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The global MRI systems market size was USD 7,165.6 Million in 2017 and is projected to reach USD 11,725.9 Million by the end of 2025, exhibiting a CAGR of 6.4%.
MRI (Magnetic Resonance Imaging) holds the prominent share in diagnostic imaging due to advance spatial resolution and efficient image acquisition with superior imaging qualities. The demand for MRI systems with 1.5 T in global MRI systems market is considerably high due to better value for money ratio in developed as well as emerging nations.
Moreover, rapidly increasing healthcare expenditure coupled with swiftly developing infrastructure in developed nations resulted in increased installation of new MRI systems. Technological advancements, as well as extensive research being conducted in neuroscience, fueled the adoption of MRI systems with more than 1.5 T in developed nations. Additionally, rising emphasis on optimization in diagnostic imaging resulted into design and development of specialized MRI systems such as breast MRI, neonatal MRI, extremity MRI, and others.
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"MRI systems with 1.5 T strength is Most Attractive Type"
The cost of MRI systems is directly proportional to the technology embedded in it, as well as strength of magnet used in the MRI systems. Managing the costs of acquisition and maintenance of MRI systems with higher technology for improved outcomes is the prime hurdle for growth in installations of MRI systems. Market players are constantly taking efforts in order to overcome this hurdle. Leading players in the market are thus focusing on serving the optimal technology within minimal costs, most considerably in MRI systems with 1.5 T segment. MRI systems with 1.5 T strength accounted for a market share of 70.5% in 2017. Highest share of the segment attributed to integration of advanced algorithms in MRI systems with 1.5 T with affordable costs by market players such as GE healthcare, Siemens Healthcare, Philips and others.
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In terms of application, musculoskeletal is likely to be the fastest growing segment for the forecast duration, owing to the proven clinical efficacy of MRI systems in detailed bone imaging. Additionally, neurology application is also expected to register comparatively higher CAGR due to expansion of neuroscience, most prominently in developed nations. Various end users in the global MRI systems market are hospital, diagnostic imaging centers, and others (physicians’ offices, clinics, emergency centers, long-term & urgent care centers, etc.). A significant range of funds allocated by the government to the hospital sector of emerging economies is estimated to boost the growth of hospitals by the end of forecast duration.
"Developing healthcare infrastructure along with increased adoption of MRI systems for imaging diagnostic accelerated the CAGR of Asia Pacific"
Asia Pacific generated a revenue of US$ 3,159.5 Mn in 2017, and is anticipated to emerge dominant in global MRI systems market during the forecast period. Growth witnessed in the region is likely to be driven by increasing adoption of MRI systems for diagnostic imaging and implementation of intense penetration strategies by leading market players. Moreover, exponentially increasing patient pool and increasing prevalence of musculoskeletal and neurological disorder are expected to boost the installations of new MRI systems in Asia Pacific.
Asia pacific Magnetic Resonance Imaging (MRI) Systems Market Share, 2017 To get geographical overview of this market, request a free sample copy
Asia pacific Magnetic Resonance Imaging (MRI) Systems Market Share, 2017
To get geographical overview of this market, request a free sample copy
Expansion of research and development in neurology and cardiovascular domain are expected to propel the adoption of more advanced MRI systems with more than 1.5 T strength in North America and Europe. Collaborations of U.S. based healthcare institutions with domestic healthcare organizations are anticipated to present higher opportunity for increased adoption of MRI systems in Middle East & Africa. The market in Latin America region is anticipated to register considerably higher CAGR due to rising emphasis on early disease diagnosis.
"GE Healthcare & Siemens Healthcare to Account for More Than Half of the Market Share in Terms of Revenue"
GE Healthcare emerged as the leading player with the highest market share in 2017, as the company is engaged in offering diversified portfolio of its MRI product segment. Combined with this, the company has strong focus on reinforcing strategies for development of robust distribution network, strong penetration in markets of emerging nations and technological advancements. Moreover, a significant amount of revenue generated by MRI systems market in China and expansion of manufacturing capacity with aim to tap Latin America market assisted the Siemens Healthcare to achieve a considerable MRI systems market share.
Incredible development in imaging technologies coupled with intelligent algorithms significantly impacted on the diagnostic imaging technologies. Integration of artificial intelligence along with improved ergonomics and digital technology offered exclusive quality of body imaging for disease diagnosis. Due to this, the capability of MRI systems to visualize neurons and complex bone structures played important role in acceptance of MRI systems all over the world.
The report provides qualitative and quantitative insights in MRI systems market and detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented by strength, application, and end user. On the basis of strength, the global MRI systems market is categorized into less than 1.5 T, 1.5 T and more than 1.5 T.
Based on the applications, the global magnetic resonance imaging systems market is segmented into musculoskeletal, neurology, cardiology, body imaging, and others. Various end users covered in the report are hospitals, ambulatory surgery centers, and diagnostic centers. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report provides elaborative analysis of market dynamics and competitive landscape. Various key insights provided in the report are cost of MRI test procedure (key countries), MRI procedures per year (key countries), technological developments, region-wise installed base MRI system – 2017.
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Fortune Business Insights says that the Magnetic Resonance Imaging (MRI) market was valued at USD 7,165.6 Million in 2017 and is projected to reach USD 11,725.9 Million by 2025.
In 2017, the Asia Pacific Magnetic Resonance Imaging (MRI) market was valued at USD 3,159.5 Million.
Growing at a CAGR of 6.4%, the market will exhibit significant growth in the forecast period (2018-2025)
1.5T segment is expected to be the leading segment in this market during the forecast period.
Rising prevalence of chronic diseases, favorable health reimbursement, and new product launch are the major factors driving the Magnetic Resonance Imaging (MRI) market.
GE Healthcare & Siemens Healthcare are the top players in the Magnetic Resonance Imaging (MRI) market.
Asia Pacific is expected to hold the highest market share in the market.
Increasing demand for advanced diagnostic techniques and rise in number of standalone diagnostic centers are the factors that are expected to drive the adoption of Magnetic Resonance Imaging (MRI).
Launch of products to address the challenges of lung MRI and emergence of new creative MRI systems exclusively for pediatrics are the key trends of the Magnetic Resonance Imaging (MRI) market.
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