Published: Mar, 2019
Transparency Market Research (TMR) witnesses that the global magnetic resonance imaging market has a consolidative vendor landscape owing to the dominance of few players. The key players operating in the global magnetic resonance imaging market are Neusoft Corporation, GE Healthcare, Koninklijke Siemens Healthineers, Esaote SpA, and Philips N.V.
According to TMR, the global magnetic resonance imaging market US$6611.0 mn in 2017 and is expected to rise up to US$9120.8 mn by 2022. This growth is projected to occur with an impressive CAGR of 6.6% from 2017 to 2022.
Based on the product type, the 1.5 T MRI is the major segment. The segment held the major share 47% by 2017 end, which is amounting to US$3,900.3 Mn and the segment is projected to valued at US$5,585.2 Mn by 2022 end. Based on region, 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.
Growing Demand for Advanced MRI Machines to Propel Market Growth
A rising interest for undertaking point by point anatomical investigations of body parts has been fundamentally driving the worldwide magnetic resonance imaging market. This is mostly a direct result of the capacity of good quality MRI machines to effectively check body parcels, subsequently identifying inconsistencies that need treatment.
A boundless use of magnetic resonance imaging is done for location and determination of neurological conditions, because of absence of a standard interchange machine, thusly boosting the worldwide magnetic resonance imaging market's development. A rising geriatric populace has additionally been in charge of moving development in the worldwide magnetic resonance market, fundamentally because of higher odds of unending illnesses to create in old-matured individuals. This market is likewise grabbing generous pace attributable to flooding uses of MRI-guided radiotherapy for mind tumors and other comparative sicknesses.
High Cost of MRI Machines to Hamper Market Growth
Be that as it may, surprising expenses of the magnetic resonance imaging market, combined with generous cost joined while overhauling the machines are prime limitations influencing the global magnetic resonance imaging market. Low restorative repayment rates, particularly in immature and creating nations could dishearten patients from settling on the MRI identification, which likewise is a critical impeding component for the worldwide therapeutic resonance imaging market. In any case, numerous makers in this market are endeavoring hard to think of earth shattering developments, which can turn around impacts of the restrictions considerably. X-ray methodology good with heart pacemakers is one such inventive methodology presented by a couple of players as of late.
This information is encompassed in the report by TMR, titled, “Magnetic Resonance Imaging Market - (Product Type - Less than 0.5T MRI, 1.5 T MRI, and 3T MRI; End User - Hospitals, Ambulatory Surgical Centers, and Diagnostic Imaging Centers; Application Type - Orthopedic, Spine, Neurology, Cardiovascular, Head and Neck, and Abdominal and Prostate; Strength Type - Low-Field MRI, Mid-Field MRI, and High-Field MRI) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022.”
For the study, the powder metallurgy market has been segmented as follows:
- Less than 0.5T MRI
- 5 T MRI
- 3T MRI
- Ambulatory Surgical Centers
- Diagnostic Imaging Centers
- Head and Neck
- Abdominal and Prostate
- Low-Field MRI
- Mid-Field MRI
- High-Field MRI
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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