The key factors propelling the growth of the magnetic resonance imaging market are an increase in technological advancements, such as the inclusion of MRI with PET or CT, to provide imaging possibilities with less exposure to harmful radiations, rising adoption of MRI in developing countries, and the rising adoption of universal health coverage in the developed and developing markets.
- The global players, such as GE, Siemens, and Philips, have an extensive hold on improving technology, as well as global distribution channels, which helps the increasing number of public and private diagnostic centers around the world. However, the use of refurbished MRI equipment is also widely preferred in the developing markets, due to its cost-effectiveness and easy availability.
- The current market is experiencing major technological advancements. The limits of the largest field strength of electromagnets in MRI expanded beyond the conventional 1.5T-3T to a staggering 7T. This leap in technology widened the application profile of MRI devices, and it is expected to further expand in the forecast period.
Key Market Trends
The Neurology Segment Holds the Largest Market Share Currently and is Believed to Continue the Same Over the Forecast Period
The neurology segment of the global MRI market holds the largest market share. MRI is the best tool for diagnostic imaging and neuroscience research. It provides morphological images with the highest spatial resolution and unmatched soft tissue contrast, as well as the unique functional information of the central nervous system (CNS). Additionally, 97% of MRI sites perform the brain examinations and 1 in 4 MRI scans is of the brain, making it one of the most commonly performed exams in neurology.
Neurological uses of MRI systems include the diagnosis of brain and spinal cord tumors, infections, and vascular irregularities, which may lead to stroke. MRI can also detect the disorders, along with performing the monitoring of degenerative disorders, such as multiple sclerosis, and it can even document brain injury from trauma.
North America Dominates the MRI Market and is Expected to Hold the Largest Market Share During the Forecast Period.
North America currently dominates the magnetic resonance imaging market, and it is expected to continue its stronghold for a few more years. This region is expected to increase its market share in the future, owing to the well-established healthcare system of the United States and the initiatives that are being carried out by the various organizations. Siemens and Philips are the leading companies in the United States. With that, the United States has the largest market share over the forecast period.
The global magnetic resonance imaging market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and quality service provision, mid-size to smaller companies are increasing their market presence by introducing new products with fewer prices. Companies, like Siemens Healthineers, GE Healthcare, Canon Medical Systems, and Philips Healthcare, hold a significant market share in the global magnetic resonance imaging market.
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