According to the study, the Global MRI Market, which stood at US$ 7,165.6 Mn in 2017, will reach US$ 11,725.9 Mn by the end of 2025. If these figures prove true, the global magnetic resonance imaging equipment market will rise at a CAGR of 6.4% between 2018 and 2025.
The rising demand from musculoskeletal application segment is prognosticated to help the global magnetic resonance imaging equipment market rise at a positive pace, finds Fortune Business Insights in their new study. The study is titled, “Magnetic Resonance Imaging Equipment Market: Global Market Analysis, Insights and Forecasts, 2018 – 2025.”
Key companies leading the global Magnetic Resonance Imaging (MRI) Equipment Market include
- SHENZHEN BASDA MEDICAL APPARATUS
- Shenzhen Anke High-tech
- Hitachi
- Koninklijke Philips
- GE Healthcare
- Fonar Corporation
- Time Medical Holding
- Esaote SpA
- Canon
- Siemens Healthineers.
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The musculoskeletal segment is anticipated to rise at a faster rate among other categories based on application. This is due to the recently proven clinical efficacy of MRI systems in detailed bone imaging cases.
Again, the neurology segment, out of various applications will register a higher CAGR because of the expansion of neuroscience in developed nations and its application in medical therapies and testing devices. On the other hand, the hospital segment is likely to generate more revenue over the next few years, because of the significant rise in funding by governments.
Advent of Superconducting Magnets and Software Upgrades to Boost MRI Market
Using magnetic resonance imaging technique is considered as an effective way of diagnosing disorders of the central nervous system, spine lesions, tumors, and the stroke affected areas of blood vessels and brain.
The demand for this system is increasing with the rising geriatric population and their susceptibility to various diseases. Also the rising demand for minimally invasive or non-invasive diagnostic procedures will boost the uptake of magnetic resonance imaging machines. With recent advancements in scanning techniques such as superconducting magnets, MRI systems, and software grades, the demand for magnetic resonance imaging machines is also increasing. Such factors will bode well for the market during the forecast tenure.
Nowadays, manufacturers are installing advanced techniques in MRI machines where such machines will be compatible with cardiac pacemakers for better reading for the physicians. Such innovation is likely to boost the market in the coming years. Increasing awareness about serious disorders and their immediate actions and early diagnosis will help the market to grow remarkably in the coming years.
However, the market may face rough waters considering the high cost of MRI machines and inadequate reimbursement policies issued by various governments. Furthermore, the unavailability of such advanced medical services in under developed nations may act as a restrain for the global MRI market.
Nevertheless, new entrants of vendors into the market and the scope of benefits from these emerging market may bring better growth opportunities for the market during the forecast period.
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Increasing Emphasis of Early Diagnosis to Boost MRI Equipment Market in Latin America
The increasing adoption of MRI systems for detection of severe internal injuries is propelling the MRI equipment market in Asia Pacific. This regional market also exhibits growth at a relatively higher pace. Besides, the increasing incidence of neurological and musculoskeletal disorders and rising number of patient pool will also bode well for the market. Government initiatives for installing new MRI machines in developing economies is likely to boost the market in Asia Pacific.
The adoption of new MRI techniques and the presence of majority of market players in North America will help the market to emerge at the fore. Meanwhile, the market in Latin America is likely to witness lucrative growth opportunities because of the increased adoption of MRI systems in the region. This, coupled with the rising emphasis of early diagnosis will help the market in Latin America contribute a significant share in overall market revenue.
Strategic Collaborations among Key Players to Give Tailwinds to Growth
Players are entering into strategic collaborations and manufacturing improved MRI systems to gain competitive advantage in the global MRI equipment market. Besides this, they are focusing on mergers and acquisitions, new product launches, and adopting advanced technologies, to strengthen their position in the market.
Segmentation of the Global Magnetic Resonance Imaging (MRI) Systems Market
By Strength
- Less than 1.5 T
- 5 T
- More than 1.5 T
By Application
- Musculoskeletal
- Neurology
- Cardiology
- Body Imaging
- Others
By End user
- Hospitals
- Ambulatory Surgical Centers
- Diagnostic Centers
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