Transparency Market Research (TMR) has published a new report titled, “Magnetic Resonance Imaging Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global magnetic resonance imaging market was valued at US$ 5,900 Mn in 2017. It is projected to expand at a CAGR of 5.2% from 2018 to 2026 to reach value of US$ 9,200.0 Mn by the end of the forecast period.
The report suggests that the growth of the market is expected to be steady owing to various factors, such as, increase in government initiatives to make reimbursement policies affordable for patients. In addition, rise in incidence of various diseases, such as, cancer and stroke, growth in the global geriatric population, and introduction of technologically advanced products are expected to boost the growth of the magnetic resonance imaging market during the forecast period
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High-field MRI to dominate the global market due to its ability to capture high-resolution pictures and visualize physiological processes of human body
The global magnetic resonance imaging market is mainly categorized into application, design, device type, and end-user segments. The application segment is further categorized into spine, neurology, orthopedic, cardiovascular, head and neck, abdominal and prostate, and others segments. Based on design, the magnetic resonance imaging market is divided into open MRI and closed MRI systems.
In terms of device type, the market is classified into low-to-mid field MRI (below 1.5T), high-field MRI (1.5T – 3.0T), very high field MRI (4.0T – 5.0T), and ultra-high field MRI (6.0T and above). High field MRI uses very strong magnet whose strength ranges from 1.5 Tesla to 3 Tesla. This powerful magnetic field is generated through the application of superconductive technology where high performance superconductors are used, such as niobium titanium.
Growth of this technology market is driven by various factors, such as, faster scanning facility, high picture resolution, and ability to visualize physiological processes of the human body. In addition, it is capable of providing precise and accurate imaging of complex anatomical structures, for example, the brain. However, while undergoing high-field MRI scan, the patient is likely to feel uncomfortable due to the physical built of the equipment. This is anticipated to hinder the growth of the magnetic resonance imaging market. In addition, due to the use of high magnetic field, tissue heating and coil burn may occur, which is likely to further restrict the use of these equipment. It has also been observed that medical implants, such as, orthopedic and dental implants already present in the body of the patient get affected due to the application of high magnetic field.
Closed MRI segment to account for major market share
The report offers detailed segmentation of the global magnetic resonance imaging market based on application, design, device type, and end-user. In terms of design, closed MRI segment dominated the global magnetic resonance imaging market. Closed MRI equipment are composed of large tubes where patient lies down in an oval shaped MRI scanner opening. These scanners are used with high magnetic field strength that ranges from 1.5 Tesla to 3.0 Tesla. Advantages such as ability to scan in a precise and rapid manner and visualize physiological processes of the human body are estimated to boost the adoption of closed MRI equipment. However, growth of the segment is anticipated to be hampered as obese and claustrophobic patients cannot be scanned through closed MRI equipment due to small aperture size of the equipment. In addition, patients undergoing scanning by stationary CT equipment need to lie motionless on the tube / medical stretcher which is difficult for claustrophobic patients due to anxiety.
North America dominates the global magnetic resonance imaging market
North America accounts for the leading share of the global magnetic resonance imaging market, primarily due to its large patient population and increase in disease awareness among people. Factors such as rise in awareness about imaging devices and demand for technologically advanced magnetic resonance imaging equipment have also contribute toward the dominant market share of the region. However, certain factors are seen to be restraining the market growth in North America. The number of imaging procedures is declining rapidly in the U.S. due to increasing awareness about superfluous imaging performed that not only causes unwarranted exposure to radiation but also burdens health care budgets of people. Asia Pacific comprises emerging economies such as China, India, Indonesia, Malaysia, Singapore, and Thailand. The region offers immense opportunities to the health care sector, and was the second largest market in 2017. It accounted for 27.0% share of the global magnetic resonance imaging equipment market in 2017. The magnetic resonance imaging market is characterized by high demand for refurbished imaging systems due low purchasing parity in these countries. Asia Pacific offers large opportunities to the magnetic resonance imaging market as most of the countries in the region are focused on developing their health care infrastructure.
Koninklijke Philips N.V., Siemens Healthcare GmbH, and GE Healthcare are some of the prominent players in the magnetic resonance imaging market
The report profiles leading players operating in the global magnetic resonance imaging market, such as, Esaote SpA, AllTech Medical Systems, Koninklijke Philips N.V., Siemens Healthcare GmbH, Hitachi, Ltd., CANON MEDICAL SYSTEMS CORPORATION, GE Healthcare, and Magnetica. GE Healthcare, Siemens Healthcare, and Philips Healthcare are the market leaders, with wide product portfolio, robust distribution network, and extensive geographic presence. Most of the leading companies offer all modalities of magnetic resonance imaging equipment. They are aggressively penetrating the emerging markets through collaboration with local providers and are offering refurbished equipment in the low income countries.