Magnetic Resonance Imaging (MRI) Market to Show Promising Growth as a Result of Increasing Prevalence of Chronic Diseases and Rising Research and Development Activities

Magnetic Resonance Imaging (MRI) Market Scope & Overview

According to a report from SNS Insider, the Magnetic Resonance Imaging (MRI) Market had a valuation of USD 5.4 billion in 2022. It is projected to reach USD 8.93 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.5% during the forecast period of 2023 to 2030.

Magnetic Resonance Imaging (MRI) is a powerful diagnostic tool that utilizes magnetic fields and radio waves to generate detailed images of the internal structures of the body. It provides valuable information for medical professionals in the diagnosis and treatment of various conditions, offering a non-invasive and highly accurate imaging option for patients.

Key Players Covered in Magnetic Resonance Imaging (MRI) market report are:

·        GE healthcare

·        Siemens AG

·        Toshiba Corporation

·        Aurora imaging Technologies

·        Esaote SPA

·        Sahrad Medical Systems

·        Fujifilm

·        Koninklijke Philips N.V.

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Market Analysis

One of the key factors contributing to the growth of the magnetic resonance imaging (MRI) market is the increasing prevalence of chronic diseases. MRI plays a vital role in the diagnosis and monitoring of various conditions such as cancer, cardiovascular diseases, neurological disorders, and musculoskeletal disorders. As the global population continues to age and the incidence of chronic diseases rises, the demand for MRI scans is expected to increase significantly.

Segmentation Analysis

The magnetic resonance imaging (MRI) market is witnessing the emergence of new segments that are set to dominate the industry. The Open System segment, with its patient-centric design and expanded clinical capabilities, addresses the need for enhanced patient comfort and workflow efficiency. On the other hand, the Cardiac segment, with its non-invasive and comprehensive cardiac imaging capabilities, offers valuable diagnostic insights for cardiovascular diseases.

Magnetic Resonance Imaging (MRI) Market Segmentation as Follows:

By Architecture outlook

·        Open System

·        Closed System

By Field Strength Outlook

·        Low Field Strength

·        Mid Field Strength

·        High Field Strength

By Application Outlook

·        Cardiac

·        Abdominal

·        Vascular

·        Brain and neurological

·        Other

By End Use

·        Hospitals

·        Imaging centres

·        Ambulatory surgical centres

·        Others

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Impact of Recession

In a recession, healthcare providers may extend the replacement cycles for their existing MRI equipment. Rather than investing in new machines, facilities may opt to maintain and repair their current inventory to prolong their useful life. Despite these potential challenges, the magnetic resonance imaging (MRI) market is also influenced by other factors such as technological advancements, evolving healthcare policies, and demographic trends. Over the long term, as economies recover from recessions, the demand for healthcare services, including MRI scans, typically rebounds.

Regional Status & Analysis

Europe's magnetic resonance imaging (MRI) market is poised for substantial growth and domination. The region's commitment to research and development, the presence of key industry players, a favorable regulatory environment, increasing demand for advanced diagnostic imaging, and a strong healthcare infrastructure collectively position Europe at the forefront of the MRI market. As Europe continues to innovate and deliver cutting-edge MRI solutions, it is well on its way to solidifying its leadership in this vital medical imaging sector.

Conclusion

The market is expected to have a bright future with increasing demand driven by the rising prevalence of chronic diseases, technological advancements, expanding adoption in emerging economies, and ongoing research and development efforts. However, addressing the challenges of cost and competition will be crucial for sustained growth in the market.

Frequently Asked Questions/ Key Reasons to Purchase this Report

What is the projected outlook for magnetic resonance imaging (MRI) market growth?

·        The market for magnetic resonance imaging (MRI) is projected to surpass USD 8.93 billion by the year 2030.

What are the major factors influencing the magnetic resonance imaging (MRI) market?

·        Ongoing research and development activities in the field of MRI are likely to fuel market growth. Researchers are exploring new techniques and applications for MRI, such as molecular imaging and targeted drug delivery.

Who are the leading players in the magnetic resonance imaging (MRI) market?

·        GE healthcare, Fujifilm, Aurora imaging Technologies, Esaote SPA, Siemens AG, Toshiba Corporation, Sahrad Medical Systems, Koninklijke Philips N.V.

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