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 “Global MRI Market Analysis” is a thorough examination of the MRI market, with an emphasis on global market trends and analysis. This research aims to give an overview of the MRI industry as well as a complete market analysis by segment and geography. The MRI market is predicted to grow significantly over the forecast period. The report includes vital information on the market positions of the major MRI companies, as well as notable industry trends and prospects.
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MRI Market Scope:
The report includes a PESTLE analysis to assess the market’s major competitors’ strengths and weaknesses. The report thoroughly investigates the MRI Market size, share, trends, total earnings, gross revenue, and profit margin in order to predict the market and give investors professional insights to keep them up to speed on market developments.
The research also focuses on the top industry players in the Global MRI market, including company biographies, product photos and specifications, capacity, production, price, cost, revenue, and contact information. This study investigates market trends, volume, and value at the global, regional, and corporate levels. This research looks at the whole MRI Market Size from a global perspective, analyzing historical data and creating estimates.
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.
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MRI Market Key Players:
Secondary research identifies key market participants, whereas primary and secondary research determines their market revenues. In-depth interviews with important thought leaders and industry professionals such as experienced front-line staff, CEOs, and marketing executives were conducted as part of the primary study. Primary research comprised in-depth interviews with key thought leaders and industry professionals such as experienced front-line staff, CEOs, and marketing executives, while secondary research included a review of the main manufacturers’ annual and financial reports. Secondary sources are used to calculate percentage splits, market shares, growth rates, and worldwide market breakdowns, which are then cross-checked with primary data. The following is a list of a few firms involved in the 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.
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MRI Market Regional Analysis:
The MRI study delves into the geographic analysis, which is further subdivided into sub-regions and nations. This portion of the research includes profit estimates as well as market share data for each nation. This section of the research goes through each region’s and country’s share and growth rate during the projected time period.
After examining political, economic, social, and technological aspects impacting the MRI market in various areas, the research delivers a definitive PESTEL analysis for all five regions, including North America, Europe, Asia Pacific, the Middle East, Africa, and South America.
COVID-19 Impact Analysis on MRI Market:
As a result of the COVID-19 pandemic, customer behaviour has evolved 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.
The MRI Market Report presents a 360-degree study under the COVID-19 Impact section, extending from the flexible supply chain and import restrictions to provincial government policy and future effect on the firm. Primary market research (2021-2027), venture competition examples, advantages and downsides of huge company streams, and industry growth patterns (2021-2027) have all been presented.
Key Questions Answered in the MRI Market Report are:
- How big is the market for MRI?
- Which regional market will emerge as the market leader in the next years?
- Which application category is expected to develop the fastest?
- What opportunities for growth may exist in the MRI industry in the next years?
- What are the most significant future challenges that the MRI market may face?
- Who are the market leaders in the MRI category?
- What are the main trends that are influencing market growth?
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