According to the research report titled ‘Global MRI Systems Market - Analysis By Architecture (Closed, Open), Field Strength (<1.5T, 1.5T - 3T, >3T), Application, By Region, By Country (2021 Edition): Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global MRI systems market was valued at USD 7.13 billion in 2020 and is estimated to expand substantially through 2026.

The rising prevalence of chronic diseases such as cardiovascular, breast cancer, and neurological condition, growing inclination towards using high-field MRI systems, increasing awareness about the benefits of early diagnosis, and the surging geriatric population are some of the primary factors driving the growth of global MRI systems market.

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Aside from this, the rising adoption of universal health coverage in the developed and developing countries, increasing innovative product launches, surging demand for high-strength MRI system, expanding healthcare infrastructure, and the introduction of AI-inspired MRI procedures will stimulate the overall market expansion as well.

Based on architecture, the market is divided into open MRI systems and closed MRI systems. Out of these, the 1.5T - 3T segment captured the major market share in 2020.  The more than 3T segment is expected to witness substantial growth through the forecast period as well, owing to enhanced imaging quality over its counterparts.

Moving on to the field strength, the industry is categorized into more than 3T, 1.5T - 3T, and less than 1.5T. In terms of the application spectrum, this business sphere is classified into cardiology, musculoskeletal, neurology, and others.

The regional reach of this business space includes North America, Asia-Pacific, and Europe. The country-level bifurcation of global MRI systems extends to Japan, India, China, Italy, France, Germany, the United Kingdom, Canada, Australia, and United States.

North America is projected to hold the majority share in global MRI Systems market, only trailed by Europe. Meanwhile, Asia Pacific market is estimated to witness commendable growth in the forthcoming years.

The prominent companies operating in global MRI systems include MR Solutions Group, Time Medical Systems, Fonar Corporation, Hitachi Ltd., Canon Medical Systems Corporation, Anke High-tech Co. Ltd., Koninklijke Philips N.V., General Electric Company, Esaote SpA, and Siemens Healthineers AG.