MRI Systems Market size to exceed USD 8.5bn by 2025
Published Date: August 22, 2019 Authors: Sumant Ugalmugle, Rupali Swain
MRI Systems Market size is to exceed USD 8.5 billion by 2025; according to a new research report by Global Market Insights, Inc.
Technological advancements in medical MRI systems will positively impact the magnetic resonance imaging systems market growth. One of the remarkable advancements in magnetic resonance systems is associated with software utilized these systems. Newly developed software have simplified cardiac imaging procedures and also enabled faster examination. Moreover, majority of the industry players have received FDA clearance for advanced magnetic resonance imaging systems that delivers eight contrasts in a single acquisition within a fraction of the time. For instance, in February 2018, FDA approved MRI-based application of Siemens Healthineers that enhances 3D diagnostic examinations in knees. Therefore, growing availability of innovative MRI systems having variety of clinical applications will stimulate the magnetic resonance systems market growth.
Increasing prevalence of chronic disease such as cancer, cardiac and neurovascular disease will boost the demand for magnetic resonance imaging systems. MRI has become powerful tool for providing soft-tissue visualization and wide range of contrasts images. High contrast dye allows superior neuro-oncology imaging thereby enabling healthcare professionals to detect cancer as well enable tracking sign of its progression. Thus, increasing physicians preference towards upgraded MRI systems should propel the industry growth. However, dearth of skilled labor for operating advanced MRI systems may hinder MRI systems market growth to certain extent.
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Closed segment of MRI systems market is anticipated to witness around 6% CAGR over the analysis time frame. Closed MRI systems are narrow cylindrical container normally covers a diameter of 60 cm offering better images than open MRI by producing strong magnetic field. Moreover, recent advancements have led to development of highly efficient closed MRI systems utilized in diagnosing defects in extremities. Extremities MRI diagnostic system uses closed architecture to provide images of leg tissues and offers maximum comfort to patients. Thus, adoption of such advanced closed MRI systems that provides superior quality images will be significant in hospitals that should augment the segmental growth.
High to ultra-high segment of magnetic resonance imaging systems market held over 95% in 2018 and is projected to witness considerable growth during the forecast years. Significant growth is attributed to benefits associated with high to ultra-high MRI system. High to ultra-high MRI provides greater chemical shift dispersion, enable examination in fraction of time and possess high signal to noise ratio, that increases its sensitivity. Moreover, high to ultra-high MRI systems provide higher temporal or spatial resolution than previously available magnetic resonance imaging systems thereby, augmenting its demand.
Hospital segment of MRI systems market is anticipated to witness around 6% CAGR throughout the forecast time frame. Increasing prevalence of chronic disease and rising accidental case in Asia pacific as well as other emerging regions will fuel the demand for magnetic resonance imaging systems in hospitals. Magnetic resonance imaging is a non-invasive imaging procedure that uses strong magnetic and radio waves to produce detailed image of organs and is highly preferred during surgical procedures. Furthermore, its wide range of application in detection of injuries, cysts, tumors, as well abnormalities in joints boosts its popularity among doctors and surgeons thereby augmenting segmental growth.
Browse key industry insights spread across 180 pages with 93 market data tables & 8 figures & charts from the report, “Magnetic Resonance Imaging Systems Market Size By Architecture (Open, Closed), By Field Strength (High to Ultra High (>1.5T), Low to Medium (<1.5T)), By End-use (Hospitals), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of contents:
Europe magnetic resonance imaging system market expected to experience over 5% growth over analysis timeframe. Rapid technological advancements and increasing awareness pertaining to early diagnosis of disease will proliferate demand for magnetic resonance imaging systems. Industry players are focused on introducing innovative MRI systems in the European market due to its ever increasing demand in this region. For instance, in 2017 GE Healthcare announced expansion of MRI contrast media product range in Europe along with the launch of Clariscan, a gadolinium-based contrast agent gold-standard detection tool in MR imaging that offers improved contrast and enable rapid detection of abnormalities. Therefore, introduction of innovative MRI systems in Europe will augment the magnetic resonance imaging systems market growth.
Some of the industry players operational in magnetic resonance imaging systems market are Hitachi, Toshiba, Koninklijke Philips N.V., GE Healthcare, Siemens, Aurora Imaging Technologies, Sanrad Medical Systems, Esaote SpA, Neusoft Medical Systems and Fonar Corporation. Players are implementing strategic initiatives such as geographic expansions, product launches, collaborations, mergers and acquisitions in order to acquire prominent market share and sustain industry competition. For instance, in 2018 Koninklijke Philips N.V. launched Ingenia Ambition 1.5T. It is a new innovation in Ingenia MRI portfolio, that comprises fully-digital MRI systems. Thus, new product launch will foster company’s growth
MRI systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2014 to 2025, for the following segments:
MRI Systems Market, By Architecture (USD million)
By Field Strength (USD million)
- High to Ultra High (>1.5T)
- Low to Medium (<1.5T)
By End-use (USD million)
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- New Zealand
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia