According to analysts at Vantage Market Research, the MRI Market is expected to reach USD 15.35 Billion by 2028, growing at a CAGR of 5.9% from 2021 to 2028.
Progressions in analytic strategies like open MRI, perception programming, and superconducting magnets are energizing the growth of the MRI market. The new advances found in MRI technology are mostly on the software. These product headways help in empowering quicker contrast examines and improving on imaging work process.
- The closed system segment is projected to expand at the fastest CAGR exceeding 6% over the forecast period owing to the increasing adoption of effective diagnostic machines for identifying various diseases related to tumors, spine lesions, and stroke impacting the area of brain and blood vessels. The rising pervasiveness of these diseases is anticipated to play a vital role in market growth.
- The brain and neurological segment held a market share of around 3% in 2020. This share is due to the rising cancer cases, and the rising demand for effective and quick diagnostic procedures is anticipated to contribute towards the growth of the market.
- Asia Pacific is expected to expand at a CAGR of over 5% from 2021 to 2028. This surge is attributed to the rising demand for MRI systems in developing economies such as China and India.
This MIR helps in conveying eight contrasts in a single acquisition in a small portion of time. Besides, the advancement of cardiac pacemaker compatible MRI structures is likewise expected to drive the market development in the cardiology division. Moreover, different paramagnetic contrast specialists, for example, gadolinium-DTPA are utilized as an intravenous injection to give sharp, exact, and precise images within a more limited period.
Asia Pacific region is poised to record the highest CAGR, owing to the increasing demand in countries, such as India, China, and Japan, coupled with the growth of the region's overall MRI market. Different mechanical advancements in MRI, for example, diffusion and dispersion tensor imaging with tractography, neuroimaging including MR spectroscopy, perfusion imaging, and functional imaging utilizing the strong strategy are relied upon to support market development during the projected time frame.
Some of the key players in the MRI Market include Siemens Healthcare, Philips Healthcare, Canon Medical Systems Corporation, Neusoft Medical Systems Co. Ltd, Aurora Imaging Technologies, GE, Esaote, Bruker Corporation, Fonar Corporation, Hitachi Medical Corporation, Toshiba Medical Systems., among others. The market is comprised of a high degree of competition due to the presence of numerous key players. Manufacturers are focusing on opting for various inorganic growth strategies such as acquisitions, mergers, and geographical expansion to leverage their market share and gain a competitive advantage.