New York, NY -- (SBWIRE) -- 03/09/2021 -- The global magnetic resonance imaging market is forecast to reach USD 8.50 Billion by 2027, according to a new report by Reports and Data. Magnetic Resonance Imaging (MRI) is a non-invasive scanning technology that produces three-dimensional detailed anatomical images by incorporating powerful magnets and radiofrequency, unlike the X-Rays and CT Scans which make use of ionizing radiation technology. Inside parts of various joints, ligaments, cartilage, muscles, tendons, and other injured parts of the body, especially for the disorders of the soft tissues, which cannot be observed with X-Rays and CT scan, can be projected through MRI system. Rising number of geriatric population and increasing incidences of Alzheimer's disease and cancerous and non-cancerous tumors are few diseases that highly require magnetic resonance imaging for the treatments and procedures. An increased awareness about healthcare & wellness, changing neurological & cerebrospinal disease patterns, government supports, and escalating volumes of implementation of the MRI units in various healthcare centers is expected to boost the further rapid growth of this market.

The North American market is forecasted to grow with a CAGR of 4.9% during the forecast period, owing to its rising geriatric population and extensive demand for MRI units in the hospitals and ambulatory surgery centers. Asia Pacific, with its elevated growth in the healthcare industry and escalating volumes of neurological patients in China, India, and Japan, is likely to achieve a significant market share. China and India are some of the fastest-growing markets, while the United States and Japan hold some of the most prominent players in the market.

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Further key findings from the report suggest

Online retailing supply of the medical instrument and devices has been trendy in emerging nations like China and India mainly. Online retailers can offer reduced prices compared to the medical stores and offline vendors due to the non-involvement of distributor chains in the business process. This sub-segment is expected to grow at a CAGR of 7.0% during the forecast period.

Closed MRI units take detailed images of the anatomy in a narrow cylindrical body through a bore. Open MRI units, on the other hand, is not enclosed and designed as an alternative to patients with symptoms of anxiety or claustrophobia. The closed MRIs are more efficient as they can incorporate a higher magnetic field and an enclosed periphery for a much detailed scanning.

Ambulatory surgery centers are modern kind of healthcare facility centers, which are focused on providing immediate surgical care and releasing the patients right after the surgery. The ambulatory surgery centers have a more convenient alternative to the hospitals based outpatient procedures, maintaining a strong track record of quality care with positive patient outcomes. Ambulatory surgery centers are expected to grow the fastest at a rate of 7.9% throughout the forecast period

Based on the regions, the report covers the following regions:

North America (U.S.A., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
The Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Competitive Terrain:

The global Magnetic Resonance Imaging (MRI) market has a consolidated presence of a large number of companies that have been performing consistently to achieve optimum market growth. The report comprehensively discusses these companies' current market standing, past performances, demand & supply graphs, sales network, production & consumption patterns, and distribution channels. The report thus points out the effective business approaches undertaken by these market players to build on their market footprint.

The leading companies operating across the global Magnetic Resonance Imaging (MRI) market are listed below:

GE Healthcare, Koninklijke Philips N.V., Siemens Healthineers AG, Canon Medical Systems Corporation, Hitachi Medical Systems, Sanrad Medical Systems Pvt. Ltd Inc., Esaote SpA, Shenzhen Anke Hi-Tech Co., Ltd., Time Medical Systems, and FONAR Corporation.

Machine Type Outlook (Revenue, USD Billion; 2016-2027)

Closed MRI

Open MRI

Sales Channel Outlook (Revenue, USD Billion; 2016-2027)

Online Retailing

Medical Stores & Brand Outlet

Field Strength Outlook (Revenue, USD Billion; 2016-2027)

Low Field Strength

Medium Field Strength

High Field Strength

Application Outlook (Revenue, USD Billion; 2016-2027)

Neurological & Cerebrospinal

Cardiovascular

Abdominal

Breast

Others

End-Users Outlook (Revenue, USD Billion; 2016-2027)

Hospitals

Clinics & Diagnostic Centers

Ambulatory Surgical Centers

Others

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Radical Features of the Magnetic Resonance Imaging (MRI) Market Report:

Valuable insights into the Magnetic Resonance Imaging (MRI) market to impart an in-depth understanding of the business verticle

An 8-year forecast estimation along with an analysis of key elements of the market

Technological advancements, regulatory framework, and recent developments covered in the report

Growth analysis and projections until 2027

Statistical analysis of the key players operating in the Magnetic Resonance Imaging (MRI) industry

Table Of Contents:

Chapter 1. Market Synopsis

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. Executive Summary

2.1. Summary Snapshot, 2018-2027

Chapter 3. Indicative Metrics

Chapter 4. Magnetic Resonance Imaging Market Segmentation & Impact Analysis

4.1. Magnetic Resonance Imaging Market Material Segmentation Analysis

4.2. Industrial Outlook

4.2.1. Market indicators analysis

4.2.2. Market drivers analysis

4.2.2.1. Extensive rise in the number of patients with neurological & spinal disorders globally

4.2.2.2. Technological advancements in magnetic resonance imaging system

4.2.2.3. Growing incidences of geriatric neurological diseases

4.2.2.4. Impressive improvements in the healthcare sectors in the emerging nations of Asia Pacific

4.2.3. Market restraints analysis

4.2.3.1. High investment in adoption of the higher magnetic field strength based MRI units

4.2.3.2. Extensive retention of the defective, outmoded, very low field strength MRI units in the mediocre hospitals and clinics due to cost-cutting

4.3. Technological Insights

4.4. Regulatory Framework

4.5. ETOP Analysis

4.6. Porter's Five Forces Analysis

4.7. Competitive Metric Space Analysis

4.8. Price trend Analysis

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