MRI System Market Set to Surge at 6.5% CAGR, to Reach US$ 19,640.8 Million by 2034: Fact.MR Report

The worldwide MRI system market is expected to account for US$10,491.7 million in 2024 and grow at a steady 6.5% CAGR until 2034. The market is projected to reach a value of US$ 19,640.8 million by 2034.

A number of medical experts are starting their centers with low-cost MRI services to fulfill the rising demand. And in this way, boosting the use of MRI in the sector of medical services. Moreover, the rising government initiatives meant for improved and more ambulatory care facilities, particularly to enhance people who live in rural areas' access to medical services, is likely to drive the use of MRI systems.

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The market is also expected to be boosted by growing developments of MRI machines such as the development of silent MRI scanning technology, multi-contract MRI scanners, etc. Additionally, investment in MRI scanners is expected to increase as people's health issues grow.

Major Findings from the Market Study

The MRI system market grew with a market value of US$ 7,636.3 million in 2019.
The East Asia MRI system market is forecasted to achieve a market value of 38.7% in 2024.
The value of the regional market is estimated to increase from US$ 4,055 million in 2024 to US$ 8,481 million by 2034.
During this period, the market is expected to achieve a growth rate of 7.7%.
The North America MRI system market is estimated to gain a value share of 31.3% in the year 2024.
By the year 2034, the region is expected to have a market value of US$ 5,640 million. In the meantime, the region is expected to grow at a CAGR of 5.6%.
By type of strength, the 1.5T segment is projected to hold a share of 46.5% in 2024. By 2034, this segment is predicted to grow to US$ 9,096.2 million by 2034 at a CAGR of 6.4%.
On the basis of architecture type, the open segment is anticipated to hold 56.8% in 2024.
The valuation of this segment is anticipated to grow to US$ 11,105.9 million by 2034.
Based on end users, the hospital segment is expected to grab a large share of 42.8% in 2024.

"Demand for MRI systems is expected to rise in East Asia, as the market there shows high growth rate. Emerging players are expected to upgrade their product offerings to stand out and gain end users," states a Fact.MR analyst.

Main Companies Featured 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

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Competitive Landscape

Leaders in MRI systems are constantly competing for a greater market share. Market leaders are incorporating innovative technologies such as AI-driven image reconstruction, quicker scan times, and quieter scanning coils to enhance patient experience and improve clinical efficiency. Companies are also trying to grow in emerging markets that show high growth prospects, including India, China, and Southeast Asia, through local manufacturing and strategic alliances.

Active players are making commitments to innovation through significant research and development activities and tie-ups with research organizations. Companies are also using inorganic growth strategies such as acquisitions, mergers, partnerships, and collaborations to scale heights and revenues.

Recent Developments in the Market

Hitachi Medical Systems, in March 2021, launched two permanent open MRI systems, AIRIS Vento Plus (0.3T) and APERTO Lucent Plus (0.4T). They come equipped with SynergyDrive workflow solutions. This technology provides high-speed examination with motion-free shots, an open configuration that maximizes patient comfort, and convenient operation and sitting for rapid return-of-image.
Siemens AG, in 2020, launched a small and notably lighter whole-body MRI known as High-V MRI. The MRI system boasts a blend of digital technology and an additional 0.55-tesla field strength, expanding the scope of clinical applications for MRI systems.

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