MRI systems market to reach US$ 16.1B by 2031

The MRI systems market is meant to grow on a splendid note in the next decade. With technology creeping in, the time-consuming routine is being taken over by telehealth/e-Health records. Almost everything that was happening in person has been taken over by remote monitoring. This has helped in transcending the geographical barriers as well. These would be the trends concerning the MRI systems market in the future.

As per Persistence Market Research’s latest revised industry analysis, the global MRI systems market was valued at over 8 Bn in 2020, and is projected to exhibit a CAGR of 6.5% over the forecast period (2022-2031).

Increase in cases of brain aneurysm and traumatic brain injury, rise in prevalence of chronic disorders, R&D in developing innovative MRI scanners, increased product and acceptance due to improved warrantees and service plans by manufacturers are some of the driving factors for MRI systems.

Key players:
The report has profiled some of the important players prevalent in the global like – GE Healthcare, Royal Philips NV,, Siemens Healthineers, Neusoft Medical systems, Aspect Imaging, Canon Medical systems, Inc.,, Hitachi Medical systems, Esaote S.p.A, Fonar Corporation, AllTech Medical systems and more.

This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the MRI systems Market.

Manufacturers of MRI scanners are providing extended post installation warranties along with repairing services and other service plans such as MRI system management, site planning, installation, and de-installation services for buyers. Industry leaders such as Siemens, Philips Healthcare, and GE Healthcare provide Mobile MRI (which can be transported from one place to another) services through their certified mobile trailer manufacturers. Such facilities provided by manufacturers have led to increased product acceptance, which has contributed to market growth.

The active healthcare landscape in developing economies is anticipated to boost growth of the medical devices industry and the diagnostic imaging market. Over the past few years, governments in Asia Pacific are encouraging start-ups as well as MNCs to boost industrial growth across the region.

• For example, the Government of India launched an initiative called ‘The Start-Up India’ in January 2016, which included US$ 1.5 billion funding for start-ups.

Medical devices are among the main segments of the healthcare industry, and governments are supporting the industry by setting up venture capital funds to support small and medium enterprises providing magnetic resonance imaging systems.

Key takeaways from market study

• By strength type 1.5T MRI systems hold a market share of 46.7%, and the segment is set to expand at a CAGR of around 6.4% through 2031.
• By architecture type, open architecture holds 57.6% market share, and is expected to continue growing at a moderate rate over the forecast period.
• By end user, hospitals hold the largest share of over 40%, and are expected to continue a similar trend throughout the forecast period.
• By region, North America held the highest share in the global market in 2020, growing at a CAGR of nearly 5.6%.

“Rising incidence of neurological disorders and increasing initiatives by healthcare governing bodies to promote MRI systems are expected to drive market growth over the coming years,” says an analyst of Persistence Market Research.

Major highlights of the MRI systems market report:

• The MRI systems market analysis report offers an in-depth study of the potential market growth opportunities and challenges.
• The report dives deeper into the market and explains the dynamic factors bolstering market growth.
• The report deeply assesses the current, historical market size, market share, and revenue growth rates to offer accurate market projections for the forecast period.
• The report analyzes the MRI systems market presence across major regions of the world.
• It determines the production & consumption capacities and demand & supply dynamics of each regional market.
• The report further illustrates the intense competition among the key market players and highlights their effective business expansion plans and strategies.
• It provides company overview and SWOT analysis of each of the market players.

Persistence Market Research