Magnetic Resonance Imaging (MRI) Machines Market is valued around USD 6.55 Billion in 2019 and expected to reach USD 11.68 Billion by 2030 with the CAGR of 5.4% over the forecast period.
MRI machine is used for the medical imaging in radiology to study the detail analysis of human anatomy with effective diagnosis of various disorders. It is a non invasive procedure which uses the strong magnetic waves to obtain the anatomical image for analysis. It is one of the least detrimental and versatile diagnostic procedures. For further detailed study of organs sometimes contrast agents are given to the patient intravenously or orally which are safer than as compared to CT and X-ray contrast. Patients with medical implants such as pacemaker and other may have some difficulties during MRI scan. Market players are aggressively working for the development of implant friendly MRI machine.
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Global Magnetic Resonance Imaging (MRI) Machines Market report is segmented on the basis of architecture, field strength, application and by regional. Based upon architecture, the MRI machine market is fragmented into open MRI machines and closed MRI machines. Based on field strength, the market is fragmented into Low field MRI, High field MRI, and Ultra high Field MRI. On the basis of application, the market is divided into Orthopedic, Spine, Neurology, Cardiovascular, Head and Neck, Abdominal & Prostate, and Others. The regional bifurcation of countries includes North America, Europe, Asia-Pacific, and RoW which are further segmented into major countries such as U.S., UK, France, and others.
The Magnetic Resonance Imaging (MRI) Machines market is mainly driven by the high prevalence rate of various disorders such as orthopedic, neurological, cardiovascular, abdominal disorders which indirectly increased the demand for MRI scans for better and accurate diagnosis. Moreover, wide application with rising geriatric population along with the amplification in trauma cases is likely to propel the market growth. In addition, constant innovation with technological advancement is also expected to positively affect the market growth. However, high cost of the MRI machines as well as lack of proper reimbursement policies in the developing economies are expected to restrain the market growth.
The developed regions such as North America and Europe are expected to hold the major market share owing to the presence of major market players in the region with innovation. Moreover, growing technological advancement along with the well developed healthcare facilities & infrastructure. Moreover, Asia Pacific is expected to dominate the MRI machine market in terms of growth rate owing to the rise in geriatric population and amplification in trauma cases with high demand of accurate diagnosis. Moreover, rapid development of healthcare facilities with wide applications and rising healthcare expenditure is also expected to contribute the market growth.
The major market players profiled in the Magnetic Resonance Imaging (MRI) Machines market includes Aspect Imaging, Fonar Corporation, Hitachi Ltd., Koninklijke Philips NV, GE Healthcare, Siemens Healthcare GmbH, Neusoft Medical Systems Co. Ltd, Esaote SpA, Canon Medical Systems Corporation and Aurora Imaging Technology among others.