DUBLIN–(BUSINESS WIRE)–The “Global Magnetic Resonance Imaging Market: Analysis By Field Strength, By Architecture Type, By Application, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global Magnetic Resonance Imaging (MRI) market in 2022 stood at US$7.01 billion, and is likely to reach US$9.74 billion by 2028.
Magnetic Resonance Imaging (MRI) represents a non-invasive imaging technology that produces comprehensive images of internal body structures.
By using a potent magnetic field and radio waves, MRI delivers high-resolution, three-dimensional images, often depicting soft tissues and organs with exceptional clarity. MRI provides enhanced detail for soft tissues like the brain, spinal cord, and muscles, and avoids the use of ionizing radiation, thereby reducing the risk associated with exposure, unlike X-rays and CT scans.
MRI’s popularity has experienced a significant increase recently, driven largely by rapid technological advancements. Innovations in the field have shortened scan durations and optimized patient comfort levels, making the process more efficient and patient-friendly.
Furthermore, the emergence of advanced techniques, such as functional MRI (fMRI), has broadened MRI’s application scope. The fMRI technique allows dynamic imaging of physiological processes, providing a more in-depth analysis of bodily functions and disease progressions.
This method has found extensive application in both clinical and research fields, aiding in the diagnosis and understanding of various medical conditions, and consequently, driving the increased demand for MRI technology. The global Magnetic Resonance Imaging (MRI) market is projected to grow at a CAGR of 5.68% during the forecast period of 2023-2028.
Market Dynamics
Drivers
Growing Geriatric Population
Increase in Healthcare Spending
Escalating Incidence of New Cancer Cases
Increasing Focus on Animal Welfare and Health
Medical Tourism
Growth of Private Hospitals and Diagnostic Centers
Technological Advancements
Market Consolidation
Challenges
High Cost Associated
Technological Complexity and Skill Shortage
Trends
Integration of Artificial Intelligence (AI)
Growing Integration of AR and VR
Demand for Personalized Medicine
Development of Portable Devices
Advancements in Radiomics
Emergence of Hybrid Imaging Systems
New MRI Contrast Agent
Competitive Landscape and Recent Developments:
The global Magnetic Resonance Imaging (MRI) market, marked by dominance from Siemens Healthineers, General Electric (GE Healthcare), Philips, and Canon, showcases a blend of competitive and innovative landscapes. The market consolidation, driven by strategic collaborations, acquisitions, and mergers, fuels innovation and market growth.
For example, GE Healthcare’s collaboration with Roche Diagnostics amalgamated Roche’s advanced lab analytics with GE’s imaging capabilities to improve oncology and critical care treatment.
Such collaborations alongside the steady influx of technologically advanced and affordable product offerings by smaller companies are driving the evolution of the global MRI market, making it a fascinating space to observe.
Further, key players in the Magnetic Resonance Imaging (MRI) market are:
General Electric Company (GE Healthcare)
Canon Inc. (Canon Medical Systems Corporation)
Koninklijke Philips NV
Siemens Healthineers
Neusoft Corporation
FUJIFILM Holdings Corporation
Fonar Corporation
Aurora Healthcare US Corp.
Esaote S.p.A.
Aspect Imaging Ltd.
Time Medical Systems
Magnetica Limited
Shanghai United Imaging Healthcare Co., Ltd.
Key Attributes:
Report Attribute
Details
No. of Pages
163
Forecast Period
2023 – 2028
Estimated Market Value (USD) in 2023
$7.39 Billion
Forecasted Market Value (USD) by 2028
$9.74 Billion
Compound Annual Growth Rate
5.7%
Regions Covered
Global
For more information about this report visit https://www.researchandmarkets.com/r/5sjn8s
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