Technological Advances in Magnetic Resonance Imaging to Help in Better Management of Neurological Diseases; Market to Clock CAGR of 5.2% During 2018 - 2026: TMR

ALBANY, N.Y., Aug. 13, 2020 /PRNewswire/ -- The magnetic resonance imaging (MRI) market stood at US$ 5,900 Mn in 2017 and is anticipated to rise at CAGR of 5.2% from 2018 to 2026.

Analysts at TMR opine that clinicians are benefitting from the adoption of magnetic resonance imaging that have low turnaround time, can detect anomalies, and are cost-effective. The reduction of cost over the years has made MRI a pervasive radiology technology in clinical practice.

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Key Findings of Magnetic Resonance Imaging Market Report

• Among the various applications, spine segment held the major market share in 2017 and is expected to retain its dominance
• Of all the key device types, high-field MRI (1.5T - 3.0T) segment is anticipated to contribute the major share during assessment period
• In 2017, North America held the major share of the global market
• During 2018 – 2026, Asia Pacific magnetic resonance imaging market is expected to rise at promising rate

Explore 200 pages of top-notch research, incisive insights, and detailed country-level projections on Magnetic Resonance Imaging Market (Application - Spine, Neurology, Orthopedic, Cardiovascular, Head and Neck, Abdominal and Prostate; Design - Open MRI, Closed MRI; Device Type - Low-to-Mid Field MRI (below 1.5T), High Field MRI (1.5T - 3.0T), Very High Field (4.0T - 5.0T), Ultra-High Field MRI (6.0T and above); End user - Hospitals, Ambulatory Surgical Centers, Diagnostic Imaging Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026 at https://www.transparencymarketresearch.com/report-toc/56346

Magnetic Resonance Imaging Market: Key Growth Drivers and Promising Avenues

Rise in mortality and burden of various disorders, including spine, neurology, orthopedic, cardiovascular, and abdominal and prostate, is a key driver for product advances in radiology, and hence, a driver for the MRI market.

• According to facts on disease epidemiology by the WHO, cardiovascular diseases (CVDs) have a high mortality worldwide. They are the leading cause of death globally, and claim 17.9 million lives each year. MRI has thus become the mainstay of clinical practice to detect risk factors related to heart diseases.
• Rapidly rising aging population is a key trend spurring the demand for MRI in radiology for routine and incidental care.
• Growing demand for cost-effective CT imaging especially for lung cancer has spurred constant technological advances to overcome the limitations of this radiology.
• Growing number of hospital admissions from road accidents has bolstered the uptake of MRI systems.
• Rise in numbers of patients suffering from neurological illnesses notably the Alzheimer's has boosted the prospects in the MRI market. Other indications where they are useful comprise epilepsy, dementia, multiple sclerosis, various types of headache, and neuroinfections.
• Primary healthcare providers in the developing and developed world are also witnessing a high demand for MRI on the back of a supporting reimbursement framework.
• Growing number of product approvals by agencies such as the FDA has also boosted the growth of the magnetic resonance imaging market.

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Magnetic Resonance Imaging Market: Regional Assessment

Diagnosis for neurological diseases has opened a vast avenue for new revenues in the U.K., Australia, Canada, Spain, Germany, Italy, and the U.S. Of the various key regional markets, North America has seen a rapid uptake of MRI in recent decade. Governments have ramped up their investments in making the healthcare systems robust, wherein radiology such as MRI plays a crucial role. 

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Marked prevalence of chronic diseases has bolstered the demand for MRI in Asian countries over the past few years. This aside, spate of new product launches in Asia Pacific is likely to keep this regional market replete with opportunities during the assessment period.

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The Magnetic Resonance Imaging Market can be segmented as follows:

Application

• Spine
• Neurology
• Orthopedic
• Cardiovascular
• Head and Neck
• Abdominal and Prostate
• Others

Design

• Open MRI
• Closed MRI

Device Type 

• Low-to-Mid Field MRI (below 1.5T)
• High Field MRI (1.5T - 3.0T)
• Very High Field (4.0T - 5.0T)
• Ultra-High Field MRI (6.0T and Above)

End-user 

• Hospitals
• Ambulatory Surgical Centers
• Diagnostic Imaging Centers

Geography 

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Explore Transparency Market Research's award-winning coverage of the global Healthcare Industry:

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Diagnostic Imaging Services Market: Significant awareness among people about the early diagnosis of chronic diseases, rise in the demand for diagnostic imaging services among the geriatric population, and availability of reimbursements for diagnostic imaging services in major markets contribute to the growth of the global diagnostic imaging services market.

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