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The global magnetic resonance imaging (MRI) equipment market size is projected to reach USD 11.36 billion by 2027. It is set to gain impetus from the rising adoption of high strength MRI equipment owing to the ongoing technological advancements. Such products offer better imaging qualities that can prove beneficial for vascular imaging, as well as similar other forms of imaging. This information is given by Fortune Business Insights™ in a recent report, titled, “Magnetic Resonance Imaging Equipment Market Size, Share & Industry Analysis, By Strength (Less than 1.5 T, 1.5 T, and More than 1.5 T), By Application (Musculoskeletal, Neurology, Cardiology, Body Imaging, and Others), By End User (Hospitals, Ambulatory Surgical Centers, and Diagnostic Centers), and Regional Forecast, 2019-2027.” The report further states that the market stood at USD 7.24 billion in 2019. However, it is set to exhibit a CAGR of 6.2% during the forecast period.
Synaptive Medical Receives FDA Clearance for Evry
In May 2020, Synaptive Medical bagged the 510(k) clearance from the USFDA for Evry, the company’s cost-effective MRI equipment to enable early and fast detection of neurological disorders. At the same time, it can be useful in detecting potential complications associated with the coronavirus infection, head trauma, or ischemic stroke.
The system is equipped with a small 0.5T superconducting magnet that is capable of lowering the currently allotted footprint to these imaging machines. It also consists of a detachable stretcher, volume section, automated series planning, and predefined imaging protocols. These would help in bedside transfers. Evry also provides a multichannel head coil that can be customized as per the patient-specific fittings to optimize the quality of images.
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Emergence of State-of-the-art Products to Augment Growth
The rising advancement in technology is likely to contribute to the magnetic resonance imaging equipment market growth in the coming years. The introduction of open MRI equipment supports the effective medical imaging of overweight and claustrophobic patients. Advancements have, thereby enhanced the computing power and field strength of the equipment. Siemens, for instance, unveiled its new 7T MRI system called MAGNETOM Terra. It was approved by the regulatory bodies for clinical usage. Such new fast track approvals would also drive the growth of the market. However, these systems involve high cost spending for maintenance and installation. It may hamper growth.
Key Players to Intensify Competition by Bagging Fast Track Approvals
The market is highly competitive with a classical monopolistic scenario. It houses a large number of emerging and established companies that are focusing on broadening their product portfolio by launching novel systems to cater to the demand from the consumers. They are also striving to gain marketing and distribution approvals from the authorities to surge sales.
Fortune Business Insights™ provides a list of all the companies operating in the MRI equipment market. They are as follows:
Notable Industry Developments-
Further report Findings-
The global market can be segmented in the following way:
Value (USD billion)
By End User