Global Closed MRI Systems Market by Field Strength, Applications, and Regions, Market Size, Share and Trends, Forecasts 2020–2026

Global Closed MRI Systems Market is valued to reach USD 4.5 Billion by 2024, growing at CAGR of 5.1% over the forecast period 2020–2026. The key factors augmenting the market growth are increasing aging population, increasing health awareness and awareness among people about benefits of MRI scanning.

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Growing aging population and awareness among people about the benefits of MRI scanning are factors propelling the growth of world closed MRI systems market. However, high cost of MRI systems, declining reimbursement rates for MRI procedures, and reduction in the availability of helium that could force hospitals to replace costly MRI magnets would hinder the growth of the market. In addition, advancements in MRI techniques include superconducting (SC) magnets, open architecture, high-field MRI, and software applications would present tremendous opportunities for growth.

Market Trends, Drivers, Restraints, and Opportunities:

Expanding clinical applications of MRI is expected to drive the market growth.
Initially, MRI was extensively used to generate images of the spinal column and the brain; however, MRI system manufacturers are developing technologically advanced devices to increase their clinical uses. This is likely to boost the growth of the market significantly.
Advanced MRI systems are also used to scan other body parts such as breasts, lungs, and blood vessels. Increasing clinical uses of MRI systems is anticipated to drive market growth in the coming years.
Software advancements in the MRI technology are an emerging trend in the closed MRI systems market. These advances help end-users obtain accurate scans and capture faster images with minute details. This, in turn, is projected to further catapult market growth.
High prices of MRI systems are likely to hamper the market growth.
Software advancements enable the use of MRI technology for innovative applications. This is likely to create opportunities in the global market.