Open MRI Systems Market to rising at a Cost of US$ 1,563.1 Mn by 2026

Open MRI Systems Market (By Field Strength: Low, Medium, High; By Application: Brain, Spine, Abdominal, Breast, Cardiac, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026

The global Open MRI Systems Market size is estimated to grow at CAGR above 6.1% over the forecast time frame 2019-2026 and reach the market value around $1,563.1 million by 2026.

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In 2018, North America dominated the regional open MRI system market. The region is also projected to witness the highest market share throughout the forecast period from 2019 to 2026. The expansion of open MRI applications in the diagnosis of various diseases is driving the regional market growth. For instance, According to the Organization for Economic Co-operation and Development (OECD), in 2017, per 1000 inhabitants 111 scans performed and per 1000 inhabitants 51 MRI exams were performed, respective in the US and Canada. The favorable governmental support along with the increasing number of ambulatory diagnostic centers in the region is further contributing to the market growth.

An open MRI system with low field strength segment accounted for the large market share in the year 2018 owing to the several advantages associated with the system. The open design increases the patient comfort and minimizes claustrophobia with smaller physical footprints and wider bores are a factor accelerating the segment growth. The lower initial purchase price as compared to its alternatives because the purchase price increases with the strength of the equipment are also driving the demand for an open MRI system with low field strength. Additionally, low field strength with the MRI system does not require liquid helium or special maintenance which reduces the operational cost of the system. Lower energy deposition in tissues by radiofrequency pulses compare to the medium and high field strength. These are the factors supporting the low field strength systems in the market.

The use of open MRI systems in brain segment has registered the high share in the application segment owing to the increasing cases of brain tumors and neurodegenerative diseases across the globe. For instance, According to American Cancer Society, around 23,820 malignant tumors of the brain or spinal cord are likely to be diagnosed, which include 13,410 males and 10,410 female cases. Additionally, around 17,760 people, including 9,910 males and 7,850 females likely to die from brain and spinal cord tumors. These are the expected facts likely to increase demand over the forecast period.

American Cancer Society, in 2016, brain and spinal cord cancer accounted for about 1.3% of all cancers in the U.S.

The growing geriatric population and increasing incidences of emergency cases of several brain injuries are further supporting the segment market value.

Some of the leading competitors are GE Healthcare, Hitachi Medical Systems, Koninklijke Philips N.V., Siemens Healthineers, Canon Medical Systems Corporation, and ESAOTE SA. The major players are involved in research and development activities for the introduction of new and advanced solutions for patients with claustrophobia.

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Some of the key observations regarding Open MRI Systems industry include:

  • ASG Superconductors and its subsidiary Paramed Medical Systems Inc. has announced the second installation of an open MRI unit in the American Health Imaging (AHI) facility in San Antonio, Texas. This is the first installation of Texas in a leading medical imaging center of the USA.
  • Owensboro Health is installing a brand new open MRI system that can allow the parent to stand beside their child during the procedure. This new open-sided MRI can also cut down the time a patient spends on the table and can accept weight up to 660 pounds.
  • Postgraduate Institute of Medical Education and Research (PGI), Chandigarh has installed an open MRI system in 2018. The new machine costs Rs 4 Cr. with 0.25-tesla resolution. The system is particularly installed for claustrophobic patients.
  • Magnetic resonance imaging (MRI) radiographer, Apollo Exconde has a special interest in claustrophobic and plus size patients. He has invented Lego open MRI in 2019, an interactive toy which demonstrates the MRI procedure to eliminate patient misconception and worries about the MRI procedure. Moreover, Apollo Exconde is an award-winning UK based radiographer.
  • A Cheltenham based medical charity, Cobalt is providing high field open MRI scanner for claustrophobic patients from 2017. The scanner offers wide open space insides of the machine which allows a patient to see outside that can improve comfort.

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