MRI Ferromagnetic Detection Systems Market To Reach $1,293.77 Million By 2030

MRI Ferromagnetic Detection Systems Market Growth & Trends

The global MRI ferromagnetic detection systems market size is anticipated to reach USD 1,293.77 million by 2030, registering a CAGR of 14.87% from 2023 to 2030, according to a new report by Grand View Research, Inc. The primary factors driving the market growth are the increasing demand for safety measures in MRI rooms and regulatory implications mandating these safety precautions. An efficient MRI systemhas a strong, consistent static magnetic field that serves as an energy store. In MRI, the presence of metallic elements can lead to severe problems since long cables frequently produce currents and heat up due to RF magnetic fields, and metals can experience a force in the MRI that reduces image quality. The patient's health could suffer as a result of these concerns. As a result, MRI metal detectors are essential for checking for metals in space.

The usage of ferromagnetic detecting devices helps avoid accidents that could be brought on by external ferromagnetic objects, such as pocketknives and hearing aids. Considerable growth in MRI systems globally is among the key factors boosting product demand. The rising patient population requiring MRI diagnosis, technological advancements in MRI technology, and rising demand for early diagnosis have led to product demand across healthcare institutes, such as hospitals, ASCs, and independent units. As per the Grand View Research analysis, the global MRI market accounted for USD 5.26 billion in 2022 and is projected to grow at a considerable growth rate of around 7% during the forecast period.

North America is the dominant regional market due to the high product adoption in the region. Moreover, a high volume of MRI units per million population, significant importance to safety measures, and regulatory mandates for medical devices in the region support market growth. Asia Pacific is projected to grow at the highest CAGR of 16.05% during the forecast period owing to the rising healthcare expenditure on medical imaging diagnosis and the growing importance of medical tourism in Asia Pacific countries. Developing countries, such as India, China, and Singapore, are investing heavily in the expansion of healthcare facilities, including diagnostic imaging systems. Japan had the largest number of MRI units per million at 55.21 in 2019, followed by Australia at 15 units per million population.

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MRI Ferromagnetic Detection Systems Market Report Highlights

• North America accounted for the largest share of 33.95% in 2022 owing to the high number of MRI installations, technologically advanced infrastructure, and high healthcare spending per capita

• Based on type, the stationary segment dominated the market by capturing a 65.89% share of the global revenue in 2022 owing to the high number of MRI facilities installed at hospitals and the demand for controlled pre-screening before entering the MRI room. This type offers high-sensitivity and full-body scanning of patients and personnel

• Based on end-use, the hospitals segment accounted for the largest market share of 63.16% in 2022 as many hospital settings are equipped with advanced medical imaging systems for anomaly diagnosis

MRI Ferromagnetic Detection Systems Market Segmentation

Grand View Research has segmented the global MRI ferromagnetic detection systems market on the basis of type, end-use, and region:

MRI Ferromagnetic Detection Systems Type Outlook (Revenue, USD Million, 2018 - 2030)

• Stationary

• Portable

MRI Ferromagnetic Detection Systems End-use Outlook (Revenue, USD Million, (2018 - 2030)

• Hospitals

• Other Healthcare Establishments

MRI Ferromagnetic Detection Systems Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

  • Thailand

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players of MRI Ferromagnetic Detection Systems Market

• Kopp Development Inc.

• Bio-x, Magmedix Inc.

• Metrasens

• Tactical Solutions

• C.E.I.A. S.p.A.

• ITEL Telecomunicazioni S.r.l.

• Nanjing Cloud Magnet Electronics Technology Co., Ltd.

• ETS Lindgren

• Fujidenolo Co. Ltd.