According to the recent 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 system market was valued at USD 7.13 billion in 2020 and is expected to record considerable growth through the forecast period.

The major factors driving the global magnetic resonance imaging systems market growth are the increasing prevalence of chronic diseases such as cardiovascular disease, breast cancer, neurological and musculoskeletal conditions, growing awareness regarding the benefits of diagnosis, advancements in technology leading to the replacement of conventional MRI systems with high-field systems, and a growing elderly population.

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The other factors driving the market growth are rising demand for universal health coverage in developed and developing markets, increased product launches, mounting adoption of high-strength MRI equipment, growing healthcare infrastructure, and the introduction of AI-Inspired MRI procedures.

The global MRI systems market segment is differentiated on the basis of architecture type, field strength, application scope, and regional analysis. The architecture segment is further split into closed MRI and Open MRI systems.

The field strength segment is segregated in terms of less than 1.5T, 1.5T-3T, and more than 3T. Among these, the 1.5T-3T sector captured the majority share in 2020 and is estimated to have considerable growth through the study analysis. Meanwhile, the more than 3T segment is also predicted to expand significantly in the subsequent years, given their growing popularity owing to their superior imaging quality as compared to other scanners.

Based on application landscape, the market is bifurcated into musculoskeletal, neurology, cardiology, and other segments.

The regional analysis of global MRI systems marketplace spans across the Middle East & Africa, North America, Latin America, Europe, and Asia Pacific. North America is poised to hold the largest market share, followed by Europe. Asia Pacific is also predicted to be the fastest growing region during the forecast period.

The leading companies defining the competitive landscape of global MRI industry are Time medical Systems, Anke High-tech Co. Ltd., MR Solutions Corporation, Esaote S.p.A, Hitachi Ltd., Fonar Corporation, Canon Medical Systems Corp., Siemens Healthineers, Koninklijke Philips N.V., and General Electric Co.