Magnetic Resonance Imaging (MRI) Market Synopsis:
Magnetic Resonance Imaging (MRI) Market Size Was Valued at USD 6.64 Billion in 2023, and is Projected to Reach USD 11.70 Billion by 2032, Growing at a CAGR of 6.50% From 2024-2032.
There are several techniques of imaging but the MRI stands as one of the noninvasive imaging which mainly employs powerful magnetic fields and radio waves in order to produce picture of interior human organs and tissues. It is an imaging technique used mainly as a diagnostic tool for various diseases, especially in neurological, orthopedic and oncological practice, whereby it provides better image resolution than methods involving the use of radiation such as X-rays, and Computer tomography scanners.
The MRI market has even grown due to raise cases of chronic diseases such as cancer, neurological disorders and musculoskeletal diseases, where proper diagnosis and monitoring is vital. Due to increased life expectancy, the ageing population in the world has preferred adopted new diagnostic imaging that has influenced the caregivers to urchase modern MRI. Besides, the enhanced evolution of high-field and open MRI systems also enhances the image and comfort of patients, accelerating the market more.
Another important factor is the ever-increasing health costs globally and especially in the growth markets. Governments are turning their attention to improve such basic facilities as healthcare facilities and furthering the adoption of sophisticated healthcare equipment such as MRI systems. This tendency should provide the best conditions for subsequent expansion of several market players as well as improvement of the offered product range of MRI market in general.
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Magnetic Resonance Imaging (MRI) Market Trend Analysis:
Integration of artificial intelligence (AI) and machine learning in imaging processes.
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An emerging pattern that is seen in the MRI market is enhanced usage of artificial intelligence and machine learning for imaging. They are being effectively used for management of image analysis, decreasing the time e for scanning as well as increasing the efficiency of diagnosis. Algorithms using features of AI can help qualitative and traditional radiologists to detect abnormalities in MRI scans thereby making diagnosis timely and accurate. Therefore, public attention to MRI systems that are equipped with such technologies is growing steadily, fitting into the large concept of digital transformation of healthcare.
- Another emerging trend is miniaturization of MRI machines; it is defined by apartments and small sizes, which allow imaging in numerous facilities. These systems are most advantageous in out-patient care and in geographic locales where conventional MRI is impractical. The increasing focus of care delivery structures towards patient-centred diagnostic model, coupled with the rising need for convenient diagnostic solutions are factors that contribute to the underlying demand for these new MRI technologies.
Healthcare infrastructure is rapidly evolving.
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There exist a lot of opportunities within the MRI market and especially within the developing countries where the overall healthcare industry is growing at a fast pace. Further development of healthcare in Asian, African and Latin American countries along with enhancing the investments into medical technologies represent a vast opportunity for market growth. As seen from above those companies, which have long-term visions about the development of these emergent markets, can utilize the growth of the demand for advanced diagnostic imaging solutions and can expand the market share.
- In the same regards, the rise in demand for preventive healthcare services is also opening new doors for the MRI manufacturers to introduce new value-added services. Hailed as the new frontier of diagnostics, there is an increasing frequent call for preventive or early-detection testing, what is pushing the healthcare providers to seek out more sophisticated imaging system. This new focus on preventive services could reveal additional opportunities to ‘health-oriented’ MRI systems to encourage sustained growth in the market.
Magnetic Resonance Imaging (MRI) Market Segment Analysis:
Magnetic Resonance Imaging (MRI) Market is Segmented on the basis of Type, Field Strength, Application, End User, and Region
By Type, Closed MRI Systems segment is expected to dominate the market during the forecast period
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The Magnetic Resonance Imaging (MRI) market is primarily categorized into three types: there are three main types namely the closed MRI systems the open MRI systems, and the extremity MRI systems. Largest supplier of closed MRI systems with its cylindrical shape and resulting high-resolution images due to powerful magnetic fields necessary for detailed examinations of the brain, spine and internal organs. Open MRI systems are not as enclosed as closed MRI Systems so patients with claustrophobia or discomfort will be able to have their images taken; however, Open MRI systems provide lower resolution images then the closed MRI systems. Extremity MRI systems are unique detectors of MRI for arms, legs, and joints which offer an option of compactness to the extent of minimizing on the scary look of MRI to patients while they offer the best image quality. They are all unique entities that exist in the healthcare market to satisfy the current needs of various patients and the demands of different practice areas.
By Application, Neurology segment expected to held the largest share
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The MRI market, based on the application, has employed neurology, orthopedics, cardiology, oncology, and other applications where MRI plays a vital role in diagnosis and monitoring of diseases. MRI plays a central role in neurological diagnosis and treatment since it makes it possible to differentiate between various structures of the brain and show diseases that may include tumors, strokes and neurodegenerative diseases among others. MRI is used in orthopedics for the determination of muscle and bone trauma, joint diseases, and spinal disorders since the resolution at soft tissues, ligaments, and cartilage is excellent. MRI plays an essential role in diagnosing heart diseases, for assessing heart function, and for diagnose vascular anomalies in cardiology away from invasive methods of cardiac imaging. In oncology, MRI is widely used for tumor identification, differentiation and designing the treatment strategy since MRI provides highly detailed images, allowing for the distinction of the tumor nature. The “other” group includes the number of applications such as the application of the MRI imaging of the abdomen and functional MRI for brain metabolism, which shows that the MRI is a tool that is employed in the development of many solutions irrespective of the field of medicine.
Magnetic Resonance Imaging (MRI) Market Regional Insights:
North America is Expected to Dominate the Market Over the Forecast period
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As of now, North America has become the largest market for MRI owning to some factors. Healthcare in the region is well developed in terms of infrastructure, population per head expenses on healthcare serve and major market participants. America or American countries dominate the market due to their efficient and integrated healthcare infrastructure and more cases of the chronic ailment that demands the parenchyma technology. The increase in the number of MRI scans also promotes continual innovation and spending on development through public and private sectors and in turn, consolidates North America’s leading position in MRI technology.
- Besides the high demand for MRI systems, North America has a favorable operating environment for medical imaging technologies concerning both development and approval. Such assurance is a result of the regulating powers of the FDA in MRI devices to make certain that they would be safe and effective amongst the users. The future of the MRI market is poised to remain in the North American region due to the continuing advancement in technology and assuming the role of the forerunner in technological innovations and trends affecting the global MRI market.
Active Key Players in the Magnetic Resonance Imaging (MRI) Market:
- Siemens Healthineers (Germany)
- GE Healthcare (United States)
- Philips Healthcare (Netherlands)
- Canon Medical Systems (Japan)
- Hitachi Medical Corporation (Japan)
- Toshiba Medical Systems (Japan)
- Agfa-Gevaert Group (Belgium)
- Esaote S.p.A (Italy)
- Bracco Imaging (Italy)
- Mindray (China)
- Other Active Players
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Global Magnetic Resonance Imaging (MRI) Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
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Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 6.64 Billion |
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Forecast Period 2024-32 CAGR: |
6.50% |
Market Size in 2032: |
USD 11.70 Billion |
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Segments Covered: |
By Type |
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By Field Strength |
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By Application |
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By End-User
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Magnetic Resonance Imaging (MRI) Market by Type
4.1 Magnetic Resonance Imaging (MRI) Market Snapshot and Growth Engine
4.2 Magnetic Resonance Imaging (MRI) Market Overview
4.3 Closed MRI Systems
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.3.3 Key Market Trends, Growth Factors and Opportunities
4.3.4 Closed MRI Systems: Geographic Segmentation Analysis
4.4 Open MRI Systems
4.4.1 Introduction and Market Overview
4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.4.3 Key Market Trends, Growth Factors and Opportunities
4.4.4 Open MRI Systems: Geographic Segmentation Analysis
4.5 Extremity MRI Systems
4.5.1 Introduction and Market Overview
4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.5.3 Key Market Trends, Growth Factors and Opportunities
4.5.4 Extremity MRI Systems: Geographic Segmentation Analysis
Chapter 5: Magnetic Resonance Imaging (MRI) Market by Field Strength
5.1 Magnetic Resonance Imaging (MRI) Market Snapshot and Growth Engine
5.2 Magnetic Resonance Imaging (MRI) Market Overview
5.3 Low-Field MRI (0.1T to 0.5T)
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.3.3 Key Market Trends, Growth Factors and Opportunities
5.3.4 Low-Field MRI (0.1T to 0.5T): Geographic Segmentation Analysis
5.4 Mid-Field MRI (1.0T)
5.4.1 Introduction and Market Overview
5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.4.3 Key Market Trends, Growth Factors and Opportunities
5.4.4 Mid-Field MRI (1.0T): Geographic Segmentation Analysis
5.5 High-Field MRI (1.5T to 3.0T and above))
5.5.1 Introduction and Market Overview
5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.5.3 Key Market Trends, Growth Factors and Opportunities
5.5.4 High-Field MRI (1.5T to 3.0T and above)): Geographic Segmentation Analysis
Chapter 6: Magnetic Resonance Imaging (MRI) Market by Application
6.1 Magnetic Resonance Imaging (MRI) Market Snapshot and Growth Engine
6.2 Magnetic Resonance Imaging (MRI) Market Overview
6.3 Neurology
6.3.1 Introduction and Market Overview
6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.3.3 Key Market Trends, Growth Factors and Opportunities
6.3.4 Neurology: Geographic Segmentation Analysis
6.4 Orthopedics
6.4.1 Introduction and Market Overview
6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.4.3 Key Market Trends, Growth Factors and Opportunities
6.4.4 Orthopedics: Geographic Segmentation Analysis
6.5 Cardiology
6.5.1 Introduction and Market Overview
6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.5.3 Key Market Trends, Growth Factors and Opportunities
6.5.4 Cardiology: Geographic Segmentation Analysis
6.6 Oncology
6.6.1 Introduction and Market Overview
6.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.6.3 Key Market Trends, Growth Factors and Opportunities
6.6.4 Oncology: Geographic Segmentation Analysis
6.7 Others
6.7.1 Introduction and Market Overview
6.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.7.3 Key Market Trends, Growth Factors and Opportunities
6.7.4 Others: Geographic Segmentation Analysis
Chapter 7: Magnetic Resonance Imaging (MRI) Market by End User
7.1 Magnetic Resonance Imaging (MRI) Market Snapshot and Growth Engine
7.2 Magnetic Resonance Imaging (MRI) Market Overview
7.3 Hospitals
7.3.1 Introduction and Market Overview
7.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
7.3.3 Key Market Trends, Growth Factors and Opportunities
7.3.4 Hospitals: Geographic Segmentation Analysis
7.4 Diagnostic Imaging Centers
7.4.1 Introduction and Market Overview
7.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
7.4.3 Key Market Trends, Growth Factors and Opportunities
7.4.4 Diagnostic Imaging Centers: Geographic Segmentation Analysis
7.5 Research Institutes
7.5.1 Introduction and Market Overview
7.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
7.5.3 Key Market Trends, Growth Factors and Opportunities
7.5.4 Research Institutes: Geographic Segmentation Analysis
7.6 Others
7.6.1 Introduction and Market Overview
7.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
7.6.3 Key Market Trends, Growth Factors and Opportunities
7.6.4 Others: Geographic Segmentation Analysis
Chapter 8: Company Profiles and Competitive Analysis
8.1 Competitive Landscape
8.1.1 Competitive Benchmarking
8.1.2 Magnetic Resonance Imaging (MRI) Market Share by Manufacturer (2023)
8.1.3 Industry BCG Matrix
8.1.4 Heat Map Analysis
8.1.5 Mergers and Acquisitions
8.2 SIEMENS HEALTHINEERS (GERMANY)
8.2.1 Company Overview
8.2.2 Key Executives
8.2.3 Company Snapshot
8.2.4 Role of the Company in the Market
8.2.5 Sustainability and Social Responsibility
8.2.6 Operating Business Segments
8.2.7 Product Portfolio
8.2.8 Business Performance
8.2.9 Key Strategic Moves and Recent Developments
8.2.10 SWOT Analysis
8.3 GE HEALTHCARE (UNITED STATES)
8.4 PHILIPS HEALTHCARE (NETHERLANDS)
8.5 CANON MEDICAL SYSTEMS (JAPAN)
8.6 HITACHI MEDICAL CORPORATION (JAPAN)
8.7 TOSHIBA MEDICAL SYSTEMS (JAPAN)
8.8 AGFA-GEVAERT GROUP (BELGIUM)
8.9 ESAOTE S.P.A (ITALY)
8.10 BRACCO IMAGING (ITALY)
8.11 MINDRAY (CHINA)
8.12 OTHER ACTIVE PLAYERS
Chapter 9: Global Magnetic Resonance Imaging (MRI) Market By Region
9.1 Overview
9.2. North America Magnetic Resonance Imaging (MRI) Market
9.2.1 Key Market Trends, Growth Factors and Opportunities
9.2.2 Top Key Companies
9.2.3 Historic and Forecasted Market Size by Segments
9.2.4 Historic and Forecasted Market Size By Type
9.2.4.1 Closed MRI Systems
9.2.4.2 Open MRI Systems
9.2.4.3 Extremity MRI Systems
9.2.5 Historic and Forecasted Market Size By Field Strength
9.2.5.1 Low-Field MRI (0.1T to 0.5T)
9.2.5.2 Mid-Field MRI (1.0T)
9.2.5.3 High-Field MRI (1.5T to 3.0T and above))
9.2.6 Historic and Forecasted Market Size By Application
9.2.6.1 Neurology
9.2.6.2 Orthopedics
9.2.6.3 Cardiology
9.2.6.4 Oncology
9.2.6.5 Others
9.2.7 Historic and Forecasted Market Size By End User
9.2.7.1 Hospitals
9.2.7.2 Diagnostic Imaging Centers
9.2.7.3 Research Institutes
9.2.7.4 Others
9.2.8 Historic and Forecast Market Size by Country
9.2.8.1 US
9.2.8.2 Canada
9.2.8.3 Mexico
9.3. Eastern Europe Magnetic Resonance Imaging (MRI) Market
9.3.1 Key Market Trends, Growth Factors and Opportunities
9.3.2 Top Key Companies
9.3.3 Historic and Forecasted Market Size by Segments
9.3.4 Historic and Forecasted Market Size By Type
9.3.4.1 Closed MRI Systems
9.3.4.2 Open MRI Systems
9.3.4.3 Extremity MRI Systems
9.3.5 Historic and Forecasted Market Size By Field Strength
9.3.5.1 Low-Field MRI (0.1T to 0.5T)
9.3.5.2 Mid-Field MRI (1.0T)
9.3.5.3 High-Field MRI (1.5T to 3.0T and above))
9.3.6 Historic and Forecasted Market Size By Application
9.3.6.1 Neurology
9.3.6.2 Orthopedics
9.3.6.3 Cardiology
9.3.6.4 Oncology
9.3.6.5 Others
9.3.7 Historic and Forecasted Market Size By End User
9.3.7.1 Hospitals
9.3.7.2 Diagnostic Imaging Centers
9.3.7.3 Research Institutes
9.3.7.4 Others
9.3.8 Historic and Forecast Market Size by Country
9.3.8.1 Bulgaria
9.3.8.2 The Czech Republic
9.3.8.3 Hungary
9.3.8.4 Poland
9.3.8.5 Romania
9.3.8.6 Rest of Eastern Europe
9.4. Western Europe Magnetic Resonance Imaging (MRI) Market
9.4.1 Key Market Trends, Growth Factors and Opportunities
9.4.2 Top Key Companies
9.4.3 Historic and Forecasted Market Size by Segments
9.4.4 Historic and Forecasted Market Size By Type
9.4.4.1 Closed MRI Systems
9.4.4.2 Open MRI Systems
9.4.4.3 Extremity MRI Systems
9.4.5 Historic and Forecasted Market Size By Field Strength
9.4.5.1 Low-Field MRI (0.1T to 0.5T)
9.4.5.2 Mid-Field MRI (1.0T)
9.4.5.3 High-Field MRI (1.5T to 3.0T and above))
9.4.6 Historic and Forecasted Market Size By Application
9.4.6.1 Neurology
9.4.6.2 Orthopedics
9.4.6.3 Cardiology
9.4.6.4 Oncology
9.4.6.5 Others
9.4.7 Historic and Forecasted Market Size By End User
9.4.7.1 Hospitals
9.4.7.2 Diagnostic Imaging Centers
9.4.7.3 Research Institutes
9.4.7.4 Others
9.4.8 Historic and Forecast Market Size by Country
9.4.8.1 Germany
9.4.8.2 UK
9.4.8.3 France
9.4.8.4 Netherlands
9.4.8.5 Italy
9.4.8.6 Russia
9.4.8.7 Spain
9.4.8.8 Rest of Western Europe
9.5. Asia Pacific Magnetic Resonance Imaging (MRI) Market
9.5.1 Key Market Trends, Growth Factors and Opportunities
9.5.2 Top Key Companies
9.5.3 Historic and Forecasted Market Size by Segments
9.5.4 Historic and Forecasted Market Size By Type
9.5.4.1 Closed MRI Systems
9.5.4.2 Open MRI Systems
9.5.4.3 Extremity MRI Systems
9.5.5 Historic and Forecasted Market Size By Field Strength
9.5.5.1 Low-Field MRI (0.1T to 0.5T)
9.5.5.2 Mid-Field MRI (1.0T)
9.5.5.3 High-Field MRI (1.5T to 3.0T and above))
9.5.6 Historic and Forecasted Market Size By Application
9.5.6.1 Neurology
9.5.6.2 Orthopedics
9.5.6.3 Cardiology
9.5.6.4 Oncology
9.5.6.5 Others
9.5.7 Historic and Forecasted Market Size By End User
9.5.7.1 Hospitals
9.5.7.2 Diagnostic Imaging Centers
9.5.7.3 Research Institutes
9.5.7.4 Others
9.5.8 Historic and Forecast Market Size by Country
9.5.8.1 China
9.5.8.2 India
9.5.8.3 Japan
9.5.8.4 South Korea
9.5.8.5 Malaysia
9.5.8.6 Thailand
9.5.8.7 Vietnam
9.5.8.8 The Philippines
9.5.8.9 Australia
9.5.8.10 New Zealand
9.5.8.11 Rest of APAC
9.6. Middle East & Africa Magnetic Resonance Imaging (MRI) Market
9.6.1 Key Market Trends, Growth Factors and Opportunities
9.6.2 Top Key Companies
9.6.3 Historic and Forecasted Market Size by Segments
9.6.4 Historic and Forecasted Market Size By Type
9.6.4.1 Closed MRI Systems
9.6.4.2 Open MRI Systems
9.6.4.3 Extremity MRI Systems
9.6.5 Historic and Forecasted Market Size By Field Strength
9.6.5.1 Low-Field MRI (0.1T to 0.5T)
9.6.5.2 Mid-Field MRI (1.0T)
9.6.5.3 High-Field MRI (1.5T to 3.0T and above))
9.6.6 Historic and Forecasted Market Size By Application
9.6.6.1 Neurology
9.6.6.2 Orthopedics
9.6.6.3 Cardiology
9.6.6.4 Oncology
9.6.6.5 Others
9.6.7 Historic and Forecasted Market Size By End User
9.6.7.1 Hospitals
9.6.7.2 Diagnostic Imaging Centers
9.6.7.3 Research Institutes
9.6.7.4 Others
9.6.8 Historic and Forecast Market Size by Country
9.6.8.1 Turkey
9.6.8.2 Bahrain
9.6.8.3 Kuwait
9.6.8.4 Saudi Arabia
9.6.8.5 Qatar
9.6.8.6 UAE
9.6.8.7 Israel
9.6.8.8 South Africa
9.7. South America Magnetic Resonance Imaging (MRI) Market
9.7.1 Key Market Trends, Growth Factors and Opportunities
9.7.2 Top Key Companies
9.7.3 Historic and Forecasted Market Size by Segments
9.7.4 Historic and Forecasted Market Size By Type
9.7.4.1 Closed MRI Systems
9.7.4.2 Open MRI Systems
9.7.4.3 Extremity MRI Systems
9.7.5 Historic and Forecasted Market Size By Field Strength
9.7.5.1 Low-Field MRI (0.1T to 0.5T)
9.7.5.2 Mid-Field MRI (1.0T)
9.7.5.3 High-Field MRI (1.5T to 3.0T and above))
9.7.6 Historic and Forecasted Market Size By Application
9.7.6.1 Neurology
9.7.6.2 Orthopedics
9.7.6.3 Cardiology
9.7.6.4 Oncology
9.7.6.5 Others
9.7.7 Historic and Forecasted Market Size By End User
9.7.7.1 Hospitals
9.7.7.2 Diagnostic Imaging Centers
9.7.7.3 Research Institutes
9.7.7.4 Others
9.7.8 Historic and Forecast Market Size by Country
9.7.8.1 Brazil
9.7.8.2 Argentina
9.7.8.3 Rest of SA
Chapter 10 Analyst Viewpoint and Conclusion
10.1 Recommendations and Concluding Analysis
10.2 Potential Market Strategies
Chapter 11 Research Methodology
11.1 Research Process
11.2 Primary Research
11.3 Secondary Research
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Global Magnetic Resonance Imaging (MRI) Market |
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|
Base Year: |
2023 |
Forecast Period: |
2024-2032 |
|
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 6.64 Billion |
|
Forecast Period 2024-32 CAGR: |
6.50% |
Market Size in 2032: |
USD 11.70 Billion |
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Segments Covered: |
By Type |
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By Field Strength |
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By Application |
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By End-User
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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