Magnetic Resonance Imaging (MRI) Machines Market is anticipated to rise at a CAGR of 5.4% from 2020 to 2030
The Global Magnetic Resonance Imaging (MRI) Machines Market size is estimated to be USD 6.55 billion in 2019 and is predicted to reach USD 11.68 billion by 2030 with a CAGR of 5.4% from 2020-2030. Magnetic Resonance Imaging (MRI) Machines is the radiology based medical imaging technique which involves the strong magnetic waves to for the images of human anatomy. The MRI scans are not harmful as X-rays and other scans and used as diagnostic medicine with wide application. MRI is a versatile imaging technique which not only provides the physical as well as chemical analysis on a wide scale.
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Market Dynamics and Trends
The increase in public awareness and improving healthcare facilities on a large scale has increased the demand for better diagnosis and treatment. The increase in various cardiovascular, neurological, orthopedic disorders and others are expected to increase the demand for MRI scans accurate diagnosis is expected to gain traction.
The other factors which are further expected to augment the growth of MRI machine market includes increase in geriatric population, increase in trauma cases and constant innovation in the MRI machines by the market players are expected fuel the growth of MRI machine market. However, High cost of the MRI machines and lack of reimbursement policies in the developing economies are expected to inhibit the growth of MRI machine market. The constant technological advanced and updates in the MRI machines are expected to create lucrative opportunities for the MRI machines market in the near future.
Market Segmentations and Scope of the Study:
The global magnetic resonance imaging (MRI) machines market share is analyzed on the basis of architecture, field strength, application and geography. On the basis of architecture, the market is segmented into open MRI machines and closed MRI machines. On the basis of field strength, the market is divided into Low field MRI, High field MRI, and Ultra high Field MRI. On the basis of application, the market is fragmented into Orthopedic, Spine, Neurology, Cardiovascular, Head and Neck, Abdominal & Prostate, and Others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
North America represents the increased adoption of MRI machines due to developed infrastructure, developed healthcare facilities coupled with increased prevalence of various disorders. As the MRI machines helps in the better and accurate diagnosis of various disorders this also includes degenerative disorders as well and technological advancement.
Asia Pacific is expected to develop significantly due to the presence of developing economies in the region. Moreover, developing healthcare facilities are increase in disposable income coupled with increased prevalence of various disorders are expected to promote the growth of MRI machines market.
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The magnetic resonance imaging (MRI) machines market, which is highly competitive, consists of major players. This involves Companies, such as Aspect Imaging, Fonar Corporation, Hitachi Ltd., Koninklijke Philips NV, GE Healthcare, Siemens Healthcare GmbH, Neusoft Medical Systems Co. Ltd, Esaote SpA, Canon Medical Systems Corporation and Aurora Imaging Technology among others.
Over the period of time these has been various development in the MRI machines market. For instance, in July 2019, Canon Medical Systems Corporation has agreed to establish a framework with R-Pharm Holding to promote sales of diagnostic imaging systems manufactured by Canon Medical Systems, and to localize Canon’s medical equipment production at R-Pharm’s facilities in Russia. In April 2018, Canon Medical Systems Corporation has announced the release of a premium 1.5T MRI system, named Vantage Orian, International Technical Exhibition of Medical Imaging 2018 (ITEM) in Yokohama, Japan. Vantage Orian represents a major foray into the premium wide bore 1.5T market along with new technology designed to boost productivity, enhance patient comfort and deliver diagnostic clinical confidence to users and patients alike.