Magnetic Resonance Imaging (MRI) Systems Market : 2018 Prominent Players | Koninklijke Philips N.V., Hitachi, GE Healthcare, Toshiba and Siemens

Magnetic Resonance Imaging (MRI) Systems Market to exceed USD 8 billion by 2024; as per a new research report.
Growing ageing population, which is at a greater risk of acquiring chronic diseases, and increasing public awareness with regards to early disease diagnosis will drive global magnetic resonance imaging (MRI) systems market .

Growth in vehicular traffic in the recent years has spurred road accident rates. Car accident victims generally suffer from joint injuries of the neck and back, shoulders and knees for which they are advised MRI test for proper injury detection and diagnosis. Rising number of such accident victims will boost industry expansion.
MRI technologies are witnessing rapid developments with manufacturers focusing on adding more clinical applications and capabilities to their machines. Software used in the scanners are also undergoing rapid advancements to achieve simplified workflows and reduced contrast scan times. Such technological advancements will stimulate demand and lead to increased adoption.

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However, lack of availability of skilled professionals for operating the devices hampers market growth as it is the leading cause of systems being left underused. Moreover, scarcity of sufficient technicians also leads to delayed patient treatment time. High costs associated with these systems further restrains technology uptake.
Closed MRI machines held the largest revenue share in 2016 and are poised to grow at a robust pace over the coming years. Enhanced image resolution achieved through these systems coupled with reduced scan times will fuel segment growth.

Low to medium MRI scanners segment should witness profitable growth over the forecast timeframe. Open design of the machine is suitable for claustrophobic individuals who feel suffocated while undergoing examination in closed machines. Furthermore, comparatively lower operational and purchase costs of these machines is slated to boost adoption.

Hospitals as end users of these devices accounted for the largest market share. Growing number of hospitals coupled with increasing number of individuals undergoing MRI scans in these settings owing to their multifunction nature will propel segment growth.

Germany magnetic resonance imaging systems market held considerable industry share. Growing elderly population pool along with surge in occurrence of various chronic diseases should drive growth over the forecast years.

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South Africa magnetic resonance imaging systems market provides a lucrative opportunity owing to the presence of large unmet needs and ongoing healthcare infrastructural expansion.

The industry is consolidated in nature and has presence of few well-established industry players such as Koninklijke Philips N.V., Toshiba, Siemens, GE Healthcare, Hitachi. The industry participants resort to various strategies such as new product launch and collaborations for strengthening their market presence. For instance, in February 2016, Siemens launched its new Magnetom Vida 3T scanner. The companies are also engaged in rigorous research and development efforts for designing better machines that provide enhanced patient comfort.

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