The global Magnetic Resonance Angiography (MRA) Market, a non-invasive diagnostic imaging technology that utilizes Magnetic Resonance Imaging (MRI) to create detailed images of the body's blood arteries, was valued at USD 2.89 Billion in 2022. It is projected to witness significant growth and reach USD 4.48 Billion by 2032, with a steady revenue Compound Annual Growth Rate (CAGR) of 5% during the forecast period. Several factors contribute to this upward trend in market revenue.
One of the primary drivers is the escalating prevalence of cardiovascular disorders, including stroke and coronary artery disease, on a global scale. According to the World Health Organization (WHO), cardiovascular illnesses are responsible for approximately 18 million deaths annually, making them the leading cause of mortality worldwide. MRA plays a crucial role in the diagnosis of such conditions as it provides detailed images of blood vessels, aiding in the identification of blockages or narrowing of arteries.
Furthermore, the aging population across the globe is another significant factor contributing to the growth of the magnetic resonance angiography market. As the world's population continues to age, the prevalence of cardiovascular diseases is expected to rise, leading to an increased demand for MRA procedures. According to projections by the United Nations, the number of people aged 60 years and older is expected to exceed 2.1 billion by 2050.
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Market Major Companies and Competitive Landscape:
Some major companies in the global magnetic resonance angiography market are:
- GE Healthcare
- Siemens Healthineers
- Philips Healthcare
- Bayer AG
- Toshiba Corporation
- Bracco Imaging S.p.A.
- Fujifilm Holdings Corporation
- Koninklijke Philips N.V.
- Shimadzu Corporation
- Canon Medical Systems Corporation
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Driving Factors of Magnetic Resonance Angiography (MRA) Market:
- Increasing Prevalence of Cardiovascular Disorders: The rising incidence of cardiovascular diseases, such as stroke, coronary artery disease, and peripheral artery disease, is a significant driving factor for the MRA market. As the global burden of cardiovascular disorders continues to grow, there is a higher demand for accurate and non-invasive diagnostic imaging technologies like MRA to aid in early detection and treatment.
- Growing Aging Population: The world's population is aging, and with increasing age comes a higher risk of developing cardiovascular conditions. As the elderly population expands, there is a greater need for advanced imaging techniques like MRA to assess and manage cardiovascular health, leading to increased adoption of MRA procedures.
- Advancements in Imaging Technology: Ongoing advancements in magnetic resonance imaging technology have improved the quality and efficiency of MRA procedures. Innovations such as high-resolution imaging, faster scan times, and improved contrast agents have enhanced the diagnostic capabilities of MRA, making it a preferred choice for healthcare providers.
- Non-Invasive Nature of MRA: Magnetic Resonance Angiography is a non-invasive imaging technique that does not involve the use of ionizing radiation, unlike certain other imaging modalities. This makes it a safer option for patients, leading to higher acceptance and demand for MRA in various clinical settings.
Restraints of Magnetic Resonance Angiography (MRA) Market:
- High Costs of MRI Equipment: Magnetic Resonance Imaging machines are costly to procure and maintain, which can be a significant financial burden for healthcare facilities, particularly in developing regions. The high upfront and maintenance costs of MRI equipment can hinder the widespread adoption of MRA, limiting its accessibility to certain healthcare settings.
- Limited Availability of Skilled Professionals: Interpreting MRA images requires specialized training and expertise. The shortage of skilled professionals proficient in analyzing MRA scans may restrict the broader utilization of this imaging technique, especially in regions with a lack of well-trained radiologists or technologists.
- Alternative Imaging Modalities: While MRA offers distinct advantages, other imaging modalities such as Computed Tomography Angiography (CTA) and Doppler Ultrasound are also used to evaluate vascular conditions. The presence of alternative imaging options can lead to competition and impact the market growth of MRA.
- Contraindications and Patient Limitations: MRA may not be suitable for all patients, especially those with pacemakers, certain metallic implants, or claustrophobia. These contraindications and patient limitations may reduce the number of eligible candidates for MRA scans and limit its potential market size.
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