Magnetic Resonance Imaging (MRI) Systems Market Size, Share, Regional Outlook and Forecast to 2023

The magnetic resonance imaging (MRI) systems market is being positively impacted by government support, the rising awareness on early disease diagnosis, increasing geriatric population, surging prevalence of chronic diseases, and technological advancements. The sale of such systems generated $5.9 billion in revenue in 2017, and the market is projected to progress at a CAGR of 5.2% during 2018-2023 (forecast period). MRI systems utilize radio waves and magnetic field to generate images of bones, tissues, organs, and blood vessels, helping doctors identify edema, tumors, vascular blockage, lesions, and other anomalies.

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When segmented by application, spine, breast, pelvis and abdomen, vascular, musculoskeletal, cardiac, and brain, head, and neck are the major market divisions. Among these, the brain, head, and neck division led the MRI systems market, in 2017, and it is expected to experience the fastest growth, at a CAGR of 5.7%, during the forecast period. This is attributed to the surging incident rate of traumatic neck and brain injuries; the Journal of Neurosurgery reported in 2017 that every year, 69 million people suffer such mishaps.

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Apart from government support, another major driver for the MRI systems market is the increasing awareness on the early diagnosis of diseases. Reaching the correct diagnosis as soon as possible significantly lowers the chances of complications in the advanced stages of the disease. Several initiatives are being taken to make people aware of the advantages of early disease diagnosis, especially for cancer. By getting diagnosed sooner, the treatment cost borne by patients also sees a reduction.

Hence, with an increasing number of people realizing the benefit of early diagnosis, especially of chronic diseases, the market for MRI systems would continue prospering.

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