Magnetic Resonance Imaging Market at a Highest CAGR with Top Competitors | Siemens Healthineers, Philips Healthcare, GE Healthcare, Hitachi Medical Systems, Toshiba Medical Systems and More

Global Magnetic Resonance Imaging Market in terms of revenue is Projected to be grow USD 6.64 billion at a CAGR of 5.0% from 2024 to 2031, Magnetic resonance imaging (MRI) is a highly efficient diagnostic tool used to detect conditions related to spinal lesions, tumors, and strokes affecting blood vessels and the brain. The increasing prevalence of these diseases is anticipated to be a significant factor in market growth. For example, according to the National Center for Health Statistics, nearly 1,958,310 new cancer cases and 609,820 cancer-related deaths are expected in the U.S. in 2023. Moreover, the rising demand for rapid and effective diagnostic procedures is expected to drive the adoption of MRI machines. These machines are being installed in various countries to meet this growing demand.

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The magnetic resonance imaging (MRI) market is predominantly led by North America, attributed to the rising prevalence of chronic diseases and higher personal disposable income levels in the region. Additionally, technological advancements and the growing occurrence of chronic conditions are anticipated to bolster the MRI market's growth throughout the forecast period.

Some of the major players operating in the magnetic resonance imaging (MRI) market are:

Siemens (Germany)
General Electric (U.S.)
Koninklijke Philips N.V., (Netherlands)
Hitachi Ltd., (Japan)
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)
ESAOTE SPA (Italy)
Aspect Imaging Ltd. (Israel)
FONAR Corp., (U.S.)
Neusoft Corporation (China)
AURORA HEALTHCARE US CORP (U.S.)

Magnetic Resonance Imaging Market Dynamics:

By Type:

Conventional
Bio-based

By Application:

Oncology
Neurology
Cardiology
Gastroenterology
Musculoskeletal
Other Applications

By End Users:

Hospitals
Imaging Centers
Ambulatory Surgical Centers
Others

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Categorized by design, the global market is divided into open MRI and closed MRI. The closed MRI segment holds the majority share in the market, driven by the benefits it offers including precise and swift scanning capabilities and clear visualization of physiological processes in the human body. A closed MRI system consists of a sizable tube where patients recline within an oval-shaped opening of the scanner.

Key Developments in the Global Magnetic Resonance Imaging Market:

In November 2021, Philips introduced an AI-enabled MRI portfolio during the Radiological Society of North America (RSNA) 2021 conference, aiming to enhance its imaging systems portfolio.

March 2021 saw Philips collaborating with the Walt Disney Company (EMEA) to assess the impact of custom-made animation, including specially-crafted Disney stories, within the Philips Ambient Experience. This solution integrates architecture, design, and enabling technologies like dynamic lighting, video projections, and sound to enable patients and staff to personalize their environment for a more soothing atmosphere.

Also in March 2021, Hitachi Medical Systems launched two new permanent open MRI systems - APERTO Lucent Plus (0.4T) and AIRIS Vento Plus (0.3T) - featuring the SynergyDrive workflow solution. These systems offer rapid exams with motion-free images, simple siting and operation for quick image retrieval, and an open design for enhanced patient comfort.

Factors Contributing to Market Growth:

Increased Product Launches: The market has witnessed a rise in the number of product launches in recent years, contributing to its growth and expansion.

Enhanced Strength in Available Applications: The availability of applications offering higher strength has propelled market growth, meeting the demand for advanced imaging capabilities.

Improved Image Quality: Ongoing advancements resulting in enhanced image quality have bolstered market growth, as healthcare providers seek more precise diagnostic tools.

Rise in Chronic Diseases: The increasing prevalence of chronic diseases has stimulated market growth, as magnetic resonance imaging plays a crucial role in diagnosing and monitoring such conditions, driving demand for these systems.

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Key Report Highlights:

The report provides a comprehensive overview of market size, growth drivers, and trends, This information can help businesses to make informed decisions about their strategies.
The report provides a competitive analysis of the Magnetic Resonance Imaging, which can help businesses to identify their strengths & weaknesses to the competitors.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global Magnetic Resonance Imaging outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.

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This release was published on openPR.