Magnetic Resonance Imaging

Magnetic Resonance Imaging Market by Type (Flexible Endoscopy Devices, Rigid Endoscopy Devices), Architecture (Closed MRI Systems, Open MRI Systems), Field Strength, Application, End-User - Global Forecast 2024-2030

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[191 Pages Report] The Magnetic Resonance Imaging Market size was estimated at USD 6.38 billion in 2023 and expected to reach USD 6.76 billion in 2024, at a CAGR 6.28% to reach USD 9.77 billion by 2030.

Magnetic Resonance Imaging Market
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Magnetic resonance imaging is a cutting-edge diagnostic imaging technique that combines strong magnetic fields, radio waves, and computer technology to produce high-resolution images of internal body structures without ionizing radiation. The increasing widespread presence of chronic diseases such as cardiovascular disorders and cancer, the rising awareness among patients about early diagnosis, and technological advancements resulting in faster image acquisition times with better image quality contribute to the growth and increasing adoption of MRI. However, high upfront costs associated with purchasing and installing MRI equipment and a lack of skilled personnel to operate and maintain these systems have impeded their growth. Moreover, focusing on innovation that addresses unmet needs and enhancement in existing technologies is anticipated to create expansion opportunities for the market in the forecast period.

Magnetic Resonance Imaging Market - Global Forecast 2024-2030
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Type: Increasing adoption of rigid endoscopy devices based on their large lens system

Flexible endoscopy devices include a bendable insertion tube, which easily navigates through tortuous anatomical pathways. They offer enhanced flexibility and patient comfort during examinations compared to rigid endoscopes. The ability to visualize nearly inaccessible regions like the gastrointestinal (GI) tract, bronchial tree, and urinary system is a major advantage of these devices. The use of advanced imaging technologies such as narrow-band imaging (NBI), confocal laser endomicroscopy (CLE), and optical coherence tomography (OCT) provides high-resolution images that aid in early detection and diagnosis. Rigid endoscopes consist of a solid cylindrical shaft with an optic lens system at its distal tip for image transmission. These devices provide superior image quality compared to flexible scopes due to their larger lens systems and better light transmission capabilities. Rigid endoscopes are commonly used in surgical procedures such as laparoscopy, hysteroscopy, arthroscopy, and sinus surgery owing to their rigidity, allowing for precise manipulation.

Architecture: Expanding usage of open MRI system for musculoskeletal imaging

A closed MRI system is a traditional magnetic resonance imaging system where the patient is enclosed in a tube-like structure surrounded by a strong magnetic field. Closed MRI systems have a cylindrical design, creating an enclosed space within the magnet where the patient lies during the imaging process. These systems have higher magnetic field strengths, providing high-quality and detailed images for various medical applications. Open MRI systems have a more open structure, which reduces feelings of claustrophobia and accommodates individuals. Open MRI systems are often preferred for pediatric and geriatric patients, as the open design can alleviate anxiety and make the imaging experience more tolerable.

Field Strength: Growing demand of high field MRI systems as it provide enhanced image quality

High field MRI systems are widely used for a broad range of clinical applications, providing detailed and high-resolution images. They are commonly employed for neuroimaging, musculoskeletal imaging, and abdominal imaging. Higher field strengths contribute to improved signal-to-noise ratio and enhanced image quality, allowing for more precise diagnostic information. Low field MRI systems are less common in clinical settings but may be used for specific applications. They are suitable for musculoskeletal imaging and certain extremity studies. Lower field strengths offer a more open and comfortable environment for patients. ​​Ultra-high field MRI systems are used for specialized research and clinical applications. They provide exceptionally detailed images and are employed in neuroscience research, functional imaging, and advanced spectroscopy. Ultra-high field strengths offer superior image resolution and enhanced sensitivity to certain tissue characteristics, enabling advanced research and specific diagnostic applications. Very high field MRI systems are used for cutting-edge research and certain clinical applications. They are particularly valuable for functional and structural brain imaging.

Application: Increasing potential of MRI for brain & neurological imaging in detecting and monitoring brain tumors

Magnetic resonance imaging (MRI) serves as a versatile diagnostic tool across various medical domains, offering detailed insights into anatomical structures and pathological conditions. In the realm of brain & neurological imaging, MRI plays a pivotal role in detecting and monitoring brain tumors, assessing vascular irregularities, and diagnosing neurodegenerative diseases. In breast imaging, MRI contributes to breast cancer screening, lesion characterization, and preoperative planning, particularly in cases where mammography results are inconclusive. For cardiac applications, MRI aids in evaluating myocardial infarction, cardiomyopathies, vascular anatomy, valvular disorders, and congenital heart defects. In the pelvic & abdominal domains, MRI proves invaluable for liver, renal, pancreatic, and gastrointestinal imaging, enabling the diagnosis and characterization of a myriad of conditions affecting these organs. In the realm of spine & musculoskeletal, MRI helps in assessing spinal cord injuries, bone tumors, and degenerative disc diseases. Vascular MRI helps in detecting aneurysms, assessing peripheral artery disease, and providing valuable insights into the vascular system's health.

End-User: Increasing adoption of MRI across hospitals in disease detection, staging, and treatment planning

In hospitals, MRI serves as a cornerstone for diagnostic imaging across various medical specialties, enabling non-invasive and detailed examinations for conditions ranging from neurological disorders to musculoskeletal issues. In diagnostic centers, MRI is pivotal for specialized imaging services, offering detailed scans tailored to specific medical needs, including screening programs for early detection of diseases like breast cancer. Ambulatory surgical centers utilize MRI for preoperative planning, ensuring precise insights into anatomical structures and aiding in surgical decision-making, contributing to improved patient care and outcomes.

Regional Insights

The magnetic resonance imaging market across the American region is compelled by the well-established healthcare infrastructure and high adoption of advanced medical technologies. The presence of major medical technological companies in the Americas is increasing their investments to support robust research & development to manufacture advanced solutions. In the EMEA region, countries in Europe have shown significant investments in healthcare infrastructure and developing medical imaging solutions, contributing to the growth of the magnetic resonance imaging market. Similarly, governments across the Middle East and African countries are focusing on advancing their healthcare solutions, leveraging cutting-edge technologies that propelled the market in the region. In the APAC countries, including China, Japan, and India, the growing healthcare awareness and improving healthcare infrastructure have led to the substantial growth of the magnetic resonance imaging market.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Magnetic Resonance Imaging Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Magnetic Resonance Imaging Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments
  • Fujifilm Launches New MRI System, ECHELON Synergy with Deep Learning Reconstruction Technology

    FUJIFILM Healthcare Americas Corporation recently obtained FDA clearance for its latest 1.5 Tesla MRI system, the ECHELON Synergy. This cutting-edge system incorporates Synergy DLR technology, a proprietary Deep Learning Reconstruction technology powered by AI. By leveraging this technology, the ECHELON Synergy can enhance image sharpness and expedite the scanning process, improving throughput and image quality. As a result, patients can experience higher levels of satisfaction. Additionally, the system offers AutoExam One-Touch operation, automating technologist workflow and reducing examination times for brain and knee exams in MRI scans. [Published On: 2023-08-23]

  • Collaboration Between Philips and Polarean Allows Routine MRI Access to High-Res Imaging of Lung Ventilation

    Philips and Polarean announced their collaboration to enhance high-resolution lung ventilation imaging through MRI applications at the 2023 International Society for Magnetic Resonance in Medicine Annual Meeting and Exhibition. This collaboration involves combining Philips' 3T MR 7700 system with Xenoview, a hyperpolarized Xenon-based MRI contrast agent. The objective is to improve the detail in lung imaging and enhance the accuracy of measuring lung ventilation. Integrating Philips MR 7700 with Xenoview could lead to early diagnosis of pulmonary diseases, thus significantly impacting patient care. [Published On: 2023-06-23]

  • Yashoda Hospital launches Elekta Unity MR Linac

    Yashoda Hospital in India introduced the Elekta Unity MR Linac, an innovative Magnetic Resonance Imaging (MRI) technology. This groundbreaking system combines MRI scans with precise radiation delivery, leading to enhanced outcomes in cancer treatment. It allows for real-time imaging of the patient's anatomy during radiation sessions, resulting in more accurate and adaptable radiation therapy. Unlike conventional LINACs, the Elekta Unity MR Linac overcomes the limitations in visualizing tumors and surrounding healthy tissues. This technology ensures improved accuracy and effectiveness in cancer treatment. [Published On: 2023-06-21]

Key Company Profiles

The report delves into recent significant developments in the Magnetic Resonance Imaging Market, highlighting leading vendors and their innovative profiles. These include Agfa-Gevaert Group, Alltech Medical Systems America, Inc, Analogic Corporation, ASG Superconductors SpA, Aspect Imaging Ltd., Aurora Imaging Technology Inc., Bruker Corporation, Canon Medical Systems Corporation, CentraCare Health System, Inc., CurveBeam AI LLC, Esaote S.p.A, Fonar Corporation, Fujifilm Group, GE HealthCare Technologies Inc., Hitachi Ltd., Koninklijke Philips N.V., Sanrad Medical Systems Private Limited, Shenzhen Anke High-Tech Co., Ltd., Siemens Healthineers GmbH, SternMed GmbH, and Trivitron Healthcare.

Market Segmentation & Coverage

This research report categorizes the Magnetic Resonance Imaging Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Type
    • Flexible Endoscopy Devices
    • Rigid Endoscopy Devices
  • Architecture
    • Closed MRI Systems
    • Open MRI Systems
  • Field Strength
    • High Field MRI Systems
    • Low Field MRI Systems
    • Ultra-High MRI Systems
    • Very High Field MRI Systems
  • Application
    • Brain & Neurological
    • Breast
    • Cardiac
    • Pelvic & Abdominal
    • Spine & Musculoskeletal
    • Vascular
  • End-User
    • Ambulatory Surgical Centers
    • Diagnostic Centers & Clinics
    • Hospital

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

The report offers valuable insights on the following aspects:

  1. Market Penetration: It presents comprehensive information on the market provided by key players.
  2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
  3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
  4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
  5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

  1. What is the market size and forecast of the Magnetic Resonance Imaging Market?
  2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Magnetic Resonance Imaging Market?
  3. What are the technology trends and regulatory frameworks in the Magnetic Resonance Imaging Market?
  4. What is the market share of the leading vendors in the Magnetic Resonance Imaging Market?
  5. Which modes and strategic moves are suitable for entering the Magnetic Resonance Imaging Market?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Magnetic Resonance Imaging Market, by Type
  7. Magnetic Resonance Imaging Market, by Architecture
  8. Magnetic Resonance Imaging Market, by Field Strength
  9. Magnetic Resonance Imaging Market, by Application
  10. Magnetic Resonance Imaging Market, by End-User
  11. Americas Magnetic Resonance Imaging Market
  12. Asia-Pacific Magnetic Resonance Imaging Market
  13. Europe, Middle East & Africa Magnetic Resonance Imaging Market
  14. Competitive Landscape
  15. Competitive Portfolio
  16. List of Figures [Total: 26]
  17. List of Tables [Total: 470]
  18. List of Companies Mentioned [Total: 21]
The Advantages of Magnetic Resonance Imaging for Cardiovascular Diseases in the Geriatric Population
December 4, 2023
The Advantages of Magnetic Resonance Imaging for Cardiovascular Diseases in the Geriatric Population
As the geriatric population grows, so does the prevalence of age-related diseases such as cardiovascular diseases (CVDs). Magnetic resonance imaging (MRI) has proven to be a valuable tool in detecting and managing CVDs. This blog explores the benefits of MRI in the diagnosis and treatment of CVDs in the geriatric population and the way it is helping to improve patient outcomes.

Non-Invasive Method:

One of the most significant advantages of MRI in diagnosing and managing CVD is its non-invasive nature. In elderly patients who may have multiple comorbidities, invasive procedures can pose a high risk. MRI, conversely, does not require any invasive procedures, making it a safer option for them. MRI uses radio waves and magnetic fields to create images and can be adopted by the elderly population.

High-Quality Images:

MRI produces high-quality images, which makes it easier for doctors to identify even the slightest changes in the heart and surrounding tissues. This feature is particularly useful in diagnosing and assessing various types of CVDs, such as heart failure, arrhythmias, and valve diseases. By obtaining detailed images via MRI, doctors can create a comprehensive treatment plan for the geriatric population, leading to better health outcomes.

Customization of Cardiovascular Images:

Another advantage of using MRI for CVDs is the ability to customize the cardiovascular images based on the specific health needs of the geriatric population. The MRI machine can be adjusted to focus on different areas of the heart, such as the ventricles, atria, and coronary arteries. It can even be used to detect plaque build-up in the arteries, a significant risk factor for heart disease.

Effective Treatment Planning:

MRI provides the necessary information to develop an effective treatment plan for geriatric patients. The high-quality images and customization capabilities enable doctors to assess the progression of the disease and determine the best course of action. MRI is also an effective tool in monitoring the effectiveness of treatment, leading to better outcomes and improved quality of life in the geriatric population.

Reduced Radiation Exposure:

Traditional imaging techniques, such as CT scans, require radiation exposure, leading to potential health risks. On the other hand, MRI does not use radiation, making it a safer option for elderly patients. Radiation exposure is a particular concern for geriatric patients due to their age and underlying medical conditions. MRI's non-ionizing nature thus makes it the imaging technique of choice for detecting and treating CVDs in this population group.

Cardiovascular diseases are a rising concern, particularly in the geriatric population. With MRI, diagnosing and managing CVDs have become less invasive, safer, and more effective. The non-invasive nature of MRI makes it an ideal option for elderly patients with multiple comorbidities and for whom invasive diagnostic procedures pose a high risk. MRI's high-quality images and customization capabilities are crucial in the effective treatment planning of cardiovascular diseases in geriatric patients. As technology advances and the geriatric population grows, MRI will play an essential role in the healthcare industry, improving patient outcomes and saving lives.

Frequently Asked Questions
  1. How big is the Magnetic Resonance Imaging Market?
    Ans. The Global Magnetic Resonance Imaging Market size was estimated at USD 6.38 billion in 2023 and expected to reach USD 6.76 billion in 2024.
  2. What is the Magnetic Resonance Imaging Market growth?
    Ans. The Global Magnetic Resonance Imaging Market to grow USD 9.77 billion by 2030, at a CAGR of 6.28%
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