The Global Magnetic Resonance Imaging (MRI) Market Estimated to Surge at $13.28 Billion by 2028

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

Magnetic resonance imaging is based on advanced technology used to diagnose diseases and identify changes in the direction of the rotational axis existing for protons in water that makes living tissues.

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Triton's report suggests that the global magnetic resonance imaging (MRI) market is likely to surge at a CAGR of 5.62% during 2021-2028, gathering revenue worth $13.28 billion by 2028.

In recent times, MRI technology has witnessed advances, leading to faster scans, simplified cardiac imaging workflows, and permitting MRI scans of lungs. For instance, the FDA recently approved GE Healthcare's MAGic (MAGnetic resonance image compilation) software, the first multi-contrast MRI technique delivering eight contrasts in a single acquisition. Hence, the technological advancements in MRI technology are majorly driving the progress of the magnetic resonance imaging market.

However, declining sources for helium gas, the high cost of MRI systems, and strict regulations are negatively impacting the magnetic resonance imaging (MRI) market's development.

The magnetic resonance imaging market is segmented into field type, application, and architecture. Based on the field type, it is divided into high field, mid field, and low field. The high field segment is further branched into 7T MRI and 3T MRI. In terms of application, the market is sectioned into musculoskeletal, cardiology, gastroenterology, neurology, oncology, and other applications. Lastly, the architecture segment is bifurcated into closed MRI systems and open MRI systems.

Presently, the Asia-Pacific largely dominates the magnetic resonance imaging market. This is primarily due to the high population rate in the region's nations, especially China and India.

Besides, the rising cases of brain and heart diseases have enhanced the demand for advanced healthcare services. As per WHO, a high number of deaths are caused by non-communicable diseases in the region. Therefore, the high prevalence of chronic diseases is estimated to fuel the growth of the magnetic resonance imaging market across the region.

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

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Question & Answer: Magnetic Resonance Imaging (MRI) Market

Question 1: What factors are majorly driving the progress of the magnetic resonance imaging market?
Answer: In recent times, MRI technology has witnessed advances, leading to faster scans, simplified cardiac imaging workflows, and permitting MRI scans of lungs. For instance, the FDA recently approved GE Healthcare's MAGic (MAGnetic resonance image compilation) software, the first multi-contrast MRI technique delivering eight contrasts in a single acquisition. Hence, the technological advancements in MRI technology are majorly driving the progress of the magnetic resonance imaging market.

Question 2: What factors are negatively impacting the magnetic resonance imaging (MRI) market's development?
Answer: Declining sources for helium gas, the high cost of MRI systems, and strict regulations are negatively impacting the magnetic resonance imaging (MRI) market's development.

Question 3: Which region largely dominates the magnetic resonance imaging market?
Answer: Presently, the Asia-Pacific largely dominates the magnetic resonance imaging market. This is primarily due to the high population rate in the region's nations, especially China and India. Besides, the rising cases of brain and heart diseases have enhanced the demand for advanced healthcare services. As per WHO, a high number of deaths are caused by non-communicable diseases in the region. Therefore, the high prevalence of chronic diseases is estimated to fuel the growth of the magnetic resonance imaging market across the region.

Question 4: Which are the key companies in the MRI market?
Answer: The key companies in the MRI market comprise Fujifilm Holdings Corporation, Hologic Inc, Shimadzu Corp, Fonar Corporation, GE Healthcare, Konica Minolta, Siemens Healthineers, Canon Medical Corp, Aurora Imaging Technology Inc, Carestream Health Inc, Philips Healthcare, Esaote SPA, Mindray Medical International Limited, Medtronic Plc, and Analogic Corporation.

Related Report:
Global Mobile Imaging Services Market - https://www.tritonmarketresearch.com/reports/mobile-imaging-services-market

The global mobile imaging services market is estimated to progress at a CAGR of 4.62% during the period of 2021-2028 while garnering $2.07 billion in revenue by 2028.

Mobile imaging services are diagnostic imaging technologies that are compact and can be easily transferred from one place to another.

Factors such as proactive government initiatives, a growing elderly population, and rising incidences of chronic diseases are majorly driving the growth of the mobile imaging services market.

Further, the increasing imaging procedures like MRI, ultrasound, CT, mammography, and nuclear imaging are likely to create several opportunities for the mobile imaging services market over the forecast period.

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This release was published on openPR.