MRI Market Size Worth $8.18 Billion By 2027

The global magnetic resonance imaging market size is expected to reach USD 8.18 billion by 2027, registering a revenue-based CAGR of 5.9% during the forecast period, according to Grand View Research, Inc. Rising prevalence of chronic diseases coupled with increasing demand for early diagnostic techniques is projected to drive the growth. In addition, growing adoption of less invasive diagnostic procedures is contributing to the magnetic resonance imaging (MRI) market growth. Moreover, increasing number of clinical trials to understand the effectiveness and efficiency of MRI machines in various clinical applications is expected to boost the growth.

End-users, such as research institutes and universities are frequently studying the efficiency of MRI devices with high field strength such as 7T, 10T, and 10.5T. Growing number of research studies will help unlock the potential usage and advantages of high field MRI machines for various preclinical as well as clinical applications. Currently, 7T MRI machines are only effective in brain and knee imaging, largely due to the absence of advance coil required for these high field machines. Therefore, the development of advance coils to expand the application of 7T MRI machines is expected to propel the growth during the forecast period.

Key market players are adopting various strategies, such as mergers and acquisitions, collaborations, and partnerships to gain competitive edge. For instance, Aurora Imaging Technology entered into a distribution agreement with Sumec Group Corporation. Under this distribution agreement, the latter will distribute MRI portfolio of Aurora Imaging Technology in China. This in turn is helping both the companies in geographical expansion.

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Further key findings from the report suggest:

  • Open system is anticipated to be the fastest growing segment during the forecast period due to its efficiency to accommodate patients of all sizes without them feeling claustrophobic
  • Magnetic resonance imaging (MRI) market for neurological and brain disorders held the dominant market share in 2019, largely due to high prevalence of neurological conditions and demand for less invasive diagnostic procedure
  • The high field MRI segment is expected to experience fastest growth over the forecast period, largely due to efficiency of the field strength to provide detailed diagnostic images
  • Ambulatory Surgical Centers (ASC) are expected to exhibit the fastest CAGR during the forecast period. Government initiatives to improve primary care is one of the major factor impacting the growth
  • In 2019, North America dominated the global MRI market in terms of revenue, owing to continuous research activities and high adoption of advanced techniques
  • Asia Pacific is anticipated to expand at the fastest CAGR during the forecast period, largely due to a rise in clinical studies for high field MRI machines

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