The MRI systems market to grow at a CAGR of 6.32% from 2022-27

The MRI systems market is forecast to increase by USD 2,494.99 million from 2022 to 2027, at a CAGR of 6.32%, according to a recent market study by Technavio. The growth of the market will be driven by the Increasing prevalence of diseases coupled with the growing geriatric population, Technological advances in MRI, and Expanding clinical applications of MRI.

MRI systems market 2023-2027 – Company scope
Technavio has extensively analyzed 15 major companies, including Aspect Imaging Ltd., AURORA HEALTHCARE US Corp., Bruker Corp., Canon Inc., Esaote Spa, FONAR Corp., FUJIFILM Corp., GE Healthcare Technologies Inc., Hologic Inc., Koninklijke Philips NV, MR Solutions Ltd., Neusoft Corp., Onex Corp., Sanrad Medical Systems Pvt ltd, Shenzhen Anke High tech Co., Shimadzu Corp., Siemens Healthineers AG, and Time Medical Holding Co Ltd.

MRI systems market – Segmentation assessment
The market is segmented by product (Closed MRI systems and Open MRI systems), type (Fixed MRI and Mobile MRI), and Geography (North America, Europe, Asia, and Rest of World (ROW)).

The market share growth by the closed MRI systems segment will be significant during the forecast period. Closed MRI systems are divided into wide-bore systems, also called open-bore systems, and narrow-bore systems. The patient is scanned in the bore area. Furthermore, patients with organ abnormalities quickly scan due to the high magnetic field and the confined magnetic field. Thus, these factors are expected to drive segment growth during the forecast period.

North America is estimated to contribute 41% to the growth of the global market during the forecast period. The US and Canada are the key contributors to the market in the region. The growing prevalence of several medical conditions, the improved healthcare infrastructure, the strong presence of established companies, the increasing number of MRI examinations, favorable reimbursement policies, and the rising adoption of MRI systems are the key factors for the market growth. Therefore, these factors are expected to drive market growth in the region during the forecast period.

MRI systems market – Market dynamics
Key driver
The technological advancements in MRI is a key factor driving market growth. Magnetic field strength, power consumption, signal-to-noise ratio (SNR), design, and software are some of the key areas of technological advancement in MRI systems. For example, the new generation of his MRI system is equipped with a 70 cm bore size. Additionally, new MRI system capabilities include innovative workflow solutions, image enhancement, and fast scanning technology. Hence, the innovation of such advanced technologies is expected to drive market growth during the forecast period.

Major trends
The focus on the development of helium-free MRI systems is a major trend in the market. Helium is an integral part of MRI systems, and the shortage of helium has led to a significant increase in demand in recent decades. This makes MRI systems more expensive to manufacture. Furthermore, Companies are focusing on research and development of helium-free MRI systems. For example, MRI Solutions offers the world’s first commercially available helium-free MRI scanner. superconducting wire is used as compared to traditional liquid helium cooling jackets in the scanner’s new magnet design. Hence, these factors are expected to drive market growth during the forecast period.

Significant challenges
The rise in the adoption of refurbished MRI systems is one of the key challenges restricting market growth. This is due to the significant cost savings they offer compared to newer MRI machines. In addition, there are many benefits such as warranty and after-sales service. many small diagnostic centers and independent hospitals are the end users of the product. Hence, the increasing adoption of refurbished MRI systems is expected to restrict market growth during the forecast period. Technavio