The Magnetic Resonance Imaging Market was valued at around US$ 6.2 Bn at the end of 2021. The market is projected to register a 4.3% CAGR and top a valuation of US$ 9.8 Bn by 2031.
An imaging test called an MRI can be used to find tumors and malignant cells within the body. Also, it can be used to search for indications that cancer may have migrated from its original site to another area of the body. Strong magnets and radio waves are used in the MRI technology to produce thorough computer-generated cross-section pictures of the body, which are subsequently used by physicians to spot cancerous cells and tissues. The debut of MRI devices, together with the rising incidence of cancer and scientific advancements, are accelerating the market segment’s expansion.
Without the use of harmful ionizing radiation, magnetic resonance imaging systems employ a non-invasive imaging technique to examine the structure and function of the body in both healthy and diseased states. Many chronic diseases can be detected, diagnosed, and treated while being monitored using it. It is based on technology that stimulates and detects changes in protons present in tissue fluid. It can distinguish between the brain’s white matter and grey matter. When frequent imaging is needed for diagnosis or therapy, especially in the brain, it is the sole imaging modality in demand since it does not utilize x-rays.
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One of the most common types of chronic illnesses worldwide is cancer. For cancer patients, MRI is used to both diagnose the disease and plan treatments like radiation therapy or surgery. As a result, the use of MRI systems is anticipated to rise along with the global burden of cancer cases, which will support the market’s expansion. For instance, 229,200 Canadians were expected to receive cancer diagnoses in 2021, according to Canadian Cancer Statistics, which was released in October 2021. Lung, breast, colorectal, and prostate cancers are anticipated to continue being the most frequently diagnosed malignancies in the US in 2021, making for 46% of all diagnoses.
Market Dynamics
The Magnetic Resonance Imaging market tends an effective diagnostic tool for locating conditions such as tumors, strokes, and illnesses of the spine that affect the brain and blood arteries is magnetic resonance imaging (MRI). The market is expanding due to the rising occurrence of illnesses. For instance, the International Institute for Research on Cancer estimates that there were 19,292,789 new cancer cases worldwide in 2020.
Moreover, the adoption of MRI equipment is anticipated to be aided by the rising need for speedy and accurate diagnostic treatments. However, the MRI market is expanding due to improvements in diagnostic methods including open MRI, visualization software, and superconducting magnets. The majority of the most recent improvements in MRI technology relate to the software. Moreover, it is projected that the development of MRI systems that are compatible with cardiac pacemakers would fuel market growth in the cardiology sector.
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The ageing population and rising cases of disorders including brain tumors, breast cancer, prostate cancer, scoliosis, and sclerosis are what are fueling the growth of the MRI Systems Market. Superconducting (SC) magnets, open architecture, high-field MRI, and software applications are other technical advancements that have contributed to the market’s expansion. However, the market’s expansion is anticipated to be hampered by declining MRI procedure restitution rates and a lack of helium gas resources.
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Competitive Analysis
Key players operating in the global tissue diagnostics market are Aurora Imaging Technologies, Inc., Barco N.V., Canon Medical Systems Corporation, Esaote SPA, Fujifilm Holdings Corporation, GE Healthcare, Hitachi, Ltd., Hologic Inc., Koninklijke Philips N.V., Nordion Inc., Onex Corporation (Carestream Health), Sanrad Medical Systems Pvt ltd., Shimadzu Corporation, Siemens Healthcare and Toshiba Corporation.
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