Magnetic Resonance Imaging Systems Market

Magnetic Resonance Imaging Systems Market worth $7.09 Billion by 2023

The report "Magnetic Resonance Imaging Systems Market by Architecture (Open MRI Systems and Closed MRI Systems (Standard Bore and Wide Bore)), Field Strength (Low-to-mid Field, High-field (1.5T and 3T), and Very-high Field) - Global Forecast to 2023", The MRI systems market is expected to reach $7.09 Billion by 2023 from an estimated $5.85 Billion in 2018, at a CAGR of 3.9%. The key factors driving the growth of this market include technological advancements leading to the increased adoption of high-field MRI systems, growing geriatric population, and the discovery of new helium deposits.

Browse 141 market data Tables and 33 Figures spread through 158 Pages and in-depth TOC on "Magnetic Resonance Imaging Systems Market"
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The closed MRI systems segment held the largest share of the market in 2017

Based on architecture, the MRI systems market is segmented into closed and open MRI systems. The closed MRI systems are further segmented by their bore size into the standard bore and wide bore. The wide-bore closed MRI systems segment is expected to register the highest CAGR during the forecast period. Growth in this market is attributed to the increasing adoption of wide bore MRI systems owing to their patient-friendly design along with superior image quality.

By field-strength, very-high-field MRI systems to grow at the highest rate during the forecast period

On the basis of field strength, the MRI systems market is segmented into low-to–mid field (<1.5T), high-field (1.5T – 3T), and very-high-field (4T and above) MRI systems. The high-field MRI systems segment is further divided into 1.5T and 3T MRI systems. In the high field MRI systems, the 3T MRI systems segment holds the largest share by value and is expected to grow at the highest CAGR during the forecast period. This is mainly attributed to the high SNR, throughput, and quality of images offered by these systems. However, the 1.5T MRI systems segment holds the largest share of volume in the global MRI systems market.

The RoW segment is expected to grow at the fastest rate between 2018 and 2023

Geographically, RoW is expected to grow at the highest CAGR during the forecast period. Untapped markets of Latin America and MEA are driving the growth of this regional segmentation. Additionally, factors such as rising healthcare expenditure in RoW countries, growing geriatric population, and the subsequent rise in the related disorders, and replacement of low-field machines with high-field machines are driving the growth of the MRI systems market in RoW regions. However, the major challenge for the growth of MRI systems market in the developing countries of Asia Pacific and RoW region is the lack of skilled MRI technicians to operate advanced machines. The key players in this market have already started collaborating with various healthcare organizations in these countries to set up training centers which will help to fill in the need-gap of MRI technical personnel in these countries.

The major players in the global MRI systems market are Siemens Healthineers (Germany), GE Healthcare (US), Phillips (Netherlands), Hitachi (Japan), and Canon Medical Systems (Japan).

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