Author: Vikas Kumar
12 January 2023
Magnetic resonance imaging (MRI) is a medical imaging technique that uses a magnetic field and computer-generated radio waves to create detailed images of the organs and tissues in the body. In addition, MRI is an efficient diagnostic machine for identifying diseases related to spine injuries, tumors, cancers, and strokes impacting the area of blood vessels and the brain. Thus, the increasing prevalence of these mentioned diseases boosts market growth. According to the WHO, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths.
The Magnetic resonance imaging Market is expected to grow at a steady rate of around 5.6% owing to the rise in the incidence of chronic diseases and the geriatric population. Modern magnetic resonance imaging technology has been developed in order to diagnose a variety of disorders, including malignancies and torn ligaments. Major companies in the market launch technologically advanced products. For instance, In November 2020, Siemens launched its smallest and most lightweight whole-body MRI named High-V MRI. The scanner’s unique blend of digital technologies, as well as the increased 0.55-tesla field strength, expands the spectrum of clinical applications for MRI scanners.
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On the basis of the field strength, the market is categorized as low field strength, mid field strength, and high field strength. Among these, the high field strength grows with a significant CAGR during the forecast period. This is mainly due to the faster scanning, excellent image quality, and the ability to see the human body’s physiological processes are all features of high-field MRI systems. Furthermore, it can deliver exact and accurate imaging of delicate anatomical structures.
Based on application, the magnetic resonance imaging market has been classified into neurology, cardiology, gastroenterology, musculoskeletal, body imaging, and others. The neurology segment held a significant share of the magnetic resonance imaging market in 2020. This is attributed to the due to the increasing incidence of neurological diseases and this imaging technique is used to image medical complications such as traumatic brain injury and strokes. For instance, according to the World Health Organization (WHO), in 2022, 15 million people worldwide annually suffer from strokes, and it is more common in people above 40 years.
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For a better understanding of the market adoption of the Magnetic resonance imaging industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America dominates the market and held a significant market share in 2020. This market is expanding due to the rapid adoption of advanced radiation therapies, technological advancements, and improved healthcare infrastructure. Regional market expansion is also being aided by the rising number of elderly people and chronic diseases. Additionally, the increasing awareness among the elderly population about minimally invasive procedures will drive market growth in this region. According to World Population Ageing, in 2019, the elderly population of North America was 59.9 million which is expected to reach 96.2 million by 2050.
Some of the major players operating in the market include General Electric Company, FUJIFILM Holdings Corporation, Siemens Healthcare GmbH, Koninklijke Philips N.V., Canon Medical Systems Corporation, ESAOTE SPA, Aspect Imaging Ltd., Bruker Corporation, Aurora Healthcare US Corp., FONAR Corp.
Global Magnetic Resonance Imaging Market Segmentation
Market Insight, by Architecture
• Open System
• Closed System
Market Insight, by Field Strength
Market Insight, by Application
Market Insight, by End User
Market Insight, by Region
Top Company Profiles
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