The MRI systems market is projected to reach USD 7.09 Billion by 2023 from USD 5.85 Billion in 2018, at a CAGR of 3.9%. Discovery of new helium deposits in 2016 enabling the production of new MRI systems and technological advancements leading to the development of higher field strength systems are the major drivers for the growth of this market.
In this report, the market is segmented by architecture, field strength, and region.
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.
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.
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.
Magnetic Resonance Imaging (MRI) 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
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