February 04, 2020
According to the research report titled ‘Magnetic Resonance Imaging Systems Market Size By Architecture (Open, Closed), By Field Strength (High to Ultra High (>1.5T), Low to Medium (<1.5T)), By End-use (Hospitals), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, The Netherlands, Finland, Austria, Japan, India, China, Australia, New Zealand, Brazil, Mexico, South Africa, Saudi Arabia, Turkey), Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global magnetic resonance imaging (MRI) systems market is expected to cross USD 8 billion by the year 2025.
According to the report, increasing pervasiveness of chronic diseases such as diabetes and cancer are a major factor driving the magnetic resonance imaging systems market growth. There has been an upsurge in awareness pertaining to early diagnosis which has boosted the demand for MRI systems, which in turn is aiding the market expansion. Rising prevalence of fatal road accidents in developing countries is stimulating the industry outlook. However, high costs associated with magnetic resonance imaging systems may hinder the market growth.
As per architecture, the report states that the open systems segment is expected to grow by 5% in the forthcoming years. Open systems help reduce the amount of claustrophobia and anxiety among patients. Moreover, advanced MRI systems are used to diagnose complex conditions and improve the patient’s comfort. Thus, aforementioned factors are contributing towards the popularity of the open type product across the globe.
In terms of field strength, low to medium (<1.5T) segment was worth USD 168 million in the year 2018. Low medium MRI systems offer better quality images of chest and abdomen. This factor along with easy availability and low replacement cost are augmenting the demand for such MRI systems across the globe.
Citing the end-use landscape, the hospital segment accounted for USD 3 billion in the year 2018. Growing occurrences of protrusion of discs, damaged spinal cord, and soft tissue injuries along with surging investments towards healthcare infrastructure development are favoring the market outlook.
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As per the regional analysis, the report states that China held 56% share of the Asia-Pacific magnetic resonance imaging systems industry in 2018. Factors such as rising geriatric population along with favorable government reforms which promote the use of MRI systems are facilitating the business scenario.
Neusoft Medical Systems Co., Fonar Corp., Sanrad Medical Systems Pvt. Ltd., Esaote S.p.A., Aurora Imaging Technologies Inc., Toshiba Corp., Hitachi Medical Systems, Koninklijke Philips N.V., Siemens AG, and GE Health care are the prominent companies operating in the magnetic resonance imaging systems industry.
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