Magnetic resonance imaging system is mainly favored over computed tomography (CT) scans. It does not use ionizing radiations. Magnetic resonance imaging is also considered to be a standard option for neuroimaging and investigating neurological cancers, as it provides better resolution images as compared to that of CT images.
The global Magnetic Resonance Imaging (MRI) market is estimated to account for US$ 5,107.3 Mn in terms of value by the end of 2019.
Global Magnetic Resonance Imaging (MRI) Market: Drivers
Launch of new MRI systems is expected to propel growth of the global magnetic resonance imaging (MRI) market over the forecast period. For instance, in November 2018, Canon Medical Systems USA, Inc. launched new premium MRI system, Vantage Orian 1.5T, which leverages adaptive noise cancellation PURERF Rx technology that reduces noise at the source.
Global Magnetic Resonance Imaging (MRI) Market: Opportunities
Increasing adoption of magnetic resonance imaging is expected to propel growth of the global magnetic resonance imaging (MRI) market. For instance, in October 2019, Cullman Regional announced to start a new multi-use health care facility in Hartselle, Alabama, which will include imaging center and specialty physician clinic equipped with bone densitometer, 3D mammography, MRI, CT, Ultrasound, and X-ray.
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Global Magnetic Resonance Imaging (MRI) Market: Restraints
High radiation exposure is expected to hinder growth of the global magnetic resonance imaging (MRI) market. The radiation dose of magnetic resonance imaging poses a health concern as radiation raises the risk of cancer.
The global Magnetic Resonance Imaging (MRI) market was valued at US$ 5,107.3 Mn in 2019 and is forecast to reach a value of US$ 6,637.2 Mn by 2027 at a CAGR of 3.3% between 2020 and 2027. Increasing prevalence of chronic diseases in developing and developed economies during the forecast period.
Closed Magnetic Resonance Imaging segment held dominant position in the global Magnetic Resonance Imaging (MRI) market in 2019, accounting for 65.4% share in terms of value, the growth of the segment is attributed to increasing product approvals and increasing research during the forecast period.
Launch of MRI compatible monitoring systems is expected to propel growth of the global magnetic resonance imaging (MRI) market. For instance, in December 2018, Iradimed Corporation received FDA 510(k) clearance for its 3883 MRI-compatible invasive blood pressure module for use with its 3880 MRI compatible patient vital signs monitoring system.
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Major players in the global magnetic resonance imaging (MRI) market are focused on adopting various marketing strategies to enhance their market share. For instance, in October 2018, Aurora Imaging Technologies, Inc. exhibited its first breast mobile MRI for breast cancer screening in China at the 8th U.S.-China Health Forum held in Sichuan, China
Global Magnetic Resonance Imaging (MRI) Market: Competitive Landscape
Major players operating the global Magnetic Resonance Imaging (MRI) market include, Seimens AG, Koninklijke Philips N.V., Medtronic plc, Aurora Imaging Technologies Inc., General Electric Company, Hitachi Ltd., Esaote SpA, The InterMed Group, and Canon Medical Systems Corporation.
Global Magnetic Resonance Imaging (MRI) Market: Key Developments
Major players in the global magnetic resonance imaging (MRI) market are focused on approval and launch of new products to expand their product portfolio. For instance, in August 2020, Medtronic plc, received the U.S. FDA approval for its InterStim Micro neurostimulator and InterStim SureScan MRI leads for the treatment of patients with bladder and bowl control conditions.
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