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The global MRI market size is expected to reach an approximate value of USD 5.8 billion by 2026

NEW YORK, April 8, 2019 /PRNewswire/ -- Magnetic Resonance Imaging Market Size, Share & Trends Analysis Report By Architecture (Open, Closed), By Field Strength (Near, Mid, Far), By Application, By End Use, And Segment Forecasts, 2019 - 2026

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The global MRI market size is expected to reach an approximate value of USD 5.8 billion by 2026. It is projected to expand at a CAGR of 5.3% during the forecast period. Constant introduction of advanced disease diagnostic technologies is primarily boosting the growth. Rapid growth of MRI sector is attributed to the rising prevalence of chronic diseases which require early diagnosis and timely treatment to prevent late stage complications. Also, rising number of road accidents leading to injuries and complications are augmenting the demand for this modality. The musculoskeletal and spine injuries also demand for these systems for better diagnosis using high-resolution scanning technique.

On the other hand, high cost and requirement of qualified professional to operate the device are some of the major factors challenging the growth of the MRI market. Moreover, prolonged life span of these devices is resulting in delayed repeat purchase and thereby hindering the market growth.

Market players are adopting various strategies such as collaborations and mergers and acquisitions to remain competent.For instance, Aurora Imaging Technology signed a distribution agreement with Sumec Group Corporation.

Under the terms of agreement, Sumec Corporation is distributing Aurora Imaging Technology's MRI system in China. The agreement provided a platform for both the companies to expand their diagnostics and screening market for breast scans using Aurora MRI system in China.

Further key findings from the report suggest:
• Closed system segment held the largest market share in 2018. Whereas open system is anticipated to be the fastest growing segment during the forecast period.
• MRI for neural and brain disorders led the magnetic resonance imaging market owing to the lack of lternate scanning tool
• High field MRI segment which includes 1.5T to 7T MRI machines, is expected to showcase a significant CAGR in developed regions during the forecast period
• Ambulatory surgical centers are expected to exhibit the highest CAGR during the forecast period owing to government initiatives to improve primary care
• In 2018, North America led with the largest revenue share owing to continuous research and high adoption of advanced techniques. Whereas Asia Pacific is anticipated to showcase the fastest CAGR from 2019 to 2026
• Rapidly growing medical tourism industry coupled with growing disposable income of India, and China are some of the factors that are expected to drive the growth
• Major players competing in the industry include but are not limited to Siemens AG; Koninklijke Philips N.V.; GE Healthcare; and Hitachi Medical Systems

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