Open MRI Systems Market Worth $1.4 Billion By 2026 | CAGR: 6.4%

Open MRI Systems Market Growth & Trends

The global open MRI systems market size is expected to reach USD 1.4 billion by 2026, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 6.4%. Increasing demand for high strength open MRI systems is expected to drive growth during the forecast period.

Changing lifestyle and increasing prevalence of age-associated chronic conditions including cancers and neurological disorders are among the factors expected to boost the demand for safer and accurate diagnostic imaging devices. Open MRIs are specifically designed to provide comfort to patients, especially children and obese patients.

Limited number of high strength open MRI systems and large number of ongoing studies are expected to widen the scope for growth of the market over the forecast period. Launch of Oasis open MRI 1.2T system by Hitachi and rapid geographic expansion of the company are likely to contribute to the high demand for advanced open MRIs in developed and developing regions.

Increasing number of strategic initiatives such as development of advanced software for open MRI systems and patient-friendly devices with less noise is among the factors expected to propel market growth. Moreover, rising awareness about preventive diagnostics and growing medical tourism in developing regions are some of the factors expected to aid in growth.

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Open MRI Systems Market Report Highlights

• High field strength open MRI systems segment is expected to grow at the fastest CAGR as these systems are effective in capturing detailed images
• Low field strength open MRI systems segment held the largest market share in 2018 mainly owing to limitations of open structure in integrating high strength magnets
• On the basis of application, the brain segment held the largest open MRI systems market share in 2018 owing to growing geriatric population and high prevalence of neurodegenerative diseases
• The breast segment, based on application, is expected to grow at a lucrative rate mainly due to growing incidence of breast cancer and rising demand for early diagnosis
• Asia Pacific is anticipated to witness the fastest growth over the forecast period due to factors such as rapidly advancing healthcare facilities, increasing disposable income, rising awareness about preventive diagnostics, and growing economies
• Major players in the industry are focusing on technological advancements to enhance images and reduce the time of diagnosis