The Global Magnetic Resonance Imaging (MRI) Market is Set to Reap $13.28 Billion in Revenue by 2028

According to Triton’s report, the global magnetic resonance imaging (MRI) market, which acquired $7.54 billion in 2020, is forecasted to witness growth at 5.62% of CAGR by 2028.

A recent study by Triton Market Research titled ‘Global Magnetic Resonance Imaging (MRI) Market’ contains the Global Analysis and Forecasts by Architecture (Open MRI Systems, Closed MRI Systems), Field Type (Mid Field, Low Field, High Field [7T MRI, 3T MRI]), Application (Neurology, Oncology, Musculoskeletal, Gastroenterology, Cardiology, Other Applications), and by Geography (North America, Europe, Latin America, Asia-Pacific, Middle East and Africa).

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Triton’s research report assesses the global magnetic resonance imaging (MRI) market to advance based on revenue at a CAGR of 5.62% during the period of 2021-2028. It is further estimated to display revenue worth $13.28 billion by 2028.

MRI, also known as magnetic resonance imaging, is an advanced technology used to diagnose various diseases. It is used across various medical fields, including neurology, oncology, cardiology, and others.

MRI technology has developed significantly over the years, resulting in quick scans, more accessible cardiac imaging, and others. Recently, the FDA authorized GE Healthcare’s magnetic resonance image compilation software, which is the first multi-contrast MRI technology that delivers eight contracts in a single scan. Therefore, the advancements in MRI technology, coupled with the growing prevalence of chronic conditions, are widening the scope and growth of the MRI market.
In contrast, a decrease in sources for helium gas, the elevated cost of MRI systems, and stringent rules are obstructing the growth of the MRI market.
The MRI market is sectioned into architecture, field type, and application. Based on architecture, it is divided into open MRI systems and closed MRI systems. The field type includes mid field, low field, and high field, with high field segmented into 7T MRI and 3T MRI. Lastly, the application section is branched into neurology, oncology, musculoskeletal, gastroenterology, cardiology, and other applications.

Globally, the Asia-Pacific holds the largest market for MRI and is estimated to continue its stronghold till 2028. This robust growth can be attributed to the considerable population growth across major countries, including China and India. Besides this, the increasing number of chronic conditions, such as heart and brain diseases, has increased the need for advanced healthcare solutions. Therefore, as mentioned, all these factors are fuelling the overall development of the magnetic resonance imaging market across the APAC region.
Aurora Imaging Technology Inc, Carestream Health Inc, Philips Healthcare, Esaote SPA, Hologic Inc, Shimadzu Corp, Analogic Corporation, Fujifilm Holdings Corporation, Fonar Corporation, Canon Medical Corp, Mindray Medical International Limited, GE Healthcare, Konica Minolta, Medtronic Plc, and Siemens Healthineers are well-known companies in the MRI market.

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Question & Answer: Magnetic Resonance Imaging (MRI) Market

Question 1: What elements are widening the scope and growth of the MRI market?

Answer: MRI technology has developed significantly over the years, resulting in quick scans, more accessible cardiac imaging, and others. Recently, the FDA authorized GE Healthcare’s magnetic resonance image compilation software, which is the first multi-contrast MRI technology that delivers eight contracts in a single scan. Therefore, the advancements in MRI technology, coupled with the growing prevalence of chronic conditions, are widening the scope and growth of the MRI market.

Question 2: What aspects are obstructing the growth of the MRI market?

Answer: A decrease in sources for helium gas, the elevated cost of MRI systems, and stringent rules are obstructing the growth of the MRI market.

Question 3: Which region is likely to become the fastest evolving region in the application security market?

Answer: Globally, the Asia-Pacific holds the largest market for MRI and is estimated to continue its stronghold till 2028. This robust growth can be attributed to the considerable population growth across major countries, including China and India.
Besides this, the increasing number of chronic conditions, such as heart and brain diseases, has increased the need for advanced healthcare solutions. Therefore, as mentioned, all these factors are fuelling the overall development of the magnetic resonance imaging market across the APAC region.

Question 4: Which are the well-known companies in the MRI market?

Answer: Aurora Imaging Technology Inc, Carestream Health Inc, Philips Healthcare, Esaote SPA, Hologic Inc, Shimadzu Corp, Analogic Corporation, Fujifilm Holdings Corporation, Fonar Corporation, Canon Medical Corp, Mindray Medical International Limited, GE Healthcare, Konica Minolta, Medtronic Plc, and Siemens Healthineers are well-known companies in the MRI market.

Related Report:

Global Mobile Imaging Services Market

The global mobile imaging services market is likely to showcase growth in its revenue during 2021-2028 at a CAGR of 4.62%. It is forecasted to acquire revenue worth $2.07 billion by 2028.

Mobile imaging refers to diagnostic imaging solutions that can be carried to various locations easily due to their compact design.

The studied market is growing at a faster pace owing to various factors, such as the rising geriatric population, increasing prevalence of chronic conditions, and favorable government initiatives.

Additionally, the rising imaging procedures, including MRI, CT, and ultrasound, opens new avenues for the mobile imaging services market globally.

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This release was published on openPR.