DUBLIN--(BUSINESS WIRE)--The "Magnetic Resonance Imaging Market by Product Type, by Field Strength, by Application, and by End-user - Global Opportunity Analysis and Industry Forecast, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.
The Magnetic Resonance Imaging (MRI) Market size was valued at USD 7.26 billion in 2021 and is predicted to reach USD 12.19 billion by 2030 with a CAGR of 6.2% during the forecast period from 2022 to 2030.
Companies Mentioned
- Siemens Healthineers AG
- General Electric
- Koninklijke Philips N.V.
- Canon Medical Systems Corporation
- Fujifilm Holdings Corporation
- Shanghai United Imaging Healthcare Co. Ltd.
- Bruker
- Neusoft Medical System
- Shenzhen Basda Medical Apparatus Co. Ltd
- Shenzhen Anke Hi-Tech Co. Ltd.
Increasing prevalence of chronic diseases such as cancer, chronic obstructive pulmonary disease, heart attacks or strokes, asthma, and diabetes is driving the growth of MRI market. MRI is crucial for these diseases as they can be treated using minimally invasive surgeries (MIS), which can be performed after undergoing diagnoses of the human body using MRI systems.
According to the World Health Organization (WHO), in 2021, various types of chronic diseases, such as cardiovascular diseases, cancer, chronic respiratory diseases, and diabetes, are responsible for approximately 17.9 million, 9.3 million, 3 million, and 1.5 million deaths, respectively.
Also, the growing necessity and demand for innovative medical imaging technology to cater to the rise in injury, illness, or congenital abnormalities in children fuels R&D activities globally. For instance, in March 2021, Philips announced a partnership with The Walt Disney Company to improve the healthcare experience of children. Philips partnered with European Hospitals for their first clinical research pilot program, which aimed at reducing fear and anxiety to improve children's patient experience during MRI exams.
However, factors such as high cost of MRI systems and requirement of complex or high-tech infrastructure for installation and maintenance of these systems are restraining the growth of the market during the forecast period. On the contrary, Integration of artificial intelligence (AI) in medical imaging including MRI by providing deep learning solutions for image acquisition, reconstruction, and supporting clinical decision-making is expected to create ample opportunities for the market in the coming years.
The North America market is projected to hold the dominant share by 2030. North America holds the largest market share of MRI market due to factors such as presence of a large pool of elderly population in countries such as the U.S. and Canada. The elderly population are prone to bone disorders and need MRI for the diagnosis and treatment of their medical condition.
For instance, in July 2019, according to the United States Census Bureau, the total number of people with age 65 and more was accounted as 54.1 million in the country. Moreover, the presence of established healthcare systems in the region owing to the increased expenditure on healthcare by countries such as the U.S. and Canada, which enable public healthcare providers to adopt advance MRI systems.
These factors drive the growth of the MRI market. For instance, in 2021, according to the Center for Medicare & Medicaid Services (CMS), the U.S. Government spent $4.1 trillion in the healthcare sector to improve and maintain public health activities in the country
Recent Developments
- July 2022: Canon Medical unveiled the new MRI system, Vantage Fortian with Artificial Intelligence at ECR 2022. It features innovative workflow solutions, image enhancement, and accelerated scan technology which reduces the time required for MRI procedures.
- January 2022: Siemens developed a new MRI technology in collaboration with researchers at The Ohio State University College of Medicine and College of Engineering. This new technology expands imaging access using a lower magnetic field for patients with implanted medical devices, severe obesity and claustrophobia
- May 2022: Bruker launched innovative 7 Tesla and 9.4 Tesla conduction-cooled Maxwell magnets for its market-leading preclinical magnetic resonance imaging (MRI) systems portfolio. The new range of Maxwell 7 Tesla and 9.4 Tesla magnets eliminated the need for liquid Helium or Nitrogen refills while offering high-field sensitivity and resolution for advanced preclinical MRI and PET/MR research.
Key Topics Covered:
1. Introduction
2. Magnetic Resonance Imaging (MRI) Market - Executive Summary
3. Market Overview
3.1. Market Definition and Scope
3.2. Market Dynamics
3.2.1 Drivers
3.2.1.1. Growing Prevalence of Chronic Diseases Increases the Implementation of MRI Techniques
3.2.1.2. Growing Innovation and R&D Activities in Medical Sciences
3.2.1.3. Integration of Artificial Intelligence in MRI
3.2.2 Restraints
3.2.2.1. High Cost of MRI System and Incompatibility with Some Patient Populations
3.2.3 Opportunities
3.2.3.1. Advancements in Technologies
4. Global Magnetic Resonance Imaging (MRI) Market, by Product Type
5. Global Magnetic Resonance Imaging (MRI) Market, by Field Strength
6. Global Magnetic Resonance Imaging (MRI) Market, by Application
7. Global Magnetic Resonance Imaging (MRI) Market, by End-user
8. Global Magnetic Resonance Imaging (MRI) Market, by Region
9. Company Profiles
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