Global Magnetic Resonance Imaging (MRI) Industry surged from 6.18 Bn US$ in 2018 to 7.55 Bn US$ in 2023: Siemens AG, GE Healthcare, Koninklijke Philips N.V., Toshiba Corporation

The global Magnetic Resonance Imaging market is marked by intense competition from the major manufacturers operating in the market. The players have stepped up their R&D investments in order to gain more attention. Moreover, the market growth is attributed to geographical expansion, strategic mergers & acquisitions, joint ventures & partnerships, new product development and innovations, and signing of agreements and contracts with other companies, in order to ensure long-term sustenance in the market.

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Key Companies Analysis:The notable players operating in this industry include Siemens AG, GE Healthcare, Koninklijke Philips N.V., Toshiba Corporation, Aurora Imaging Technologies, Inc, Hitachi Medical Systems America, Inc., Esaote SpA, Sanrad Bruker Corporation, Medical Systems Pvt. Ltd., and Neusoft Medical Systems Co. Ltd., among others. The company profiles will include key information about companies such as company description, base of operations, operational presence, product/business portfolio, employee strength, list of key stakeholders and board of directors, organizational structure, key competitors and their details, financial information such as revenue growth, profit margin, market capitalization, market positioning of key players, share price comparison, SWOT analysis, key developments, business strategies, and analysts’ views. The information for individual companies has been derived through financial reports, paid databases, and company news articles, among others.

The global Magnetic Resonance Imaging market was valued at US$ 6.14 Bn in 2018 and is expected to reach US$ 7.55 Bn by the end of the forecast period, growing at a CAGR of 4.2% during the period from 2018 to 2023.

Companies such as GE Healthcare’s medical diagnostic segment engages in research and development and manufactures innovative imaging agents used in the procedures of medical scanning to highlight tissues, organs, and functions in the human body. The Company’s diagnostic imaging products include computed tomography, ultrasound, magnetic resonance imaging, and molecular imaging, among others. The annual revenue of the company from its health care unit was US$ 19.8 Mn in 2017 and the profit margin was 18% percent higher as compared to the preceding year.

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The therapy and the systems division of Siemens Healthcare offers medical imaging systems that allow healthcare professionals to process and retrieve relevant information. These include CT, X-ray, molecular imaging and ultrasound, Magnetic Resonance Imaging, as well as computer-based systems, software, and work stations.

Recent Developments in the Market:

Siemens Healthineers: In Dec 2018, Siemens Healthineers introduced the Magnetom Altea 1.5 Tesla (1.5T) magnetic resonance (MR) scanner, equipped with BioMatrix patient personalization technology. The Magnetom Altea has a wide 70-cm bore and BioMatrix technology that includes the Select&Go Interface, powered by artificial intelligence (AI) to enhance workflow productivity.

GE Healthcare: In Dec 2017, GE Healthcare announced the U.S. FDA 510(k) clearance for its new Air Technology, which it calls the industry-first suite of radiofrequency (RF) coils, which enable total freedom in coil positioning and handling during a magnetic resonance imaging (MRI) scan. The new coil design is 60 percent lighter than the conventional coils, benefiting both patients and technologists. It offers greater flexibility in all axes to help conform to patients’ anatomies and fits all patient ages, sizes, and shapes.

Air Technology uses a flexible conductor material that allows each coil element to be closer to the anatomy to improve signal reception, depth of penetration, and image quality. Its ultra-lightweight and flexible design makes it easier for the technologists to position the coil on the patient.

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Related Reports on Magnetic Resonance Imaging Market:

Global Magnetic Resonance Imaging Market Full Report
Global Magnetic Resonance Imaging Market Summary Report
Global Magnetic Resonance Imaging Market Segmentation Report
Global Magnetic Resonance Imaging Market Regional Report
Global Magnetic Resonance Imaging Market Statbook

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