Market Size of Asia Pacific Open System MRI Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Market Size (2024) | USD 338.09 Million |
Market Size (2029) | USD 491.50 Million |
CAGR (2024 - 2029) | 7.77 % |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Asia Pacific Open System MRI Market Analysis
The Asia Pacific Open System MRI Market size is estimated at USD 338.09 million in 2024, and is expected to reach USD 491.5 million by 2029, growing at a CAGR of 7.77% during the forecast period (2024-2029).
Open systems are preferred systems for scanning infants and can accommodate overweight and obese patients also. Hospitals and diagnostic centers prefer to purchase open systems as they allow diagnostic imaging of a variety of conditions. These systems have a small risk of panic attacks and claustrophobia, leading to widespread acceptance of these programs by patients with these conditions.
The growth of this open MRI systems market can be attributed to the increasing geriatric population and rising prevalence of cancer in the region. According to estimates of Johnson and Johnson, Asia pacific has 50% of the world's cancer burden in the year 2020 and is expected to increase by 36% for 2030. However, the growing disease burden, and increasing application of the MRI system, and the advantages of the open MRIs are boosting the market growth in the region. Therefore all these factors are supporting the Asia Pacific Open System MRI market.
Asia Pacific Open System MRI Industry Segmentation
As per the scope of the report, magnetic resonance imaging (MRI) uses a strong magnetic field and radio waves to create detailed images of the organs and tissues within the body. Open MRI systems have a magnetic field in the top and bottom and do not enclose the patient in a tunnel. This prevents patients from becoming Claustrophobic.
By Resolution | |
Low- Field Scanner | |
Mid-field Scanner | |
High-Field Scanner |
By Application | |
Neurology | |
Gastroenterology | |
Cardiology | |
Oncology | |
Others |
Geography | ||||||||
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Asia Pacific Open System MRI Market Size Summary
The Asia Pacific Open System MRI market is experiencing significant growth, driven by the increasing demand for diagnostic imaging systems that cater to a diverse patient demographic, including infants and those with obesity. Open MRI systems are favored for their ability to reduce the risk of panic attacks and claustrophobia, making them more acceptable to patients with these concerns. The market's expansion is largely attributed to the rising geriatric population and the growing prevalence of cancer in the region, which holds a substantial portion of the world's cancer burden. The advantages of open MRIs, coupled with their expanding applications in diagnosing and monitoring neurological conditions, are further propelling market growth. These systems are instrumental in detecting brain and spinal cord tumors, infections, and vascular irregularities, as well as in monitoring degenerative disorders like multiple sclerosis.
The competitive landscape of the Asia Pacific Open System MRI market is characterized by the presence of major players such as Hitachi Medical Corporation, Siemens Healthcare, ESAOTE SA, Philips Healthcare, and SHENZHEN BASDA MEDICAL APPARATUS CO.,LTD. These companies leverage their substantial research funding and robust distribution networks to maintain their market positions. Additionally, the region is witnessing the emergence of smaller players, spurred by increased awareness and demand for open MRI systems. This dynamic has contributed to the market's growth, as these smaller entities introduce innovative solutions and expand their reach. The increasing prevalence of neurological diseases, as highlighted by the high mortality rate from cerebrovascular diseases in countries like China, underscores the growing need for advanced diagnostic imaging equipment, further supporting the market's expansion.
Asia Pacific Open System MRI Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Number of MRI Procedures
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1.2.2 Increasing Applications in Clinical Diagnosis and Increasing Disease Burden
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1.3 Market Restraints
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1.3.1 High Cost of Open MRI Systems
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1.4 Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Resolution
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2.1.1 Low- Field Scanner
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2.1.2 Mid-field Scanner
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2.1.3 High-Field Scanner
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2.2 By Application
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2.2.1 Neurology
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2.2.2 Gastroenterology
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2.2.3 Cardiology
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2.2.4 Oncology
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2.2.5 Others
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 Japan
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2.3.1.3 India
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2.3.1.4 Australia
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2.3.1.5 South Korea
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2.3.1.6 Rest of Asia-Pacific
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Asia Pacific Open System MRI Market Size FAQs
How big is the Asia Pacific Open System MRI Market?
The Asia Pacific Open System MRI Market size is expected to reach USD 338.09 million in 2024 and grow at a CAGR of 7.77% to reach USD 491.50 million by 2029.
What is the current Asia Pacific Open System MRI Market size?
In 2024, the Asia Pacific Open System MRI Market size is expected to reach USD 338.09 million.