Increasing demand for the medium (1.5T and 3T) field strength MRI system coupled with high investments in R&D of magnetic resonance imaging are fueling the market growth.
Market Size – USD 5.62 Billion in 2018, Market Growth - CAGR of 4.6%, Market Trends – Increase in demand for magnetic resonance imaging for neurological procedures in the hospitals and ambulatory surgical center globally.
The global magnetic resonance imaging market is forecast to reach USD 8.50 Billion by 2027, according to a new report by Reports and Data. Magnetic Resonance Imaging (MRI) is a non-invasive scanning technology that produces three-dimensional detailed anatomical images by incorporating powerful magnets and radiofrequency, unlike the X-Rays and CT Scans which make use of ionizing radiation technology. Inside parts of various joints, ligaments, cartilage, muscles, tendons, and other injured parts of the body, especially for the disorders of the soft tissues, which cannot be observed with X-Rays and CT scan, can be projected through MRI system. Rising number of geriatric population and increasing incidences of Alzheimer's disease and cancerous and non-cancerous tumors are few diseases that highly require magnetic resonance imaging for the treatments and procedures. An increased awareness about healthcare & wellness, changing neurological & cerebrospinal disease patterns, government supports, and escalating volumes of implementation of the MRI units in various healthcare centers is expected to boost the further rapid growth of this market.
The North American market is forecasted to grow with a CAGR of 4.9% during the forecast period, owing to its rising geriatric population and extensive demand for MRI units in the hospitals and ambulatory surgery centers. Asia Pacific, with its elevated growth in the healthcare industry and escalating volumes of neurological patients in China, India, and Japan, is likely to achieve a significant market share. China and India are some of the fastest-growing markets, while the United States and Japan hold some of the most prominent players in the market.
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The report provides a complete analysis of the global Magnetic Resonance Imaging (MRI) market with important details about the key market players from insightful primary and secondary research data. The report also aims to benefit the user by providing constructive data to gain insight into the market growth, size, and investment approaches.
The key companies profiled in the market are:
GE Healthcare, Koninklijke Philips N.V., Siemens Healthineers AG, Canon Medical Systems Corporation, Hitachi Medical Systems, Sanrad Medical Systems Pvt. Ltd Inc., Esaote SpA, Shenzhen Anke Hi-Tech Co., Ltd., Time Medical Systems, and FONAR Corporation.
Further key findings from the report suggest
- Online retailing supply of the medical instrument and devices has been trendy in emerging nations like China and India mainly. Online retailers can offer reduced prices compared to the medical stores and offline vendors due to the non-involvement of distributor chains in the business process. This sub-segment is expected to grow at a CAGR of 7.0% during the forecast period.
- Closed MRI units take detailed images of the anatomy in a narrow cylindrical body through a bore. Open MRI units, on the other hand, is not enclosed and designed as an alternative to patients with symptoms of anxiety or claustrophobia. The closed MRIs are more efficient as they can incorporate a higher magnetic field and an enclosed periphery for a much detailed scanning.
- Ambulatory surgery centers are modern kind of healthcare facility centers, which are focused on providing immediate surgical care and releasing the patients right after the surgery. The ambulatory surgery centers have a more convenient alternative to the hospitals based outpatient procedures, maintaining a strong track record of quality care with positive patient outcomes. Ambulatory surgery centers are expected to grow the fastest at a rate of 7.9% throughout the forecast period.
For the purpose of this report, Reports and Data have segmented the global magnetic resonance imaging market on the basis of machine type, sales channel, field strength, application end-users, and region:
Machine Type Outlook (Revenue, USD Billion; 2016-2027)
- Closed MRI
- Open MRI
Sales Channel Outlook (Revenue, USD Billion; 2016-2027)
- Online Retailing
- Medical Stores & Brand Outlet
Field Strength Outlook (Revenue, USD Billion; 2016-2027)
- Low Field Strength
- Medium Field Strength
- High Field Strength
Application Outlook (Revenue, USD Billion; 2016-2027)
- Neurological & Cerebrospinal
- Cardiovascular
- Abdominal
- Breast
- Others
End-Users Outlook (Revenue, USD Billion; 2016-2027)
- Hospitals
- Clinics & Diagnostic Centers
- Ambulatory Surgical Centers
- Others
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The report further segments the market on the basis of key regions of the world and offers an assessment of the production and manufacturing capacity, import and export, production and consumption patterns, supply and demand ratio, and the presence of key players in each region. The Magnetic Resonance Imaging (MRI) market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
In-depth regional analysis covers:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- A.E.
- Rest of MEA
The report includes primary and subjective research with a comprehensive study examined and validated by industry professionals and experts. The report further provides insights into the opportunities and threats that the industry may witness in the upcoming years, throughout the forecast period. The report also provides an insight into the growth in revenue along with CAGR throughout the forecast period. It also provides insights into lucrative opportunities to enable the businesses to capitalize on the emerging trends of the market.
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Highlights of the TOC:
- Report Overview
1.1 Research Scope
1.2 Key Magnetic Resonance Imaging (MRI) market segments
1.3 Major players
1.4 Market analysis by product
1.5 Market analysis by application
1.6 Report timeline
- Global Growth Trends
2.1 Global Magnetic Resonance Imaging (MRI) market size
2.2 Latest Magnetic Resonance Imaging (MRI) market trends
2.3 Key growth trends
- Competitive Landscape
3.1 Global Magnetic Resonance Imaging (MRI) market key players
3.2 Global Magnetic Resonance Imaging (MRI) size by manufacturers
3.3 Products of major players
3.4 Entry barriers in the Magnetic Resonance Imaging (MRI) market
3.5 Mergers, acquisitions, joint ventures, and strategic alliances
About Reports and Data
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Industry InsightsThe global magnetic resonance imaging (MRI) market was valued at USD 3.2 billion in 2015.
The systems are used mainly for the detection of central nervous system (CNS) related diseases such as tumors, spine lesions, stroke influenced area in brain and blood vessels.
The higher adoption in the technology is due to the its sharp and precise images in short period of 20 minutes time because of its paramagnetic contrast agent and gadolinium-DTPA use as an intravenous injection.The high cost of devices and maintenance as well as servicing cost are hinders the market growth.
The closed type of instrument captures the largest market in 2015.
The MRI is used for the scanning of various body parts such as abdomen, pelvis, brain, spine, heart, breast and musculoskeletal structure due to its anatomical and physiological scanning competence.The other alternative failed to give accurate and precise imaging results for the neural and brain disorders that boosts the market growth for MRI market.
The MRI market is not so suitable for the breast and cardiac imaging due to the other strong preferable techniques such as of X-ray and other fist line imaging techniques.Regional InsightsNorth America dominated the market with the largest revenue share in 2015.
Magnetic resonance imaging (MRI) market is a non-invasive imaging technology that generates three-dimensional, comprehensive anatomical pictures.
It is focused on advanced technology that stimulates and recognizes changes in the orientation of the rotation axis of the protons discovered in the water that makes up the living tissues.
MRI enables your doctor to diagnose a disease or wound and can monitor how well you're doing with your therapy.
It is particularly helpful when searching at smooth tissues and the nervous system.
It may be used to assist diagnose or track therapy for a number of circumstances in the heart, abdomen and pelvis.Magnetic resonance imaging (MRI) market is registering a substantial CAGR of 5.60% in the forecast period of 2019-2026.
This rise in the market can be attributed to the new helium deposits invention, technological innovations in MRI and rise focus on replacing low-field MRI systems with high-level MRI systems.Access insightful study with over 100+ pages, list of tables & figures, profiling 10+ companies.
