P & S Intelligence has released a new report on the MRI systems market, detailing previous and expected growth by 2023. According to the report, the increasing prevalence of chronic diseases and surging geriatric population are boosting the growth of the market. Furthermore, technological advancements in MRI systems, rising awareness about the early diagnosis of diseases, and increasing government support for the imaging method are also augmenting the domain progress.

The MRI systems market has been segmented by architecture, field strength, type, application, geography, and end users. Based on architecture, the market is divided into open and closed systems, of which the closed MRI system category held revenue share of 79.9% in 2017. Closed MRI systems, as compared to open MRI variants, deliver more accurate and high-resolution scans, which is why this category is predicted to lead the market during the forecast period as well.

Due to the increasing incidents of traumatic brain and neck injuries around the globe, the MRI systems market is projected to witness the fastest growth during the forecast period in the head, brain, and neck category, which is expected to register a CAGR of 5.7%.

MRI systems market players are developing multi-contrast MRI scanners that help in detecting anomalies in different body parts at once. For instance, in September 2016, GE Healthcare received the USFDA approval for its MAGiC (MAGnetic resonance image compilation) scanners, which give multiple image contrasts in a single scan. Discovery MR750, Discovery MR750w, Optima MR450, Optima MR450w, and SIGNA Pioneer are the MAGiC MRI scanners developed in collaboration with SyntheticMR AB. Similarly, in October 2017, the USFDA cleared Siemens AG’s 7 T Magnetom Terra MRI system, designed for the arms, legs (extremities), and head of patients weighing over 66 pounds.

With advancements in technology, the quality of the MRI systems is increasing, and, in turn, leading the market forward.