Hyderabad, March 13, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Magnetic Resonance Imaging Systems Market- 2023-2028", the market studied is expected to grow at a CAGR of 6.1%. Multimodality imaging is playing a crucial role, primarily after the introduction of integrated positron emission tomography/computed tomography (PET/CT) and the commercialization of combined PET/magnetic resonance imaging (PET/MRI) systems.
This is expected to have a significant impact on the growth of the market studied. For instance, according to a research study published in the BRJ Journal in July 2021, simultaneous PET–MRI scanning, combined with a single image reconstruction framework, enables the comprehensive assessment of cardiovascular diseases with improved PET image quality that could significantly improve the diagnosis of heart diseases.
Magnetic Resonance Imaging Equipment Market -What is driving the growth of the market?
MRI is an imaging test that can detect tumor/cancerous cells in the body. Also, it can be used to look for signs that cancer may have metastasized (spread) from where it started to another part of the body. MRI systems use powerful magnets and radio waves to make detailed, computer-generated cross-section pictures of the body, which are later used by doctors in the diagnosis of cancerous cells/tissue. The growing burden of cancer and the developments in the field, coupled with the launch of MRI products, are propelling the market segment's growth.
- Cancer is one of the most prevalent forms of chronic diseases globally.
- MRI can detect cancerous/tumor cells so that treatments, such as surgery or radiation therapy, can be planned for cancer patients.
- Thus, with the increasing burden of cancer cases around the world, the use of MRI systems is expected to increase, which would fuel the growth of the market studied.
- For instance, according to Canadian Cancer Statistics, published in October 2021, it was estimated that 229,200 Canadians were diagnosed with cancer in 2021.
- It was also reported that lung, breast, colorectal, and prostate cancers are expected to remain the most diagnosed cancers, as these accounted for 46% of all diagnosed cases in Canada in 2021.
- Additionally, the increasing research for cancer radiation therapy also boosts the market's growth.
For instance, in October 2022, ViewRay Inc. launched a phase III randomized controlled trial titled "Locally Advanced Pancreatic cancer treated with ABLAtivE stereotactic MRI-guided adaptive radiation therapy" for patients receiving a combination of chemotherapy and 5-fraction MRIdian SMART (stereotactic MR-guided adaptive radiotherapy).
How is the growth being addressed?
The growing burden of the disease in North America contributes to the market's growth. For instance, the American Cancer Society estimated that 1,918,0303 new cases would be reported in the United States in 2022.
Of these, 236,740 lung cancer cases, 290,560 breast cancer cases, and 268,490 prostate cancer cases were expected to be reported in 2022. Thus, the high burden of cancer creates the need for MRI scans for proper diagnosis and treatment. This is expected to drive the growth of the market studied in the region.
Additionally, approvals from the regulatory authority for products also contribute to the growth of the market in the region. For instance, in October 2021, Subtle Medical received approval from Health Canada for its suite of artificial intelligence-powered image enhancement solutions, SubtleMR and SubtlePET.
Who are the key players in the Magnetic Resonance Imaging Market?
The global magnetic resonance imaging market is moderately competitive and consists of several major players.
- Siemens Healthcare GmbH
- Canon Medical Systems Corporation
- GE Healthcare
- Fujifilm Holdings Corporation
- Koninklijke Philips NV
- Neusoft Medical Systems Co. Ltd
- Fonar Corporation
- Siemens Healthcare GmbH
- Bruker Corporation
- Aurora Imaging Technology
Recent developments in the Magnetic Resonance Imaging Equipment Market
- In September 2022: New Delhi's Inter-University Accelerator Centre (IUAC) launched one of India’s first indigenous MRI machines. IUAC created a 1.5 Tesla superconducting MRI magnet system that can be used in the MRI system for a full-body clinical scan.
- In July 2022: Canon Medical launched the Vantage Fortian. The new MRI system features innovative workflow solutions, image enhancement, and accelerated scan technology, which contribute to reducing the time required for MRI procedures.
In a nutshell, the Mordor Intelligence Magnetic Resonance Imaging Market Research Report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand the Magnetic Resonance Imaging industry. Get a glance at the https://www.mordorintelligence.com/industry-reports/global-mri-market-industry
About Mordor Intelligence
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
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