Global MRI Scanner Market – North America will account for higher market share by Region driven by growing Medicare expenditure

Global MRI Scanners Market is expected to grow at CAGR of around 7% and will exceed over billion USD by 2026.

Global MRI Scanners Market is expected to grow at CAGR of around 7% and will exceed over billion USD by 2026.

 Global MRI scanner market growth is primarily driven by higher accuracy rate in diagnosis due to technological advancements. Use of magnetic field provides more detailed images, in certain cases of neurological, craniological etc. screenings as compared to other imaging modalities like CT scanners and X-ray devices.

The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.

Increasing investments, funds and grants by the government to the development of imaging facilities will boost MRI market growth over the forecast period. For instance, Europe government has structured reimbursement policies that will lead to an increase in the number of scans been performed in imaging centers, hospitals and other imaging centers leading to MRI scanners market growth.

Continue developments in technologies used in MRI scanners will provide enhancement in images in future that will give demand for MRI scanners in diagnostic centers.

Global MRI scanner market Overview, By Region

On the basis of geography, market is divided into mainly five regions that are North America, Europe, Asia Pacific, Latin America and MEA. North America accounts for the largest share in MRI market, high disposable income in the U.S. Canada along with increased awareness for MRI will increase the number of scans been performed leading to significant growth in North America MRI scanner market. Further, rise in aging population and increasing incidence and prevalence of like cardiac, neurological, etc. diseases will fuel demand MRI scans market. Also increasing investment from public and private entities will boost MRI scanners market in North America.

In Asia Pacific region, increasing disposable income in developing countries like India, China giving reason to increase in MRI market. Also government in countries like Australia, Canada are spending a huge percentage of their GDP in the healthcare industry. Further Europe government is giving reimbursement programs which is one of the reasons for the increase in MRI market. A growing aging population has been seen as a major reason globally for a demand of the MRI market.

Global MRI scanner market Overview, By Product Type

Closed and open MRI scanners are two major types of MRI scanners. closed MRI scanner is the traditionally used scanners and provide images that are of high quality, but small tubes used in closed MRI scanners can be one of the restraint for claustrophobic patients. Whereas in the case of open MRI scanners architecture of open MRI scanners gives relief to claustrophobic patients and in terms of comfort for general patients. Open MRI scanners are economical as compared to closed systems in terms of cost maintenance.

Latest MRI devices like standing or sitting scanners give more comfort during scanning but have less image quality as compared to closed and open MRI scanners. Market players trying to address the image quality concerns that will propel the market for standing or sitting MRI scanners.

Global MRI scanner market Overview, By Device Technology

Technology wise MRI scanner is subdivided into high, mid and low-field MRI scanners. Technology depends on magnetic field strength of MRI scanners. Generally, high field MRI scanners use stronger magnets ranging from at least 1.5T up to 3.0T. A 1.5T MRI that provides good quality images. Mid-field MRI scanners use magnets of strength that ranges from 0.5-1.0. T and in low-field MRI scanners a magnet range of 0.23T-0.3T is used. Strong magnets used in high-field MRI scanners provide more detailed images.

As magnetic strength decreases the quality of images reduces. High-field MRI scanners take less time to scan while low-field MRI scanners comparatively take more time to scan and have low quality as compared to high-field scanners but are economical and provides an alternative for claustrophobic patients.

Global MRI scanner market Overview, by applications

MRI scanners have wide application in diagnosis of inflammation, degenerative diseases, strokes, musculoskeletal disorders, tumors and other irregularities that exist in tissue or organs in their body. Diagnosis of these diseases gives the idea of further procedure of treatment to doctors. In recent years due to unhealthy eating habits, increased use of pesticides in crops, sedentary lifestyle leads to several chronic diseases will fuel the market for MRI Scanners.

Although the diagnosis is one of the major application of MRI scanners it is also used in the research industry to understand more details about type, a cause of disease.

Global MRI scanner market, by end users

Hospitals and diagnostic centres are major users of MRI scanners. Due to the availability of money, space and looking at quality level; hospitals generally prefers a closed or open type of MRI scanners. While diagnostic centers will prefer standing or sitting MRI scanners due to more convenience in size and low cost as compared to open or closed MRI scanners.

In veterinary hospitals, MRI is been used to detect diseases like a paralyzed dog with disc herniation brain tumour, stroke and many other conditions such as rupture cranial cruciate ligament.

Global MRI scanner market scenario

In recent years, an increasing aging population, technological advancement, healthcare expenditure and awareness of target diseases have created demand for medical equipment like MRI scanners. North America accounts for highest market share in MRI scanners due to countries like the U.S, Canada is spending a huge percentage of their GDP on the healthcare industry. MRI scanners market is significantly growing the market with CAGR 6.6%.

In the case of neurological, craniological diseases etc. MRI provides more detailed and high-resolution images with less hazardous rays as compared to other scanners like CT scanner and X-ray scanners

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