Analyzing the Future of Magnetic Resonance Imaging Systems Devices And Equipment Market Dynamics 2025-2034: Growth Rate, Trends, and Major Opportunities
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What is the Future CAGR of the Magnetic Resonance Imaging Systems Devices And Equipment Market, and How Will It Impact Industry Expansion?
The market size for magnetic resonance imaging systems devices and equipment has shown robust growth in the last few years. It is set to increase from $10.07 billion in 2024 to $10.74 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.6%. Growth in the past years can be credited to developments in diagnostic imaging, an aging population, emergency and trauma care, as well as oncology and cancer diagnosis.
The market for magnetic resonance imaging system devices and equipment is anticipated to experience consistent expansion in the ensuing years. Its value is projected to reach $12.02 billion by 2029, reflecting a compound annual growth rate (CAGR) of 2.9%. Factors such as growth in emerging markets, regulatory backing, reduction in radiation, and value-focused healthcare are driving this growth for the forecast period. Key trends to watch out during this period include high-field and ultra-high-field MRI, cardiac MRI, musculoskeletal MRI, and hybrid imaging.
Which Macro and Microeconomic Factors Are Accelerating the Growth of the Magnetic Resonance Imaging Systems Devices And Equipment Market?
Shifts in lifestyle, technological progress, and a growing number of chronic illnesses are all contributing to a higher demand for diagnostic methods. This, in turn, is propelling the expansion of the MRI systems market. MRI systems are beneficial for creating intricate three-dimensional images of the human anatomy which aids in the diagnosis, identification of diseases, and tracking of treatment progress. The escalating health concerns have led to an increased need for medical imaging technologies in healthcare centres for diagnostic purposes. To illustrate, in India, the establishment of 150,000 health and wellness centres with a budget allocation of $1.8 billion has made the healthcare system more accessible. An increased awareness of health and the significance of health insurance are also catalyzing significant market growth.
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What Are the Top Market Players Propelling the Growth of the Magnetic Resonance Imaging Systems Devices And Equipment Industry?
Major companies operating in the magnetic resonance imaging systems devices and equipment market include Siemens Healthineers, GE Healthcare, Philips Healthcare, Hitachi Ltd., Canon Medical Systems, Esaote S.p.A, Bruker Corporation, Fonar Corporation, Neusoft Medical Systems Co. Ltd., Time Medical Systems, Aurora Imaging Technology, AllTech Medical Systems, Magnetica, Tomtec Imaging Systems GMBH, Sanrad Medical Systems Pvt. Ltd., Agilent Technologies Inc., Analogic Corporation, Hologic Inc, IMRIS Inc., Innervision Mri, Medinus Co., Medtronic plc, Millennium Technology Inc., Mindray Medical International Ltd., MR Solutions, Toshiba Corporation, Koninklijke Philips N.V., Hyperfine
How Are Emerging Trends in Consumer Behavior Affecting the Magnetic Resonance Imaging Systems Devices And Equipment Market?
Main players in the market for devices and equipment used in magnetic resonance imaging (MRI) systems are focused on advancing mobile MRI scanners. Such developments aim to improve patient accessibility, minimize the need for patients to travel to imaging facilities, and to deliver effective diagnostic services right at the patient’s location. A mobile MRI scanner is a movable device purposed to offer imaging services beyond the conventional hospital environment. It functions at a field strength of 1.5T, offering top-quality imaging on par with regular stationary systems. For example, in November 2022, Siemens Healthineers AG, a firm based in Germany, introduced MAGNETOM Viato. Mobile, a portable MRI scanner. With a wide 70 cm open bore, the scanner can accommodate various patients, including those who feel uncomfortable in standard bore MRI systems. The MAGNETOM Viato.Mobile has remote scanning and reading capabilities, bolstering operational efficiency and facilitating remote consultations with experts using platforms such as syngo Virtual Cockpit and WeScan.
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How Are the Key Segments of the Magnetic Resonance Imaging Systems Devices And Equipment Market Driving Opportunities and Innovations?
The magnetic resonance imaging systems devices and equipment market covered in this report is segmented –
1) By Type: Close MRI, Open MRI
2) By Application: Oncology, Neurology, Cardiology, Inflamatory and Infectious Diseases, Other Applications
3) By End User: Hospitals, Imaging centers, Ambulatory surgical centers
Subsegments:
1) By Close MRI: High-field MRI, Low-field MRI, Very High-field MRI
2) By Open MRI: Open High-field MRI, Open Low-field MRI
What Regions Are Dominating the Magnetic Resonance Imaging Systems Devices And Equipment Market Growth?
Western Europe was the largest region in the global magnetic resource imaging devices and equipment market in 2023. North America was the second-largest region in global magnetic resource imaging devices and equipment market. The regions covered in the magnetic resonance imaging systems devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Are the Defining Aspects of the Magnetic Resonance Imaging Systems Devices And Equipment Market Landscape?
Magnetic Resonance Imaging (MRI) systems, devices, and equipment are advanced medical technologies used to create detailed images of the organs and tissues within the body. These systems utilize strong magnetic fields, radio waves, and computer processing to generate high-resolution images, which are critical for diagnosing various medical conditions, including tumors, neurological disorders, and musculoskeletal injuries. MRI systems are classified into different types, each designed to meet specific diagnostic needs and patient comfort levels.
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