained a market value of US$ 7,636.3 million.
- The East Asia MRI system industry is predicted to obtain a market value of 38.7% in 2024. The regional market’s value is estimated to jump from US$ 4,055 million in 2024 to US$ 8,481 million by 2034. Throughout this time, the market is likely to record a growth rate of 7.7%.
- The North America MRI system industry is estimated to acquire a value share of 31.3% in 2024. By 2034, the region is forecast to obtain a market value of US$ 5,640 million. Meanwhile, the region is projected to expand at a CAGR of 5.6%.
- By strength type, the 1.5T segment is expected to capture a share of 46.5% in 2024. By 2034, this segment is forecast to reach US$ 9,096.2 million by 2034, recording a CAGR of 6.4%.
- Based on architecture type, the open segment is predicted to acquire 56.8% in 2024. The valuation of this segment is estimated to reach US$ 11,105.9 million by 2034.
- On the basis of end users, the hospital segment is anticipated to obtain a significant share of 42.8% in 2024.
”Demand for MRI systems is projected to increase in East Asia, as the region exhibits a high rate of growth. New companies are expected to level up their product offerings to differentiate and attract end users." says a Fact.MR analyst.
Key Companies Profiled in This Report
- GE Healthcare
- Siemens Healthineers
- Koninklijke Philips N.V.
- Esaote SPA
- Fujifilm Holdings Corporation
- Shimadzu Corporation
- Aurora Imaging Technologies, Inc.
- Canon Medical Systems
- Hitachi Healthcare
- Hologic Inc.
- Bruker Corporation
- Others
Competitive Landscape
Market leaders in MRI systems are ceaselessly vying for a larger market share. Key players are integrating breakthrough technologies, including AI-powered image reconstruction, faster scan times, and quieter scanning coils to elevate patient experience and boost clinical efficiency. Additionally, companies are aiming to expand in emerging markets that demonstrate high growth potential, such as India, China, and Southeast Asia, via local manufacturing and strategic partnerships.
Active players are committing to innovation via substantial research and development efforts and alliances with research institutions. Additionally, companies are employing inorganic growth strategies like acquisitions, mergers, partnerships, and collaborations to reach greater heights and revenues.
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Recent Developments in the Market
- Hitachi Medical Systems, in March 2021, introduced two permanent open MRI systems, AIRIS Vento Plus (0.3T) and APERTO Lucent Plus (0.4T). They are outfitted with SynergyDrive workflow solutions. This innovation offers high-speed examination with motion-free captures, an open design that optimizes patient comfort, and easy operation and sitting for quick return-of-image.
- Siemens AG, in 2020, introduced a compact and significantly light whole-body MRI called High-V MRI. The MRI system has a combination of digital technologies and an extra 0.55-tesla field strength, increasing the range of clinical applications for MRI systems.
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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