Magnetic Resonance Imaging (MRI) Market Growth 2022-2028: Increase in Demand for Magnetic Resonance Imaging for Neurological Procedures is Driving Factor of Market

Magnetic Resonance Imaging Market is projected to grow at a rate of 4.6% in terms of value, from 2020 to reach USD 8,840.3 Million by 2028.

Magnetic Resonance Imaging Market is projected to grow at a rate of 4.6% in terms of value, from 2020 to reach USD 8,840.3 Million by 2028. Magnetic Resonance Imaging (MRI) is a non-invasive scanning technology that produces three-dimensional detailed anatomical images by incorporating powerful magnets and radiofrequency, unlike the X-Rays and CT Scans which make use of ionizing radiation technology. MRI is often used for various disease detection, diagnosis, and treatment monitoring for severe sports and other injuries. Inside parts of multiple joints, ligaments, cartilage, muscles, tendons, and other injured parts of the body, especially for the disorders of the soft tissues, which cannot be observed with X-Rays and CT scan, can be projected through MRI system. A variety of disorders namely HIV infections of the brain, tumors, strokes, head injury, spinal cord injuries, aneurysms, and multiple sclerosis, to name a few are detected and monitored for diagnosis with the help of an MRI system. The sophisticated technology incorporated in MRI excites to detect the changes towards the direction of the rotational axis of protons in the body that makes up living tissues.

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The North American market is forecasted to grow with a CAGR of 4.9% during the forecast period, owing to its rising geriatric population and extensive demand for MRI units in the hospitals and ambulatory surgery centers. Asia Pacific, with its elevated growth in the healthcare industry and escalating volumes of neurological patients in China, India, and Japan, is likely to achieve a significant market share. China and India are some of the fastest-growing markets, while the United States and Japan hold some of the most prominent players in the market.

The global pharma & healthcare market report points out the key trends and developments taking place in this business space in the ongoing COVID-19 times. According to market experts, the pandemic has turned this industry upside down, with an unprecedented rise in demand and acute supply shortage. The report clearly depicts the current global economic landscape and the considerable situation of the healthcare industry. A substantial increase in demand for healthcare services worldwide, rising cases of the SARS-CoV-2 infection, increasing pharmaceutical research & development activities, and new drug pipelines are among the key factors that have driven the global pharma & healthcare industry growth in the recent past. Growing acceptance of telehealth and telemedicine services, rise in government initiatives for COVID-19 vaccine development, and escalating demand for advanced point-of-care diagnostics and home healthcare products have further bolstered the industry growth.

Companies considered and profiled in this market study:

GE Healthcare, Koninklijke Philips N.V., Siemens Healthineers AG, Canon Medical Systems Corporation, Hitachi Medical Systems, Sanrad Medical Systems Pvt. Ltd Inc., Esaote SpA, Shenzhen Anke Hi-Tech Co., Ltd., Time Medical Systems, and FONAR Corporation.

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Further key findings from the report suggest

  • Online retailing supply of the medical instrument and devices has been trendy in emerging nations like China and India mainly. Online retailers can offer reduced prices compared to the medical stores and offline vendors due to the non-involvement of distributor chains in the business process. This sub-segment is expected to grow at a CAGR of 7.0% during the forecast period.
  • Closed MRI units take detailed images of the anatomy in a narrow cylindrical body through a bore. Open MRI units, on the other hand, is not enclosed and designed as an alternative to patients with symptoms of anxiety or claustrophobia. The closed MRIs are more efficient as they can incorporate a higher magnetic field and an enclosed periphery for a much detailed scanning.
  • Ambulatory surgery centers are modern kind of healthcare facility centers, which are focused on providing immediate surgical care and releasing the patients right after the surgery. The ambulatory surgery centers have a more convenient alternative to the hospitals based outpatient procedures, maintaining a strong track record of quality care with positive patient outcomes. Ambulatory surgery centers are expected to grow the fastest at a rate of 7.9% throughout the forecast period.

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For the purpose of this report, Reports and Data have segmented the global magnetic resonance imaging market on the basis of machine type, sales channel, field strength, application end-users, and region:

Machine Type Outlook (Revenue, USD Billion; 2018-2028)

  • Closed MRI
  • Open MRI

Sales Channel Outlook (Revenue, USD Billion; 2018-2028)

  • Online Retailing
  • Medical Stores & Brand Outlet

Field Strength Outlook (Revenue, USD Billion; 2018-2028)

  • Low Field Strength
  • Medium Field Strength
  • High Field Strength

Application Outlook (Revenue, USD Billion; 2018-2028)

  • Neurological & Cerebrospinal
  • Cardiovascular
  • Abdominal
  • Breast
  • Others

End-Users Outlook (Revenue, USD Billion; 2018-2028)

  • Hospitals
  • Clinics & Diagnostic Centers
  • Ambulatory Surgical Centers
  • Others

Regional Outlook (Revenue, USD Billion; 2018-2028)

  • North America
    • U.S
  • Europe
    • UK
    • France
  • Asia Pacific
    • China
    • India
    • Japan
  • MEA
  • Latin America
    • Brazil

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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.

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