According to Transparency Market Research, the global Magnetic Resonance Imaging Market is expected to project a steady CAGR of 6.6% during the forecast period from 2017 to 2022. In 2017, the market was evaluated to be of worth US$6611.0 mn in 2017, which is estimated to reach around value of US$9120.8 mn by the end of 2022.
Increased Usage in Diagnosis of Neurological Disorders to Support Market Growth
The magnetic resonance imaging is mainly utilized in diagnosis and detection of neurological issues, owing to shortage of proper alternate machine, which is resultantly fueling the growth of global magnetic resonance imaging market. Moreover, an increase in elderly population across the world is as well fueling the demand in the global market, especially due to increased cases of chronic ailments in geriatric population. The market is also accelerating due to increased applications of MRI-guided radiotherapy regarding serious ailments and brain tumor.
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High Maintenance Cost Associated With Machines to Hinder Market Growth
Nevertheless, the increased prices of the magnetic resonance imaging machines, along with high cost attached with the maintenance and servicing of the machine are some of the factors foreseen to hinder the global magnetic resonance imaging market. Moreover, reduced reimbursement policies, particularly in developing and underdeveloped nations are highly responsible regarding MRI detection. This is as well hampering the overall market growth, of medical resonance imaging. Nevertheless, several players in the global market are working hard in order to come up with an innovative products that is expected to reverse the obstructions in the global magnetic resonance imaging market, to a great extent. One of such innovations is the cardiac pacemaker which is compatible with MRI model.
On the basis of product types of MRI model, the magnetic resonance imaging market is broadly segmented into below 0.5T MRI, 3T MRI, and 1.5T MRI. Among these, in 2017, 1.5 T MRI segment is the dominant one, accounting for maximum share of 47%, worth the value around US$3,900.3 mn. Geographically, North America region is leading the global market at present, and is expected to grow in future as well.
The global magnetic resonance imaging market projects an extremely competitive scenario owing to increase in demand regarding improved device efficiency and functionality. This has encouraged the key players to indulge in extensive research and development activities, so as to launch new products in the regional and global market. Owing to the emergence of new entrants, the competitive landscape is estimated to grow even more in coming years.
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Most of the key players are foreseen to focus on the development of advanced MRI gadgets for having a competitive edge over other players, and improved interoperability. Better product portfolios and increasing geographical reach are among other strategies used by various firms in the global magnetic resonance imaging market. Some of the leading players in the global magnetic resonance imaging market are Koninklijke Siemens Healthineers, Neusoft Corporation, GE Healthcare, Philips N.V., Esaote SpA, Hitachi Medical Systems, Philips N.V., Toshiba Medical Systems Corporation, and Xingaoyi, are some of the key players working in the global magnetic resonance imaging market.
The review is based on the findings of a report by Transparency Market Research, titled “Magnetic Resonance Imaging Market – (Product Type – Less than 0.5T MRI, 1.5 T MRI, and 3T MRI; End User – Hospitals, Ambulatory Surgical Centers, and Diagnostic Imaging Centers; Application Type – Orthopedic, Spine, Neurology, Cardiovascular, Head and Neck, and Abdominal and Prostate; Strength Type – Low-Field MRI, Mid-Field MRI, and High-Field MRI) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022.”