MRI System Market Size is Projected to Reach US$ 19,640.8 Million by 2034, at a CAGR 6.5% | Fact.MR

The global MRI system market is expected to reach US$10,491.7 million in 2024 and grow at a steady 6.5% CAGR through 2034. The market is expected to be valued at $19,640.8 million by 2034.

To address the increasing demand, several medical experts are opening new facilities that offer low-cost MRI services. As a result, MRI is becoming more widely used in medical settings. Furthermore, increased government programs aimed at improving and expanding ambulatory care centers, particularly to provide access to healthcare services for persons living in rural regions, are projected to drive the use of MRI equipment.

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The market is also likely to be pushed by technological improvements in MRI machines, such as the development of silent MRI scanning technologies and multi-contract MRI scanners. Furthermore, investment in MRI scanners is expected to expand as people's health worries grow.

Key Takeaways from the Market Study

The market for MRI systems increased by $7,636.3 million in 2019.
The East Asia MRI system industry is expected to reach a market value of 38.7% by 2024. The regional market's worth is expected to increase from $4,055 million in 2024 to $8,481 million in 2034. During this time, the market is expected to expand by 7.7%.
The North American MRI system industry is expected to gain a value share of 31.3% by 2024. By 2034, the region is expected to have a market value of $5,640 million. Meanwhile, the region is expected to grow at a CAGR of 5.6%.
By strength type, the 1.5T category is estimated to account for 46.5% in 2024. This segment is expected to reach $9,096.2 million by 2034, with a compound annual growth rate of 6.4%.
Based on architecture type, the open segment is expected to gain 56.8% by 2024. This segment's valuation is expected to reach $11,105.9 million by 2034.
In terms of end users, the hospital segment is expected to have a considerable proportion of 42.8% by 2024.

" East Asia's rapid growth is expected to drive up demand for MRI systems. New companies are expected to level up their product offerings to differentiate and attract end users." says a Fact.MR analyst.

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Key Companies Profiled in This Report

GE Healthcare
Siemens Healthineers
Koninklijke Philips N.V.
Esaote SPA
Fujifilm Holdings Corporation
Shimadzu Corporation
Aurora Imaging Technologies, Inc.
Canon Medical Systems
Hitachi Healthcare
Hologic Inc.
Bruker Corporation
Others

Competitive Landscape

Market leaders in MRI systems are constantly fighting for more market share. Key players are combining cutting-edge technology such as AI-powered picture reconstruction, shorter scan speeds, and quieter scanning coils to improve patient experience and clinical efficiency. Furthermore, firms want to develop in emerging areas with strong growth potential, such as India, China, and Southeast Asia, through local production and strategic alliances.

Active players are committing to innovation through significant R&D efforts and collaboration with research institutes. Furthermore, firms are using inorganic growth tactics such as acquisitions, mergers, partnerships, and collaborations to attain new heights and revenues.

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Recent Developments in the Market

In March 2021, Hitachi Medical Systems released two permanent open MRI systems: AIRIS Vento Plus (0.3T) and APERTO Lucent Plus (0.4T). They are equipped with SynergyDrive workflow solutions. This innovation provides high-speed examination with motion-free captures, an open design that enhances patient comfort, and simple operation and seating for speedy image return.
In 2020, Siemens AG released a tiny and much lighter whole-body MRI known as High-V MRI. The MRI system combines digital technology with an additional 0.55-tesla field strength, broadening the variety of clinical uses for MRI systems.

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