Advanced technologies and applications such as point-of-care, pediatrics, dry-magnets, compact MRI and fusion imaging are driving global market.
Frost & Sullivan’s recent analysis, Technological Advancements and Emerging Applications in the Global Magnetic Resonance Imaging Market, Forecast to 2024, finds that the MRI market is diversifying with momentum in the privatization trend. By 2024, the total MRI market is estimated to garner revenue of $4.52 billion from $3.99 billion in 2019, up at a compound annual growth rate (CAGR) of 2.5%. However, with the COVID-19 outbreak, the market is likely to reach the pre-COVID levels in 2023, registering impressive growth.
Growing public-private partnerships and an increase in near-replacement time in public domains are expected to attract more MRI system procurements. “The open MRI segment will continue to diminish with wider adoption of 1.5T and 3T MRI systems that incorporate increased field of view and radiofrequency (RF) channels, and enhanced signal-to-noise ratio, optimizing patient throughput with improved static and dynamic imaging capabilities and artificial intelligence (AI)-augmented technical features,” said Poornima Srinivasan, Healthcare Industry Analyst at Frost & Sullivan. The commercialization of portable MRI is expected to increase dramatically in the mid to long term. The inclusion of technologies that improve workflow, portability, and the ability to cater to various applications are competitive factors driving the market.
High-field and extremity MRI are vital contributors to the total MRI market, garnering revenue at a CAGR of 8.5%.