Magnetic Resonance Imaging (MRI) Market Size, Share, Growth Analysis, By architecture(Closed MRI systems, Standard bore MRI, Wide bore MRI and Open MRI systems), By Field Strength(Low Field Strength, mid Field Strength and high Field Strength), By Region - Industry Forecast 2024-2031

Magnetic Resonance Imaging Market Drivers

Need for Better Diagnostics to Bolster Market Growth

• Increasing Prevalence of Chronic and Serious Diseases  Drive the Market Growth.  Due to the increasing prevalence of almost all types of severe and chronic diseases, there has been a consistent high demand for medical imaging in today's current medical scenario. To effectively diagnose, treat, and manage chronic illness, an effective and technologically advanced imaging technique is required. Magnetic resonance imaging technology allows medical professionals to effectively use it as a treatment method due to its superior imaging properties and qualities. Imaging can be used to diagnose a variety of diseases, including brain and spinal cord anomalies, various types of cancers, injuries, certain types of cardiological problems, cysts, and tumours. Almost all of the medical conditions listed above have a high incidence rate worldwide. The increasing introduction of effective and low-cost imaging in emerging markets is expected to boost the global market's growth rate during the forecast period.

• The increasing technological advancements in imaging equipment are expected to contribute significantly to the global market's growth. Open MRI, which aids in the effective medical imaging of claustrophobic and overweight patients, is one of the technological advancements. Improvements in field strength and computing power of imaging equipment are also part of technological advancements. Because of advancements in the equipment's pulse sequences, these factors have resulted in faster imaging timings, better imaging quality, and higher spatial resolution.

Magnetic Resonance Imaging Market Restraints

High Cost to Hinder Market Growth

• Despite rising demand for technologically advanced imaging systems for the effective management and treatment of chronic diseases, certain critical constraints are impeding global market growth. The higher costs associated with the installation and maintenance of imaging equipment are one of the significant factors limiting the market's development. Installation and maintenance of these systems frequently necessitate complex infrastructure and associated costs, which many medical institutions are unable to undertake or provide. A significant portion of the installed base of MRI systems is spread across emerging markets such as Asia Pacific. As a result of the high cost of MRI systems, hospitals and diagnostic centres in developing countries purchase refurbished MRI systems to meet their imaging requirements. Refurbished systems are significantly less expensive than installing a newer system. Because of their low cost, hospitals and other healthcare institutions in developing countries frequently choose these systems. At the same time, another critical limitation is the voluntary product recall of many imaging systems due to human error, which causes market growth to slow.