Magnetic resonance imaging (MRI) is a type of medical imaging that uses powerful magnets and radio waves to produce detailed images of the inside of the body. MRI machines are large, expensive, and complex pieces of equipment that are found in hospitals and other healthcare facilities.
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The Magnetic Resonance Imaging (MRI) Equipment Market size was USD 6.4 Billion in 2022 and is anticipated to reach USD 22.4 Billion in 2032, growing at a rate of 13.3% from 2023 to 2032.
Key Trends
The key trends in Magnetic Resonance Imaging (MRI) Equipment technology are miniaturization, improved image quality, and increased functionality.
Miniaturization: One of the key trends in MRI equipment technology is miniaturization. This trend is driven by the need for smaller and more portable devices. MRI machines have been getting smaller and more portable over the years, and this trend is expected to continue.
Improved Image Quality: Another key trend in MRI equipment technology is improved image quality. This trend is driven by the need for better diagnostic images. MRI machines are constantly getting better at producing high-quality images, and this trend is expected to continue.
Increased Functionality: A third key trend in MRI equipment technology is increased functionality. This trend is driven by the need for more versatile devices. MRI machines are constantly becoming more versatile, with new features and applications being added all the time. This trend is expected to continue.
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Key Drivers
The key drivers of the Magnetic Resonance Imaging (MRI) Equipment market are the increasing prevalence of chronic diseases, the growing number of MRI procedures, the development of new and improved MRI technology, and the increasing number of MRI installations.
The prevalence of chronic diseases is a major driver of the MRI equipment market. Chronic diseases are a major cause of death and disability worldwide, and the number of people living with chronic diseases is increasing. This increase is due to the aging of the population and the increasing prevalence of risk factors for chronic diseases, such as obesity and physical inactivity.
The number of MRI procedures is also increasing. MRI is an important tool for diagnosing and monitoring a wide range of conditions, such as cancer, heart disease, and neurological disorders.
The development of new and improved MRI technology is another driver of the MRI equipment market. MRI technology is constantly evolving, and new MRI machines are being developed that offer improved image quality and shorter scanning times.
The increasing number of MRI installations is also driving the MRI equipment market. This increase is due to the growing number of procedures being performed and the increasing number of hospitals and clinics that are installing MRI machines.
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Restraints & Challenges
Some of the key restraints and challenges in the global magnetic resonance imaging (MRI) equipment market are the high cost of these systems, the lack of skilled personnel to operate these machines, and the limited availability of these machines in certain parts of the world.
Additionally, some patients may experience anxiety or claustrophobia while undergoing an MRI scan, which can further hinder the growth of this market.
Market Segmentation
The Magnetic Resonance Imaging (MRI) Equipment Market is segmented by architecture type, field strength, and region. On the basis of architecture type, it is bifurcated into open MRI and closed MRI Systems. On the basis of field strength, it is classified into low-field systems, high-field systems, and medium-field systems. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and rest of the world.
Key Players
The key players in the Magnetic Resonance Imaging (MRI) Equipment Market are Barco N.V., General Electric Company (GE Healthcare), Hitachi, Ltd. (Hitachi Medical Corporation), Hologic Inc., Koninklijke Philips N.V., Nordion Inc., Onex Corporation (Carestream Health), Shimadzu Corporation, Siemens AG (Siemens Healthcare), and Toshiba Corporation.
Market Segmentation
By Architecture Type
- Open MRI Systems
- Closed MRI Systems
By Field strength
- Low-field Systems
- High-field Systems
- Medium-field Systems
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