MRI Procedures Market Size, Share & Industry Analysis, By Procedure Type (Spinal Cord, Brain, Heart, Internal Organs, Others), By Application (Orthopaedics, Gastro Intestinal Diseases, Neurological Diseases, Others), By End User (Hospitals, Diagnostic Centres, Others) and Regional Forecast, 2024-2032

Magnetic Resonance Imaging (MRI) is a non-invasive technology that is widely used in the medical industry for investigating various health problems.MRI generates 3D anatomical images that help the physician to examine organs, tissue, and skeletal system which is aiding the market growth. Furthermore, various high-resolution images generated by MRI technology create detailed images of organs, tissue, and skeletal system. This in turn, helps the physicians in making the fast decision for further treatment of the diagnosed problem. MRI technique helps in the diagnosing of various procedures which include brain, spinal cord, heart and blood vessels, internal organs, bones, breast, and others that are significantly contributing to the market. MRI is a highly preferred imaging technique when compared to CT scans and X-ray as this technology does not use harmful ionizing radiation. MRI procedures have created a huge milestone in the medical field. As they are widely used by medical professionals to diagnose detailed internal body, disease detection, and treatment monitoring that is augmenting the market growth during the forecast period.

Technological advancement in 3D anatomical imaging technique with the use of magnetic resonance imaging techniques is driving the market growth. Along with this, the increase in a number of patients for MRI procedures, increase in physicians opting for the advanced MRI procedure to obtain a detailed diagnosis of the health problem is also positively contributing towards the market growth. This in turn, is prompting the manufacturers to focus on the development of highly advanced MRI techniques. For instance, advancements in MRI include high field MRI, superconducting magnets, and software applications to obtain quick images are fueling the demand for the MRI procedure market in the near future. In addition to this, the introduction of an MRI compatible pacemaker is improving the patient flow towards MRI procedures which is also a major driving factor of the market.

Key Market Driver -

Technological advancement in MRI technology

Key Market Restraint -

High cost of the procedures

However, the increase in the cost of the procedures along with technological advancements is hampering the market growth. In addition to this, incompatibility with various patients due to the generation of inappropriate images due to presences of orthopedic implants such as screws, plates, and others is also hindering the market growth during the forecast period.

Key Players Covered:

Some of the major companies that are present in the global MRI procedures market are Koninklijke Philips N.V., GENERAL ELECTRIC COMPANY, Siemens, Terumo Corporation, Computerized Imaging Reference Systems, Inc., and other players.

MRI procedures of brain and spinal cord procedure is leading the market. This procedure includes disease areas such as multiple sclerosis, tumours, spinal cord disorder, etc. This can be performed through a functional MRI procedure which is performed on patients who have undergone brain surgery. In addition to this, various other procedures such as magnetic resonance angiography is performed to examine blood vessels in the brain which is also influencing the market over the course of the period.

Key Insights

• Technological Advancements


• Regulatory Scenario For Key Countries


• New Product Launches


• Key Industry Developments

Regional Analysis:

The global MRI procedure market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is leading the market followed by Europe during the forecast period. Owing to increase in healthcare facilities, a rise in expenditure oriented to healthcare technology development, increase in availability technically skilled professionals, and others. The Asia Pacific is second largest contributor towards the market due to emergence of healthcare developments in developing countries like India, China, and Japan. Additionally, increase in geriatric population suffering from various serious health problems, increase in research and development activities by the key players in the region, and others. Latin America and Middle East & Africa are expected to show steady growth over the course of period. Due to unmet healthcare need, low awareness of technology, and others.

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Segmentation

Key Industry Developments

• In March 2018, Koninklijke Philips N.V. new 3-tesla MRI scanner called Ingenia Elition 3.0T . This system 50% reduction in imaging time by offering better quality images to patients.


• In August 2017, Computerized Imaging Reference Systems, Inc launched new MRI distortion check software. This is cloud based software designed to quickly and automatically quantify distortion in images.