Press release
What's driving the Magnetic Resonance Imaging Systems Market trends? GE Healthcare, Siemens AG, Koninklijke Philips N.V., Hitachi Medical Systems, Toshiba Corporation, Business overview, Aurora Imaging Technologies Inc., Esaote SpA, Sanrad Medical Systems
Magnetic Resonance Imaging Systems Market
Magnetic Resonance Imaging (MRI) Systems Market will exceed USD 8 billion by 2025; as per a new research report. Rising geriatric population globally will drive MRI market growth during analysis period. Elderly population base is susceptible to chronic conditions such as cardiovascular diseases, orthopedic diseases, cancer and degenerative diseases. Thus, demand for MRI scanners is high as it provides accurate diagnosis for these chronic conditions. Additionally, MRI scanners enable exclusive classification of musculoskeletal diseases. Therefore, to reduce future complications, healthcare professionals adopt technologically upgraded MRI scanners for patients requiring critical diagnosis.
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Prominent competitive 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 2017, GE Healthcare launched SIGNA Premier 70cm that has high resolution imaging quality. Introduction of new MRI system has broadened the companys portfolio.
Technological advancements integrated in the MRI systems will boost industry growth in forth coming years. Hospitals and clinics are adopting upgraded MRI systems, as these systems provide .surgeons with accurate diagnosis. It provides 3D view of joints and organs. Adoption of MRI systems will increase as it helps the doctors and physicians to make better decisions based on accurate analysis. However, high cost of MRI systems may hamper the market growth to some extent.
Closed systems segment held 97% revenue share in 2018 and it will witness enormous growth during the upcoming years due to its extensive usage in diagnosis of orthopedic disorders. Closed systems consist of super conducting magnets that provides high-resolution images. Moreover, physicians prefer this type of system for diagnosing as it gives access to areas of the body that are not inaccessible through conventional scanning devices. Aforementioned factors will positively influence the demand for closed systems thereby, driving segmental growth.
High to Ultra High (>1.5T) segment will grow at 6.4% over the forecast timeframe owing to high resolution images provided by these MRI scanners. According to American journal of neurology, 7T systems demonstrates more accurate images of white matter lesions in multiple sclerosis diagnosis as compared to 1.5T. These features help healthcare professionals to arrive at accurate conclusions that propels its preference.
Hospital segment was valued around 3 billion in 2018. Segmental growth can be associated with increasing government initiatives for developing healthcare infrastructure in developed as well as developing economies. Government funded hospitals can adopt the expensive MRI systems. Furthermore, rising prevalence of cancer, multiple sclerosis and cardiovascular diseases that needs pre diagnostic tests will increase demand for MRI systems in hospitals thus, escalating segmental growth.
Asia Pacific region will witness significant growth of 7.9% throughout the forecast timeframe. Rising incidences of chronic obstructive pulmonary disease in this region have encouraged companies manufacturing MRI systems to take initiatives for spreading awareness regarding early disease diagnosis. Thus, increasing awareness regarding early diagnosis of chronic diseases amongst people in emerging countries such as India and China will prove beneficial for regional market growth.
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Report Content
Chapter 1. Methodology
Chapter 2. Executive Summary
Chapter 3. Magnetic Resonance Imaging (MRI) Systems Industry Insights
Chapter 4. Magnetic Resonance Imaging (MRI) Systems Market, By Architecture
Chapter 5. Magnetic Resonance Imaging (MRI) Systems Market, By Field Strength
Chapter 6. Magnetic Resonance Imaging (MRI) Systems Market, By End-use
Chapter 7. Magnetic Resonance Imaging (MRI) Systems Market, By Region
Chapter 8. Company Profiles
8.1. GE Healthcare
8.2. Siemens AG
8.3. Koninklijke Philips N.V.
8.4. Hitachi Medical Systems
8.5. Toshiba Corporation
8.5.1. Business overview
8.6. Aurora Imaging Technologies Inc.
8.7. Esaote SpA
8.8. Sanrad Medical Systems Pvt. Ltd.
8.9. Fonar Corporation
8.10. Neusoft Medical Systems Co.
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