Magnetic resonance imaging (MRI) technique uses a combination of strong magnetic fields and radio waves to derive a detailed image of organs and tissues of a body. The non-invasive magnetic resonance imaging technique, unlike radiation-based imaging, does not expose patients to any radiation-related adverse effects. Thereby, leading to an increase in number of patients opting for MRI over other medical imaging techniques like CT scan. These factors are anticipated to impel the magnetic resonance imaging market growth. Increase in number of patients with cardiovascular, neurological and ophthalmic disorders in geriatric population is spiking the need for diagnostic attention which is expected to be another factor propelling the market growth. Moreover, these instances are creating great scope for market key players to invest in research and development activities like drug discovery processes and preclinical research, to investigate possible contributions of MRI technique. This is likely to cast a positive impact on the magnetic resonance imaging market.
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However, challenges like strict regulatory laws imposed by governments and insufficient reimbursements policies for magnetic resonance imaging (MRI) system procedures can hinder the MRI market expansion. High cost of the instrument and lack of trained operators are expected constraints on the market proliferation. The Market Research Future’s (MRFR) report on the global magnetic resonance imaging market mentions that the market is likely to register a CAGR of 3.5% during the forecast period of 2017-2023 and the market valuation is expected to scale up to USD 5 Billion by 2023 end.
Some of the top-notch companies in the MRI market which are profiled by MRFR are Hitachi, Siemens AG, Canon Medical Systems, GE Healthcare, Philips, Toshiba Corporation, Toshiba Corporation, Xingaoyi, and Aurora Imaging Technologies, Inc.
January 2019: The Nova Scotia Halifax Authority collaborated with Synaptive Medical to develop the head-only MRI called Evry. It will assist physicians in making immediate correct decisions for critical patients.
MRFR conducted a study on the global magnetic resonance imaging market in segments for a vivid understanding of the market. The MRI market study is segmented by type, field strength, disease application, and end user.
Based on type, the market is segmented into open MRI, closed MRI, standard bore MRI, and wide-bore MRI.
Based on 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.
Based on disease application, the market is segmented into the spine and musculoskeletal MRI, brain and neurological MRI, pelvic and abdominal MRI, breast MRI, cardiovascular MRI, and others.
Based on end user, the market is segmented into diagnostic imaging centers, hospitals and clinics, research laboratories, and pharmaceutical and biotechnology companies.
MRFR predicts the possibility of North America to maintain its hegemony in the magnetic resonance imaging market. MRI technique aids in accurate diagnosis and provides detailed images of soft tissues and vascular system. Increasing prevalence of complicated disorders that require such an accurate diagnosis is likely to drive the regional market growth. Availability of advanced medical infrastructure and professional operators are the main factors likely to prompt the magnetic resonance imaging market in Europe.
Followed by North America, the European market is anticipated to grow at a rapid pace. Capability of the European citizens to afford modern medical expenses can also trigger the regional market growth. Asia Pacific is likely to grow with the highest CAGR in the forthcoming years owing to multiple market drivers in the region. The region is witnessing a rise in the number of patients afflicted with serious disorders which require sincere medical attention. Hence, this is likely to trigger the magnetic imaging market growth in the region. Moreover, governments in the region are availing affordable medical insurance policies which are expected to trigger the market growth in the upcoming years. MRFR reports that healthcare key players are setting up their headquarters and plants in Singapore, China, Japan, and Korea which is expected to prompt the regional magnetic resonance imaging market growth.
Lack of medical awareness among people and treatment facilities in the Middle East and Africa are the major factors responsible for limiting the regional market growth. Although, development in the field of medicine in the United Arab Emirates and Saudi Arabia is expected to improve the magnetic resonance imaging market growth during the forecast years.
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