The Global Magnetic Resonance Imaging (MRI) Market to Evolve at CAGR of 5.62% by 2028

Triton Market Research presents the Global Magnetic Resonance Imaging (MRI) Market segmented by Application (Cardiology, Neurology, Gastroenterology, Musculoskeletal, Oncology, Other Applications), Architecture (Open MRI Systems, Closed MRI Systems), Field Type (Low Field, High Field [7T MRI, 3T MRI], Mid Field), and Geography (North America, Asia-Pacific, Middle East and Africa, Europe, North America). The report also discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter's Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, Key Impact Analysis, Key Market Strategies, Drivers, Challenges, Opportunities Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).

Based on Triton Market Research's report, the global magnetic resonance imaging (MRI) market is likely to witness growth at a compound annual growth rate of 5.62% over the estimated phase from 2021 to 2028.

Magnetic resonance imaging (MRI) is a non-invasive imaging technology that helps develop 3-D anatomical images. It is mainly used to diagnose diseases, along with monitoring treatments.

Over the years, neoadjuvant chemotherapy indications have increased, making the residual tumor assessment vital for successive surgical strategies. In this regard, MRI appears to be a more useful and sensitive imaging technique to characterize breast cancer. Hence, the growing use of MRI for breast cancer evaluation is likely to create several opportunities for the MRI market. However, certain drawbacks, such as stringent regulations and the high cost of magnetic resonance imaging machines, impedes the studied market's overall growth.

Geographically, North America is estimated to emerge as the fastest-growing region in the magnetic resonance imaging (MRI) market. The region's growth is mainly owing to the high number of MRI procedures and strong reimbursement policies. Further, the growing mobile MRI installations have widened the market's score in the region. Other than this, innovative designs, such as open MRI and upright MRI, are gaining traction in hospitals and office settings, thereby driving the magnetic resonance imaging market on a progressive path across the United States and Canada.

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

The players in the market need to comply with several regulations. These regulations are created to ensure safety from MRI and differ from country to country. Further, brand image plays a major role in the product's success, mainly for new market players. On the other hand, data traceability and protection are vital in order to develop trust among consumers. Moreover, the customers will trade their data for services that add value, resulting in brand commitment. Hence, the threat of new players is likely to be from moderate to high, whereas the competition among players is estimated to be high during the forecast period.

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This release was published on openPR.