The global magnetic resonance imaging scanners and accessories industry size stood at USD 13.25 billion in 2022 and will witness a CAGR of 8.2% from 2023 to 2030, according to the "Magnetic Resonance Imaging Scanners and Accessories Industry Data Book, 2023 – 2030," published by Grand View Research. The trend for magnetic resonance imaging (MRI) is mainly attributed to the demand for scanning to monitor, diagnose and assess various medical conditions. Since MRI does not use X-rays and provides much clearer pictures, end-users have sought the imaging test for the treatment or diagnosis monitoring of the brain, nerves, spinal cord, ligaments, muscles and tendons.
Magnetic resonance imaging technologists have exhibited an increased inclination for the non-invasive imaging tool to image the body's non-bony parts. Heightened awareness about early diagnosis has fueled the footprint of MRI across emerging and advanced economies. Healthcare providers have upped their focus on increased productivity to keep up with the surge in patient volumes. In terms of revenue, the magnetic resonance imaging market size was valued at USD 5.26 billion in 2022 and could surge at a CAGR of over 7.1% during the assessment period. The growth trajectory is primarily linked to the cardiovascular MRI to monitor or detect cardiac disease. Cardiac MRI will gain prominence to streamline workflow with, including but not limited to, the evaluation of the effects of coronary artery disease, diagnosis of cardiovascular disorders and causes of chest pain.
Industry leaders have furthered their investments in MRI coils following the surge in the aging population and soaring cases of chronic diseases. Radiofrequency coils will provide a fillip to the market growth in light of the demand for clinical trials and applications in receiving and transmitting signals during MRI scans. The MRI coils market size garnered USD 7.99 billion in 2022 and will depict an 8.9% CAGR during the forecast period. In essence, the adoption of technologically advanced diagnostic tools to produce high-quality MRI images will leverage industry players to solidify their brand positions.
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Entrepreneurs, investors and other stakeholders are expected to bank on the following drivers, opportunities and trends to stay ahead of the curve:
- MRI motion tracking systems will witness investment abound against the backdrop of uptake in MRI scans and their use to minimize errors, reduce motion disturbances and boost image quality.
- Hospitals, clinics and diagnostic centers will likely witness profound demand for MRIs on the heels of soaring cases of Alzheimer's and Parkinson's diseases. According to the Alzheimer's Association, around 6.7 million Americans are suffering from Alzheimer's in 2023.
- MRI has become the next big thing to improve cancer screening. In March 2022, researchers at the University of Waterloo developed an innovation that suggests cancer tissue lights up, thereby improving screening, treatment and prognosis planning.
North America MRI industry share will gain traction in the backdrop of prevalence of chronic disease, buoyant RD activities and bullish government policies. To illustrate, in February 2023, the National Institutes of Health injected funds into research that helped develop a novel MRI method that can leverage the automatic detection of placental compartments, structural abnormalities and oxygen status.
Researchers are exploring the potential of advanced technologies, such as AI to bring a paradigm shift in the healthcare sector. In June 2021, researchers at the New York University (NYU) Langone Center contemplated boosting MRI accessibility using AI to minimize the time needed for MRI image construction. Additionally, in January 2023, NYU Langone Health cited its study inferring that AI can reconstruct missing data from rapid MRI scans. The study further stated that AI-reconstructed MRI scans are four times faster compared to standard scans. These research activities have solidified the penetration of AI in MRI scans, propelling North America's position in the global market.
The competitive scenario emphasizes the prominence of organic and inorganic growth strategies to enhance RoI and boost geographical expansion through technological advancements, innovation, RD activities, collaboration and mergers acquisitions. For instance, in November 2022, Siemens Healthineers teamed up with HeartVista to integrate the latter's AI programs for cardiac imaging scans. HeartVista's one-click program will help reduce total scan duration and decrease the number of times a patient is expected to hold their breath to collate a clear image and leverage spotting possible heart defects. Meanwhile, in September 2021, Zoho announced an infusion of USD 5 million into Voxelgrids, an MRI tech startup. The investment will remain pivotal in the growth of indigenous MRI technology to offer the next-gen and cost-effective option.
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