The Magnetic Resonance Imaging Market is expected to reach US$ 7,955.1 Mn in 2025 from US$ 5,913.6 in 2017. The market is estimated to grow with a CAGR of 3.8% from 2018-2025. The report highlights the trends prevalent in the global magnetic resonance imaging market and the factors driving the market along with those that act as restraints to its growth. The global magnetic resonance imaging market is witnessing a sheer rise in the current scenario and is expected to expand in the coming years. Technological advancements in magnetic resonance imaging is one of the major factor to propel the demand of magnetic resonance imaging. However, side effects and risks associated with the MRI is expected to hinder the market growth.

Magnetic resonance imaging products are ideally preferred for the post-surgery wound treatment. After extensive research and development, in 2015 at RSNA, Toshiba Medical introduced its Ultrashort Echo Time (UTE) sequence especially dedicated for pulmonary MRI scans that allows the clinicians to view tissue with a very short relaxation times for accurate MR imaging. Moreover, in March 2018, Philips introduced a new 3-tesla MRI scanner named Ingenia Elition 3.0T at the ECR 2018 in Vienna.

The new MRI system by Philips offers 50% reduction in the scanning time as well as improves the patient experience without compromising the quality of imaging. Similarly, in January 2017, Canon Medical Systems introduced a new 3T-MRI system Vantage Galan at 2016 RSNA meeting in Chicago that offers unique features in terms of excellent image quality, streamlined workflow and outstanding patient comfort. The high innovative products launched for magnetic resonance imaging is expected to be a factor driving the market during the forecast period, owing to its use in various surgical procedures.

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Key market players operating in the market of magnetic resonance imaging across the globe includes General Electric, Koninklijke Philips N.V., Siemens AG, Canon Medical Systems Corporation, Esaote SpA, FONAR, Hitachi, Ltd., Aspect Imaging, Neusoft Corporation and Time Medical Holding.

The application segment of the magnetic resonance imaging market is segmented into open cardiology, oncology, gastroenterology, musculoskeletal, neurology, and other applications. In 2017, the musculoskeletal segment is anticipated to grow at the highest CAGR during the forecast period in the magnetic resonance imaging market. The advantages offered by the MRI such as increased signal-to-noise ratio, higher spatial resolution, improved spectral resolution for spectroscopy, improved sensitivity for X-nucleus imaging, and decreased image acquisition times.

Some of the major primary and secondary sources included in the report for the magnetic resonance imaging market are World Health Organization (WHO), American Cancer Society, National Cancer Institute, Health Ministry in British Columbia, Department of Health, Australian Government, Center for Devices and Radiological Health, Food and Drug Administration, Public Health England, and Health Protection Agency among others.

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