Magnetic Resonance Imaging (MRI) Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2015 to 2020 and Forecast 2021 to 2027

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Magnetic Resonance Imaging (MRI) Market By Design (Open MRI Systems, Closed MRI Systems), By Magnetic Field Strengths (Low to mid field strength MRI systems, High field strength MRI systems, Very high field strength MRI systems, Ultra high field strength MRI systems), By Application (Brain and Neurological MRI, Abdominal MRI, Spine and Musculoskeletal MRI, Vascular MRI, Pelvic MRI, Cardiac MRI, Others), By End User (Hospitals, Ambulatory Surgical Centers Diagnostic Centers), and Geography (Latin America, North America, Asia Pacific, Middle East & Africa and Europe)

 

 

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Report

Description

The global magnetic resonance imaging market size valued $6.2 billion in 2020 and expected to reach $11.8 billion by 2027, at a CAGR of 6.0% during forecast period 2021 to 2027. Magnetic Resonance Imaging (MRI) is a non-invasive advanced diagnostic tool for disorders and diseases related to spine lesions, central nervous system, tumours, soft tissues, and other organs of the body. MRI produces high-quality images of tissues and body organs by applying the magnetic field strength and these images provide the information about the human body system. The quality of images produced by MRI depends on the magnetic field strength of the device. High field strength MRI produce clear images when compared with remaining magnetic resonance imaging devices. The images produced by magnetic resonance imaging system (MRI) systems give a clear information compared with other images such computed tomography (CT), X-ray, and ultrasound techniques. The magnetic resonance imaging market exhibiting lucrative growth owing to technological advancements such as innovation of newer MRI devices with high and low magnetic field strengths. Moreover, expanding the application of MRI in the various cancers screening and neurological disorders such as Alzheimer’s disease and multiple sclerosis, the rise in a number of road accidents lead to orthopaedic injuries, and need for high-resolution scanning techniques for spine and musculoskeletal injuries are expected to bolster the market. Furthermore, market players are adopting strategies such as acquisitions and mergers, collaborations, and launching of newer devices to garner larger market share. For instance, in July 2012, Aurora Imaging Technology, Inc. inked a distribution agreement with SUMEC Group Corporation for expanding breast MRI in China. In addition, in September 2016, GE Healthcare received market clearance for MAGnetic resonance image Compilation (MAGiC) software, a multi-contrast MRI technique that delivers eight contrasts in a single acquisition in a fraction of the time of conventional imaging.

Magnetic Resonance Imaging (MRI) Market

MARKET SUMMARY
-
6.0% CAGR
  • Study Period– 2021 – 2027
  • Base Year– 2020
  • CAGR– 6.0%
  • Largest Market– North America
  • Fastest Growing Market–  Asia-Pacific

Magnetic Resonance Imaging (MRI) Market

  • The report on global magnetic resonance imaging (mri) market gives historical, current and future market sizes (US$ Bn) on the basis of design, magnetic field strength, application, end user and region.
  • magnetic resonance imaging (mri) market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
Key Players
  • Hitachi Medical Corporation
  • Siemens Healthineers
  • Toshiba Medical Systems
  • GE Healthcare
  • Koninklijke Philips N.V.
Magnetic Resonance Imaging (MRI) Market

Drivers And Restraints

Increase in the global geriatric population, the rise in prevalence of chronic diseases such as neurological, cardiovascular, and other orthopaedic disorders, and technological advancements such as high field strength MRIs are anticipated to fuel the market over the forecast period. Moreover, increase in preference for non-invasive or minimally invasive diagnostic procedures, the rise in awareness about health in developing and developed countries, and the wide range of applications of MRI devices are propelling the market. However, the high cost of the diagnostic procedure, unfavourable reimbursement policies, the rise in competition from cost-effective imaging procedures, and lack of skilled professionals are expected to hinder the growth of market over the forecast years.


North-America got significant share

Magnetic Resonance Imaging (MRI) Market

Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America market growth is driven by an increase in the prevalence of neurological disorders, technological advancements in devices, well-developed healthcare infrastructure. Europe market exhibiting lucrative growth opportunities due to the adoption of newer technologies, rise in prevalence of chronic diseases, growing awareness about early diagnosis, an increase in healthcare expenditure in the region. Asia Pacific market is poised to grow due to increase in medical tourism in China and India, availability of the large patient pool, growing per capita income, an increase in the awareness about healthcare are expected to propel the market. Latin America market driven by the increase in the number of road accidents and sports injuries, adoption of newer technologies, and expansion of businesses into the region. Middle East and Africa market growth attributed to increasing awareness about early-stage disease diagnosis, and rise in prevalence of chronic diseases in the region.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Notable Market Developments

  • In October 2017, Siemens Heathineers received FDA clearance for Magnetom Terra, a high field 7T MRI scanner

Key

Key Features of the Report

Magnetic Resonance Imaging (MRI) Market Segmentation


Location

GEOGRAPHY


Report

Table Of Content

Table of Content

  1. Executive Summary
  2. Global Magnetic Resonance Imaging (MRI) Market Introduction
    • Global Magnetic Resonance Imaging (MRI) Market – Taxonomy
    • Global Magnetic Resonance Imaging (MRI) Market –Definitions
      • Design
      • Magnetic Field Strength
      • Application
      • End User
  1. Global Magnetic Resonance Imaging (MRI) Market Dynamics
    • Drivers
    • Restraints
    • Opportunities/Unmet Needs of the Market
    • Trends
    • Global Magnetic Resonance Imaging (MRI) Market Dynamic Factors – Impact Analysis
    • Global Magnetic Resonance Imaging (MRI) Market – Competition Landscape
    • Epidemiology
  2. Global Magnetic Resonance Imaging (MRI) Market Analysis,2013 – 2017 and Forecast, 2018 – 2024
    • Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
    • Year-over-Year (Y-o-Y) Growth Analysis (%)
    • Market OpportunityAnalysis
  3. Global Magnetic Resonance Imaging (MRI) Market, By Design, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
    • Open MRI Systems
      • Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Closed MRI Systems
      • Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
  1. Global Magnetic Resonance Imaging (MRI) Market Forecast, By Magnetic Field Strength,2013 – 2017 and Forecast, 2018 – 2024
    • Low to midfield strength MRI systems (less than 1.5 Tesla)
      • Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • High field strength MRI systems (1.5-3Tesla)
      • Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Very high field strength MRI systems (4-6Tesla)
      • Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Ultra-high field strength MRI systems (7 Tesla and above)
      • Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
  1. Global Magnetic Resonance Imaging (MRI) Market Forecast, By Application, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
    • Brain and Neurological MRI System
      • Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Abdominal MRI System
      • Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Spine and Musculoskeletal MRI System
      • Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Vascular MRI System
      • Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Pelvic MRI System
      • Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Cardiac MRI System
      • Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Others
      • Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
  1. Global Magnetic Resonance Imaging (MRI) Market Forecast, By End User, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
    • Hospitals
      • Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Ambulatory Surgical Centers
      • Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Diagnostic Centers
      • Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
  1. Global Magnetic Resonance Imaging (MRI) Market Forecast, By Region, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
    • North America
      • Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Europe
      • Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Asia-Pacific
      • Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Latin America
      • Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Middle East and Africa
      • Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Global Magnetic Resonance Imaging (MRI) Market – Opportunity Analysis Index, By Design, By Magnetic Field Strength, By Application, By End User and Region, 2018 – 2024
  2. North America Magnetic Resonance Imaging (MRI) MarketAnalysis,2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
    • Design Analysis 2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
      • Open MRI Systems
      • Closed MRI Systems
    • Magnetic Field Strength Analysis 2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Low to midfield strength MRI systems (less than 1.5 Tesla)
      • High field strength MRI systems (1.5-3Tesla)
      • Very high field strength MRI systems (4-6Tesla)
      • Ultra-high field strength MRI systems (7 Tesla and above)
    • Application Analysis 2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Brain and Neurological MRI System
      • Abdominal MRI System
      • Spine and Musculoskeletal MRI System
      • Vascular MRI System
      • Pelvic MRI System
      • Cardiac MRI System
      • Others
    • End User Analysis 2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Hospitals
      • Ambulatory Surgical Centers
      • Diagnostic Centers
    • Country Analysis 2016 and Forecast 2018 – 2024 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
      • S.
      • Canada
    • North America Magnetic Resonance Imaging (MRI) Market – Opportunity Analysis Index, By Design, By Magnetic Field Strength, By Application, By End User and Country, 2018 – 2024
    • North America Magnetic Resonance Imaging (MRI) Market Dynamics – Trends
  3. Europe Magnetic Resonance Imaging (MRI) Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
    • Design Analysis 2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
      • Open MRI Systems
      • Closed MRI Systems
    • Magnetic Field Strength Analysis 2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Low to midfield strength MRI systems (less than 1.5 Tesla)
      • High field strength MRI systems (1.5-3Tesla)
      • Very high field strength MRI systems (4-6Tesla)
      • Ultra-high field strength MRI systems (7 Tesla and above)
    • Application Analysis 2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Brain and Neurological MRI System
      • Abdominal MRI System
      • Spine and Musculoskeletal MRI System
      • Vascular MRI System
      • Pelvic MRI System
      • Cardiac MRI System
      • Others
    • End User Analysis 2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Hospitals
      • Ambulatory Surgical Centers
      • Diagnostic Centers
    • Country Analysis 2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
      • Germany
      • UK
      • France
      • Spain
      • Italy
      • Russia
      • Poland
      • Rest of Europe
    • Europe Magnetic Resonance Imaging (MRI) Market – Opportunity Analysis Index, By Design, By Magnetic Field Strength, By Application, By End User and Country, 2018 – 2024
    • Europe Magnetic Resonance Imaging (MRI) Market Dynamics – Trends
  4. Asia-Pacific Magnetic Resonance Imaging (MRI) Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
    • Design Analysis 2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
      • Open MRI Systems
      • Closed MRI Systems
    • Magnetic Field Strength Analysis 2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Low to midfield strength MRI systems (less than 1.5 Tesla)
      • High field strength MRI systems (1.5-3Tesla)
      • Very high field strength MRI systems (4-6Tesla)
      • Ultra-high field strength MRI systems (7 Tesla and above)
    • Application Analysis 2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Brain and Neurological MRI System
      • Abdominal MRI System
      • Spine and Musculoskeletal MRI System
      • Vascular MRI System
      • Pelvic MRI System
      • Cardiac MRI System
      • Others
    • End User Analysis 2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Hospitals
      • Ambulatory Surgical Centers
      • Diagnostic Centers
    • Country Analysis2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
      • Japan
      • China
      • India
      • ASEAN
      • Australia & New Zealand
      • Rest of Asia-Pacific
    • Asia-Pacific Magnetic Resonance Imaging (MRI) Market – Opportunity Analysis Index, By Design, By Magnetic Field Strength, By Application, By End User and Country, 2018 – 2024
    • Asia-Pacific Magnetic Resonance Imaging (MRI) Market Dynamics – Trends
  5. Latin America Magnetic Resonance Imaging (MRI) Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
    • Design Analysis 2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
      • Open MRI Systems
      • Closed MRI Systems
    • Magnetic Field Strength Analysis 2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Low to midfield strength MRI systems (less than 1.5 Tesla)
      • High field strength MRI systems (1.5-3Tesla)
      • Very high field strength MRI systems (4-6Tesla)
      • Ultra-high field strength MRI systems (7 Tesla and above)
    • Application Analysis 2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Brain and Neurological MRI System
      • Abdominal MRI System
      • Spine and Musculoskeletal MRI System
      • Vascular MRI System
      • Pelvic MRI System
      • Cardiac MRI System
      • Others
    • End User Analysis 2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Hospitals
      • Ambulatory Surgical Centers
      • Diagnostic Centers
    • Country Analysis 2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
      • Brazil
      • Mexico
      • Argentina
      • Venezuela
      • Rest of Latin America
    • Latin America Magnetic Resonance Imaging (MRI) Market – Opportunity Analysis Index, By Design, By Magnetic Field Strength, By Application, By End User and Country, 2018 – 2024
    • Latin America Magnetic Resonance Imaging (MRI) Market Dynamics – Trends
  6. Middle East and Africa Magnetic Resonance Imaging (MRI) Market Analysis, 2013 – 2017 and Forecast, 2018 – 2024 (Revenue, USD Mn)
    • Design Analysis 2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
      • Open MRI Systems
      • Closed MRI Systems
    • Magnetic Field Strength Analysis 2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Low to midfield strength MRI systems (less than 1.5 Tesla)
      • High field strength MRI systems (1.5-3Tesla)
      • Very high field strength MRI systems (4-6Tesla)
      • Ultra-high field strength MRI systems (7 Tesla and above)
    • Application Analysis 2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Brain and Neurological MRI System
      • Abdominal MRI System
      • Spine and Musculoskeletal MRI System
      • Vascular MRI System
      • Pelvic MRI System
      • Cardiac MRI System
      • Others
    • End User Analysis 2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Hospitals
      • Ambulatory Surgical Centers
      • Diagnostic Centers
    • Country Analysis 2013 – 2017 and Forecast 2018 – 2024 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
      • Gulf Cooperation Council (GCC) Countries
      • Israel
      • South Africa
      • Rest of MEA
    • MEA Magnetic Resonance Imaging (MRI) Market – Opportunity Analysis Index, By Design, By Magnetic Field Strength, By Application, By End User and Country, 2018 – 2024
    • MEA Magnetic Resonance Imaging (MRI) Market Dynamics – Trends
  7. Competition Landscape
    • Strategic Dashboard of Top Market Players
    • Company Profiles (Introduction, Financial Analysis, Design& Service Offerings, Key Developments, Strategies, and SWOT Analysis)
      • Hitachi Medical Corporation (Japan)
      • Siemens Healthineers (Germany)
      • Toshiba Medical Systems (Japan)
      • GE Healthcare (U.K.)
      • Koninklijke Philips N.V. (Netherlands)
      • Esaote SpA (Italy)
      • Sanrad Medical Systems Pvt. Ltd (India)
      • Aurora Imaging Technology, Inc. (U.S.)
      • SUMEC Group Corporation (China)
  1. Research Methodology
  2. Key Assumptions and Acronyms

 


Report

Company Profile

  • Hitachi Medical Corporation (Japan)
  • Siemens Healthineers (Germany)
  • Toshiba Medical Systems (Japan)
  • GE Healthcare (U.K.)
  • Philips Healthcare (Netherlands)
  • Esaote SpA (Italy)
  • Sanrad Medical Systems Pvt. Ltd (India)
  • Aurora Imaging Technology, Inc. (U.S.)
  • SUMEC Group Corporation (China)

Description

The global magnetic resonance imaging market size valued $6.2 billion in 2020 and expected to reach $11.8 billion by 2027, at a CAGR of 6.0% during forecast period 2021 to 2027. Magnetic Resonance Imaging (MRI) is a non-invasive advanced diagnostic tool for disorders and diseases related to spine lesions, central nervous system, tumours, soft tissues, and other organs of the body. MRI produces high-quality images of tissues and body organs by applying the magnetic field strength and these images provide the information about the human body system. The quality of images produced by MRI depends on the magnetic field strength of the device. High field strength MRI produce clear images when compared with remaining magnetic resonance imaging devices. The images produced by magnetic resonance imaging system (MRI) systems give a clear information compared with other images such computed tomography (CT), X-ray, and ultrasound techniques. The magnetic resonance imaging market exhibiting lucrative growth owing to technological advancements such as innovation of newer MRI devices with high and low magnetic field strengths. Moreover, expanding the application of MRI in the various cancers screening and neurological disorders such as Alzheimer’s disease and multiple sclerosis, the rise in a number of road accidents lead to orthopaedic injuries, and need for high-resolution scanning techniques for spine and musculoskeletal injuries are expected to bolster the market. Furthermore, market players are adopting strategies such as acquisitions and mergers, collaborations, and launching of newer devices to garner larger market share. For instance, in July 2012, Aurora Imaging Technology, Inc. inked a distribution agreement with SUMEC Group Corporation for expanding breast MRI in China. In addition, in September 2016, GE Healthcare received market clearance for MAGnetic resonance image Compilation (MAGiC) software, a multi-contrast MRI technique that delivers eight contrasts in a single acquisition in a fraction of the time of conventional imaging.

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