Global Magnetic Resonance Imaging Market: Snapshot
The magnetic resonance imaging (MRI) modality has garnered wide popularity for a non-invasive diagnostic imaging of conditions related to orthopedics, spine, neurology, cardiovascular, head and neck, and abdominal and prostate. The marked sensitivity and specificity of this imaging modality has made it a popular choice for the diagnosis of several neurological conditions world over. For instance, the advent of multinuclear spectroscopy to analyze several neurological disorders with the help of high-quality MRI scanner has gained traction in recent years. With no known biological hazard, these modalities are found to be useful for the detection of diseases that manifest themselves by an imbalance of water content in bodies. The use of better imaging contrast agents across ambulatory surgical centers, and diagnostic imaging centers enables advanced imaging with high-resolution, thereby accentuating the market.
The global magnetic resonance imaging market is estimated to register a CAGR of 6.6% from 2017 to 2022. The market is predicted to be worth US$6,611.0 Mn by the end of 2017 and is projected to reach US$9,120.8 Mn by the end of the forecast timeline.
Wide Popularity of 1.5 T MRI on Account of Standard Applicability
The various product types of MRI modality are mainly categorized into less than 0.5T MRI, 1.5 T MRI, and 3T MRI. Of these, 1.5 T MRI is the major segment, holding the major share 47% by 2017 end, amounting to US$3,900.3 Mn. The segment is projected to be worth US$5,585.2 Mn by 2022 end, representing a share of 9.5%. The segment is projected to register a CAGR of 7.4% from 2017 to 2022. The growth of the segment, in annual terms, is estimated at US$337 Mn over 2017–2022, representing the leading absolute growth among all product segments. The vast demand for this types of machines is on account of their standard applications across healthcare facilities for various patient populations, in addition to their easy operations and serviceability.
North America Estimated to Hold Leading Revenue Share
The various regional markets for magnetic resonance imaging comprise North America, the Middle East and Africa, Asia Pacific excluding Japan (APEJ), Japan, Europe, and Latin America. Of these, currently North America is at the forefront and is expected to retain its dominance in the coming years as well. The North America magnetic resonance imaging market is projected to rise from a valuation of US$2,474.9 Mn in 2017 to US$3,212.1 Mn by 2022 end. The regional market is projected to clock a CAGR of 5.4% during the assessment period. The regional market has a large number of prominent players who are focused on developing intuitive and advanced solutions. This is a key factor attributing the dominance of this regional market. In addition, the vast demand for this modality for the diagnosis of various chronic diseases is a notable factor accentuating the regional market.
Asia Pacific Market excluding Japan to Rise at Prominent Pace
Of all the regions, Asia Pacific is predicted to rise at an impressive pace during 2017–2022. The vastly rising demand for MRI modality is on account of a burgeoning geriatric population in several developed and emerging economies. In addition, a robust medical tourism industry and advances made in healthcare facilities are notable factors catalyzing the growth of the APEJ market. Expanding at a CAGR of 9.5% over the assessment period, the regional market will be worth US$2,121.6 Mn by the end of 2022.
Several emerging and developed players are focusing on developing next-generation MRI with better interoperability in order to gain a competitive edge over others. Some of the prominent players operating in the magnetic resonance imaging market are Siemens Healthineers, Koninklijke Philips N.V., Toshiba Medical Systems Corporation, GE Healthcare, Esaote SpA, Hitachi Medical Systems, Neusoft Corporation, and Xingaoyi.
Global Magnetic Resonance Imaging Market: Overview
The report on the global magnetic resonance imaging (MRI) market offers in-depth insights into the key growth dynamics, notable trends and opportunities, recent technological advances, reimbursement scenario, and the competitive landscape. It offers a critical evaluation of the presence of key market players in various regions by charting an intuitive intensity map and analyzes the regional and country-wide factors affecting the demand. The research presents an attractive analysis of key segments pertaining to product type, end user, and application types, which helps participants gain a reliable insight into overall market trajectory over the forecast period of 2017–2022. The findings are helpful in identifying imminent investment pockets in various regions and will greatly facilitate market players in designing robust strategies for their growth.
The global magnetic resonance imaging market’s estimated worth is pegged at US$6,611.0 Mn by 2017 end. Rising at a CAGR of 6.6% during 2017 - 2022, the market is expected to generate a revenue of US$9,120.8 Mn by the end of the 2022.
Global Magnetic Resonance Imaging Market: Dynamics
The report offers a detailed dynamics of the global magnetic resonance imaging market during 2017–2022. It offers a detailed assessment of various regional and global factors impacting the demand for magnetic resonance imaging during the forecast period. The analysis assesses the prevailing business framework in various regions and highlights factors that shape the strategies of players in these regions.
The demand for MRI modality is driven by the adoption of non-invasive diagnostic techniques for the identification of various diseases and disorders, including chronic ones. The rise in geriatric population and the growing incidence of neurological disorders in a number of developing and developed countries is a notable trend stoking the demand for MRI. The growing use of this modality for neurosurgical planning and better visualization of anatomical structures of brain are key factors accentuating the market. The depleting reserves of helium gas used for cooling semiconductor magnets in MRI machines is a worldwide concern likely to negatively impact the growth of the market to some extent. Nevertheless, several cryogen are acting as promising substitutes to overcome this constraint. Furthermore, the advent of advanced scanning technology will expectedly improve the lesion visualization and offer better spectral resolutions.
Global Magnetic Resonance Imaging Market: Segmentation
The study takes a closer look the share and size of various segments highlighting the factors expected to drive the prominent ones during the forecast period. The study also offers a detailed comparison of their revenue and share by charting year-over-year (YoY) growth during the historical period of 2012–2017.
The research segments the overall magnetic resonance imaging market on the basis of product type, end user, application type, strength type, and region.
On the basis of product type, the report further segments the market into less than 0.5T MRI, 1.5 T MRI, 3T MRI, and others. Of these, the 1.5 T MRI is expected to be the leading segment throughout the assessment timeline.
Based on end user, the report segments the market into hospitals, ambulatory surgical centers, and diagnostic imaging centers. On the basis of application type, the study further segments the market into orthopedic, spine, neurology, cardiovascular, head and neck, abdominal and prostate, and others.
On the basis of strength type, the report divides the market into low-field MRI, mid-field MRI, and high-field MRI. Based on geography, the report segments the market into North America, Latin America, the Middle East and Africa (MEA), Europe, Asia Pacific excluding Japan (APEJ), and Japan. Of these, North America is set to dominate the global market throughout the forecast timeline.
Companies profiled in the report are:
The report offers an extensive profile of various players, takes a closer look at their major offerings, and highlights key strategies adopted by them to consolidate their positions. Leading companies profiled in the report are Siemens Healthineers, Koninklijke Philips N.V., Toshiba Medical Systems Corporation, GE Healthcare, Esaote SpA, Hitachi Medical Systems, Neusoft Corporation, and Xingaoyi.