Magnetic Resonance Imaging Market - Snapshot
Inventive technologies and cutting-edge research have led to the development of several innovative magnetic resonance imaging equipment, helping patients live healthier and longer lives. Magnetic resonance imaging or MRI is an advanced diagnostic technology for obtaining information from the interior of the body. Magnetic resonance imaging is also used in the industry for additional technical purposes. Main advantage of magnetic resonance imaging is that it can create 3D images of the object or patient under study without hurting the patient in any way and without using any ionizing radiation.
The global magnetic resonance imaging market was valued at US$ 5,900 Mn in 2017 and is projected to expand at a CAGR of 5.2% from 2018 to 2026. There has been a substantial rise in incidence of disorders related with spine, neurology, orthopedic, cardiovascular, head and neck, and abdominal and prostate that has increased the demand for magnetic resonance imaging equipment across the world. According to the World Health Organization (WHO), cardiovascular diseases account for approximately 9.4 million deaths globally each year. The number is slated to increase to more than 23 million by 2030. Upsurge in geriatric population is likely to boost the demand for health care products and services as this segment of population is more prone to diseases, such as, orthopedic (osteoporosis), cardiovascular diseases, etc. Early identification of these disorders is crucial for decision making and ensuring proper treatment. These diseases can be accurately diagnosed with the use of imaging equipment, such as, magnetic resonance imaging (MRI), etc. Hence, rise in aging population is expected to drive the growth of the global magnetic resonance imaging market in the near future.
Pressure on government to explore avenues to improve health care facilities for geriatric population while reducing the financial burden is on the rise. Development of health care infrastructure in emerging economies, paired with rise in awareness about available treatment options for spine, neurology, orthopedic, cardiovascular, head and neck, and abdominal and prostate health issues has led to rapid adoption of latest magnetic resonance imaging equipment in regions, such as, Asia Pacific, the Middle East, Latin America, and emerging African countries. Increased efforts of government and health care organizations in such countries toward prevention and efficient treatment of patients has boosted the adoption of magnetic resonance imaging equipment. However, high price of MRI scanners is a major restraining factor of the growth of the market in emerging countries. In these regions, complementary systems, such as, ultrasound are installed as an alternative to magnetic resonance imaging equipment. Moreover, even after procuring costly high resolution closed system MRI equipment, they could not be used as a large number of patients suffer from claustrophobia and have reservations against these equipment. These factors have resulted in limited adoption of premium devices, such as, very high field MRI (4.0t - 5.0t) and ultra-high field MRI (6.0t and above), thereby leading to ordinary growth of the market. However, technological advancements have prompted the development of high resolution open MRI equipment. These devices are likely to be widely accepted in the near future due to better patient compliance and development in the skills of caregivers.
The global magnetic resonance imaging market has been analyzed on the basis of application, design, device type, end-user, and geography. In terms of application, the spine segment held major market share in 2017 and is projected to remain dominant during the forecast period. In terms of device type, the high-field MRI (1.5T - 3.0T) segment is estimated to dominate the magnetic resonance imaging market globally during the forecast timeline.
Geographically, North America dominated the global magnetic resonance imaging market in 2017. Technological advancements, increase in prevalence of chronic diseases, rapid adoption of magnetic resonance imaging equipment by service providers, and rise in demand for early diagnose of diseases are likely to boost the magnetic resonance imaging market in this region during the forecast period. Asia Pacific is expected to witness significant growth during the forecast period. Untapped opportunities, improving health care infrastructure, favorable government initiatives, and growth in geriatric population are expected to boost the market in the region in the next few years. According to the WHO, global population aged over 60 years is expected to increase from 12% in 2015 to 22% in 2050.
Key players operating in the global magnetic resonance imaging market include Esaote SpA, AllTech Medical Systems, Koninklijke Philips N.V., Siemens Healthcare GmbH, Hitachi, Ltd., CANON MEDICAL SYSTEMS CORPORATION, GE Healthcare, and Magnetica.
Magnetic Resonance Imaging Market - Overview
This report on the magnetic resonance imaging market analyzes the current and future scenario of the global market. Magnetic resonance imaging equipment are used in the diagnosis of various critical diseases and disorders of vital organs, such as, spine, heart, and brain. Growth of the magnetic resonance imaging market is driven by rise in chronic health conditions among patient population, increase in geriatric and overall population with cardiac and neurological defects, rise in demand for advanced diagnostic technology for accurate diagnosis of life-threatening diseases, initiatives undertaken by governments, favorable reimbursement scenario, and technological advancements across the globe. Moreover, argumentative lifestyle habits and progressive rise in obese population, increased R&D investments contributing to new product launches, growing awareness about health care, along with economic growth in emerging markets and technological advancements in the medical devices industry are expected to drive the global magnetic resonance imaging market during the forecast period.
The report comprises an elaborate executive summary, which includes a market snapshot providing information on various segments of the market. It also provides information and data analysis of the global market with respect to segments based on application, design, device type, end-user, and geography. A detailed qualitative analysis of drivers, restraints, and opportunities of the market has been provided in the market overview section. In addition, the section comprises competitive matrix and company profiles with business overview to understand the competitive landscape in the market. This section of the report also provides market attractiveness analysis, in terms of geography, and market share analysis in terms of key players, thus presenting a thorough analysis of the overall competitive scenario of the global magnetic resonance imaging market.
Global Magnetic Resonance Imaging Market: Key Segments
In terms of application, the global magnetic resonance imaging market has been segmented into spine, neurology, orthopedic, cardiovascular, head and neck, abdominal and prostate, and others. Based on design, the market has been categorized into open MRI and closed MRI. In terms of device type, the market has been classified into low-to-mid field MRI (below 1.5T), high field MRI (1.5T - 3.0T), very high field (4.0T - 5.0T), and ultra-high field MRI (6.0T and above). Based on end-user, the global magnetic resonance imaging market has been divided into hospitals, ambulatory surgical centers, and diagnostic imaging centers. Market size and forecast for each of these segments have been provided in terms of US$ Mn for the period from 2016 to 2026, along with their respective CAGR for the forecast period from 2018 to 2026, considering 2017 as the base year.
Global Magnetic Resonance Imaging Market: Regional Outlook
Geographically, the global magnetic resonance imaging market has been categorized into five major regions and key countries in these regions: North America (the U.S., Canada), Europe (the U.K., Germany, France, Spain, Italy, and Rest of Europe), Asia Pacific (India, China, Japan, Australia & New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America) and Middle East & Africa (South Africa, GCC Countries, and Rest of Middle East & Africa). Market size and forecast for each of these regions and countries have been provided for the period from 2016 to 2026, along with their respective CAGR for the forecast period from 2018 to 2026, considering 2017 as the base year. This research study also covers the competitive scenario of the market in these regions.
Companies Mentioned in Report
The report profiles major players operating in the global magnetic resonance imaging market based on various attributes, such as, company overview, financial overview, application portfolio, business strategies, and recent developments. Companies covered in this report are – Esaote SpA, AllTech Medical Systems, Koninklijke Philips N.V., Siemens Healthcare GmbH, Hitachi, Ltd., CANON MEDICAL SYSTEMS CORPORATION, GE Healthcare, and Magnetica.
The global magnetic resonance imaging market is segmented as given below:
- Global Magnetic Resonance Imaging Market Revenue, by Application,
- Head and Neck
- Abdominal and Prostate
- Global Magnetic Resonance Imaging Market Revenue, by Design,
- Open MRI
- Closed MRI
- Global Magnetic Resonance Imaging Market Revenue, by Device Type,
- Low-to-Mid Field MRI (below 1.5T)
- High Field MRI (1.5T - 3.0T)
- Very High Field (4.0T - 5.0T)
- Ultra-High Field MRI (6.0T and Above)
- Global Magnetic Resonance Imaging Market Revenue, by End-user,
- Ambulatory Surgical Centers
- Diagnostic Imaging Centers
- Global Magnetic Resonance Imaging Market Revenue, by Geography,
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- North America