MRI Systems Market size is set to exceed USD 8 billion by 2025; according to a new research report by Global Market Insights. Growing geriatric population will drive MRI systems market growth over the forecast years. According to UN data, the number of individuals aged 60 years and above are estimated to reach 1.4 billion by 2030. Elderly population base is susceptible to chronic diseases that increases the demand for MRI systems for diagnosis, proving beneficial for the industry growth. Neurological and orthopedic disorders are more prevalent in geriatric population and technologically upgraded MRI scanners are extensively utilized for accurate and efficient diagnosis that elevates the industry growth.
Growing public awareness pertaining to early disease diagnosis will serve to be a high impact rendering factor. Moreover, several organizations also actively participate in campaigns to promote awareness regarding availability of upgraded medical devices for accurate diagnosis. For instance, World Health Organization (WHO) has launched various cancer prevention programs in different countries like India, Ireland, Korea. Early detection of chronic diseases like cancer and neurological diseases increases chances for successful treatment; increasing the demand for MRI systems. However, dearth of skilled professionals in emerging economies will restrain the MRI systems market growth to some extent.
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Open MRI Systems market segment was valued at USD 168.5 million in 2018 and is projected to witness significant growth during the forecast years. Open MRI systems are designed with magnetic areas at top and bottom without any enclosure for the patient. Open space helps in reducing claustrophobia and increase patient comfort levels during scanning. Also, this type of architecture is comfortable for overweight and obese patients as it allows scanning of critical body parts without any discomfort to the patient. Moreover, cryogen-free design and the use of permanent magnets make open MRI systems cost-effective with lower maintenance costs that positively influences segmental growth.
Low to medium (<1.5T) segment is expected to have 5% growth throughout the analysis timeframe. Low to medium field scanners offer open architecture for MRI systems as it makes use of permanent and resistive magnets that facilitate large diameter bores and wide variety of configurations offering better patient comfort. Also, these scanners are available at lower initial purchase price with low operational costs as the magnetic field strength is low that augments their demand.
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Hospitals segment is expected to experience 6.1% growth during analysis timeframe. Stupendous segmental growth can be associated with growing geriatric population base, increasing prevalence of chronic diseases, and rise in number of accidents. Tremendous increase in usage of CT or MRI scans in hospital emergency rooms occurred between 2013 and 2017, during which the volume of scans almost doubled. Aforementioned factors are expected to drive the segmental growth.
North America MRI systems market was valued at 1.4 billion in 2018. Considerable revenue size can be associated with increasing healthcare expenditure, inflated patient awareness levels, and positive reimbursement framework. Moreover, hospitals funded by government can afford adoption of technologically upgraded MRI systems that further proves beneficial for industry growth.
Prominent industry players include Koninklijke Philips N.V., Hitachi, GE Healthcare, Toshiba, Siemens, Aurora Imaging Technologies, Esaote SpA, Sanrad Medical Systems, Fonar Corporation and Neusoft Medical Systems. The industry players resort to various strategic initiatives such as partnerships, new product launch and collaboration for enhancing their industry position. For instance, in February 2016, Siemens launched Magnetom Vida, a high end 3T scanner with BioMatrix technology that addresses inherent physiological and anatomical differences among patients. Launch of the new product has broadened as well as fortified the company’s product portfolio.
Magnetic Resonance Imaging Systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2014 to 2025, for the following segments:
MRI Systems Market, By Architecture (USD million, 000’ Units)
MRI Systems Market, By Field Strength (USD million, 000’ Units)
- High to Ultra High (>1.5T)
- Low to Medium (<1.5T)
MRI Systems Market, By End-use (USD million, 000’ Units)
The above information is provided for the following regions and countries:
- North America
- The Netherlands
- Asia Pacific
- New Zealand
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia