Magnetic Resonance Imaging (MRI) Systems Market Analysis
Magnetic Resonance Imaging (MRI) Systems Market - Global Industry Insights, Trends, Size, Share, Outlook, and Opportunity Analysis, 2018-2026
Magnetic resonance Imaging (MRI) is an advanced medical imaging technique employed to image the anatomy and physiological processes in the body of an individual. These images are formed by MRI scanners using high power magnets, strong magnetic fields, radio waves and magnetic field gradients. Magnetic resonance imaging systems does not use ionizing radiations, it is mainly favored over computed tomography (CT) scans. MRI is also considered to be a standard option for neuroimaging and investigating neurological cancers, as it provides better resolution images as compared to that of CT images. It can also be used for musculoskeletal imaging, including spinal imaging, locating soft tissue tumors, and assessment of joint diseases. Apart from these applications, MRI can be a suitable option to examine sports injuries, vascular abnormalities, prostrate problems, pelvic problems of females, assessment of the gastrointestinal tract, and to investigate several conditions of nose, throat and ear. Patients with preexisting implants cannot be scanned with MRI.
The lethal rates caused due to chronic diseases could be lowered with improvised diagnostic techniques leaving a scope for growth in global magnetic resonance imaging systems market
According to The National Health Council (NHC) of United States, around 133 million cases of chronic diseases were reported in the country in 2014, which accounts to 40% of the total population of the country. Moreover, NHC suggests that around 75% of the total healthcare costs are the results of chronic diseases suggesting these population to be graving for proper diagnostic and imaging requirements, which could be fulfilled by MRI systems. According to Center for Disease Control (CDC), 2016, around 610,000 deaths are reported in the U.S. annually due to cardiac arrest and other cardiovascular diseases. This rate could be lowered if proper diagnostic and imaging technologies are available in the market leading to opportunities for advancement in the MRI systems market.
Asia Pacific exhibiting fast growth and technological development in global MRI systems market
The global MRI systems market can be segmented on the basis of type, field strength, application and regions.
On the basis of type the global MRI systems market can be segmented as-
On the basis of field strength, the global MRI systems market can be segmented as-
Based on application, the global MRI systems market can be segmented as-
On the basis of regional segmentation, the global MRI systems market can be segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold the major share in the global MRI systems market. According to Organisation for Economic Co-operation and Development (OECD), 110 per 1000 inhabitants in the U.S. have undergone MRI examination in 2014, suggesting intense use of MRI systems for diagnostic purpose in this geographical region. Asia Pacific is expected to exhibit fast growing development in MRI systems industry due rise in geriatric population. According to the Asian Development Bank, the geriatric population is projected to reach approximately 923 million by the end of 2020. Europe has registered slow growth in the global MRI systems market owing to Eurozone debt crisis.
China and India significantly contributing to global MRI systems market due to developing healthcare facilities
The global MRI systems market is found to show significant growth rate due to prevalence of chronic diseases like cancer, respiratory diseases and rheumatoid arthritis. The division of public health reports 178 per 100,000 deaths due to cancer and 156 per 100,000 deaths due to chronic obstructive pulmonary disease (COPD) according to chronic diseases data brief, 2016. Several other factors driving the global MRI systems market constitutes of rise in geriatric population, increase in incidence rates of sport and other injuries, growing awareness among people regarding early detection of diseases and developing healthcare facilities and infrastructure in countries such as China and India. However, the stringent regulations for MRI systems approval, high set up and maintenance cost and lack of helium gas deposits could restrict the growth of the global MRI systems market.
The key players operating the global MRI systems market includes Seimens AG, Koninklijke Philips N.V., Aurora Imaging Technologies Inc., General Electric Company, Hitachi Ltd., Esaote SpA and Toshiba Corporation. These companies are dominating the global MRI systems market due to adopting policies like merger and acquisition, partnership and high investments in R&D.