The global MRI systems market is projected to grow steadily, driven by factors such as increasing awareness about early diagnosis, and technological advancements, according to a new report from Life Science Industry Research. Analysts expect the market to reach $7.19 billion by 2021, up from $5.61 billion in 2016, at a compound annual growth rate of 5.1% from 2016 to 2021.

In the report, the global MRI systems market is segmented on the basis of architecture, field strength, application, and region. By architecture, the market is categorized into closed MRI systems and open MRI systems. The MRI systems field strength market is divided into low-to-mid-field MRI (below 1.5T), high-field MRI (1.5T-3T), very-high-field MRI (4T-6T), and ultra-high-field MRI (7T and above). Very-high-field MRI is the fastest-growing field strength, while high-field MRI forms the largest field strength segment.

The closed MRI systems segment is expected to account for the largest share of the global market, the report states. Meanwhile, high-field emerged as the most widely adopted field strength in 2016. This can be attributed to the growing number of replacements and increasing adoption of advanced products.

The rising geriatric population; advancements in MRI techniques such as the development of superconducting magnets, open architecture, ultra-high-field MRI, and software applications; and the advent of MRI-compatible pacemakers are expected to drive the demand for MRI systems among end users in the forecast period. On the other hand, the high cost of MRI systems, depleting helium gas deposits, and declining reimbursement rates for MRI procedures are expected to affect the growth of the MRI systems market from 2016 to 2021.

Based on application, the MRI systems market is broadly classified into spine and musculoskeletal MRI, brain and neurological MRI, vascular MRI, pelvic and abdominal MRI, breast MRI, and cardiac MRI. Spine and musculoskeletal MRI is the fastest-growing segment, whose high growth rate can be attributed to the increasing aging population and rising awareness about early diagnosis.

According to the report, the key players operating in the MRI systems market are GE Healthcare, Hitachi Medical Corp., Philips Healthcare, Siemens Healthineers, and Toshiba Medical Systems.

The complete 183-page report profiles 10 companies and features 197 tables and 54 figures. To purchase the report, visit Life Science Industry Research.