Saudi Arabia Magnetic Resonance Imaging Market to Grow with an Impressive CAGR until 2027 | TechSci Research

Increasing investment in healthcare industry is driving the growth of the Saudi Arabia Magnetic Resonance Imaging Market, in the forecast period, 2023-2027F.

According to TechSci Research report on, “Saudi Arabia Magnetic Resonance Imaging Market - By Region, Competition Forecast & Opportunities, 2027”, Saudi Arabia magnetic resonance imaging market has shown promising growth in historical years until 2021 and is expected to continue its growth in forecast years 2023 to 2027. Saudi Arabia magnetic resonance imaging market owes its growth to the factors like surge in the demand of diagnostic imaging techniques.

Rapidly increasing demand for the early diagnosis of chronic diseases, spine lesions, cancer cells, and tumors, etc. is further driving the growth of the Saudi Arabia magnetic resonance imaging market in the upcoming five years. Surge in the demand for the technologically advanced equipment and tools like MRI is further supporting the growth of the Saudi Arabia magnetic resonance imaging market in the next five years.

Also, inclusions of techniques like PET or CT scans along with the magnetic resonance imaging technology is further aiding the growth of the Saudi Arabia magnetic resonance imaging market in the future five years. Global players are actively penetrating the Saudi Arabia healthcare industry to establish their brands in the country is substantiating the growth of the Saudi Arabia magnetic resonance imaging market in the forecast years, until 2027.

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The Saudi Arabia magnetic resonance imaging market segmentation is based on field strength, type, architecture, source, application, end user, competitional landscape, and regional distribution. Based on field strength, the market is segmented into High-Field MRI Systems (1.5t MRI Systems, 3t MRI Systems), Low-To-Mid-Field MRI Systems (<1.5t), Very-High-Field MRI Systems (4t and Above)).

High field MRI systems are expected to dominate the market segment and register highest revenue shares in the upcoming five years on the account of added benefits of higher signal to noise ratio. Also, advantages of contrast to noise ratio and spectral resolution for various applications is anticipated to further support the growth of the sub-segment along with the growth of the Saudi Arabia magnetic resonance imaging market in the next five years.

On the basis of type, the market is divided between fixed and mobile type of magnetic resonance imaging. Mobile MRI systems are expected to dominate the market in the upcoming five years on the grounds of easier usage and compact designing of the instrument. Moreover, installation of the mobile MRI system is favorable for the ambulatory surgical centers and smaller imaging diagnostic centers thereby supporting the growth of the mobile MRI system along with influencing the growth of the Saudi Arabia magnetic resonance imaging market in the next five years.

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Fixed type may register significant growth due to their utilizations in the general hospitals and specialty hospitals where the demand is increasing due to rapidly increasing patient counts, thereby also substantiating the growth of the Saudi Arabia magnetic resonance imaging market in the forecast years.

Application segment of the market is further segmented into brain and neurological, oncology, spine and musculoskeletal, abdominal, cardiac, and others. Oncology applications are anticipated to dominate the market segment and register largest revenue shares of the market in the upcoming five years on the grounds of increasing instances of cancer and rapidly increasing radiation therapy for the treatment of cancer.

A partial list of major market players of the Saudi Arabia magnetic resonance imaging market includes:

• GE Healthcare
• Philips Healthcare Saudi Arabia
• Siemens Medical Solutions USA Inc.
• Canon Medical Systems USA, Inc.
• Hitachi Medical Systems America Inc.

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“Increasing demand for the MRI equipment for various medical procedures is supporting the future market growth. Saudi Arabia has one of best available healthcare facilities and is one of the major economies that supports the growth of the Middle East & Africa region in terms of healthcare sector. Increasing demand for the magnetic resonance imaging techniques for the identification of severe conditions like cancer are further supporting the growth of the Saudi Arabia magnetic resonance imaging market in the upcoming five years. Tumors and cancer disease is adversely affecting thew population of the country thereby surging the demand and thus the growth of the market in the next five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Saudi Arabia Magnetic Resonance Imaging Market By Field Strength (High-Field MRI Systems (1.5t MRI Systems, 3t MRI Systems), Low-To-Mid-Field MRI Systems (<1.5t), Very-High-Field MRI Systems (4t and Above)), By Type (Fixed, Mobile), By Architecture (Closed MRI Systems and Open MRI Systems), By Source (Domestic v/s Import), By Application (Brain and Neurological, Oncology, Spine and Musculoskeletal, Abdominal, Cardiac, Others), By End User (Hospitals, Imaging Centers, Ambulatory Surgical Centers, Others), By Region, Competition Forecast & Opportunities, 2027” has evaluated the future growth potential of Saudi Arabia magnetic resonance imaging market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia magnetic resonance imaging market.

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North America to Dominate Global MRI Market Through 2026 with a CAGR of 8.12% - TechSci Research

 Growing demand for quick and effective diagnostic procedures and advancements in diagnostic techniques is expected to drive the global MRI market.

According to TechSci Research report, “Global MRI Market By Field Strength (High-Field MRI Systems (1.5t MRI Systems, 3t MRI Systems), Low-To-Mid-Field MRI Systems (<1.5t), Very-High-Field MRI Systems (4t and Above)), By Type (Fixed, Mobile), By Architecture (Closed MRI Systems, Open MRI Systems), By Application (Brain and Neurological, Oncology, Spine and Musculoskeletal, Abdominal, Cardiac, Others), By End User (Hospitals, Imaging Centers, Ambulatory Surgical Centers, Others), By Region, Forecast & Opportunities, 2026”, the global MRI market was valued at around USD6 billion in 2020 and is expected to witness CAGR of around 8% during the forecast period to reach around USD9.4 billion through 2026. Key factors propelling the growth of the global MRI market include advancements in magnetic resonance imaging (MRI) techniques and growing requirements for quick and effective diagnostic procedures. The increasing prevalence of health conditions such as spine lesions, tumors, and stroke are further creating the demand for efficient diagnostic machines such as magnetic resonance imaging. Moreover, technological advancements like diffusion and diffusion tensor imaging with tractography, perfusion imaging, functional imaging and neuroimaging including MR spectroscopy are expected to drive the growth of the global MRI market in the coming years. Also, extensive R&D activities conducted by manufacturers are fueling the growth of this market.

Additionally, increasing usage of MRI devices for the detection of severe internal injuries is fueling the market growth. Apart from this, the rising patient pool suffering from neurological and musculoskeletal disorders is acting as a major growth driver for the global MRI market. However, the market is also prone to some challenges. High cost of MRI machines and insufficient reimbursement policies in various countries are posing a challenge before manufacturers. Furthermore, delayed product approval due to a stringent regulatory framework is likely to hamper the market growth in coming years.

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The global MRI market is segmented based on field of strength, type, architecture, application, end user and region. Based on architecture, the market can be segmented into closed MRI systems and open MRI systems. Among them, closed MRI systems held the largest market share in 2020 as they use powerful magnetic fields and help in getting detailed slice selection and error-free analysis. Moreover, these systems are highly preferred by radiologists and hence, are expected to further dominate the global MRI market through 2026.

Based on application, the global MRI market can be segmented into brain and neurological, oncology, spine and musculoskeletal, abdominal, cardiac and others. Among them, the brain and neurological segment is expected to dominate the global MRI market during the forecast period as MRI is identified as the best tool for diagnostic imaging and neuroscience research. Furthermore, MRIs are also capable of documenting brain injury from trauma and can monitor degenerative disorders.

Major players operating in the global MRI market include GE Healthcare, Aurora Imaging Technologies, Inc., Sanrad Medical Systems Pvt ltd., Aspect Imaging, Esaote SpA, Fonar Corporation, Hitachi Ltd, Neusoft Medical Systems Co. Ltd, Koninklijke Philips NV, Siemens Healthcare GmbH, Canon Medical Systems Corporation, Mindray Medical International Limited, Hologic, Inc., Nordion Inc., and United Imaging Healthcare Co., Ltd. The market players are focusing on developing advanced software to introduce new and more efficient MRI devices into the global market.

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“North America dominated the global MRI market until 2020 and is expected to hold its dominance during the forecast period owing to the presence of a well-established healthcare system and leading MRI system manufacturers in the region. However, Asia Pacific is anticipated to register the fastest growth through 2026 due to the increasing prevalence of cardiovascular disorders and neurological diseases. Furthermore, availability of advanced healthcare facilities and services at a lower cost is also augmenting the growth of MRI market in APAC,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global MRI Market By Field Strength (High-Field MRI Systems (1.5t MRI Systems, 3t MRI Systems), Low-To-Mid-Field MRI Systems (<1.5t), Very-High-Field MRI Systems (4t and Above)), By Type (Fixed, Mobile), By Architecture (Closed MRI Systems, Open MRI Systems), By Application (Brain and Neurological, Oncology, Spine and Musculoskeletal, Abdominal, Cardiac, Others), By End User (Hospitals, Imaging Centers, Ambulatory Surgical Centers, Others), By Region, Forecast & Opportunities, 2026” has evaluated the future growth potential of the global MRI market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global MRI market.

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