MRI Systems Market size is set to grow by USD 2.49 billion from 2023-2027, increasing prevalence of diseases coupled with growing geriatric population boost the market, Technavio

NEW YORK, April 15, 2024 /PRNewswire/ -- The global MRI systems market  size is estimated to grow by USD 2494.99 mn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of almost 6.32%  during the forecast period.  MRI systems are essential diagnostic tools for brain disorders, orthopedic issues, cardiovascular diseases (CVDs), and breast cancer. The global prevalence of neurological, orthopedic, and cardiovascular conditions is rising, necessitating early diagnosis. Advanced MRI machines, such as Velocity MRI System and multi-contract scanners, provide detailed information on CVDs and Alzheimer's disease. Market trends include hybrid MRI systems, novel technologies, and pricing analysis. Patient experience, side effects, and accessibility are key considerations. Metal implants, pacemakers, and clips pose challenges. Research studies in BRJ Journal explore new applications and improvements. 

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This mri systems market report extensively covers market segmentation by Product (Closed MRI systems, Open MRI systems) Type (Fixed MRI, Mobile MRI) Geography (North America, Europe, Asia, Rest of World (ROW))

Market segmentation by Product

The MRI systems market is experiencing significant growth due to the increasing incidence of brain-related health concerns and chronic conditions such as cardiovascular diseases (CVDs) and Alzheimer's disease. Healthcare centers are investing in advanced MRI machines, including multi-contract MRI scanners like Velocity MRI System, to provide superior diagnosis and improve patient experience. Health insurance coverage and pricing analysis play a crucial role in buying behavior. Top suppliers like Siemens and Philips offer fixed MRI systems with multi-modality imaging capabilities and high magnetic strengths, including superconducting magnets with Tesla (T) levels. However, factors like claustrophobia, metal implants, pacemakers, and side effects from cancer radiation therapy, chemotherapy, and metal chips or clips can impact patient experience and accessibility. Research studies published in journals like BRJ highlight the importance of novel technologies, such as hybrid MRI systems, in addressing these challenges and expanding the market. Pricing analysis and patent analysis are essential for understanding market dynamics and future growth opportunities. The aging baby boomer population's increasing healthcare needs further fuel the demand for MRI machines.

The MRI Systems Market in North America, led by the US and Canada, is expected to remain the largest segment due to health concerns related to brain conditions, cardiovascular diseases (CVDs), and cancer. Healthcare centers invest in advanced MRI machines for diagnosis, catering to the increasing number of MRI scans. Multi-contract MRI scanners and Velocity MRI System enhance patient experience and offer multimodality imaging. Research studies published in journals like BRJ highlight the importance of MRI in cardiovascular disease treatment, cancer radiation therapy, and chemotherapy, despite side effects like claustrophobia, metal implants, pacemakers, and metal chips. Pricing analysis and patent studies influence buying behavior. Novel technologies, such as hybrid MRI systems and novel magnetic strengths (superconducting magnets with Tesla (T) field strength), address chronic conditions and cater to the aging baby boomer population. 

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• MRI technology has advanced, with Siemens Healthineers introducing Simultaneous Multi-Slice for faster, more detailed scans. This application reduces 2D acquisition time by a factor of three, enabling advanced neurological applications like DTI and BOLD in clinical routine. It shortens brain examinations, bringing relevance to research and clinical care. Keywords: Brain, Health, MRI machines, Advanced applications, Velocity MRI System, Patient experience, Multimodality imaging, Research, CVDs, Alzheimer's disease, Pricing analysis, Patent analysis, Hospitals, Novel technologies.
• The MRI market growth is hindered by the high cost of 3.0T systems, which can exceed USD3 million, including installation, servicing, and maintenance. Costs increase with high-field strength systems, offering clearer images. Economies with limited resources face challenges in adopting MRI for conditions like cancers, strokes, and spinal abnormalities. Key players invest in tech advancements for diagnostic imaging, impacting reimbursement policies and patient access.

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The MRI systems market is experiencing significant growth due to the increasing prevalence of chronic conditions, such as Cardiovascular Diseases (CVDs) and Alzheimer's disease, among aging populations, particularly the baby boomer generation. Patent analysis reveals ongoing innovation in Hybrid MRI systems, which combine multiple imaging modalities to provide more accurate and early diagnosis for various diseases, including CVDs, Alzheimer's, soft tissue, and nervous system disorders. Pricing analysis indicates a trend towards affordability, making these advanced technologies accessible to a larger patient base. Technical advancements in MRI systems continue to improve image quality and reduce scan times, further increasing their value in the healthcare sector for cancer patients and those with bone and tissue diseases.

The MRI (Magnetic Resonance Imaging) systems market is a significant segment of the healthcare industry, utilizing advanced technology for diagnostic imaging. These systems, such as Cardiovascular MRI, MRIs for Hospitals, and MRIs for Research, provide detailed images of the body's internal structures. The market consists of various players, including Canon, GE, Siemens, and Philips, offering innovative solutions like Expertise in MRI, Superconducting Magnets, and Open MRI Systems. The market's growth is driven by factors like increasing prevalence of chronic diseases, technological advancements, and growing demand for non-invasive diagnostic procedures. Additionally, the market faces challenges like high costs and the need for large capital investments. Despite these challenges, the MRI systems market continues to evolve, offering promising opportunities for growth.

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SOURCE Technavio