The Global MRI Market was valued at USD 5.4 Billion in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.9% between 2021 to 2028 according to analysts at Vantage Market Research. MRI (Magnetic Resonance Imaging) is a medical imaging technique which uses magnetic field along with computerized generated radio waves to create images of body tissues and organs. The MRI market is driven by the factors such as software applications, high field MRI, superconducting magnets, wide range of application in research laboratories, hospitals, academic institutes, and physicians.
Since the outbreak of the COVID-19, it has widely spread all over the world and has impacted many countries economy and caused huge loses in businesses. The MRI market is experiencing a negative growth due to sudden lockdowns, lower medical facility in many regions lowered the demand. The scenario is slowly changing post COVID.
The MRI market is segmented on the basis of product, field strength and applications. The product segment is further bifurcated into closed MRI and open MRI. The closed sector is holding the largest share and shows potential growth in future forecast. The field strength segment is divided as high field MRI systems, low to mid field MRI systems and Very high field MRI systems. Based on application neurological, oncology cardiology, gastrointestinal and others. Out of these application the oncology is having largest market share for the year 2020 and will grow in future forecast.
The major players for the MRI market are Toshiba Medical Systems, Hitachi Medical Corporation, Fonar Corporation, Siemens Healthcare, Philips Healthcare, Canon Medical Systems Corporation, Aurora Imaging Technologies, GE, Esaote, Neusoft Medical Systems Co. Ltd, Bruker Corporation.
Regionally, the market is segmented as Asia-Pacific, Europe, North America, the Middle East and Africa and Latin America. Asia-Pacific attained the highest share due to rising geriatric population and increasing FDI.