Dublin, July 18, 2023 (GLOBE NEWSWIRE) -- The "Global Magnetic Resonance Imaging Market: Analysis By Field Strength, By Architecture Type, By Application, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The global Magnetic Resonance Imaging (MRI) market in 2022 stood at US$7.01 billion, and is likely to reach US$9.74 billion by 2028.
Magnetic Resonance Imaging (MRI) represents a non-invasive imaging technology that produces comprehensive images of internal body structures.
By using a potent magnetic field and radio waves, MRI delivers high-resolution, three-dimensional images, often depicting soft tissues and organs with exceptional clarity. MRI provides enhanced detail for soft tissues like the brain, spinal cord, and muscles, and avoids the use of ionizing radiation, thereby reducing the risk associated with exposure, unlike X-rays and CT scans.
MRI's popularity has experienced a significant increase recently, driven largely by rapid technological advancements. Innovations in the field have shortened scan durations and optimized patient comfort levels, making the process more efficient and patient-friendly.
Furthermore, the emergence of advanced techniques, such as functional MRI (fMRI), has broadened MRI's application scope. The fMRI technique allows dynamic imaging of physiological processes, providing a more in-depth analysis of bodily functions and disease progressions.
This method has found extensive application in both clinical and research fields, aiding in the diagnosis and understanding of various medical conditions, and consequently, driving the increased demand for MRI technology. The global Magnetic Resonance Imaging (MRI) market is projected to grow at a CAGR of 5.68% during the forecast period of 2023-2028.
Global Magnetic Resonance Imaging (MRI) Market Dynamics:
- Growth Drivers: The escalating number of cancer cases and other chronic diseases globally is driving growth in the MRI market, as these conditions often require advanced diagnostic procedures like MRI. MRI, crucial in these instances, allows healthcare professionals to capture high-resolution images of tissues and organs, facilitating accurate diagnoses and efficient treatment strategies. Beyond cancer, rising prevalence of neurological and musculoskeletal conditions also increases demand for complex imaging. The sustained surge in such disease incidences intensifies the need for advanced diagnostic techniques like MRI, reinforcing its significance and spurring demand, thereby fueling the expansion of the global MRI market. Further, the market is expected to grow owing to growing geriatric population, increase in healthcare spending, increasing focus on animal welfare and health, medical tourism, growth of private hospitals and diagnostic centers, technological advancements, market consolidation, etc. in recent years.
- Challenges: The high acquisition, installation, operation, and maintenance costs of MRI machines pose a significant challenge to the global MRI market. Additional costs include infrastructure modifications for the large, high-tech machines, regular quality control, resource consumption, and professional training. Particularly in developing regions, these costs can deter adoption of MRI technology, making it less accessible. Thus, the high costs is a key challenge that the global MRI market must confront to broaden accessibility to this essential diagnostic instrument. Additionally, other factors like technological complexity, etc. are other challenges to the market.
- Market Trends: The growth in demand for personalized medicine is expected to significantly drive the global MRI market, during the forecasted period of 2023-2028. As precise diagnostics and treatments become more prevalent, the need for high-quality imaging from MRI systems increases. MRI's role in personalized medicine spans prediction, diagnosis, and treatment, contributing to better outcomes, early interventions, and effective therapies. As such, advancements in MRI technology, spurred by the growing demand for personalized medicine, promise to enhance patient care and fuel market growth. More trends in the market are believed to grow the Magnetic Resonance Imaging (MRI) market during the forecasted period, which may include integration of artificial intelligence (AI), growing integration of AR and VR, development of portable devices, advancements in Radiomics, emergence of hybrid imaging systems, etc.
Competitive Landscape and Recent Developments:
The global Magnetic Resonance Imaging (MRI) market, marked by dominance from Siemens Healthineers, General Electric (GE Healthcare), Philips, and Canon, showcases a blend of competitive and innovative landscapes. The market consolidation, driven by strategic collaborations, acquisitions, and mergers, fuels innovation and market growth.
For example, GE Healthcare's collaboration with Roche Diagnostics amalgamated Roche's advanced lab analytics with GE's imaging capabilities to improve oncology and critical care treatment.
Such collaborations alongside the steady influx of technologically advanced and affordable product offerings by smaller companies are driving the evolution of the global MRI market, making it a fascinating space to observe.
Further, key players in the Magnetic Resonance Imaging (MRI) market are:
- General Electric Company (GE Healthcare)
- Canon Inc. (Canon Medical Systems Corporation)
- Koninklijke Philips NV
- Siemens Healthineers
- Neusoft Corporation
- FUJIFILM Holdings Corporation
- Fonar Corporation
- Aurora Healthcare US Corp.
- Esaote S.p.A.
- Aspect Imaging Ltd.
- Time Medical Systems
- Magnetica Limited
- Shanghai United Imaging Healthcare Co., Ltd.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 163 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $7.39 Billion |
| Forecasted Market Value (USD) by 2028 | $9.74 Billion |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
3.1 Global Magnetic Resonance Imaging (MRI) Market: An Analysis
3.1.1 Global MRI Market: An Overview
3.1.2 Global MRI Market by Value
3.1.3 Global MRI Market by Field Strength (Medium Field, High Field, and Low Field)
3.1.4 Global MRI Market by Architecture Type (Closed MRI, and Open MRI)
3.1.5 Global MRI Market by Application (Neurological, Spine & Musculoskeletal, Cardiology, Breast Imaging, Abdomen Imaging, and Others)
3.1.6 Global MRI Market by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)
3.1.7 Global MRI Scans per 1000 Inhabitants by Country (Germany, France, the US, Netherlands, Spain, Korea, Japan, Australia, and the UK)
3.2 Global Magnetic Resonance Imaging (MRI) Market: Field Strength Analysis
3.2.1 Global MRI Market by Field Strength: An Overview
3.2.2 Global Medium Field MRI Market by Value
3.2.3 Global High Field MRI Market by Value
3.2.4 Global Low Field MRI Market by Value
3.3 Global Magnetic Resonance Imaging (MRI) Market: Architecture Type Analysis
3.3.1 Global MRI Market by Architecture Type: An Overview
3.3.2 Global Closed MRI Market by Value
3.3.3 Global Open MRI Market by Value
3.4 Global Magnetic Resonance Imaging (MRI) Market: Application Analysis
3.4.1 Global MRI Market by Application: An Overview
3.4.2 Global Neurological MRI Market by Value
3.4.3 Global Spine & Musculoskeletal MRI Market by Value
3.4.4 Global Breast Imaging MRI Market by Value
3.4.5 Global Cardiology MRI Market by Value
3.4.6 Global Abdomen Imaging MRI Market by Value
3.4.7 Global Others MRI Market by Value
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
6.1 Growth Driver
6.1.1 Growing Geriatric Population
6.1.2 Increase in Healthcare Spending
6.1.3 Escalating Incidence of New Cancer Cases
6.1.4 Increasing Focus on Animal Welfare and Health
6.1.5 Medical Tourism
6.1.6 Growth of Private Hospitals and Diagnostic Centers
6.1.7 Technological Advancements
6.1.8 Market Consolidation
6.2 Challenges
6.2.1 High Cost Associated
6.2.2 Technological Complexity and Skill Shortage
6.3 Market Trends
6.3.1 Integration of Artificial Intelligence (AI)
6.3.2 Growing Integration of AR and VR
6.3.3 Demand for Personalized Medicine
6.3.4 Development of Portable Devices
6.3.5 Advancements in Radiomics
6.3.6 Emergence of Hybrid Imaging Systems
6.3.7 New MRI Contrast Agent
7. Competitive Landscape
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/pxu8ku
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