The global open MRI systems market is expected to grow at a CAGR of around 6.1% over the forecast period 2019 to 2026 and expected to reach the market value of around US$ 1,563.1 Mn by 2026.
Magnetic resonance imaging (MRI) systems refer to the equipment which uses the medical imaging technique to form images of physiological processes of the body with the help of radiofrequency pulses. Additionally, the open MRI system refers to the open equipment or MRI system open from three sides, which creates a bright imaging experience for the patient. It provides a modern design with a fast and comfortable examination. The open MRI system uses a magnet from the top, bottom and decreases the risk of claustrophobia and panic attacks allows patients of all sizes and shapes to diagnose the problems. It has several benefits over closed MRI system including quieter than closed MRI, more child-friendly, can be tilt for the technician, promotes equity, more advance, fewer side effects, produce fewer artifacts and offer a cost advantage. The open MRI system offers low, medium and high field strength. It has applications across the brain, spine, abdominal, breast, and cardiac among others.
The increasing number of MRI procedures coupled with the rising prevalence of chronic diseases across the globe is primarily driving the market value. The increasing number of cases of the tumor and Neurodegenerative diseases such as Alzheimer's disease and Parkinson's disease are supporting the demand for open MRI systems globally. The rising focus on early diagnosis of particular issues to provide a permanent cure if diagnosed in the starting stage is also pushing the demand for open MRI systems in the global market. In addition, an increasing number of new product launches by the major players especially in untapped and emerging markets is further supporting the market growth.
On the flip side, the high cost associated with the open MRI systems is likely to hamper the market growth over the forecast period. Additionally, the increasing number of product recalls is a major challenge to market growth. Furthermore the ongoing R&D activities by the prominent players are anticipated to augment demand over the forecast period.
On the basis of field strength, low field open MRI systems registered the highest market growth in 2018. The segment experiences the highest share owing to the several advantages associated with it, such as open design, lower initial purchase cost, operational costs, and fringe field, reduction of certain MR artifacts, and lower energy deposition in tissues.
Based on application, the brain segment held the highest market share in the year 2018. The increasing cases of neurological disorders due to changing lifestyles and increasing environmental health problems are primarily contributing to the segment growth. In addition, the growing geriatric population is further supporting the segment growth.
The market research study on “Open MRI Systems Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight into the global open MRI Systems market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global open MRI Systems market, its product type, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global open MRI Systems market size and volume, and segment markets by product type, application, and geography along with the information on companies operating in the market. The open MRI Systems market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East & Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
North America held the largest market share in open MRI market
North America dominated the regional market with a maximum share in the year 2018. The region accounted for the largest share owing to the presence of advanced healthcare infrastructure and easy accessibility to advance technology to the patients. The presence of local players like the American MRI Family, since 2007 and others are helping the regional market growth. The product line named Open High-Field MRI is offering 270 degrees of unobstructed view for maximum patient comfort. The increasing investment by major players in the regional market for exploring the market share is further supporting the regional market growth. Apart from these, the Asia Pacific is expected to be the fastest-growing regional market during the forecast period. The increasing disposable income in pushing individuals to spend on health-related issues is a factor expected to propel the regional market growth. The increasing government support for the development of the healthcare infrastructure of emerging economies including China and India is further anticipated to boost the regional market value.
The players profiled in the report include GE Healthcare, Hitachi Medical Systems, Koninklijke Philips N.V., Siemens Healthineers, Canon Medical Systems Corporation, and ESAOTE SA. The major players are involved in research and development activities along with the mergers and acquisition of other players for expanding the market presence in new markets is supporting the Open MRI market growth.
Market By Field Strength
Market By Application
Market By Geography
The increasing number of MRI procedures coupled with the rising prevalence of chronic diseases across the globe is main driver of the open MRI systems market.
According to Acumen Research and Consulting, the open MRI systems market value is anticipated to be worth around US$ 1,563.1 million in 2026.
The open MRI systems market is anticipated to grow over 6.1% CAGR during the forecast period 2019 to 2026.
North America held maximum share in 2018 for open MRI systems market.
Asia Pacific is projected to grow at a fast pace during forecast period in the open MRI systems market.
The increasing disposable income in pushing individuals to spend on health-related issues is a factor expected to propel the open MRI systems market growth.
GE Healthcare, Hitachi Medical Systems, Koninklijke Philips N.V., and Siemens Healthineers are the top players operating in the open MRI systems market.