Market Research Report
Magnetic Resonance Imaging Systems Market Size By Architecture, By Field Strength (High to Ultra High, Low to Medium ), By End-use, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2025
|Published by||Global Market Insights Inc.||Product code||582066|
|Published||Content info||180 Pages
Delivery time: 2-3 business days
|Magnetic Resonance Imaging Systems Market Size By Architecture, By Field Strength (High to Ultra High, Low to Medium ), By End-use, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2025|
|Published: August 19, 2019||Content info: 180 Pages||
Magnetic Resonance Imaging (MRI) Systems Market will exceed USD 8 billion by 2025; as per a new research report.
Increasing prevalence of chronic diseases will positively influence the magnetic resonance market growth. According to National Health Council, every year 40 million Americans suffer from at least one chronic condition. Diseases such as cancer and diabetes create complications as well as hindrance in daily activities. Therefore, to avoid this scenario, people prefer getting diagnosed at early stages that will raise the demand for MRI systems thereby, fostering the industry growth.
Growing number of road accidents will elevate the demand for MRI systems for accurate diagnosis stimulating the industry growth. Number of accident cases is specifically high in emerging economies such as India and Africa. According to wheels24, in 2017 around 14,050 people died due to road accidents in South Africa alone. Globally millions of people die due to accidents and trauma. This scenario proves beneficial for the magnetic resonance imaging market growth as it the demand for accurate diagnosis. However, high cost of MRI systems will restrain the industry growth to certain extent.
Open systems segment of magnetic resonance imaging systems market will witness 5% growth throughout the analysis timeframe. Open systems are less enclosed and reduce the amount of anxiety and claustrophobia amongst patients. Moreover, recently developed MRI systems can be tilted and deliver scans in standing positions. This feature is beneficial in diagnosing certain complicated conditions enhancing patient's comfort. Above mentioned factors will escalate the segmental growth.
Low to Medium (<1.5T) segment was valued around USD 168 million in 2018. Considerable segmental revenue can be attributed to the benefits delivered by low to medium (<1.5T) MRI systems. In some developed economies, hospitals still prefer 1.5T shot-bore MRI scanners as a standard technology. Low to medium MRI systems provide superior quality images of abdomen and chest. Besides, these scanners are easily available, and their replacement parts are not expensive that positively impacts the segmental growth.
Hospital segment was valued over 3 billion in 2018. Increasing number of patients suffering from soft tissue injuries, damaged spinal cord and protrusion of the discs prefer getting diagnosed at hospitals adopting advanced MRI systems. Additionally, public hospitals receive funds from government that ensures availability of advanced medical devices. Above mentioned factors should augment the business growth.
China magnetic resonance imaging systems market accounted for 56% revenue share in the Asia Pacific region. Favorable demographic trends coupled such as increasing elderly population base will prove beneficial for the regional growth. Elderly population is susceptible to chronic bone disorders such as arthritis and osteoporosis that will increase the demand for MRI systems. Furthermore, favorable regulatory scenario for MRI systems will positively influence the country growth. New players willing to enter the MRI systems market have ample growth opportunities in China due to positive regulatory scenario that lowers the market entry barriers.
Industry players operational in the MRI market are Hitachi, Toshiba and Siemens, Koninklijke Philips N.V. and GE Healthcare. These industry players follow different strategies such as collaborations and new product launch, partnerships for improving their market position. For instance, in November 2016, Hitachi entered an agreement with Ningbo Jansen NMR Technology to collaboratively develop a high-performance MRI magnet. This agreement will expand the Hitachi's MRI business.