The global Closed MRI Systems Market exhibited significant growth in 2020 and is projected to expand substantially by 2028, with a rapid increase in revenue during the forecast period. The healthcare industry is experiencing a rising demand for closed MRI systems, driven by changing market trends and consumption patterns.
Magnetic Resonance Imaging (MRI) is a radiology tool utilized to capture images of biochemical processes within the body. The closed MRI system, designed as a tube-like tunnel with high field intensity, enables higher resolution and thinner slices, making it effective for observing small body parts or organs. Compared to most MRI devices, closed MRI systems provide superior scanning capabilities for patients. These devices utilize magnetic fields and radio waves to screen and diagnose various disorders, including multiple sclerosis (MS), knee cartilage degeneration, breast cancer, dementia, Prostate Cancer, spinal tuberculosis, and more.
The global demand for closed MRI systems is fueled by factors such as the growing aging population and increased awareness of the benefits of MRI scanning. However, the market's growth may be hindered by the high cost of MRI systems, decreasing compensation rates for MRI procedures, and a decline in the supply of helium, which could lead hospitals to explore alternative, more affordable MRI magnets. On the other hand, opportunities for substantial growth are anticipated through advancements in MRI technology, including superconducting (SC) magnets, open architecture, and high-field MRI.
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Key Players Operating in Closed MRI Systems Market
- Siemens Healthineers
- GE Healthcare
- Phillips
- Hitachi
- Canon Medical Systems
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Driving Factors of Closed MRI Systems Market:
- Growing Aging Population: As the global population ages, there is an increased incidence of age-related diseases and conditions that require medical imaging, including MRI scans. The aging population drives the demand for closed MRI systems as they are essential for diagnosing and monitoring various health conditions associated with aging.
- Increasing Awareness of MRI Benefits: There is a growing awareness among both healthcare professionals and the general public about the benefits of MRI scans in accurately diagnosing and monitoring various medical conditions. This increased awareness leads to higher demand for closed MRI systems in the healthcare industry.
- Advancements in MRI Technology: Continuous advancements in MRI technology, such as the development of high-field MRI, superconducting (SC) magnets, and open architecture designs, have improved the efficiency and diagnostic capabilities of closed MRI systems. These technological advancements attract healthcare providers and patients, contributing to market growth.
- Rising Prevalence of Chronic Diseases: The prevalence of chronic diseases, such as cardiovascular disorders, cancer, and neurological conditions, has been on the rise globally. Closed MRI systems are valuable tools for diagnosing and monitoring these chronic conditions, leading to increased demand in the market.
Restraints of Closed MRI Systems Market:
- High Cost of MRI Systems: Closed MRI systems are relatively expensive to acquire and maintain, which can be a significant barrier for small healthcare facilities and those in developing regions. The high cost restricts the adoption of closed MRI systems, limiting market expansion.
- Declining Reimbursement Rates: While favorable reimbursement policies can drive market growth, declining reimbursement rates for MRI procedures can have the opposite effect. Lower reimbursement rates may deter healthcare facilities from investing in closed MRI systems, negatively affecting market development.
- Limited Availability of Helium: Closed MRI systems rely on helium to maintain superconductivity in their magnets. However, there have been concerns about the global helium supply, leading to potential shortages and increased helium costs. This limitation may lead to hospitals exploring alternatives to closed MRI systems.
- Competition from Open MRI Systems: Open MRI systems, which offer more space and comfort for claustrophobic or obese patients, represent a significant competition to closed MRI systems. Some patients may prefer open MRI systems, affecting the demand for closed systems in certain markets.
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