Magnetic Resonance Imaging (MRI) Systems is surpassing radiology imaging market due to its myriad advantages over it. This market is mainly driven by rising demand for non-invasive procedures, harmful effects of radiation-based imaging, increase in research and development activities in the life sciences sector, and increasing application of Magnetic Resonance Imaging (MRI) systems techniques in drug discovery processes and preclinical research, Moreover factors such as rising geriatric population which leads to increase in cardiovascular, neurological and ophthalmic disorders is also fueling the growth of this market. However, the market growth is restricted by factors such as stringent regulatory approval procedures high costs of instruments, scarcity of skilled operators, and insufficient reimbursements policies for Magnetic Resonance Imaging (MRI) systems procedures.
The global Magnetic Resonance Imaging (MRI) systems market is expected to be of value USD 5 Billion in 2023 and to grow at a depict 3.5% CAGR during the forecast period.
Key Players
Hitachi, Siemens AG, Canon Medical Systems, GE Healthcare, Philips, Toshiba Corporation, Toshiba Corporation, Xingaoyi, Aurora Imaging Technologies, Inc.
Segmentation
The global magnetic resonance imaging (MRI) systems market is segmented on the basis of type, field strength, disease application and end-user.
On account of disease application, the market is segmented into spine and musculoskeletal MRI, brain and neurological MRI, pelvic and abdominal MRI, breast MRI, cardiovascular MRI, and others
Considering the type, the market is segmented into open MRI, closed MRI, standard bore MRI, wide-bore MRI.
On the basis of field strength, the market is segmented into high-field MRI systems, 1.5t MRI systems, 3t MRI systems, low-to-mid-field MRI systems, very-high-field MRI systems, and others.
According to the end-user, the market is segmented into diagnostic imaging centers, hospitals and clinics, research laboratories, and pharmaceutical &biotechnology companies.
Based on region the market is segmented into Americas, Europe, Asia Pacific, and the Middle East And Africa. Americas region is segmented into North America and South America. Similarly, Europe is segmented into Western Europe and Eastern Europe.
Regional Analysis
Americas is the market leader and has an attractive market for magnetic resonance imaging (MRI) systems owing to increasing prevalence of cardiovascular, neurological and ophthalmic disorders pertaining to rising geriatric population which is a major trigger factor for this disease. Additionally, factors such as increasing government initiatives and funding for research in medical devices sector, rising demand for accurate diagnosis, awareness about adverse effects of radiation imaging, ability to provide in-depth images of soft tissues and vascular systems and presence of pharmaceutical giants also propel the market growth in this region.
Europe accounts for the second largest market and holds a healthy share in the global magnetic resonance Imaging (MRI) systems market due to major driving factors like availability of advanced treatment facilities, increasing healthcare expenditure, good healthcare infrastructure and flourishing medical device industry due to the presence of major market players. Additionally, knowledge about the benefits of Magnetic Resonance Imaging (MRI) Systems over radiation imaging and capability of inhabitants to afford the diagnostics is spurring the market growth.
Asia Pacific is expected to be the fastest growing market with most promising growth possibilities. According to a report published by the department of neurology in 2014, it is estimated that for the current population of 1.27 billion, approximately 30 million people suffer from neurological disorders in India. Thus, owing to the huge patient pool, a faster adaptation of healthcare technology, government initiatives to increase the healthcare quality, availability favorable insurance policies market growth will be accelerated during the forecast period. Moreover, due to lower cost of clinical trials and research key players have been setting up their regional headquarters and manufacturing plants in Singapore, China, Japan, Korea, and Australia which make a positive growth curve in Magnetic Resonance Imaging (MRI) Systems market in future.
The Middle East & Africa is expected to show the least growth in the market due to some major factors such as lack of awareness, limited access and availability of treatment facilities. In the Middle East, the United Arab Emirates and Saudi Arabia is the largest market share owing to the development of healthcare industry and rising availability of specialty care centers. But the market might show steady growth due to and government initiatives to improve quality of healthcare in this region.
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