Growth opportunities in the MRI systems market look promising over the next six years. This is mainly due to the rising awareness of early diagnostics, the growing prevalence of chronic and non-chronic diseases, and recent advancements in MRI systems technology like neuroimaging, functional imaging, etc.
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MRI Systems Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The augmenting awareness related to early diagnostics is the major driver accelerating the growth of the global MRI systems market share. WHO, in 2017, introduced the manual about the early diagnostic of cancer, resulting in the boost in demand for the MRI systems. MRI generates a picture of the body's soft tissue parts, which are sometimes difficult to see using other imaging tests. Also, recent innovations in the MRI system technology, which comprises neuroimaging, which includes diffusor tensor imaging with tractography, MR spectroscopy, and functional imaging, have stimulated the market growth. The growing incidences of chronic and non-chronic diseases are also fuelling the market growth. For example, in 2018, more than 1,735,350 new cases of cancer were projected to be diagnosed every year as per the National Cancer Institute. According to CDC, more than 795,000 individuals in the U.S. suffered from strokes, which has significantly contributed towards market growth.
The ongoing technological developments in the MRI systems have resulted in refined image quality with higher spatial resolution and faster image timing, paving several ways for market growth. For example, key players like Siemens, Philips, and GE Healthcare have developed a novel technology, which will lead to the development of the market. For instance, GE Healthcare, in 2019, initiated new imaging tech and intelligent apps, namely Critical Care Suite, AIR Recon DL, which helped in MRI reconstruction. Thus, these initiatives by the key players have contributed to the market growth. However, the high cost concerned with imaging equipment is likely to hinder the growth of the market.
Regional Drivers
Based on the regional coverage, North America is expected to lead the market over the forecast period. This is owing to the high installation of MRI systems. For example, in accordance with the "Organization for Economic Co-operation and Development," the number of MRI systems in the U.S. per million of the population in 2019 was 39, which is the largest throughout the globe, leading to the market growth. Furthermore, the strong persistence of prominent players in the region like Siemens Healthcare GmbH, GENERAL ELECTRIC COMPANY will lead to market growth.
MRI Systems Market’s Leading Manufacturers:
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
AURORA HEALTHCARE
Koninklijke Philips N.V.
Bruker
GENERAL ELECTRIC COMPANY
Siemens Healthcare GmbH
ESAOTE SPA
Aspect Imaging
Hitachi
CANON MEDICAL SYSTEMS
MRI Systems Market Segmentation:
Segmentation by Type:
Open
Closed
Standing
Segmentation by Application:
Neurology
Cardiology
Musculoskeletal
Others
Segmentation by End-User:
Hospitals
Diagnostic Centers
Ambulatory Surgical Centers
Others
Segmentation by Region:
North America
United States of America
Canada
Asia Pacific
China
Japan
India
Rest of APAC
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
Rest of the world (remaining countries of the LAMEA region)
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