The global magnetic resonance imaging market size is expected to reach $8.18 billion by 2027, registering a revenue based compound annual growth rate (CAGR) of 5.9 percent during the forecast period, according to Grand View Research Inc.
Rising prevalence of chronic diseases coupled with an increasing demand for early diagnostic techniques is projected to drive the growth. In addition, the growing adoption of less invasive diagnostic procedures is contributing to the magnetic resonance imaging (MRI) market growth. Moreover, an increasing number of clinical trials to understand the effectiveness and efficiency of MRI machines in various clinical applications is expected to boost the growth.
End-users, such as research institutes and universities are frequently studying the efficiency of MRI devices with high field strength such as 7T, 10T and 10.5T. A growing number of research studies will help unlock the potential usage and advantages of high field MRI machines for various preclinical as well as clinical applications.
“Currently, 7T MRI machines are only effective in brain and knee imaging, largely due to the absence of the advance coil required for these high field machines,” the report states. “Therefore, the development of advance coils to expand the application of 7T MRI machines is expected to propel the growth during the forecast period.”
Key market players are adopting various strategies, such as mergers and acquisitions, collaborations, and partnerships to gain a competitive edge.
Key findings from the Grand View Research report suggest:
The open system is anticipated to be the fastest growing segment during the forecast period due to its efficiency to accommodate patients of all sizes without them feeling claustrophobic
The MRI market for neurological and brain disorders held the dominant market share in 2019, largely due to the high prevalence of neurological conditions and the demand for less invasive diagnostic procedure
The high field MRI segment is expected to experience the fastest growth over the forecast period, largely due to efficiency of the field strength to provide detailed diagnostic images
Ambulatory surgical centers (ASC) are expected to exhibit the fastest CAGR during the forecast period. Government initiatives to improve primary care is one of the major factors impacting the growth
In 2019, North America dominated the global MRI market in terms of revenue, owing to continuous research activities and high adoption of advanced techniques
Asia Pacific is anticipated to expand at the fastest CAGR during the forecast period, largely due to a rise in clinical studies for high field MRI machines
Fortune Business Insights also predicts growth.
The global MRI systems market size was $7.1 billion in 2017 and is projected to reach $11.7 billion by the end of 2025, according to Fortune Business Insights.
“MRI holds the prominent share in diagnostic imaging due to advance spatial resolution and efficient image acquisition with superior imaging qualities,” according to the report. “The demand for MRI systems with 1.5 T in global MRI systems market is considerably high due to better value for money ratio in developed as well as emerging nations.”
“Moreover, rapidly increasing health care expenditure coupled with swiftly developing infrastructure in developed nations resulted in increased installation of new MRI systems,” the report adds. •