MRI Systems Market 2020 Regional Growth Drivers, Opportunities, Trends, and Forecasts to 2025
Category: #business  By Ronak Bora  Date: 2021-03-30
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MRI Systems Market 2020 Regional Growth Drivers, Opportunities, Trends, and Forecasts to 2025

MRI Systems Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.

Global Magnetic Resonance Imaging systems market is poised to gain massive traction over the projected timeframe of 2019 to 2025. This can be attributed to the growing prevalence of chronic diseases, which has in turn escalated the demand for MRI systems across numerous healthcare facilities.. As per National Health Council record, 40 million residents of the U.S. suffer from at least one chronic disease annually. Therefore, in order to avoid such scenario, people are inclined on getting diagnosed at early stages, which brings in the requirement for MRI scans.

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According to GMI report, Magnetic Resonance Imaging systems market size is projected to surpass USD 8 billion by 2025.

Rising incidences of road accidents are expected to instigate the product demand considering the importance of magnetic resonance imaging for the accurate diagnosis of tissue, nerve and muscle injuries. Emerging economies such as Africa and India have depicted relatively higher number of accident cases over the past few years. According to wheels24 data, in 2017, over 14,050 deaths from road accidents were recorded in South Africa alone. On the global fronts, millions of people die in accidents and trauma urging the need for diagnosis, which will drive the demand for MRI systems.

Open systems segment is estimated to register a growth rate of 5% over the forecast timeframe. This growth can aptly be credited to their less enclosed structure which reduces anxiety and claustrophobia and offers great comfort to the patients. Further, with technological advances, new open MRI systems have been developed which can be tilted and provide scans in standing position which is beneficial in diagnosing complicated conditions while putting the patients at ease.

Low to Medium (<1.5T) segment had registered a valuation of USD 168 million in 2018 owing to the benefits offered by these MRI systems such as excellent quality of images of chest and abdomen along with ease of availability, and lower cost of replacement parts. Considering these advantages, several hospitals across developed countries still utilize 1.5 Tesla short-bore MRI scanners as a standardized solution, which can positively influence the segmental growth over the foreseeable future.

In 2018, hospitals segment had recorded a valuation of more than 3 billion and is anticipated to foresee similar growth over the ensuing years considering the increasing adoption of advanced MRI systems. This is primarily due to shifting preference of patients, with tissue injuries, protrusion of the discs and damaged spinal cord, looking forward to receiving hospital treatment due to assured treatment success.. Besides, public hospitals are funded by government for ensuring the availability of sophisticated medical devices, which is another factor driving the product adoption.

China magnetic resonance imaging systems industry has secured a substantial revenue share of 56% in Asia Pacific region and is expected to witness a considerable growth over the coming years. This can be credited to the elevating product demand due to rising geriatric population who are susceptible to chronic bone diseases such as osteoporosis and arthritis. Moreover, supportive regulatory scenario that  lower the entry barriers for new players will positively influence the industry growth in the country.

Prominent industry players operating in MRI market such as Philips N.V., Hitachi, Koninklijke, GE Healthcare, Toshiba and Siemens are implementing effective business strategies such as new product launches, mergers and acquisitions to gain a competitive edge in the market. For instance, in 2016, Hitachi announced its collaboration with Ningbo Jansen NMR Technology for jointly developing a high-end MRI magnet. Apparently, this agreement enabled the company to expand its MRI business and provided a strong presence in the market.

Speaking of new product launch, in 2018, Siemens launched its Magnetom Sola Cardiovascular Edition, which is a 1.5 T MRI scanner designed particularly for cardiovascular diagnosis with enhanced automation and standardization for delivering faster, reliable and definitive examination results. Reportedly, this product launch helped the company increase its product offerings and is anticipated to provide positive growth prospects to them in the near future. 

Browse full table of contents (TOC) of this report @ https://www.decresearch.com/toc/detail/magnetic-resonance-imaging-mri-systems-market

Partial Chapter of the Table of Content 

Chapter 4. Magnetic Resonance Imaging (MRI) Systems Market, By Architecture

4.1. Key segment trends

4.2. Open

4.2.1. Market size, by region, 2014-2025 (USD Million, Units)

4.3. Closed

4.3.1. Market size, by region, 2014-2025 (USD Million, Units)

Chapter 5. Magnetic Resonance Imaging (MRI) Systems Market, By Field Strength

5.1. Key segment trends

5.2. High to Ultra High (>1.5T)

5.2.1. Market size, by region, 2014-2025 (USD Million, Units)

5.3. Low to Medium (<1.5T)

5.3.1. Market size, by region, 2014-2025 (USD Million, Units)

Chapter 6. Magnetic Resonance Imaging (MRI) Systems Market, By End-use

6.1. Key segment trends

6.2. Hospitals

6.2.1. Market size, by region, 2014-2025 (USD Million, Units)

6.3. Others

6.3.1. Market size, by region, 2014-2025 (USD Million, Units)

 

About Author

Ronak Bora    

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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