Magnetic Resonance Imaging Equipment Market to Reach USD 11.36 Billion by 2027; Technological Advancements to Aid Growth: Fortune Business Insights(TM)
PUNE, India, May 25, 2020 /PRNewswire/ -- The global magnetic resonance imaging (MRI) equipment market is anticipated to gain momentum from the rising launch of technologically advanced products by reputed companies across the globe. These products are delivering high quality images and spatial resolution for faster detection of chronic diseases. This information is given by Fortune Business Insights(TM) in a recent report, titled, "Magnetic Resonance Imaging Equipment Market Size, Share & Industry Analysis, By Strength (Less than 1.5 T, 1.5 T, and More than 1.5 T), By Application (Musculoskeletal, Neurology, Cardiology, Body Imaging, and Others), By End User (Hospitals, Ambulatory Surgical Centers, and Diagnostic Centers), and Regional Forecast, 2019-2027." The report further mentions that the MRI equipment market size was USD 7.24 billion in 2019 and is projected to reach USD 11.36 billion by 2027, exhibiting a CAGR of 6.2% during the forecast period.
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This Report Answers the Following Questions:
-- Which companies would generate the largest revenue in the coming years?
-- Which segment is likely to lead the market by holding the highest share?
-- What are the growth drivers, barriers, and trends in the market?
-- Which end user would create the maximum demand for MRI equipment in the
coming years?
-- What are the vital strategies adopted by key companies to gain
competitive edge?
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
To get the short-term and long-term impact of COVID-19 on this Market.
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Drivers & Restraints-
Rising Cases of Strokes & Cancer to Accelerate Growth
The rising incidence of various forms of cancer is the most crucial driver for the MRI equipment market growth. In 2018, the National Cancer Institute estimated that approximately 1,735,350 new cases of cancer will be diagnosed in the U.S. in that very year. Breast cancer, for instance, is the most prevalent type of cancer across the globe that can be smoothly detected and managed by utilizing MRI equipment. They also help in providing high quality images of areas that are specifically affected by strokes. As of January 2020, the Centers for Disease Control and Prevention (CDC) announced that in the U.S., around 795,000 people suffer from strokes every year. However, many developing nations are opting for refurbished MRI systems rather than purchasing new ones as they involve high cost spending. It may obstruct the market growth.
Segment-
1.5 T Segment to Lead Backed by Their Rising Demand Worldwide
Based on strength, the market is fragmented into more than 1.5 T, 1.5 T, and less than 1.5 T. Out of these, the 1.5 T segment generated 71.3% in terms of MRI equipment market share in 2019. It is set to lead the market in the near future. This growth is attributable to their increasing adoption worldwide. Apart from that, numerous reputed companies, such as Phillips, Siemens, and GE Healthcare possess enhanced product portfolios that are majorly focused on MRI systems of the strength of 1.5 T. They also have wide application areas.
Regional Analysis-
North America to Remain at the Forefront Owing to Rising Prevalence of Chronic Diseases
In terms of geography, North America procured USD 1.54 billion revenue in 2019 and is considered to be one of the largest markets. The region would lead in the forthcoming years owing to the presence of a large number of MRI equipment manufacturers, as well as the rising patient pool. Coupled with this, the ongoing advancements in diagnostics, increasing prevalence of chronic diseases, surging imaging procedural volume, and robust healthcare infrastructure would contribute to the growth.
Europe, on the other hand, is anticipated to remain in the second position fueled by the rising adoption of technologically advanced MRI systems, strong healthcare expenditure, and high medical imaging procedures volume. Asia Pacific would grow significantly by exhibiting the highest CAGR stoked by the increasing cases of serious disorders and strong potential patient population base. In addition to that, the ever-increasing awareness programs to educate the masses regarding the availability of novel diagnostics would propel growth in this region.
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Competitive Landscape-
Key Players Aim to Gain Competitive Edge by Launching Unique Products
Several organizations present in the market are introducing state-of-the-art product ranges, such as SIGNA by GE Healthcare. These are available in the strengths of 3.0 T and 1.5 T. Some of the others are expanding their geographic presence by following the mergers and acquisitions strategy. Below are two of the latest industry developments:
-- November 2019: Koninklijke Philips N.V., a multinational conglomerate
corporation headquartered in Netherlands, announced that its BlueSeal
magnet will by launched in India in the beginning of 2020. It is mainly
designed to simplify the installation process of MR, as well as reduce
costly and lengthy disruptions in the services. The magnet requires only
7 litres of liquid helium and will deliver sustainable operations. This
new technology will help the healthcare professionals in attending to
every patient with more time and care.
-- September 2018: Philips unveiled its latest 1.5T MR named the Ingenia
Ambition X. It is a fully-digitized MRI equipment that features a wide
range of life cycle and maintenance services, as well as healthcare
informatics for integrated solutions. It would provide a simpler,
smarter, and faster path to ensure confident diagnosis. It would also
help in removing the dependency on a commodity by enabling helium-free
operations. Besides, it does not require a vent pipe.
Fortune Business Insights(TM) presents a list of all the MRI equipment manufacturers operating in the market. They are as follows:
-- General Electric Company (GE Healthcare)
-- Siemens Healthineers AG
-- Koninklijke Philips N.V.
-- Canon Medical Systems Corporation
-- Hitachi, Ltd.
-- Esaote SpA
-- Time Medical Holding
-- Shenzhen Anke Hi-tech Co., Ltd.
-- Shenzhen Basda Medical Apparatus Co., Ltd.
-- Fonar Corporation
-- Others
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Detailed Table of Content:
-- Introduction
-- Research Scope
-- Market Segmentation
-- Research Methodology
-- Definitions and Assumptions
-- Executive Summary
-- Market Dynamics
-- Market Drivers
-- Market Restraints
-- Market Opportunities
-- Key Insights
-- Market Size & Forecast (in Volume) - By Key Region, 2016-2027
-- Cost of MRI Test Procedure (Key Countries)
-- MRI Procedures per year (Key Countries)
-- Technological Developments
-- Region-wise Installed Base MRI System - 2019
-- Global Magnetic Resonance Imaging Equipment Market Analysis, Insights
and Forecast, 2016-2027
-- Key Findings / Summary
-- Market Analysis, Insights and Forecast - By Strength
-- Less than 1.5T
-- 1.5T
-- More than 1.5T
-- Market Analysis, Insights and Forecast - By Application
-- Musculoskeletal
-- Neurology
-- Cardiology
-- Body Imaging
-- Others
-- Market Analysis, Insights and Forecast - By End User
-- Hospitals
-- Ambulatory Surgery Centers
-- Diagnostic Centers
-- Market Analysis, Insights and Forecast - By Region
-- North America
-- Europe
-- Asia pacific
-- Latin America
-- Middle East & Africa
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