Magnetic Resonance Imaging Systems Market to Grow at a CAGR of 3.9% During the Forecast Period 2020-2025

Magnetic Resonance Imaging Systems Market size in 2019 is estimated to be $6.38 billion, growing at a CAGR of 3.9% during the forecast period 2020-2025. Magnetic Resonance Imaging (MRI) is a technique used in radiology that produce picture of the inside of the body. It uses strong magnetic field magnetic, field gradients, and radio waves to produce detailed image of internal organs and structure of the body. It is painless and non-invasive procedure. Magnetic resonance imaging (MRI) scan is used for Imaging tissue of brain and spinal cord, tumors, cysts, heart. Increasing technological advancement in MRI system coupled with rising adoption of MRI in developing countries are the major factors driving the growth of the market. Moreover, growing prevalence of chronic diseases and rising awareness about benefits of early diagnosis further enhance the overall market demand for Magnetic Resonance Imaging Systems during the forecast period 2020-2025.

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Magnetic Resonance Imaging Systems Market Segment Analysis - By Architecture

Based on the Architecture, Magnetic Resonance Imaging Systems Market is segmented into Closed MRI System, Open MRI system. The Closed MRI System segment is projected to be the fastest-growing segment and is projected to grow at a CAGR of 3.5% during the forecast period 2020-2025. This is owing to its capability of taking detailed images of body that and as they aid in the diagnosis of several diseases.

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Magnetic Resonance Imaging Systems Market Segment Analysis - By Field Strength

Based on the Field Strength, Magnetic Resonance Imaging Systems Market is segmented into Low Field MRI Systems, High Field MRI Systems, Very High Field MRI Systems. In 2019, Very High Field MRI Systems held the largest share in the Magnetic Resonance Imaging Systems market. This is mainly owing to high demand for advance MRI system in hospitals and clinics. Moreover, it provides very high image quality is also contributing to the growth of this segment.

Magnetic Resonance Imaging Systems Market Segment Analysis - By Application

Based on the Application, Magnetic Resonance Imaging Systems Market is segmented into Oncology, Neurology, Cardiology, Gastroenterology, Others. In 2019, Neurology segment held the largest share in the Magnetic Resonance Imaging Systems market. This mainly owing to MRI is the best tool for diagnostic imaging and neuroscience research. Moreover, 97% of MRI sites perform the brain examinations and 1 in 4 clinical MRI is for brain scanning.

Magnetic Resonance Imaging Systems Market Segment Analysis - Geography

North America dominated the Magnetic Resonance Imaging Systems market share accounting for 41% of the market in 2019. This is mainly owing to well established healthcare sector in this region coupled with rising prevalence of chronic diseases such as heart disease, cancer, and diabetes. According to, National Centre for chronic disease prevention and Health Prevention (NCCDPHP), chronic diseases are leading causes of death in America. Around six in ten American live with altleast one chronic diseases such as heart problem, cancer or diabetes.

However, the Asia-Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to increasing awareness among people about early diagnosis coupled with rising healthcare spending.

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Magnetic Resonance Imaging Systems Market Drivers

Increasing prevalence of chronic diseases

Increasing prevalence of chronic diseases such as neurological and oncological diseases coupled with rising generic populations are some factors driving the growth of Magnetic Resonance Imaging Systems market. Moreover, increasing awareness about benefits of early diagnosis is also set to increase the market growth.

Increasing Technological Advancement

Increasing technological advancement in MRI system such as inclusion of MRI with PET or CT, to provide imaging with less exposure to harmful radiations coupled with rising adoption of high field strength MRI in developing countries are some factors driving the growth of the market. Moreover rising disposable income of the people coupled with increasing spending on healthcare further contribute to the growth of the market.

Magnetic Resonance Imaging Systems Market Challenges

High cost of MRI system and incompatibility of MRI system in some patients such as non-removable substances in their body are challenging the growth of the market. Moreover, lack of skilled professionals are also further restraining its market growth during the forecast period 2020-2025.

Magnetic Resonance Imaging Systems Industry Outlook

Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Magnetic Resonance Imaging Systems Market. Magnetic Resonance Imaging Systems top 10 companies are Siemens Healthineers, GE Healthcare, Canon Medical Systems, Philips Healthcare, Aurora Imaging Technology, Neusoft Medical Systems Co., Esaote SpA, Toshiba Corporation, and Aspect Imaging.

Acquisitions/Product Launches:

In 5 September 2018, Royal Philips, a global leader in health technology has launched the new innovation Ingenia Ambition X 1.5T MR. This helps expand Ingenia MRI portfolio.

In November 2018, Siemens Healthineers has launched two new MRI scanners, Magnetom Lumina 3-tesla scanner and the Magnetom Altea 1.5-tesla system.

Key Takeaways

In 2019, North America dominates the Magnetic Resonance Imaging Systems Market owing to increasing advancement in MRI system and well established healthcare system.Increasing prevalence of chronic diseases coupled with rising adoption of MRI system in hospitals and clinics are driving the market growth of Magnetic Resonance Imaging Systems.

Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Magnetic Resonance Imaging Systems Market report.

High cost of MRI system and incompatibility of MRI systems in some cases are challenging the growth of the market.

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For more Lifesciences and Healthcare Market reports @ https://www.industryarc.com/Domain/8/lifesciences-healthcare-market-research.html

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