Magnetic Resonance Imaging (MRI) market is evolving with high growth rate of CAGR 6.6% by 2023| Major Vendors - BRUKER CORPORATION, ESAOTE SPA, FONAR CORPORATION, GE HEALTHCARE, HITACHI MEDICAL SYSTEMS, amongst others

Market Analysis:

Middle East & Africa to Witness Highest CAGR
North America dominates the MRI market due to the region being more technologically advanced and variety of imaging systems commercially available, which are used in diagnosis. The Middle East and Africa will witness highest CAGR due to rapid growth of GCC MRI market.

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MRI is a diagnostic tool for the medical investigations as it is more sensitive than computed tomography (CT), and MRI does not use ionizing radiations. MRI is widely used in the diagnosis of several diseases, such as cancers, neurological, and cardiac disorders. The increasing incidence of these diseases favors the fast growth of the MRI market. Factors, such as aging population, and indications, such as cancer, cardiovascular, neurological, and orthopedic conditions, increase the demand for MRI. Further, others factors, such as introduction of hybrid MRI systems and availability of universal health coverage in North America, Europe, and several Asian countries is increasing the growth of the MRI market.

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Market Segments:
MRI market is segmented by:
1. Architecture: Closed MRI Systems, Open MRI Systems
2. Field Strength: Low Field MRI Systems, Medium Field MRI Systems, Very High Field MRI Systems & Ultra High MRI Systems
3. Application: Oncology, Neurology, Cardiology, Gastroenterology, Musculoskeletal, Others
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• November 2017: FDA approved MAGNETOM Terra MRI scanner from Siemens Healthineers, which is first ever 7T MRI cleared for diagnostic imaging.
• May 2017: Neusoft 0.35T MRI got certified by Japanese Food and Drug Administration (JFDA).

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