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MRI Equipment Market to Reach USD 11.36 Billion by 2027; Evry to Aid in Detecting Complications from Covid-19

May 21, 2020 | Medical Device

The global magnetic resonance imaging (MRI) equipment market size is projected to reach USD 11.36 billion by 2027. It is set to gain impetus from the rising adoption of high strength MRI equipment owing to the ongoing technological advancements. Such products offer better imaging qualities that can prove beneficial for vascular imaging, as well as similar other forms of imaging. This information is given by Fortune Business Insights™ in a recent report, titled, “Magnetic Resonance Imaging Equipment Market Size, Share & Industry Analysis, By Strength (Less than 1.5 T, 1.5 T, and More than 1.5 T), By Application (Musculoskeletal, Neurology, Cardiology, Body Imaging, and Others), By End User (Hospitals, Ambulatory Surgical Centers, and Diagnostic Centers), and Regional Forecast, 2019-2027.” The report further states that the market stood at USD 7.24 billion in 2019. However, it is set to exhibit a CAGR of 6.2% during the forecast period.


Synaptive Medical Receives FDA Clearance for Evry


In May 2020, Synaptive Medical bagged the 510(k) clearance from the USFDA for Evry, the company’s cost-effective MRI equipment to enable early and fast detection of neurological disorders. At the same time, it can be useful in detecting potential complications associated with the coronavirus infection, head trauma, or ischemic stroke.


The system is equipped with a small 0.5T superconducting magnet that is capable of lowering the currently allotted footprint to these imaging machines. It also consists of a detachable stretcher, volume section, automated series planning, and predefined imaging protocols. These would help in bedside transfers. Evry also provides a multichannel head coil that can be customized as per the patient-specific fittings to optimize the quality of images.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/magnetic-resonance-imaging-mri-systems-market-100087


Emergence of State-of-the-art Products to Augment Growth


The rising advancement in technology is likely to contribute to the magnetic resonance imaging equipment market growth in the coming years. The introduction of open MRI equipment supports the effective medical imaging of overweight and claustrophobic patients. Advancements have, thereby enhanced the computing power and field strength of the equipment. Siemens, for instance, unveiled its new 7T MRI system called MAGNETOM Terra. It was approved by the regulatory bodies for clinical usage. Such new fast track approvals would also drive the growth of the market. However, these systems involve high cost spending for maintenance and installation. It may hamper growth.


Key Players to Intensify Competition by Bagging Fast Track Approvals


The market is highly competitive with a classical monopolistic scenario. It houses a large number of emerging and established companies that are focusing on broadening their product portfolio by launching novel systems to cater to the demand from the consumers. They are also striving to gain marketing and distribution approvals from the authorities to surge sales.


Fortune Business Insights™ provides a list of all the companies operating in the MRI equipment market. They are as follows:



  • Canon Medical Systems Corporation

  • General Electric Company (GE Healthcare)

  • Siemens Healthineers AG

  • Koninklijke Philips N.V.

  • Shenzhen Anke Hi-tech Co., Ltd.

  • Hitachi, Ltd.

  • Esaote SpA

  • Time Medical Holding

  • Shenzhen Basda Medical Apparatus Co., Ltd.

  • Fonar Corporation

  • Others


Notable Industry Developments-



  • February 2020: Hyperfine Research received the 510(k) clearance from the US Food and Drug Administration (FDA) for its bedside MRI equipment. It is considered to be the world’s first point-of-care, portable device that is mainly controlled by using wireless tablets, such as iPad. The system can be wheeled directly and plugged into0 standard electrical wall outlets located near the patient’s bed. It has 10x lower weight, consumes 35x lower power, and is 20x lower cost.

  • November 2018: Siemens Healthineers AG, a medical technology company headquartered in Germany, announced that it has planned to expand the BioMatrix line of products by adding two latest MRI scanners. The products are called the Magnetom Altea 1.5-tesla system and the Magnetom Lumina 3-tesla scanner. These are very cost-effective and hence, can be afforded by many, unlike the company’s previous models.


Further report Findings-



  • North America held USD 1.54 billion in terms of revenue in 2019. The region is likely to dominate throughout the forthcoming years backed by the increasing cases of chronic diseases. It has further surged the imaging procedural volume. Coupled with this, the rising healthcare infrastructure and expenditure, as well as the increasing adoption of high-end and expensive MRI equipment would aid growth.

  • Europe is set to remain in the second position owing to the robust healthcare expenditure and rising volume of imaging procedures in this region.

  • Based on strength, the 1.5 T segment generated 71.3% MRI equipment market share in 2019 stoked by the increasing installation of this type of equipment across the globe.


The global market can be segmented in the following way:











































 ATTRIBUTE



 DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2019-2027



Historical Period



  2016-2018



Unit



  Value (USD billion)



Segmentation



By Strength



  • Less than 1.5 T

  • 1.5 T

  • More than 1.5 T



By Application



  • Musculoskeletal

  • Neurology

  • Cardiology

  • Body Imaging

  • Others



By End User



  • Hospitals

  • Ambulatory Surgical Centers

  • Diagnostic Centers



By Geography



  • North America (USA and Canada)

  • Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, Rest of Latin America)

  • Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa)


Magnetic Resonance Imaging System Market
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  • 2019
  • 2016-2018
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