MRI Market was worth US$ 5.94 Bn in 2022 and total revenue is expected to grow at a rate of 6% CAGR from 2023 to 2029, reaching almost US$ 8.94 Bn in 2029.
MRI Market Overview:
The Maximize Market Research report analyses the global MRI Market in depth, precisely, and comprehensively, with a focus on market dynamics, market competition, regional growth, segment analysis, and important growth strategies. The analysis contains information on market growth as well as market segmentation like regions, product type, application, and end-use industry. Analyst creates comprehensive and precise marketing research reports using the most up-to-date MRI Market research techniques and technology. This analysis covers a wide range of industry verticals along with a thorough examination of the MRI market size and share.
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MRI Market Scope:
The report goes over demand estimates, market trends, and micro and macro variables in great detail. This study also highlights the elements that are driving and impeding the market's growth. The MMR Matrix in the study gives information on prospective investment opportunities to both existing and new market participants. To provide market insights, the research use analytical approaches such as Porter's five forces analysis and PESTLE of the MRI market. The research also looks at current market trends and forecasts for the years 2021-2027. The study also uncovered important impending advancements that would have an impact on demand over the anticipated timeframe.
MRI Market Segmentation:
The market is divided into three segments based on architecture: Open MRI Systems, Closed MRI Systems Standard Bore, and Wide Bore. With 75.8% of the market share in 2021, the closed MRI system category dominated the market. The closed MRI system uses high-frequency radio waves and strong magnetic fields to produce detailed images. Accurate slice selection and analysis are made possible by the closed structure. Patients in closed MRIs may experience claustrophobia and discomfort due to the intense noise. The outcomes could be inaccurate as a result of these problems. A few industry players are focusing their efforts on creating open, broad bore MRI systems that are appropriate for large and claustrophobic patients. Some makers of pediatric MRI machines even incorporate cartoons and artwork within the machines to aid children relax while they are being scanned.
The market is divided into Low-to-mid Field, High-field, 1.5T, 3T, and Very-high Field strength segments based on field strength. With a 35.5% market share in 2022, the low to mid field led the market and is anticipated to rise rapidly over the course of the projection period. These inexpensive, high-field strength magnetic resonance imaging devices help to obtain more accurate images. The field strength of an MRI machine is less than 1.5T for low-field machines, 1.5T to 3T for mid-field machines, and greater than 3T for high-field machines. Throughout the projection period, the low field sector is anticipated to grow the least. Midfield and high field machines have replaced the low field strength ones because advantageous like image clarity, integration with AI etc.
The market is divided into submarkets based on application, including vascular, breast, musculoskeletal, brain and neurological, pelvic and abdominal, and cardiac magnetic resonance imaging. Because they produce scans that are of a better caliber than computed tomography scans, magnetic resonance imaging (MRI) systems dominated the market in 2022, with the largest share of 24.2%. Similar to this, it is anticipated that the market for breast imaging would grow quickly as the number of cases of breast cancer rises, increasing the need for risk factor detection. As a result, MRI methods help provide quantitative information about cancer by identifying the biological and physical characteristics of tissue.
MRI Market Size and Forecast, by Application (2022-2029)
1. Spine and musculoskeletal MRI
2. Brain and neurological MRI
3. Vascular MRI
4. Pelvic and Abdominal MRI
5. Breast MRI
6. Cardiac MRI
MRI Market Size and Forecast, by Architecture (2022-2029)
1. Open MRI Systems
2. Closed MRI Systems
3. Standard Bore
4. Wide Bore
MRI Market Size and Forecast, by Field Strength (2022-2029)
3. Low-to-mid Field
3. High-field
3. 1.5T
4. 3T
5. Very-high Field
MRI Market Size and Forecast, by Region (2022-2029)
1. North America
2. Europe
3. Asia Pacific
4. Middle East and Africa
5. South America
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MRI Market Key Players:
1. Siemens Healthineers
2. GE Healthcare
3. Phillips
4. Hitachi
5. Canon Medical Systems
6. Koninklijke Philips N.V.
7. Aurora Imaging Technologies Inc.
8. General Electric Company
9. Esaote SpA
10.Toshiba Corporation.
11.Aspect Imaging
12.Bruker
13.Fonar
14.Neusoft Medical Systems
15.Shenzhen Mindray Bio-Medical Electronics
16.Xingaoyi
17.Aurora Imaging Technology
18.Sanrad Medical Systems Pvt. Ltd.
19.Mindray Medical International Limited
20.Hologic, Inc.
21.Nordion Inc.
22.United Imaging Healthcare Co., Ltd.
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Regional Analysis:
Readers will be well-informed on the MRI market on a regional level thanks to the reports' regional insights. A meaningful assessment of potential policy options in response market changes across the globe, requires a thorough understanding of local energy, economic, political, and geographic characteristics. The research provides readers with regional insights that ensure the effects on MRI market and local growth prospects, as well as domestic area restraints.
- Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia)
- Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
- North America (the United States, Mexico, and Canada.)
- South America (Brazil etc.)
- The Middle East and Africa (GCC Countries and Egypt.)
COVID-19 Impact Analysis on MRI Market:
The impact of COVID-19 on the MRI market is exhaustively examined in the research. As a result of the COVID-19 pandemic, analyst at Maximize Market Research, who are following the situation across the globe, believe that the market is expected to provide profitable opportunities for producers. The report's purpose is to provide a more comprehensive view of the current situation, the economic downturn, and the influence of COVID-19 on the whole MRI market.
Key Questions Answered:
- This report presents analytical depiction of the global MRI market trade at the side of these trends and future estimations to work out the upcoming investment pockets.
- The report presents information associated with key drivers, restraints, and opportunities at the side of elaborated analysis of the MRI market share.
- The current market is quantitatively analysed from 2021 to 2027 to spotlight the world MRI market growth.
- Porter’s 5 forces analysis demonstrates the efficiency of consumers & suppliers within the market.
- Who Are the Global Key Players in This MRI Market? What are their Company Profile, Their Product Information, and Contact Information?
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