Magnetic Resonance Imaging (MRI) Systems Market size was about USD 5 billion in 2016, with growth forecast over 7% CAGR from 2017 to 2024.

Sellbyville, DE -- (SBWire) -- 12/06/2018 --Magnetic Resonance Imaging (MRI) Systems Market size is set to exceed USD 8.5 billion by 2024; according to a new research study published by Global Market Insights, Inc.

Increasing geriatric population will drive market growth over the forecast years. Ageing increases the risk of acquiring degenerative disc disease owing to several bodily changes such as development of tiny cracks in the spinal discs and loss of spinal fluid. Increasing chronic disease prevalence along with growing awareness pertaining to early disease diagnosis serve as high impact rendering factors.

Technological advancements in scanners will increase adoption rate. Several advancements have taken place in the recent past, especially with respect to software which have simplified imaging workflow and reduced scan time. For instance, in September 2016, GE Healthcare launched a multi-contrast resonance technique called MAGiC for providing clinicians with more data in a fraction of the time as compared to conventional scanning technology.

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However, lack of skilled technicians and radiographers required for operating and maintaining the machines impedes industry expansion. These skilled professionals also perform the crucial role of interpreting doctor's instructions, explaining the procedure to patients and selecting appropriate imaging parameters and software options for obtaining proper scans.

High costs associated with the machines further restrains adoption. Apart from high machine purchase costs, additional expenditures are incurred on establishing an MRI suite, patient support areas, machine installation and servicing.

Closed MRI machines dominated the magnetic resonance imaging systems market in 2016. Closed magnet configuration consists of a tube-like tunnel in which the patient is made to lie for conducting the scan. Advantages of this configuration such as faster scan times and ability to achieve greater image resolution will drive segment growth. However, inability of the equipment to accommodate large size patients and feeling of claustrophobia owing to the compact nature of the equipment hampers adoption. Wide bore scanners are being developed to overcome such problems.

Low to medium MRI scanners market is poised to witness significant growth over the forecast years. Benefits such as open design, comparatively lower purchase and operational costs, lower fringe field and energy deposition in tissues should boost adoption rates.

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Hospitals as end users held the largest market share. Increasing number of hospitals owing to development of healthcare infrastructure will further fuel segment expansion.

Germany magnetic resonance imaging systems market held significant industry share. Increasing proportion of elderly population coupled with growing occurrence of chronic disease should drive industry growth. Increasing number of road accidents will further augment demand as doctors generally advise MRI test in accident cases for proper detection and diagnosis of personal injuries.

Prominent industry participants include GE Healthcare, Siemens, Koninklijke Philips N.V., Hitachi and Toshiba. The industry players make use of various strategies such as collaborations, partnerships and new product launch for strengthening their industry foothold. For instance, in January 2017, Toshiba launched Vantage Galan 3T MRI system.

Magnetic resonance imaging (MRI) systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:

Magnetic Resonance Imaging (MRI) Systems Market by Architecture
- Open
- Closed

Magnetic Resonance Imaging (MRI) Systems Market by Field Strength
- High to Ultra-high (>1.5T)
- Low to Medium (<1.5T)

Magnetic Resonance Imaging (MRI) Systems Market by End Use
- Hospitals
- Others

The above information is provided for the following regions/countries:

- North America
o U.S.
o Canada

- Europe
o Germany
o UK
o France
o Italy
o Spain
o Russia
o Poland
o Finland
o Netherland
o Austria

- Asia Pacific
o China
o India
o Japan
o New Zealand
o Australia

- Latin America
o Brazil
o Mexico

- Middle East and Africa
o South Africa
o Turkey
o Saudi Arabia