According to FutureWise analysis the market for magnetic resonance imaging systems in 2023 is US$ 7.09 billion, and is expected to reach US$ 9.79 billion by 2031 at a CAGR of 4.12%.
The global magnetic resonance imaging market growth can be attributed to the state of the art advancements in products, such as CT and MRI with PET. These products allow for effective imaging with reduced harmful radiation. Furthermore, there is a growing acceptance and availability of MRI in developing nations, along with the rising usage of universal health coverage in developing and developed markets alike. GE, Philips, and Siemens account for some of the major players and have captured the market for the technology used in both the private and public diagnostic centres. However some of the drawbacks are that the refurbished MRI techniques are still commonly used in the developing owing to the easy accessibility as well as the reasonable cost.
As per the segmentation, the MRI market has been fragmented into end-users, application, region, architecture and magnetic field strength. Based on architecture, the market has been bifurcated into Close MRI and Open MRI. In accordance with field strength, the market has been categorized into field different systems which include ultra-high, very high, high, mid, and low. In the case of application, the market has been separated into organ MRI, spine MRI, ultra-brain MRI, as well as extremities. By end-user, the market has been classified into hospitals, clinics and diagnostic centres. The close MRI is one such type segment that controls a large part of the global market in the year 2015. The global MRI market includes several market players, prominent market players have captured significant market shares. Small scale to midsize companies are making their presence known globally owing to their standards of quality and technological advancements.