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A number of factors, such as the technological developments in magnetic resonance imaging (MRI) systems, rising cases of chronic illnesses, improving healthcare infrastructure, growing aging population, surging government support for MRI, and increasing awareness on the early diagnosis of diseases, are projected to boost the MRI systems market at a CAGR of 5.2% in the forecast period (2018–2023).

Moreover, technological developments in MRI systems are another key factor driving the market growth across the globe. The several ongoing research and development (R&D) studies have directed various improvements in the MRI technology and systems. These developments have further boosted the evolution of advanced MRI equipment that offers a better image quality, improved throughput, and quicker exams. For example, MRI-compatible devices and hybrid MRI systems are some of the advanced MRI equipment available in the market. Also, market players are collaborating with healthcare companies and academic institutes to launch advanced products.

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Globally, North America was the largest MRI systems market in 2017. This is attributed to the growing geriatric population, high healthcare investments, and advanced healthcare industry, which promote the adoption of these devices in the region. Whereas, the Asia-Pacific (APAC) market is likely to witness the fastest growth during the forecast years, owing to the improving healthcare infrastructure, surging aging population, technological developments in imaging modalities, and rising cases of chronic diseases. For instance, as per Cancer Australia, around 138,321 new cases of cancer were diagnosed in the country in 2018.

Thus, the rising incidence of chronic diseases and the surging aging population are expected to propel the growth of the market during the forecast period.

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