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The market is experiencing significant growth due to the increasing prevalence of chronic conditions such as Cardiovascular Diseases (CVDs) and Alzheimer's disease among aging populations, particularly the baby boomer generation. Patent analysis reveals ongoing innovation in Hybrid MRI systems, which combine functional and anatomical imaging capabilities, enabling early diagnosis of various diseases including CVDs, Alzheimer's, soft tissue, and bone diseases. Novel technologies, like contrast agents and open MRI systems, cater to patient comfort and improved image quality. Buying behavior is influenced by the high cost of these systems, making pricing analysis crucial for market players. Technical advancements continue to drive demand in the healthcare sector, benefiting cancer patients and those with nervous system disorders. Overall, the market is poised for continued growth, fueled by the aging population and the need for early and accurate diagnosis. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market growth is the increasing prevalence of diseases coupled with the growing geriatric population. MRI (Magnetic Resonance Imaging) systems play a crucial role in the healthcare industry, particularly in examining the central nervous system, and orthopedic, and cardiovascular health conditions. These systems are essential for early detection and diagnosis of various health issues, including cardiovascular diseases (CVDs), which have a significant global prevalence and increasing incidence. CVDs pose a risk for heart attacks and cardiac arrests, making early diagnosis vital. They provide detailed information on the type and severity of CVDs, acting as meticulous "eyeballs" for medical professionals. They are indispensable tools for clipping on to subtle health changes and enabling timely interventions. Thus these can significantly drive the market growth during the forecast period.
A key factor shaping the market growth is the Software advances in MRI technology. The market has witnessed notable progress, particularly in the software and computing sectors. Siemens Healthineers' latest innovation, the Simultaneous Multi-Slice application, accelerates 2D acquisition by a factor of three, enabling advanced techniques like diffusion tensor imaging (DTI) and blood oxygenation level-dependent (BOLD) in routine clinical use. This technology significantly shortens MRI brain examination durations, making them compatible with clinical routines and enhancing the clinical significance of sophisticated neurological applications. In essence, the Simultaneous Multi-Slice application equips MRI systems with an enhanced ability to capture more data in less time, akin to adding more "eyeballs" or "clips" to the imaging process. Thus, these factors drive the market growth during the forecast period.
The high cost of MRI systems is one of the key challenges hindering the market growth. The market is facing a challenge due to their high cost, which is limiting their adoption. A 3.0T MRI system, for instance, can exceed USD3 million in price. Beyond the initial investment, there are additional expenses for constructing an MRI suite, patient support areas, installation, software upgrades, and maintenance. These costs significantly hinder market expansion. The cost of these depends on the scanner's field strength. High-field strength MRI systems, which offer superior image quality, come with a higher overall cost compared to their low-field strength counterparts. In essence, the market needs cost-effective solutions to attract more "eyeballs" and "clips" (users and investments). Thus, these factors can hinder the market growth during the forecast period.
The market forecast report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market forecasting and market growth analysis of strategies.
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Customer Landscape
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
MRI (Magnetic Resonance Imaging) systems have become an integral part of the healthcare industry, offering precise diagnostic capabilities for various diseases and injuries. The market is experiencing significant growth, driven by factors such as the increasing prevalence of chronic diseases, technological advancements, and rising healthcare expenditures. Patients and healthcare providers prefer MRI systems due to their ability to provide clear and detailed images of internal body structures without the use of radiation. Hospitals and diagnostic centers are the major end-users. The market is segmented based on technology, application, and region. The high-field MRI segment dominates the market due to its superior image quality and ability to detect smaller lesions.
Furthermore, the market in North America and Europe is expected to grow at a steady pace due to the presence of a large patient pool and advanced healthcare infrastructure.The manufacturers are focusing on developing cost-effective and portable systems to cater to the increasing demand for diagnostic imaging in remote areas and developing countries. Companies like Siemens Healthineers, GE Healthcare, and Philips Healthcare are leading players in the systems market. The market is expected to continue its growth trajectory in the coming years, driven by the increasing incidence of chronic diseases, technological advancements, and rising healthcare expenditures. The market is also expected to be influenced by regulatory frameworks and reimbursement policies in different regions. The MRI systems market research report focuses on pipeline products and technologies that aim to improve the early diagnosis of disease, particularly CVDs (Cardiovascular Diseases), which are prevalent in the aging baby boomer population, with a specific emphasis on soft tissues and Magnetic resonance imaging system in conference and webinar materials.
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Magnetic Resonance Imaging (MRI) Systems Market Scope |
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Report Coverage |
Details |
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Page number |
171 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
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Market growth 2024-2028 |
USD 2.86 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.23 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 43% |
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Key countries |
US, Germany, Canada, UK, and China |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aspect Imaging Ltd., AURORA HEALTHCARE US Corp., Bruker Corp., Canon Inc., Esaote Spa, FONAR Corp., FUJIFILM Corp., GE Healthcare Technologies Inc., Hologic Inc., Koninklijke Philips N.V., MR Solutions Ltd., Neusoft Corp., Onex Corp., Sanrad Medical Systems Pvt ltd, Shenzhen Anke High tech Co., Shimadzu Corp., Siemens Healthineers AG, and Time Medical Holding Co Ltd |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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The global magnetic resonance imaging (MRI) systems market size is estimated to grow by USD 2.86 billion at a CAGR of 6.78% between 2023 and 2028. Market growth hinges on several factors, notably the rising incidence of diseases alongside an expanding geriatric demographic, technological strides in Magnetic Resonance Imaging (MRI), and the broadening clinical utility of MRI. The increasing disease burden and aging population underscore the need for advanced diagnostic tools. Technological advancements have enhanced imaging capabilities, enabling more accurate diagnoses and treatment planning. Additionally, the expanding clinical applications, such as in neurology, oncology, and cardiology, have bolstered its significance in modern healthcare. These factors collectively drive the growth of the market by addressing the evolving healthcare needs and advancing diagnostic capabilities in various medical fields. Neurophotonics, an emerging field utilizing advanced optical techniques for studying neurological processes and diseases, plays a crucial role in this landscape. Its innovative approach enhances understanding and treatment options in neurology, contributing to the broader application of advanced diagnostic technologies.
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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