As per the research report titled ‘Global MRI Systems Market - Analysis By Architecture (Closed, Open), Field Strength (<1.5T, 1.5T - 3T, >3T), Application, By Region, By Country (2021 Edition): Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, worldwide MRI systems market valuation was USD 7.13 billion in the year 2020 and is anticipated to grow at a significant rate through 2026.

The escalating incidence of chronic ailments such as musculoskeletal conditions, cardiovascular disease, breast cancer, and neurological conditions, rising consciousness about the importance of early diagnosis of ailments, technological innovations contributing to the substitution of low-field MRI devices with high field strength MRI systems, and increased aged population are all the factors propelling the expansion of global MRI systems industrial sector.

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Additionally, launch of innovative products, rising expenditure on infrastructure in emerging nations, emergence of AI-powered MRI treatments, and the adaption of universal health insurance in numerous economies are driving the market growth.

By architecture, the market comprises of open MRI systems, and closed MRI systems. Speaking of the application spectrum, the industry segmentation comprises cardiology, musculoskeletal, neurology, and others.

Based on field strength, global MRI systems market is bifurcated into less than 1.5T, 1.5T-3T, and more than 3T. As mentioned in the report, the 1.5T-3T segment commanded a significant proportion of market share in the recent past and is expected to grow through 2026. It is attributed to the widespread application of scanners with either of these capabilities in MRI diagnostic treatments. Moreover, the more that 3T segment is poised to grow as well in the coming years, as they produce high quality images during diagnosis.

Witnessing the regional scope, the global market is expected to be dominated by North America, followed by Europe during the year 2021-2026. Furthermore, APAC industry is estimated to flourish at a robust rate through 2026.

Moving on to the competitive panorama, organizations such as MR Solutions Group, Esaote SpA, Fonar Corporation, Canon Medical Systems Corporation, General Electric Company, Siemens Healthineers AG, Philips, Hitachi Ltd., Shenzhen Anke High-tech Co. Ltd., and Time Medical Systems are driving the growth of global MRI systems industry.