(PharmaNewsWire.Com, May 16, 2024 ) MRI Systems market is estimated to grow at a CAGR of 5.0% during the forecast period. The market is projected to reach USD 6.6 billion by 2028 from USD 5.2 billion in 2023
Major Growth Driving Factors:
The major factors driving the growth of this market include the launch of technologically advanced products by the key players and rising demand for early diagnosis. Recent technological advancements support improved sensitivity and high image quality. These systems help with early detection of any complications and are expected to witness the rise in adoption in the coming years.
Based on the field strength, the global MRI systems market is segmented into low-to-mid-field MRI systems, high & very-high-field MRI systems, and ultra-high-field MRI systems. The ultra-high-field MRI systems segment is anticipated to register the highest growth rate over the forecast period. The high & very-high-field MRI systems segment accounted for the highest share of the MRI systems market in 2022.
Based on application, the MRI systems market is segmented into brain and neurological MRI, spine and musculoskeletal MRI, pelvic and abdominal MRI, vascular MRI, breast MRI, cardiac MRI, and other applications. The brain and neurological MRI segment accounted for the largest share of the market in 2022 and is also expected to grow at the highest CAGR during the forecast period.
Factors such as the availability of novel software and rising adoption of high-end instruments in end user facilities drive the growth of the market.
Based on end user, the global MRI systems market is segmented into hospitals, diagnostic imaging centers, and other end users. The hospitals segment accounted for the largest share of the market in 2022. Consistent rise in the number of hospitals and rising old-age population are driving the growth of this segment.
Geographical Growth Dynamics:
The Asia Pacific MRI systems market is anticipated to register the highest growth from 2023 to 2028. The key players of MRI systems market are focusing on expanding their footprint in the APAC region. This region is witnessing a significant rise in the adoption of MRI systems by different end user facilities in the region. Improvements in healthcare systems and government initiatives for increasing the awareness and utilization of MR imaging are offering significant growth opportunities for the key players.
Prominent players in the MRI systems market are Siemens Healthineers (Germany), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), FUJIFILM Corporation (Japan) among others.
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