MRI systems market to be worth USD 5.8 billion by 2026

The global MRI market size is expected to reach an approximate value of USD 5.8 billion by 2026, predicts Grand View Research. Constant introduction of advanced disease-diagnostic technologies is primarily boosting the growth. Rapid growth of MRI sector is attributed to the rising prevalence of chronic diseases, which require early diagnosis and timely treatment to prevent late-stage complications. Also, rising number of road accidents leading to injuries and complications are augmenting the demand for this modality.

The musculoskeletal and spine injuries also demand for these systems for better diagnosis, using high-resolution scanning technique. On the other hand, high cost and requirement of qualified professionals to operate the device are some of the major factors challenging the growth of the MRI market. Moreover, prolonged life span of these devices is resulting in delayed repeat purchase, and thereby hindering the market growth.

Market players are adopting various strategies, such as collaborations and mergers and acquisitions to remain competent. For instance, Aurora Imaging Technology signed a distribution agreement with Sumec Group Corporation. Under the terms of the agreement, Sumec Corporation is distributing Aurora Imaging Technology’s MRI system in China. The agreement provided a platform for both the companies to expand their diagnostics and screening market for breast scans, using Aurora MRI system in China.

The MRI systems market is dominated by players, such as Philips, Siemens, GE Healthcare, Hitachi, and Canon Medical Systems. These market players offer a wide product portfolio and also have an extensive distribution network. Some of the other companies operating in the industry are Esaote S.p.A, Fonar Corporation, Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Neusoft Medical Systems Co. Ltd., Aurora Healthcare US Corp., Bruker Corporation, Time Medical Holdings, and Aspect Imaging Ltd.