Magnetic Resonance Imaging Market: Global Opportunity Analysis and Industry Forecast, 2023-2030 Market

Magnetic Resonance Imaging (MRI) is a non-invasive method or technology which produces detailed images of anatomy. The images are three dimensional and are used for the diagnosis, detection, and treatment monitoring of the individual. It is based on the sophisticated technology which gets excited and allows the detection of change in the direction of the rotational axis of mainly protons, found in the water that makes the living tissue. MRI includes powerful magnets that produce a strong magnetic field which forces the protons that are present inside the body to align with that field. The protons are then stimulated and then switched off. The energy generated to gather back toward the on-off magnetic field is recorded according to the magnetic properties each tissue carry and also produces three dimensional images following the same phenomenon.

COVID-19 scenario analysis: 

At the early phase of COVID-19 pandemic, there was no availability of specific diagnostic tests to detect the disease in patients. Alternative diagnostic tests were used primarily but were not much operative. This unavailability of specific COVID-19 diagnostic tests presented significant opportunities for diagnostic manufacturers to introduce their COVID-19 diagnostic kits. Many leading players as well as some start-ups from various countries used this prospect and introduced COVID-19 diagnostics kits into local as well as global market. These players achieved edge over other diagnostics players capitalizing the opportunity from demand for COVID-19 diagnostic tests, which, in turn, helps them in maintaining their revenues in such a crisis. The global concern toward the better quality of life would help the market grow in near future. 

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

The key factors that are anticipated to propel the magnetic resonance imaging market growth include the rise in the incidences of such diseases or trauma, which needs the assistance of Magnetic Resonance Imaging for the visualization of both the progression and the diagnosis. The advancement in the technology which includes the replacement from low-field MRI systems to High-field MRI systems are expected to boost the market in the coming years. Furthermore, the innovation or the discovery of new helium deposits would help the magnetic resonance imaging market propel in the near future. The steep increase in the awareness of early diagnosis and the global increase in the geriatric population experiencing trauma or injury are anticipated to boost the market in near future. However, the higher cost of the MRI systems and the maintenance may hinder the growth of the industry. 

The global magnetic resonance imaging market trends are as follows:

New product launches to flourish the market

The launch of new products according to the need of the market would help the market leaders to gain maximum revenue in the coming years. For instance, in June 2018, Tata Trust Foundation for Innovation and Social Entrepreneurship (FISE) announced the development of a high-tech portable type of Magnetic Resonance Imaging (MRI) scanner. The 1.5 Tesla, which can scan the whole body MRI, is proved to make MRI scans 3 to 4 times faster, compared to other scanners that are currently available in the magnetic resonance imaging market. This will help in the reduction the cost of an MRI scan significantly.
Furthermore, in October 2017, U.S. Food and Drug Administration cleared the first seven Tesla (7T) MRI devices. It is more than even the doubled static magnetic field strength which is available for use in the U.S. The added field strength allows better visualization of smaller structures and subtle pathologies that may improve disease diagnosis.

Surge in demand of MRI systems

The rise in the incidences of trauma, injury and the disease conditions which needs assistance of MRI for the detection of abnormality in the tissues would help the magnetic resonance imaging market grow in the coming years. Injury is estimated to be the leading cause of death in children and young adults. According to the statistics given by the Centre of Disease Control and Prevention, about 12,000 children and young adults, ages 1 to 19 years, die from unintentional injuries each year.

Furthermore, increase in the cancer rate and the advancement in the MRI such that it can be used to detect the tumors of the specific part are anticipated to boost the magnetic resonance imaging market in the forecast period. According to the National Brain Tumor Society an estimated number of about 700,000 Americans are living with brain tumor, out of which 69.8% are benign and rest are malignant. In addition, in 2020 about 87,240 people are expected to receive a primary brain diagnosis. The growth in the concern for early detection of any condition is expected to help the market grow at a higher pace.

Key benefits of the report:

• This study presents the analytical depiction of the global magnetic resonance imaging industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Magnetic Resonance Imaging market share.
• The current market is quantitatively analyzed to highlight the global magnetic resonance imaging market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed global magnetic resonance imaging market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the Magnetic Resonance Imaging Market research report:

• Who are the leading market players active in the Magnetic Resonance Imaging market?
• What are the current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in tasking further strategic steps?

 Magnetic Resonance Imaging Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights