The global magnetic resonance imaging (MRI) equipment market is anticipated to gain momentum from the rising launch of technologically advanced products by reputed companies across the globe. These products are delivering high quality images and spatial resolution for faster detection of chronic diseases. This information is given by Fortune Business Insights™ in a recent report, titled, “Magnetic Resonance Imaging Equipment Market Size, Share Industry Analysis, By Strength (Less than 1.5 T, 1.5 T, and More than 1.5 T), By Application (Musculoskeletal, Neurology, Cardiology, Body Imaging, and Others), By End User (Hospitals, Ambulatory Surgical Centers, and Diagnostic Centers), and Regional Forecast, 2019-2027.” The report further mentions that the MRI equipment market size was USD 7.24 billion in 2019 and is projected to reach USD 11.36 billion by 2027, exhibiting a CAGR of 6.2% during the forecast period.
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North America to Remain at the Forefront Owing to Rising Prevalence of Chronic Diseases
In terms of geography, North America procured USD 1.54 billion revenue in 2019 and is considered to be one of the largest markets. The region would lead in the forthcoming years owing to the presence of a large number of MRI equipment manufacturers, as well as the rising patient pool. Coupled with this, the ongoing advancements in diagnostics, increasing prevalence of chronic diseases, surging imaging procedural volume, and robust healthcare infrastructure would contribute to the growth.
Europe, on the other hand, is anticipated to remain in the second position fueled by the rising adoption of technologically advanced MRI systems, strong healthcare expenditure, and high medical imaging procedures volume. Asia Pacific would grow significantly by exhibiting the highest CAGR stoked by the increasing cases of serious disorders and strong potential patient population base. In addition to that, the ever-increasing awareness programs to educate the masses regarding the availability of novel diagnostics would propel growth in this region.
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