Fort Collins, Colorado, Jan. 03, 2024 (GLOBE NEWSWIRE) --
The MRI Market size was valued at USD 6.9 Billion in 2022 and is anticipated to reach USD 12.8 Billion by 2032 at a CAGR of 6.5%.
The market growth of magnetic resonance imaging (MRI) is driven by the high prevalence of chronic diseases and increasing demand for diagnostic services. MRI's ability to detect early conditions like cardiovascular and orthopedic ailments helps improve treatment outcomes, thus accelerating its global adoption and market expansion.
The MRI market is experiencing growth due to a rise in the number of aging individuals susceptible to certain medical conditions. The early detection of such ailments and increased awareness amongst the public, coupled with the introduction of MRI-compatible pacemakers and government initiatives to enhance access to quality healthcare facilities, are expected to drive the expansion of the market.
The magnetic resonance imaging market is expected to grow significantly due to advancements in MRI machines that increase application usage. Innovations such as diffusion and diffusion tensor imaging and tractography, perfusion imaging, MR spectroscopy, and functional imaging using BOLD techniques will contribute to this growth. Intraoperative MRI and its various applications in areas such as neurosurgery will also drive the market's growth. Also, diffusion-weighted MR imaging is primarily used to detect stroke within 30 minutes rapidly.
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Segmentation Overview:
The global MRI market has been segmented into product, field strength, application, end-use, and region. Closed MRI systems dominate the market with detailed images but can cause discomfort and inaccurate results. To address this, wide-bore and open MRI systems are being developed. Pediatric MRI machines now incorporate drawings and cartoons to ease the scanning experience for children. Mid-field strength machines have the largest share of 47.70% and are projected to grow substantially. They capture high-precision images and are affordable, making them a popular choice.
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MRI Market Report Highlights:
- The global MRI market growth is anticipated at a CAGR of 6.5% by 2032.
- The MRI market is growing due to its ability to detect early conditions, increased awareness, and innovations in MRI machines. Advancements such as diffusion and diffusion tensor imaging and tractography, perfusion imaging, MR spectroscopy, and functional imaging using BOLD techniques will contribute to this growth. Intraoperative MRI and diffusion-weighted MR imaging will also drive the market's growth.
- North America dominates the global market share in 2023, driven by the rising prevalence of chronic diseases like breast cancer, cardiovascular disorders, and neurological diseases. With the increasing incidence of chronic conditions, the demand for advanced imaging analysis is expected to stimulate the growth of MRI technology in the region.
- Some prominent players in the MRI market report include GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Canon, Medical Systems, Hitachi Healthcare, Hologic Inc., Bruker Corporation, Esaote SPA, Fujifilm Holdings Corporation, Shimadzu Corporation, and Aurora Imaging Technologies, Inc. among others.
Industry Trends and Insights:
- Wipro GE Healthcare has recently launched it’s first-ever Cath lab in India, equipped with AI technology. This initiative aims to reduce the burden of cardiovascular disease in the country.
- In related news, Siemens Healthineers has announced that their Somatom Pro.Pulse, The FDA has cleared the Dual-Source CT Scanner.
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MRI Market Segmentation:
By Product: Open System, Closed System
By Field Strength: Low Field Strength, Mid Field Strength, High Field Strength
By Application: Obstructive Sleep Apnea (OSA), Brain and neurological, Spine and musculoskeletal, Vascular, Abdominal, Cardiac, Breast, Other
By End-use: Hospitals, Imaging Centers, Ambulatory Surgical Centers, Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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