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Report Scope & Overview:

Magnetic Resonance Imaging (MRI) Market was valued at USD 5.4 Bn in 2022 and is expected to reach USD 8.93 Bn by 2030 and grow at a CAGR of 6.5% during the forecasted period 2023-2030.

Strong magnetic fields and radio waves are used in the medical imaging procedure known as magnetic resonance imaging (MRI) to provide precise pictures of the inside organs and tissues of the body. It is a painless, non-invasive method that aids in the diagnosis and follow-up of a variety of medical disorders. High-resolution images of several bodily parts, including the brain, spine, joints, chest, abdomen, and pelvis, can be obtained using MRI. It is especially helpful for assessing internal organs, muscles, tendons, ligaments, and other soft tissues. MRIs can yield detailed pictures that can be used to identify anomalies such tumours, inflammation, damage, and structural alterations.

Magnetic Resonance Imaging (MRI) Market Revenue Analysis

MRI is a flexible imaging technique that provides a variety of sequence variations to improve the visualisation of particular tissues or diseases. T1-weighted, T2-weighted, and fluid-attenuated inversion recovery (FLAIR) sequences are a few typical MRI techniques. The majority of people are seen to be safe for MRIs, however there are various restrictions and safety measures. Due to safety concerns, individuals who have certain metallic implants, such as pacemakers, cochlear implants, or metal pieces in their eyes, may not be good candidates for MRI. Additionally, because the MRI scanner is a small tube, people with claustrophobia might experience discomfort throughout the operation. Although MRI is a useful diagnostic tool, it is crucial to remember that in order to obtain an accurate diagnosis and choose the best course of therapy for a patient, MRI is typically used in conjunction with other imaging methods and clinical assessments.

Market Dynamics:

Driver

  • The rise in the use of the MRI in healthcare industry for the diagnosis accuracy element.

An array of medical disorders can be accurately diagnosed by MRI. It provides superior soft tissue contrast, making it possible to identify and classify anomalies in organs, joints, and other structures. An MRI can provide highly accurate identification of tumours, inflammation, injuries, and structural abnormalities.

Restrain

  • The high cost associated with the MRI scans.

MRI scans can be more costly than other imaging techniques. The complicated technology used in MRI scanners and the requirement for trained staff to operate them are the main causes of the high cost. This may restrict certain patients' access to MRI, especially in areas with little healthcare resources or for those without sufficient insurance.

Opportunity

  • The rising technological advancement in the healthcare industry.

MRI is useful for tracking the development of disorders and assessing the efficacy of therapy. Medical practitioners can evaluate how tumours or other disorders have changed in size, features, and responsiveness over time with the aid of follow-up MRI scans. This knowledge aids in creating and adjusting treatment strategies as necessary. MRI provides a number of advanced imaging methods that contribute extra functional and physiological data. For instance, functional MRI (fMRI) detects variations in blood flow to determine the activity of the brain during particular tasks.

Challenge

  • The lack of healthcare infrastructure in the nations which are struggling economically.

MRI scans frequently take longer than conventional imaging methods to finish. Depending on the specific imaging sequences used and the body portion being examined, an MRI examination's length can change. Patients may find this prolonged scanning duration problematic, especially if they feel uneasy, anxious, or claustrophobic within the MRI machine.

Impact of Russia Ukraine War:

Hospitals and diagnostic institutions that hold MRI machines could be destroyed or damaged as a result of the conflict. Infrastructure damage may render current MRI systems unworkable, limiting the local population's access to this imaging technique. The battle may affect the flow of medical supplies, especially MRI machines and the parts that go into them. This may make it harder to fix or replace broken or old equipment, which could reduce the amount of MRI services offered in the impacted locations. A lack of funding and resources may result from the war and be directed away from the infrastructure and services of the healthcare industry. As a result, there might only be a small amount of money available for MRI equipment upkeep, improvement, or replacement.

Impact of Recession:

Budgets for healthcare may be cut during a recession as firms, governments, and individuals struggle with their finances. As a result, financing for healthcare facilities including the purchase and upkeep of MRI machines may be reduced. It can cause delays in modernising or replacing antiquated technology, which could affect the accessibility and effectiveness of MRI services. Recessions can lead to greater unemployment rates and family and individual financial instability. This might result in fewer people having health insurance and more people who are either underinsured or uninsured. Patients may therefore only have limited access to MRI scans because of budgetary constraints or inadequate insurance coverage. Recessionary periods may also have an effect on medical research and development initiatives, including improvements in MRI technology. Reduced financing and investment may hinder research and the development of new imaging techniques, which would limit access to cutting-edge MRI equipment.

Key Market Segmentation:

By Architecture outlook

  • Open System

  • Closed System

By Field Strength Outlook

  • Low Field Strength

  • Mid Field Strength

  • High Field Strength

By Application Outlook

  • Cardiac

  • Abdominal

  • Vascular

  • Brain and neurological

  • Other

By End Use

  • Hospitals

  • Imaging centres

  • Ambulatory surgical centres

  • Others

Magnetic Resonance Imaging (MRI) Market Segmentation Analysis

Regional Analysis:

The MRI market is well-established in the North American region, which includes the United States and Canada. It is fuelled by things like a modern healthcare infrastructure, high healthcare spending, and robust research and development efforts. The market is characterised by a sizeable number of installed MRI machines in medical facilities, diagnostic centres, and academic institutions. With key contributors including Germany, the United Kingdom, and France, Europe also has a developed MRI market. The region boasts a strong acceptance rate for cutting-edge medical imaging technologies and a well-developed healthcare system. The rising incidence of chronic diseases, the emphasis on early diagnosis, and government programmes encouraging the development of the healthcare infrastructure all contribute to the need for MRI.

APAC is said to be the region with the highest CAGR growth rate. The major factors which contribute to this growth are the expansion of the market is being fuelled by elements including a sizable population base, rising healthcare costs, improved healthcare infrastructure, and greater awareness of early disease diagnosis. In both urban and rural areas, there is a rising need for high-quality medical imaging services.

Key Players

The major key players are GE healthcare, Siemens AG, Toshiba Corporation, Aurora imaging Technologies, Esaote SPA, Sahrad Medical Systems, Fujifilm, Koninklijke Philips N.V. and others

Siemens AG-Company Financial Analysis

Magnetic Resonance Imaging Market Report Scope:
Report Attributes Details
Market Size in 2022  US$ 5.4 Bn
Market Size by 2030  US$ 8.93 Bn
CAGR   CAGR of 6.5 % From 2023 to 2030
Base Year  2022
Forecast Period  2023-2030
Historical Data  2020-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Architecture outlook (Open System, Closed System)
• By Field Strength Outlook (Low Field Strength, Mid Field Strength, High Field Strength)
• By Application Outlook (Cardiac, Abdominal, Vascular, Brain and neurological, Other)
• By End Use (Hospitals, Imaging centres, Ambulatory surgical centres, Others)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles GE healthcare, Siemens AG, Toshiba Corporation, Aurora imaging Technologies, Esaote SPA, Sahrad Medical Systems, Fujifilm, Koninklijke Philips N.V. and others
Key Drivers • The rise in the use of the MRI in healthcare industry for the diagnosis accuracy element.
Market Opportunities • The rising technological advancement in the healthcare industry.

 

Frequently Asked Questions

Ans: The Magnetic Resonance Imaging (MRI) Market was valued at USD 5.4 Bn in 2022 and is expected to reach USD 8.93 Bn by 2030 and grow at a CAGR of 6.5% during the forecasted period 2023-2030.

Ans : The major key players are GE healthcare, Siemens AG, Toshiba Corporation, Aurora imaging Technologies, Esaote SPA, Sahrad Medical Systems, Fujifilm, Koninklijke Philips N.V. and others

Ans: North America is dominating the market and will continue to dominate the market during the forecasted period

Ans : Market is divided into four segments by architecture, by field strength, by application, by end use.

Ans: The high cost associated with the MRI scans.

Table of Contents

1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges

4. Impact Analysis
4.1 Impact of the Ukraine- Russia war
4.2 Impact of ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Magnetic Resonance Imaging Market Segmentation, by Architecture 
8.1 Open System
8.2 Closed System

9. Magnetic Resonance Imaging Market Segmentation, by Field Strength 
9.1 Low Field Strength
9.2 Mid Field Strength
9.3 High Field Strength

10. Magnetic Resonance Imaging Market Segmentation, by Application 
10.1 Cardiac
10.2 Abdominal
10.3 Vascular
10.4 Brain and neurological
10.5 Other

11.  Magnetic Resonance Imaging Market Segmentation, by End Use
11.1 Hospitals
11.2 Imaging centres
11.3 Ambulatory surgical centres
11.4 Others

12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 North America Magnetic Resonance Imaging Market by country
12.2.2North America Magnetic Resonance Imaging Market by Architecture Outlook
12.2.3 North America Magnetic Resonance Imaging Market by Field Strength Outlook
12.2.4 North America Magnetic Resonance Imaging Market by Application outlook
12.2.5 North America Magnetic Resonance Imaging Market by End Use
12.2.6 USA
12.2.6.1 USA Magnetic Resonance Imaging Market by Architecture Outlook
12.2.6.2 USA Magnetic Resonance Imaging Market by Field Strength Outlook
12.2.6.3 USA Magnetic Resonance Imaging Market by Application outlook
12.2.6.4 USA Magnetic Resonance Imaging Market by End Use
12.2.7 Canada
12.2.7.1 Canada Magnetic Resonance Imaging Market by Architecture Outlook
12.2.7.2 Canada Magnetic Resonance Imaging Market by Field Strength Outlook
12.2.7.3 Canada Magnetic Resonance Imaging Market by Application outlook
12.2.7.4 Canada Magnetic Resonance Imaging Market by End Use
12.2.8 Mexico
12.2.8.1 Mexico Magnetic Resonance Imaging Market by Architecture Outlook
12.2.8.2 Mexico Magnetic Resonance Imaging Market by Field Strength Outlook
12.2.8.3 Mexico Magnetic Resonance Imaging Market by Application outlook
12.2.8.4 Mexico Magnetic Resonance Imaging Market by End Use
12.3 Europe
12.3.1 Europe Magnetic Resonance Imaging Market by country
1.3.3.2 Europe Magnetic Resonance Imaging Market by Architecture Outlook
12.3.3 Europe Magnetic Resonance Imaging Market by Field Strength Outlook
12.3.4 Europe Magnetic Resonance Imaging Market by Application outlook
12.3.5 Europe Magnetic Resonance Imaging Market by End Use
12.3.6 Germany
12.3.6.1 Germany Magnetic Resonance Imaging Market by Architecture Outlook
12.3.6.2 Germany Magnetic Resonance Imaging Market by Field Strength Outlook
12.3.6.3 Germany Magnetic Resonance Imaging Market by Application outlook
12.3.6.4 Germany Magnetic Resonance Imaging Market by End Use
12.3.7 UK
12.3.7.1 UK Magnetic Resonance Imaging Market by Architecture Outlook
12.3.7.2 UK Magnetic Resonance Imaging Market by Field Strength Outlook
12.3.7.3 UK Magnetic Resonance Imaging Market by Application outlook
12.3.7.4 UK Magnetic Resonance Imaging Market by End Use
12.3.8 France
12.3.8.1 France Magnetic Resonance Imaging Market by Architecture Outlook
12.3.8.2 France Magnetic Resonance Imaging Market by Field Strength Outlook
12.3.8.3 France Magnetic Resonance Imaging Market by Application outlook
12.3.8.4 France Magnetic Resonance Imaging Market by End Use
12.3.9 Italy
12.3.9.1 Italy Magnetic Resonance Imaging Market by Architecture Outlook
12.3.9.2 Italy Magnetic Resonance Imaging Market by Field Strength Outlook
12.3.9.3 Italy Magnetic Resonance Imaging Market by Application outlook
12.3.9.4 Italy Magnetic Resonance Imaging Market by End Use
12.3.10 Spain
12.3.10.1 Spain Magnetic Resonance Imaging Market by Architecture Outlook
12.3.10.2 Spain Magnetic Resonance Imaging Market by Field Strength Outlook
12.3.10.3 Spain Magnetic Resonance Imaging Market by Application outlook
12.3.10.4 Spain Magnetic Resonance Imaging Market by End Use
12.3.11 The Netherlands
12.3.11.1 Netherlands Magnetic Resonance Imaging Market by Architecture Outlook
12.3.11.2 Netherlands Magnetic Resonance Imaging Market by Field Strength Outlook
12.3.11.3 Netherlands Magnetic Resonance Imaging Market by Application outlook
12.3.11.4 Netherlands Magnetic Resonance Imaging Market by End Use
12.3.12 Rest of Europe
12.3.12.1 Rest of Europe Magnetic Resonance Imaging Market by Architecture Outlook
12.3.12.2 Rest of Europe Magnetic Resonance Imaging Market by Field Strength Outlook
12.3.12.3 Rest of Europe Magnetic Resonance Imaging Market by Application outlook
12.3.12.4 Rest of Europe Magnetic Resonance Imaging Market by End Use
12.4 Asia-Pacific
12.4.1 Asia Pacific Magnetic Resonance Imaging Market by country
12.4.2 Asia Pacific Magnetic Resonance Imaging Market by Architecture Outlook
12.4.2 Asia Pacific Magnetic Resonance Imaging Market by Field Strength Outlook
12.4.4Asia Pacific Magnetic Resonance Imaging Market by Application outlook
12.4.5Asia Pacific Magnetic Resonance Imaging Market by End Use
12.4.6 Japan
12.4.6.1 Japan Magnetic Resonance Imaging Market by Architecture Outlook
12.4.6.2 Japan Magnetic Resonance Imaging Market by Field Strength Outlook
12.4.6.3 Japan Magnetic Resonance Imaging Market by Application outlook
12.4.6.4 Japan Magnetic Resonance Imaging Market by End Use
12.4.7 South Korea
12.4.7.1 South Korea Magnetic Resonance Imaging Market by Architecture Outlook
12.4.7.2 South Korea Magnetic Resonance Imaging Market by Field Strength Outlook
12.4.7.3 South Korea Magnetic Resonance Imaging Market by Application outlook
12.4.7.4 South Korea Magnetic Resonance Imaging Market by End Use
12.4.8 China
12.4.8.1 China Magnetic Resonance Imaging Market by Architecture Outlook
12.4.8.2 China Magnetic Resonance Imaging Market by Field Strength Outlook
12.4.8.3 China Magnetic Resonance Imaging Market by Application outlook
12.4.8.4 China Magnetic Resonance Imaging Market by End Use
12.4.9 India
12.4.9.1 India Magnetic Resonance Imaging Market by Architecture Outlook
12.4.9.2 India Magnetic Resonance Imaging Market by Field Strength Outlook
12.4.9.3 India Magnetic Resonance Imaging Market by Application outlook
12.4.9.4 India Magnetic Resonance Imaging Market by End Use
12.4.10 Australia
12.4.10.1 Australia Magnetic Resonance Imaging Market by Architecture Outlook
12.4.10.2 Australia Magnetic Resonance Imaging Market by Field Strength Outlook
12.4.10.3 Australia Magnetic Resonance Imaging Market by Application outlook
12.4.10.4 Australia Magnetic Resonance Imaging Market by End Use
12.4.11 Rest of Asia-Pacific
12.4.11.1 APAC Magnetic Resonance Imaging Market by Architecture Outlook
12.4.11.2 APAC Magnetic Resonance Imaging Market by Field Strength Outlook
12.4.11.3 APAC Magnetic Resonance Imaging Market by Application outlook
12.4.11.4 APAC Magnetic Resonance Imaging Market by End Use
12.5 The Middle East & Africa
12.5.1 The Middle East & Africa Magnetic Resonance Imaging Market by country
12.5.2 The Middle East & Africa Magnetic Resonance Imaging Market by Architecture Outlook
12.5.3 The Middle East & Africa Magnetic Resonance Imaging Market by Field Strength Outlook
12.5.4The Middle East & Africa Magnetic Resonance Imaging Market by Application outlook
12.5.5 The Middle East & Africa Magnetic Resonance Imaging Market by End Use
12.5.6 Israel
12.5.6.1 Israel Magnetic Resonance Imaging Market by Architecture Outlook
12.5.6.2 Israel Magnetic Resonance Imaging Market by Field Strength Outlook
12.5.6.3 Israel Magnetic Resonance Imaging Market by Application outlook
12.5.6.4 Israel Magnetic Resonance Imaging Market by End Use
12.5.7 UAE
12.5.7.1 UAE Magnetic Resonance Imaging Market by Architecture Outlook
12.5.7.2 UAE Magnetic Resonance Imaging Market by Field Strength Outlook
12.5.7.3 UAE Magnetic Resonance Imaging Market by Application outlook
12.5.7.4 UAE Magnetic Resonance Imaging Market by End Use
12.5.8 South Africa
12.5.8.1 South Africa Magnetic Resonance Imaging Market by Architecture Outlook
12.5.8.2 South Africa Magnetic Resonance Imaging Market by Field Strength Outlook
12.5.8.3 South Africa Magnetic Resonance Imaging Market by Application outlook
12.5.8.4 South Africa Magnetic Resonance Imaging Market by End Use
12.5.9 Rest of Middle East & Africa
12.5.9.1 Rest of Middle East & Asia Magnetic Resonance Imaging Market by Architecture Outlook
12.5.9.2 Rest of Middle East & Asia Magnetic Resonance Imaging Market by Field Strength Outlook
12.5.9.3 Rest of Middle East & Asia Magnetic Resonance Imaging Market Application outlook
12.5.9.4 Rest of Middle East & Asia Magnetic Resonance Imaging Market by End Use
12.6 Latin America
12.6.1 Latin America Magnetic Resonance Imaging Market by country
12.6.2 Latin America Magnetic Resonance Imaging Market by Architecture Outlook
12.6.3 Latin America Magnetic Resonance Imaging Market by Field Strength Outlook
12.6.4 Latin America Magnetic Resonance Imaging Market by Application outlook
12.6.5  Latin America Magnetic Resonance Imaging Market by End Use
12.6.6 Brazil
12.6.6.1 Brazil Magnetic Resonance Imaging Market by Architecture Outlook
12.6.6.2 Brazil Africa Magnetic Resonance Imaging Market by Field Strength Outlook
12.6.6.3 Brazil Magnetic Resonance Imaging Market by Application outlook
12.6.6.4 Brazil Magnetic Resonance Imaging Market by End Use
12.6.7 Argentina
12.6.7.1 Argentina Magnetic Resonance Imaging Market by Architecture Outlook
12.6.7.2 Argentina Magnetic Resonance Imaging Market by Field Strength Outlook
12.6.7.3 Argentina Magnetic Resonance Imaging Market by Application outlook
12.6.7.4 Argentina Magnetic Resonance Imaging Market by End Use
12.6.8 Rest of Latin America
12.6.8.1 Rest of Latin America Magnetic Resonance Imaging Market by Architecture Outlook
12.6.8.2 Rest of Latin America Magnetic Resonance Imaging Market by Field Strength Outlook
12.6.8.3 Rest of Latin America Magnetic Resonance Imaging Market by Application outlook
12.6.8.4 Rest of Latin America Magnetic Resonance Imaging Market by End Use

13 Company profile
13.1 GE healthcare
13.1.1 Market Overview
13.1.2 Financials
13.1.3 Treatment/Services/Offerings
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 Siemens AG
13.2.1 Market Overview
13.2.2 Financials
13.2.3 Treatment/Services/Offerings
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 Toshiba Corporation
13.3.1 Market Overview
13.3.2 Financials
13.3.3 Treatment/Services/Offerings
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Aurora imaging Technologies
13.4.1 Market Overview
13.4.2 Financials
13.4.2 Treatment/Services/Offerings
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Esaote SPA
13.5.1 Market Overview
13.5.2 Financials
13.5.3 Treatment/Services/Offerings
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Sahrad Medical Systems
13.6.1 Market Overview
13.6.2 Financials
13.6.3 Treatment/Services/Offerings
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Fujifilm
13.7.1 Market Overview
13.7.2 Financials
13.7.3 Treatment/Services/Offerings
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Koninklijke Philips N.V.
13.8.1 Market Overview
13.8.2 Financials
13.8.3 Treatment/Services/Offerings
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 Others
13.9.1 Market Overview
13.9.2 Financials
13.9.3 Treatment/Services/Offerings
13.9.4 SWOT Analysis
13.9.5 The SNS View

14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share analysis
14.2 Recent Developments

15. Used Cases & Best Practices

16. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

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Data Bank Validation

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