Global Cardiac MRI Testing Market: Overview

A cardiac MRI is used to monitor or detect any heart-related abnormality or defect. Cardiac monitors use magnetic waves to produce a detailed picture of the heart. It is usually used to get detailed information regarding the severity of various heart problems such as coronary heart disease, congenital heart conditions, tumors, cardiomyopathy, and heart valve diseases. Cardiac MRI helps evaluate the functioning of the heart, including all structures such as heart chambers, valves, and vessels. It helps in diagnosing heart diseases, monitoring patients’ condition, and evaluating effects of any heart condition such as heart attack and coronary heart disease.

Global Cardiac MRI Testing Market: Key Trends

Major factors driving the cardiac MRI testing market include increase in the prevalence of heart diseases globally, rise in the geriatric population, and technological advancements. According to the Centers for Disease Control and Prevention (CDC), approximately 600,000 people in the U.S. die because of heart disease. Heart disease is the leading cause of death in the U.S.. According to the WHO, approximately 17.9 million people die of heart disease every year globally, and 85% of all heart disease deaths are due to strokes and heart attacks. These factors are estimated to drive the market in the near future. However, stringent government regulations and unfavorable reimbursement policies are major factors that are projected to restrain the growth of the cardiac MRI testing market during forecast period.

Global Cardiac MRI Testing Market: Segmentation      

The global cardiac MRI testing market can be segmented based on type, composition, end-user, and region. Based on type, the market can be divided into fixed and mobile. The fixed segment dominated the market in 2018 and is expected to retain its leading position in terms of market share over forecast period. The mobile segment is also expected to expand at a rapid CAGR during forecast period. In terms of composition, the cardiac MRI testing market can be classified into open and closed. The closed segment dominated the market in 2018, owing to the ability of closed MRI systems to provide more accurate scans and higher resolution of images. The segment is expected to continue to dominate the market from 2019 to 2027. Based on end-user, the market can be categorized into hospitals, diagnostics laboratories, and diagnostic imaging centers. The hospitals segment dominated the market in 2018 and is expected to maintain its position during the forecast period.

Global Cardiac MRI Testing Market: Regional Analysis

In terms of region, the global cardiac MRI testing market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounts for a significant share of the market in terms of revenue, followed by Europe. The market in emerging countries such as China, South Korea, Brazil, and India is expected to expand significantly over the next five years. However, the global market is likely to continue to be dominated by North America and Europe. The prominent market share of North America can be attributed to technological advancements, well-developed health care infrastructure, high awareness about the latest medical developments among people, and availability of advanced cardiac testing equipment. Moreover, high research and development activities in the region promoting the development of new therapies can be attributed to the large market share of the region. The market in Asia Pacific is expected to expand at a rapid rate, due to an increase the geriatric population, investment by market players in emerging countries such as China and India, and increase in government support in the region.

Global Cardiac MRI Testing Market: Competitive Landscape

Major players operating in the cardiac MRI testing market include General Electric Company, Medtronic, Koninklijke Philips N.V, and Siemens Healthcare Private Limited.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Cardiac Mri Testing Market

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