Global Magnetic Resonance Imaging Market Report 2023: Increase in Healthcare Spending Drives Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Magnetic Resonance Imaging Market: Analysis By Field Strength, By Architecture Type, By Application, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.

The global Magnetic Resonance Imaging (MRI) market in 2022 stood at US$7.01 billion, and is likely to reach US$9.74 billion by 2028.

Magnetic Resonance Imaging (MRI) represents a non-invasive imaging technology that produces comprehensive images of internal body structures.

By using a potent magnetic field and radio waves, MRI delivers high-resolution, three-dimensional images, often depicting soft tissues and organs with exceptional clarity. MRI provides enhanced detail for soft tissues like the brain, spinal cord, and muscles, and avoids the use of ionizing radiation, thereby reducing the risk associated with exposure, unlike X-rays and CT scans.

MRI's popularity has experienced a significant increase recently, driven largely by rapid technological advancements. Innovations in the field have shortened scan durations and optimized patient comfort levels, making the process more efficient and patient-friendly.

Furthermore, the emergence of advanced techniques, such as functional MRI (fMRI), has broadened MRI's application scope. The fMRI technique allows dynamic imaging of physiological processes, providing a more in-depth analysis of bodily functions and disease progressions.

This method has found extensive application in both clinical and research fields, aiding in the diagnosis and understanding of various medical conditions, and consequently, driving the increased demand for MRI technology. The global Magnetic Resonance Imaging (MRI) market is projected to grow at a CAGR of 5.68% during the forecast period of 2023-2028.

Market Dynamics

Drivers

• Growing Geriatric Population
• Increase in Healthcare Spending
• Escalating Incidence of New Cancer Cases
• Increasing Focus on Animal Welfare and Health
• Medical Tourism
• Growth of Private Hospitals and Diagnostic Centers
• Technological Advancements
• Market Consolidation

Challenges

• High Cost Associated
• Technological Complexity and Skill Shortage

Trends

• Integration of Artificial Intelligence (AI)
• Growing Integration of AR and VR
• Demand for Personalized Medicine
• Development of Portable Devices
• Advancements in Radiomics
• Emergence of Hybrid Imaging Systems
• New MRI Contrast Agent

Competitive Landscape and Recent Developments:

The global Magnetic Resonance Imaging (MRI) market, marked by dominance from Siemens Healthineers, General Electric (GE Healthcare), Philips, and Canon, showcases a blend of competitive and innovative landscapes. The market consolidation, driven by strategic collaborations, acquisitions, and mergers, fuels innovation and market growth.

For example, GE Healthcare's collaboration with Roche Diagnostics amalgamated Roche's advanced lab analytics with GE's imaging capabilities to improve oncology and critical care treatment.

Such collaborations alongside the steady influx of technologically advanced and affordable product offerings by smaller companies are driving the evolution of the global MRI market, making it a fascinating space to observe.

Further, key players in the Magnetic Resonance Imaging (MRI) market are:

• General Electric Company (GE Healthcare)
• Canon Inc. (Canon Medical Systems Corporation)
• Koninklijke Philips NV
• Siemens Healthineers
• Neusoft Corporation
• FUJIFILM Holdings Corporation
• Fonar Corporation
• Aurora Healthcare US Corp.
• Esaote S.p.A.
• Aspect Imaging Ltd.
• Time Medical Systems
• Magnetica Limited
• Shanghai United Imaging Healthcare Co., Ltd.

Key Attributes:

Report Attribute	Details
No. of Pages	163
Forecast Period	2023 - 2028
Estimated Market Value (USD) in 2023	$7.39 Billion
Forecasted Market Value (USD) by 2028	$9.74 Billion
Compound Annual Growth Rate	5.7%
Regions Covered	Global

For more information about this report visit https://www.researchandmarkets.com/r/5sjn8s

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