Magnetic Resonance Imaging (MRI) Systems Market 2018: Exploration on Eminent Players | GE Healthcare, Siemens AG, Koninklijke Philips N.V., Hitachi Medical Systems, Toshiba Corporation, Aurora Imaging Technologies Inc., Esaote SpA, Sanrad Medical Systems

Magnetic Resonance Imaging (MRI) Systems Market size was about USD 5 billion in 2016, with growth forecast over 7% CAGR from 2017 to 2024.

The rapidly transforming medical technology landscape has heralded an era of unprecedented growth in magnetic resonance imaging systems market. With regards to the technological advancements, the most recent development in the magnetic resonance imaging (MRI) technology has been the introduction of MRI scanning of the lungs, enabling faster contrast scans and simplified cardiac imaging workflows. Lately, the MRI systems industry players have been making relentless efforts toward introducing latest upgradation in MRI & scanning technology, which has massively manifested the business landscape. One such breakthrough is Toshiba’s Ultrashort Echo Time (UTE) sequence for dedicated lung MRI. Toshiba’s recognized contribution to the product landscape of MRI systems market comes on the heels of difficulties faced during lung MRIs, as the organ is filled with air and hence there is low density of the hydrogen atoms required to create MR images. Such astounding innovations in product design and development have been one of the key factors that has uplifted the growth of magnetic resonance imaging systems market. According to a report by Global Market Insights, Inc., the global magnetic resonance imaging systems market stood at USD 5 billion in 2016, and is estimated to exceed a valuation of USD 8.5 billion by 2024.

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Technological advancements in scanners will increase adoption rate. Several advancements have taken place in the recent past, especially with respect to software which have simplified imaging workflow and reduced scan time. For instance, in September 2016, GE Healthcare launched a multi-contrast resonance technique called MAGiC for providing clinicians with more data in a fraction of the time as compared to conventional scanning technology.

Increasing geriatric population will drive market growth over the forecast years. Ageing increases the risk of acquiring degenerative disc disease owing to several bodily changes such as development of tiny cracks in the spinal discs and loss of spinal fluid. Increasing chronic disease prevalence along with growing awareness pertaining to early disease diagnosis serve as high impact rendering factors.

Reports claim that MRI is the most preferred technique for diagnosing disorders related to spine lesions, tumors, central nervous system, and stroke affected areas in brain and blood vessels, owing to its non-invasive imaging technology used for detecting structural abnormalities in the body. Rising incidences of these conditions coupled with increasing rate of chronic diseases have provided a significant push to magnetic resonance imaging systems industry size. Analysts further claim that, the increasing popularity of non-invasive diagnostic procedures, growing rate of geriatric population, and rapid technological advancements are some of the other prime drivers that have uplifted the growth of MRI systems market.

Recently, the U.S. Food and Drug Administration have granted clearance for the first 7T (seven tesla) MRI device that uses strong magnetic field and radio waves to generate images for clinical use in the Unites States. Sources reveal that the agency reviewed the safety of the radiofrequency subsystem through simulations, computational modeling, and rigorous experimental validations. In a study that compared the images of patients using the 7T and 3T devices, the images from 7T device, reportedly, were of better quality with improved imaging resolution. Speaking along similar lines, GE Healthcare’s MAGiC (MAGnetic resonance image Compilation) has also recently received its FDA clearance. GE Healthcare’s multi-contrast resonance technique is providing clinicians with more data in a fraction of time as compared to conventional scanning technology. Such technological advancements in scanners and growing penetration of advanced MRI systems and software in clinics have extensively proliferated growth opportunities for magnetic resonance imaging systems industry players.

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Speaking of the competitive profiling, the global magnetic resonance imaging systems market is highly consolidated in nature and witnesses fierce competition amongst the industry players. Taking into account the growing competitiveness across the globe, several MRI systems market players are adopting the tried-and-tested growth strategies such as product innovation and M&As. For instance, in 2015, Toshiba acquired Olea Medical, which helped the company to accelerate its growth in the overall magnetic resonance imaging systems industry. Similar moves by other companies to upgrade their operational efficiencies and cater to demands for innovative and technologically advanced products have further led MRI systems market to accrue remarkable gains in the ensuing years. In fact, reports depict that the worldwide magnetic resonance imaging systems market is expected to expand at an annual growth rate of 7% over 2017-2024. Considering the healthy growth rate, especially in the emerging regions of Asia Pacific & Latin America and the rapid technological upgradations in the medical fraternity, industry experts foresees MRI systems industry to undoubtedly chart a profitable roadmap in the coming years.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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