The global Magnetic Resonance Imaging (MRI) Market was valued at USD 7.24 billion in 2021 and is projected to grow at a CAGR of 3.9% during the forecast period. The market is driven by factors such as the increasing prevalence of lifestyle-oriented diseases, growing awareness of early age diagnostics, advancements in MRI technology, and rising neurological and nerve-related disorders. MRI scans use powerful magnets and radio waves to examine organs and structures within the body, enabling the detection of a wide range of diseases.
Advancements in targeted Contrast Agents (CAs) like Gadolinium (Gd) and Manganese (Mn) have expanded the selective imaging of biological events and processes, making them essential in medical and biological research.
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Additionally, the discovery of new helium deposits has contributed to market growth as liquid helium is used to cool superconducting magnets in MRI systems, resulting in high-resolution images. Technological advancements in MRI, such as the use of Artificial Intelligence (AI) and the development of multi-contrast MRI technology, have also improved imaging capabilities.
Key players in the Magnetic Resonance Imaging (MRI) Market:
- Hitachi, Ltd.
- Siemens Healthcare GmbH
- Canon Medical Systems Corporation
- General Electric Company
- Koninklijke Philips N.V.
- Aspect Imaging Ltd.
- Bruker
- Aurora Healthcare US Corp.
- Esaote S.P.A.
- Fonar Corp
However, the high cost of MRI systems remains a significant barrier to market growth. New MRI machines can cost up to USD 1 million or more, making them expensive to acquire. The incompatibility of MRI systems with certain patients, such as those with implants or orthopedic devices, also limits market growth.
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The COVID-19 pandemic had both positive and negative impacts on the MRI market. During the initial wave, there was a decrease in MRI examinations due to lockdowns and restrictions. However, MRI systems were widely used to assess the physical conditions of COVID-19 patients, leading to increased popularity and utilization of MRI systems.
In terms of market segmentation, the low-to-mid-field MRI systems segment is expected to account for a significant revenue share due to the increased prevalence of chronic diseases and the adoption of these systems in hospitals and healthcare centers. The closed MRI systems segment dominates the architecture segment, while the neurological and cerebrospinal segment leads in terms of application.
Regionally, North America is expected to experience rapid growth due to the high prevalence of neurological disorders and technological advancements. The Asia Pacific region is projected to have the largest revenue share, driven by improving healthcare infrastructure, increasing disposable income, and a rise in neurological disorders. Europe is expected to have steady growth supported by the presence of key market players and the prevalence of neurological disorders.
The global MRI market is moderately consolidated, with key players such as Hitachi, Siemens Healthcare, Canon Medical Systems, and GE Healthcare operating on a global and regional level. These companies focus on platform development and strategic alliances to expand their portfolio and strengthen their market position.
Overall, the MRI market shows promising growth opportunities driven by technological advancements, increasing disease prevalence, and the need for early diagnosis.
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