The MRI Systems Market will reach US$ 7.2 Billion at a CAGR of 6.6% between 2019 to 2029. Analytics and big data process unstructured as well as the structured biomedical structure and medical data for generating new-fangled insights. As such, digital therapy experiences get an enhanced look with MR (mixed reality), AR (augmented reality), and VR (virtual reality). This would be the trend regarding the healthcare vertical in the forecast period.
Increasing use of MRI systems for the early detection of diseases has surged the growth of the medical devices industry. With continuous technology advancements, rising preference for non-invasive diagnosis, and increasing incidence of neurological disorders, the global MRI systems market will witness 2X growth by market value over the forecast period of 2019 to 2029.
Over the years, there has been an increase in the number of cases of brain aneurysm and traumatic brain injury, for which, detection method MRI is used to study the location, size, and other characteristics such issues. According to the Brain Aneurysm Foundation, almost 500,000 deaths, worldwide, each year, are caused by brain aneurysm.
As brain disorders continue to rise each year, leading to rising medical costs, many key players are bringing in high resolution scanning MRI systems such as 7T to address these challenges in diagnosis.
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- GE Healthcare
- Canon Inc
- Philips N.V.
- AllTech Medical Systems.
- Hitachi Medical Corporation
The global MRI systems market was valued at US$ 7.2 Bn in 2018, and is expected to witness a CAGR of nearly 7% during the forecast period (2019–2029).
Key Takeaways of MRI system Market Study
- 1.5T strength MRI systems contributed more than 2/3 share in the MRI systems market in 2018, owing to rising neurological disorders across the world.
- Closed MRI systems accounted for a major share in terms of architecture in the global MRI systems market in 2018, attributed to a variety of economic factors, demographic patterns, and healthcare trends.
- Rise in the incidence of neurological disorders has contributed to the dominance of North America in the global MRI systems market.
- Attributed to rising awareness regarding disease diagnosis and growing medical device industry, East Asia is expected to offer notable growth opportunities for the MRI systems market.
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“Rising need for early disease diagnosis of neurological disorders has prompted medical manufacturing companies to include functional MRI features in their systems, a factor that will contribute to the growth of the MRI systems market,” says a PMR analyst.
Advancements in MRI technology to Bring Traction in Demand for MRI Systems
Healthcare regulatory bodies across the world are focusing on reducing treatment costs through efficient and faster diagnosis of diseases. Increased number of approvals have also contributed to advancements in MRI systems. Market players are focusing on innovation in MRI systems to gain share in this market space.
As a result, recent developments in MRI systems have focused on improving scanning functionalities such as high-resolution MRI systems, such as 7T MRI, 9T MRI, and also silent MRI systems.
Open MRI systems offer an alternative to patients who suffer from claustrophobia and have symptoms of anxiety, which is another factor anticipated to increase the growth of the global MRI systems market.
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More Valuable Insights on MRI systems Market
Persistence Market Research offers a unique perspective and actionable insights on the MRI systems market in its latest study, presenting historical demand assessment of 2014–2018 and projections for 2019–2029, on the basis of strength (<0.5T strength, 1.5T strength, 3T strength, and >3T strength), architecture (open systems and closed systems), and end user (hospitals, ambulatory surgical centers, diagnostic centers, academic & research institutes, and others), across seven major regions.
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