Magnetic Resonance Imaging Systems Market to Progress As Incidence of Neurological and Cardiological Diseases Grows by 2023

This MRFR Market Perspective Examines the Historical Trends and Current Scenario of the “Global Magnetic Resonance Imaging (MRI) Systems Market” to Deliver a Highly Pertinent Growth Forecast.

Pune, India - February 4, 2019 /MarketersMedia/ —

Market Insights

Market Research Future has dedicatedly studied the global magnetic resonance imaging (MRI) systems market, and its findings indicate the growth of the market at a CAGR of 3.5% during the assessment period. Magnetic resonance imaging commonly referred to as MRI is a non-invasive diagnostic imaging technique used in radiology and is used to generate images of organs among others. MRI technology is widely used among hospitals and clinics across the globe and is considered a highly versatile imagine imaging technique.

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The healthcare sector is likely to produce a steady and consistent demand for MRI machines. A vital diagnostic tools, MRI is in high demand for the interrogation of cellular and molecular function in the human body. The high demand for non-invasive diagnostic procedures combined with the demand for imaging technology which is relatively safe is expected to drive the growth of the global magnetic resonance imaging systems market. The increase in research and development activities have improved the use of MRI systems which will likely yield significant market growth over the forecast period. The ongoing growth of the life sciences sector is highly lucrative for the MRI systems market. Moreover, the increasing applications of magnetic resonance imaging systems in drug discovery in the pharmaceutical sector as well as in preclinical research is likely to have a highly positive influence on the growth of the global MRI systems market. The rise of the global geriatric population, as well as the high incidence rate of cardiovascular, neurological, and other types of disorders, has prompted the widespread adoption of MRI systems in hospitals across the globe.

Stringent regulatory procedures for approval of MRI systems as well and the high cost of instruments is expected to result in a negative impact on market growth. Moreover, there is a lack of skilled operators and unfavorable reimbursement policies that are likely to slow market growth. However ongoing R&D is expected to offer the market with new opportunities over the assessment period.

Market Segmentation

The global magnetic resonance imaging (MRI) systems market has been segmented on the basis of vital factors such as type, field strength, disease application, end-user, and region. Types of MRI systems include open MRI, closed MRI, wide-bore MRI, and standard bore MRI. Field strength has been segmented to include 1.5t MRI systems, 3t MRI systems, low-to-mid-field MRI systems, very-high-field MRI systems, and high-field MRI systems. Disease applications of MRI systems have been segmented into brain & neurological MRI, spine & musculoskeletal MRI, pelvic & abdominal MRI, cardiovascular MRI, breast MRI, and others. End-users of MRI systems include hospitals & clinics, research laboratories, diagnostic imaging centers, and pharmaceutical & biotechnology companies.

Regional Analysis

Regional review of the global magnetic resonance imaging systems market indicates that the Americas are in a leadership position due to the presence of an expanding geriatric population and the high prevalence of ophthalmic, cardiovascular, and neurological disorders. Rising government support and funding for the development of medical devices is expected to drive growth in the region. The demand for high accuracy in diagnostics and the presence of several leading market players is expected to keep the Americas market in the lead.

Meanwhile, the Asia Pacific is growing at the most rapid CAGR due to the presence of a truly significant population. The ongoing reforms in the healthcare sector combined with government support for the adoption of advanced healthcare infrastructure is expected to yield ample opportunities for growth of the market. Moreover, several key players are available in the region, and the region itself has been attracting market leaders to leverage the lower operational costs in the region.

Key Players

Hitachi, Siemens AG, Xingaoyi, Aurora Imaging Technologies, Inc., Toshiba Corporation, Canon Medical Systems, GE Healthcare, and Philips are among the noted market participants that have been included in MRFR's competitive assessment of the global MRI systems market.

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