Global Magnetic Resonance Imaging (MRI) Market Outlook to 2024, with Siemens Healthineers, GE Healthcare, Canon Medical Systems, and Philips Healthcare Dominating
DUBLIN, March 22, 2019 /PRNewswire/ -- The "Magnetic Resonance Imaging (MRI) Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
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The market is projected to grow at a CAGR of 6.6% during 2019-2024.
The key factors propelling the growth of the global magnetic resonance imaging market are an increase in technological advancement, such as the inclusion of MRI with PET or CT, to provide imaging possibilities with less exposure to harmful radiations, rising adoption of MRI in developing countries, and availability with rising adoption of Universal health coverage in the developed and developing markets.
The global players, such as GE, Siemens, and Philips, have an extensive hold on improving technology, as well as global distribution channels, which helps the increasing number of public and private diagnostic centers around the world. However, the use of refurbished MRI equipment is also widely preferred in the developing markets, due to its cost-effectiveness and easy availability.
The current market is experiencing major technological advancements. The limits of the largest field strength of electromagnets in MRI has expanded beyond the conventional 1.5T-3T to a staggering 7T. This leap in technology has widened the application profile of MRI devices and is expected to further expand in the forecast period.
The current global MRI market is plagued with issues of low reimbursement rates for MRI procedures and problems with post-sale service. MRIs are high-cost capital equipment with an average lifespan ranging between 7-14 years. As such, post-sales service becomes an important factor for purchasers, but the current market has been largely unsuccessful in addressing these needs.
Key Market Trends
Neurology Segment Holds the Largest Market Share Currently and is Believed to Continue the Same Over the Forecast period.
The neurology segment of the global MRI market holds the largest market share, and it is expected to record a CAGR of 6.7% in the coming future.
MRI is the best tool for diagnostic imaging and neuroscience research. It provides morphological images with the highest spatial resolution and unmatched soft tissue contrast, as well as the unique functional information of the central nervous system (CNS). 97% of MRI sites perform the brain examinations and 1 in 4 MRI scans is of the brain, making it one of the most commonly performed exams in neurology.
Neurological uses of MRI systems include the diagnosis of brain and spinal cord tumors, infection and vascular irregularities, which may lead to stroke. MRI can also detect the disorders, along with performing the monitoring of degenerative disorders, such as multiple sclerosis, and it can even document brain injury from trauma.
North America Dominates the MRI Market and is Expected to Hold The Largest Market Share During the Forecast Period.
North America currently dominates the global magnetic resonance imaging market, and it is expected to continue its stronghold for a few more years. This region is expected to increase its market share in the future, owing to the well-established healthcare system of the United States and the initiatives that are being carried out by the various organizations, along with the government to promote the disease diagnosis.
Siemens and Philips are the leading companies in the United States. The average MRI scanning cost ranges between USD 650 to USD 950 based on dye being used or not. With that, the United States has the largest market share of approximately 94.6% in North America, and is expected to record a CAGR of 6.3% over the forecast period.
Competitive Landscape
The global magnetic resonance imaging market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and quality service provision, mid-size to smaller companies are increasing their market presence by introducing new products with fewer prices.
Companies, like Siemens Healthineers, GE Healthcare, Canon Medical Systems, and Philips Healthcare hold a significant market share in the global magnetic resonance imaging market.
Topics Covered
1 Introduction
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Market Overview
4.2 Market Drivers
4.2.1 Introduction of Hybrid MRI Systems
4.2.2 Availability of Universal Health Coverage in North America, Europe and several Asian Countries
4.2.3 Increasing Adoption in Emerging Markets
4.3 Market Restraints
4.3.1 High Cost of MRI Systems
4.3.2 Declining Helium Availability
4.3.3 Capital Equipment Nature of MRI Systems
4.4 Porter's Five Forces Analysis
5 Market Segmentation
5.1 Architecture
5.1.1 Closed MRI Systems
5.1.2 Open MRI Systems
5.2 Field Strength
5.2.1 Low Field MRI Systems
5.2.2 High Field MRI Systems
5.2.3 Very High Field MRI Systems and Ultra-high MRI Systems
5.3 Application
5.3.1 Oncology
5.3.2 Neurology
5.3.3 Cardiology
5.3.4 Gastroenterology
5.3.5 Musculoskeletal
5.3.6 Other Applications
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Middle East & Africa
5.4.5 South America
6 Competitive Landscape
6.1 Company Profiles
6.1.1 Bruker Corporation
6.1.2 Esaote S.p.A
6.1.3 Fonar Corporation
6.1.4 GE Healthcare
6.1.5 Hitachi Ltd.
6.1.6 Neusoft Medical Systems Co. Ltd.
6.1.7 Koninklijke Philips N.V.
6.1.8 Siemens Healthcare GmbH
6.1.9 Aurora Imaging Technology
6.1.10 Canon Medical Systems Corporation
7 Market Opportunities and Future Trends
For more information about this report visit https://www.researchandmarkets.com/research/8d2vdj/global_magnetic?w=5
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