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Magnetic resonance imaging systems market worth 7.09 billion USD by 2023

Industrial Market Research

The Magnetic Resonance Imaging (MRI) Systems Market is expected to reach USD 7.09 Billion by 2023 from an estimated USD 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.

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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 segment is further divided into standard bore and wide bore MRI systems.

In 2017, the closed MRI systems segment accounted for the largest share of the MRI Systems Market. The large share of this segment can be attributed to the superconducting magnets used in these systems to obtain higher image quality and throughput.

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The wide bore closed MRI segment is also expected to grow at the fastest rate during the forecast period owing to its patient-friendly design that accommodates larger patients.

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

The MRI Systems Market is segmented by field strength into high-field (1.5T and 3T), low-to-mid field (<1.5T), and very-high-field (4T and above) MRI systems. The very-high-field (4T and above) MRI systems segment is expected to register the highest CAGR during the forecast period.

Growth in this market can be attributed to the recently (October 2017) received FDA and CE mark approval of the first 7T MRI system.

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

In 2017, Asia Pacific is estimated to account for the largest share of the MRI Systems Market, followed by Europe. However, RoW region is expected to grow at the highest CAGR during the forecast period.

The high growth rate of MRI Systems Market in this region can be attributed to the untapped markets of Africa, growing medical tourism in Braziland Saudi Arabia, and rising healthcare expenditure in Row 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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