According to the report MRI Systems Market, published by Market Data Forecast, the global market is projected to reach USD 7.19 billion by 2021, at a CAGR of 5.1% from 2016 to 2021.
Magnetic Resonance Imaging is a diagnostic technique that uses magnetic fields and radio waves to produce a detailed image of the body’s soft tissue and bones. This technique was developed in 1980 and has changed the medical scenario since then. An MRI scan is usually considered to be one of the best imaging study of the spine to plan treatment for back pain. They are used for help in pre-surgical planning as the scan is extremely sensitive to information about the health of discs as well as the presence of tumours. MRI systems are also used for tracking breast cancer and cardiac diseases.
MRI systems market has witnessed high growth rate due to interest shown by developers and manufactures for this imaging technology and its patient friendly nature. Companies are focussing on analysing more applications for MRI systems. Further its application has been extended to use it for scanning brain disorders. Also, companies are involved in development of MRI systems for cost-effective and convenient systems. These are some of the opportunities that are expected to boost the market for MRI systems.
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MRI Systems Market: Drivers & Restraints
The major drivers of this market are increasing population and population base of aged people, increasing use of MRI in early detection of diseases, increasing disposable income and recent technological advancements. MRI systems provide much better images as compared to the other conventional imaging techniques available; hence its demand is also increasing in the market. Also many companies are focussing on developing MRI systems that are compatible with pacemakers and make them affordable, this has also influenced the market growth. Though the technology is considered safe, the numbers of accidents associated have been increasing as the magnetic field is dangerous when the patients have embedded devices such as pacemakers and cochlear implants.
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MRI Systems Market: Segmentation
By Field Strength
- Low to Mid field
- High Field
- Very High Field
- Ultra High Field.
- Open MRI
- Closed MRI.
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MRI Systems Market: Overview
MRI is the one of the most used tool for medical investigations as it is more sensitive than CT and doesn’t use ionizing radiations. MRI is widely used in the diagnosis of cancers, cardiac and neurological disorders. Rising incidences of these diseases favour the fast growing MRI market. The technological development that is been witnessed in recent years has helped in improving MRI systems and hence provide better and accurate results. With its better image quality and focus on details on soft tissues, MRI technology has extended its application base to diagnosing brain disorders, nervous systems disorders, and breast cancer, abdominal disorders etc.
Brain or neurological MRI is the largest growing segment and the largest segment in application domain which is because of rise in geriatric population, and people gaining sufficient awareness to detect diseases. Ultra-high Field Strength is the fastest growing segment in field strength. High Field Strength is the most commonly used field strength in market because of increase in replacements and increasing adoption of advanced products.
MRI Systems Market: Region-wise Outlook
North America has the highest share in the global market followed by Asia. The highest share of North America is attributed to its greater availability of advanced Technology and greater spending limits for people. Asia Pacific has the highest CAGR because of the rise in spending limits of people and rise in geriatric population.
The USA, South-East Asia and Europe are covering fourth fifth of the global market share. China and India are the countries with highest growth as recent investments have resulted in advancement in technology.
Key Questions Answered
- What is the competitive landscape and market share of major players in the Asia-Pacific region?
- What are the drivers, key factors leading the market? Which market segments are growing the fastest?
- What are the unmet technological needs currently on the market? How will emerging technologies fulfil these unmet needs?
- What are the challenges and barriers that have hindered market growth?
- What measures are taken by leading companies to increase market growth?
MRI Systems Market: Key Players
Key players in the MRI systems market are Hitachi Medical Corporation, Toshiba Medical Systems, Siemens Healthcare, GE Healthcare, Imris Inc., Fonar Corporation, Esaote S.P.A, Neusoft Medical System, Aurora Medical Imaging and Philips Healthcare.
Reasons to buy MRI Systems Market Report:
• Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
• Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
• Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
• Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses
• A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment
• Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
• Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market.
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Market Data Forecast
Market Data Forecast is a firm working in the area of market research and business intelligence. With rich experience in research across various business domains, we cater to the needs of both individual and corporate clients. Our analyst team comprises expert professionals in market research, who with their collective knowledge and skillset dedicatedly serve clients from various industries and regions.