MRI Market was worth US$ 5.94 Bn in 2022 and total revenue is expected to grow at a rate of 6% CAGR from 2023 to 2029, reaching almost US$ 8.94 Bn in 2029.
MRI Market Overview:
The purpose of this research is to offer an overview of the MRI industry as well as thorough market segmentation by segments and geographies. The study includes vital information on the market positions of the top MRI organizations, as well as major industry trends and possibilities.
The study also focuses on the major industry players in the Global MRI market, including information such as company biographies, product images and specifications, capacity, production, price, cost, revenue, and contact information. This research looks into global, regional, and company market trends, volume, and value. This study examines the whole MRI Market Size from a worldwide viewpoint, evaluating historical data and making projections.
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MRI Market Scope:
Following the completion of market engineering, which included calculations for market statistics, market size estimations, market projections, market breakdown, and data triangulation, extensive primary research was conducted to gather information and verify and validate key figures. Both top-down and bottom-up approaches, as well as numerous data triangulation methods, were widely used throughout the market engineering process to achieve market estimation and forecasts for the overall market segments and sub-segments offered in the MRI market study. In order to give vital information throughout the report, extensive qualitative and quantitative analysis is done on all statistics gathered during the whole market engineering process.
Top-down and bottom-up approaches are used to validate the market size and estimate the market size by different segments. The market estimations in the research are based on the sale price (excluding any discounts provided by the manufacturer, distributor, wholesaler, or traders). The percentage splits, market shares, and segment breakdowns are computed using weights assigned to each segment based on usage rate and average sale price. To determine the country-wise splits of the overall market and its sub-segments, the percentage adoption or usage of the given market Size in the relevant area or nation is employed.
MRI Market Segmentation:
Based on Architecture, the market is sub-segmented into Open MRI Systems, Closed MRI Systems Standard Bore and Wide Bore. With 75.8% of the market share in 2021, the closed MRI system category dominated the market. The closed MRI system uses high-frequency radio waves and strong magnetic fields to produce detailed images. Accurate slice selection and analysis are made possible by the closed structure. Patients in closed MRIs may experience claustrophobia and discomfort due to the intense noise. The outcomes could be inaccurate as a result of these problems. A few industry players are focusing their efforts on creating open, broad bore MRI systems that are appropriate for large and claustrophobic patients.
The market is divided into Low-to-mid Field, High-field, 1.5T, 3T, and Very-high Field strength segments based on field strength. With a 35.5% market share in 2022, the low to mid field led the market and is anticipated to grow rapidly over the course of the forecast period. These inexpensive, high-field strength magnetic resonance imaging devices help to obtain more accurate images. Low-field MRI machines have a field strength of less than 1.5T, mid-field MRI machines have a field strength of 1.5T to 3T, and high-field MRI machines have a field strength of more than 3T. Throughout the projection period, the low field segment is anticipated to grow the least.
The market is divided into submarkets based on application, including vascular, breast, musculoskeletal, brain and neurological, pelvic and abdominal, and cardiac magnetic resonance imaging. Because they produce scans that are of a higher caliber than computed tomography scans, magnetic resonance imaging (MRI) systems dominated the market in 2022, holding the largest share of 24.2%. Similar to this, it is anticipated that the market for breast imaging will grow quickly as the number of cases of breast cancer rises, increasing the need for risk factor detection. As a result, MRI methods help provide quantitative information about cancer by identifying the biological and physical characteristics of tissue.
𝗚𝗲𝘁 𝘁𝗵𝗲 𝗣𝗗𝗙 𝗦𝗮𝗺𝗽𝗹𝗲 𝗖𝗼𝗽𝘆 𝗼𝗳 𝘁𝗵𝗶𝘀 𝗿𝗲𝗽𝗼𝗿𝘁
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MRI Market Key Players:
Acquisitions, partnerships, and collaborations were among the inorganic growth strategies mentioned in the industry. Industry participants in the MRI market are expected to profit from strong future growth possibilities due to rising demand. The following are a few firms involved in the global MRI industry.
1. Siemens Healthineers
2. GE Healthcare
3. Phillips
4. Hitachi
5. Canon Medical Systems
6. Koninklijke Philips N.V.
7. Aurora Imaging Technologies Inc.
8. General Electric Company
9. Esaote SpA
10.Toshiba Corporation.
11.Aspect Imaging
12.Bruker
13.Fonar
14.Neusoft Medical Systems
15.Shenzhen Mindray Bio-Medical Electronics
16.Xingaoyi
17.Aurora Imaging Technology
18.Sanrad Medical Systems Pvt. Ltd.
19.Mindray Medical International Limited
20.Hologic, Inc.
21.Nordion Inc.
22.United Imaging Healthcare Co., Ltd.
𝗚𝗲𝘁 𝘁𝗵𝗲 𝗣𝗗𝗙 𝗦𝗮𝗺𝗽𝗹𝗲 𝗖𝗼𝗽𝘆 𝗼𝗳 𝘁𝗵𝗶𝘀 𝗿𝗲𝗽𝗼𝗿𝘁
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MRI Market Regional Analysis:
The research also includes a comprehensive PESTLE analysis for each of the five areas, namely North America, Europe, Asia Pacific, the Middle East, Africa, and South America, after examining the political, economic, social, and technological variables influencing the MRI market in these regions.
COVID-19 Impact Analysis on MRI Market:
As a result of the COVID-19 outbreak, customer behavior has transformed throughout all sectors of society. Industries, on the other hand, will need to adjust their strategies to account for altering market supplies. This study gives an outline of the COVID-19’s impact on the MRI market and will help you build your business in compliance with the new industry standards.
Key Questions Answered in the MRI Market Report are:
- What will be the MRI market’s CAGR throughout the projected period?
- Which market category emerged as the market MRIer in the MRI industry?
- Who are the key players in the MRI market?
- How big will the MRI market be in 2027?
- Which firm had the biggest market share in the MRI industry?
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