The global magnetic resonance imaging market is expected to reach US$ 7,955.1 Mn in 2025 from US$ 5,913.6 in 2017. The magnetic resonance imaging market is estimated to grow with a CAGR of 3.8% from 2018-2025.
In order to provide better access to health related services, the health ministry in various countries across the world are providing funds to the researchers as well as manufacturing companies to meet the increasing demand for diagnostic and treatment options. For instance, in February 2017, the Health Ministry in British Columbia announced an additional funding of US$ 25 Million to improve access to surgeries and MRI scans in the region. However, the cost of the MRI systems are the major concern in the magnetic resonance imaging market. According to the Medicare Pricing Data 2015, the average price of an MRI scan in US costs up to US$ 2,611. The reason behind high costs of MRI tests is the high cost of capital equipment as well as set up cost of the system incurred by private hospitals. Moreover, hybrid MRI systems refers to the process of complex minimally invasive imaging technique that combines two modalities to provide the information regarding the anatomy and physiology of human body. The MRI can be combined with various other imaging techniques available in the market that includes computed tomography (CT), positron emission tomography (PET) or simple tools available for imaging such as X-ray fluoroscopy.
The architecture segment of the magnetic resonance imaging market is segmented into open MRI systems, and closed MRI systems. In 2017, the open MRI systems segment is anticipated to grow at the highest CAGR during the forecast period in the magnetic resonance imaging market. The open architecture of the MRI scanners decreases the risk of claustrophobia and risk of panic attacks at exponential levels as well as allows patients of all the sizes and shapes to take up the MRI tests for accurate diagnosis and treatment of their medical conditions.
The application segment of the magnetic resonance imaging market is segmented into open cardiology, oncology, gastroenterology, musculoskeletal, neurology, and other applications. In 2017, the musculoskeletal segment is anticipated to grow at the highest CAGR during the forecast period in the magnetic resonance imaging market. The advantages offered by the MRI such as increased signal-to-noise ratio, higher spatial resolution, improved spectral resolution for spectroscopy, improved sensitivity for X-nucleus imaging, and decreased image acquisition times.
Some of the major primary and secondary sources included in the report for the magnetic resonance imaging market are World Health Organization (WHO), American Cancer Society, National Cancer Institute, Health Ministry in British Columbia, Department of Health, Australian Government, Center for Devices and Radiological Health, Food and Drug Administration, Public Health England, and Health Protection Agency among others.