“Global magnetic resonance imaging (MRI) market is anticipated to reach USD 7.64 billion by 2030”, says Visiongain
29 November 2019
Visiongain has launched a new pharma report Magnetic Resonance Imaging Market Report by Architecture (Open Systems, Closed Systems), Field Strength (Low Field Strength, Mid Field Strength, High Field Strength), Application (Brain & Neurological, Abdominal, Cardiac, Breast, Spine & Musculoskeletal, Vascular, Other Applications), End Users (Ambulatory Surgical Centers, Hospitals, Imaging Centers), and Geography.
The global magnetic resonance imaging (MRI) market is anticipated to grow at a lucrative CAGR of 5.8% and anticipated to reach USD 7.64 billion by 2030.
This method is used as an active diagnostic tool in brain and blood vessel affected area of central nervous system diseases, cancers, spine abnormalities, and stroke. It is projected that the high prevalence of these conditions would drive growth. Additionally, growing geriatric population coupled with rising chronic diseases, and demand for minimally invasive & non-invasive diagnostic procedures are some of the major factors contributing global magnetic resonance imaging market growth over the forecast period from 2020 to 2030.
Additionally, growth if magnetic resonance imaging market is fueled by technological advancements in scanning technologies such as open MRI systems, superconductive magnets & software upgrades. Design of cardiac pacemaker-compatible MRI systems is also driving demand for these instruments. For example, advances in contrast agents such as gadolinium-DTPA, the paramagnetic contrast agent, is used as an intravenous injection to provide sharp, accurate and accurate images within 20 minutes to an hour.
Key factors driving the growth of the global magnetic resonance imaging market are growing technological advances, such as the introduction of MRI with PET and CT, offering imaging possibilities with lower exposure to harmful radiation, increasing MRI adoption in developing countries, and increasing availability of Universal health coverage in developed and developing countries. Global players such as GE, Siemens, and Philips have a strong hold on technology development as well as global distribution channel thus leading to increase in the number of public and private diagnostic centers worldwide.
Advances in medical imaging technologies have increased and enhanced the diagnosis & treatment of CVDs and cancer among other diseases. Increasing demand for minimally invasive treatment in diagnostic imaging equipment contributes to innovation. Some of the major advances; for instance, accelerating processing speed, extending 3D & 4D parameters, capturing images at the right place & time, and automated workflow are anticipated to fuel usage and adoption of medical resonance imaging over the forecast period.
Significant increase in the number of public and private hospitals across Asian countries like Japan, China, Malaysia and India is contributing to growing demand for magnetic resonance imaging. Also, growing medical tourism coupled with government initiatives in this region is projected to boost further growth. However, due to its cost-effectiveness and easy availability, the adoption of refurbished MRI equipment is widely preferred in the emerging economies.
The current market is experiencing major advances in technology. The limits of the largest electromagnetic field strength in MRI have expanded to a staggering 7T beyond the conventional 1.5T-3T. This innovation leap has broadened the MRI system application profile and is expected to extend further over the forecast period.
The current global demand for MRI is troubled by issues with low reimbursement rates for MRI treatments and post-sale service problems. MRIs are high-cost capital equipment ranging from 7-14 years of average lifespan. Post-sales service is therefore becoming an important factor for consumers, but the current market has largely failed to address these needs.
In the year 2018, North America dominated the MRI market owing to presence of top players in the region and adoption of technologically advanced equipment for diagnosis and treatment. Also, favorable insurance coverage across the United States allow patients to receive the required early diagnosis of chronic diseases. Therefore, in the coming years, demand for MRI systems is expected to remain strong in the region.
Due to the increasing geriatric population, Asia Pacific is expected to experience the highest CAGR and thus the market for magnetic resonance imaging is expected to rise in the near future. In addition, the growth of the advanced medical imaging industry is expected to increase the booming medical tourism industry in Asian countries. Countries like India, China, and Japan are creating opportunities for growth with a rapidly expanding healthcare service industry, the presence of skilled healthcare staff, and advanced healthcare facilities and services at a lower cost than developed North American and European countries.
North America holds majority of market share followed by Europe and will continue to dominate in the future as a result of a number of research projects in the region, coupled with funding for research institutes from the government. In addition, the market will continue to be driven by the existence of target population and increased R&D investment by important business organizations. Asia Pacific region is expected to experience the highest growth in terms of CAGR over the forecast period owing to growing presence of large patient pool in markets such as India and China. Additionally, unmet needs of patients and untapped nations in this region have been attracting investments by global players and this is expected to boost Magnetic Resonance Imaging MRI market growth over the forecast period.
Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations and launching new products in order to strengthen their position in the global magnetic resonance imaging market. Companies are also expanding their R&D, distribution, and management facilities in order to expand their business and to hold a competitive edge in the Magnetic Resonance Imaging (MRI) market.
The comprehensive market report features companies such as GE Healthcare, Aurora Imaging Technologies, Inc., Barco, Esaote SPA, Hitachi Medical Systems America AG., Hologic, Koninklijke Philips N.V., Nordion, Sanrad Medical Systems Pvt ltd., Shimadzu Corp, Siemens AG, Toshiba Corporation, Fonar Corporation, Aspect Imaging, Canon Medical Systems Corporation, Neusoft Medical Systems Co. Ltd, Shenzhen Mindray Bio-Medical Electronics, Bruker among other prominent players. Also the research study offers market estimation and forecast for the period ranging 2020-2030 for global markets such as North America, Latin America, Europe, Asia Pacific and MEA along with regional sub-markets as U.S., Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Russia, India, Japan, China, Australia, ASEAN, GCC and South Africa.
Notes for Editors
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