Competitive analysis of Magnetic Resonance Imaging Market
Magnetic Resonance Imaging Market
Inventive technologies and cutting-edge research have led to the development of several innovative magnetic resonance imaging equipment, helping patients live healthier and longer lives. Magnetic resonance imaging or MRI is an advanced diagnostic technology for obtaining information from the interior of the body. Magnetic resonance imaging is also used in the industry for additional technical purposes. Main advantage of magnetic resonance imaging is that it can create 3D images of the object or patient under study without hurting the patient in any way and without using any ionizing radiation.
The global magnetic resonance imaging market was valued at US$ 5,900 Mn in 2017 and is projected to expand at a CAGR of 5.2% from 2018 to 2026. There has been a substantial rise in incidence of disorders related with spine, neurology, orthopedic, cardiovascular, head and neck, and abdominal and prostate that has increased the demand for magnetic resonance imaging equipment across the world. According to the World Health Organization (WHO), cardiovascular diseases account for approximately 9.4 million deaths globally each year.
The number is slated to increase to more than 23 million by 2030. Upsurge in geriatric population is likely to boost the demand for health care products and services as this segment of population is more prone to diseases, such as, orthopedic (osteoporosis), cardiovascular diseases, etc. Early identification of these disorders is crucial for decision making and ensuring proper treatment. These diseases can be accurately diagnosed with the use of imaging equipment, such as, magnetic resonance imaging (MRI), etc. Hence, rise in aging population is expected to drive the growth of the global magnetic resonance imaging market in the near future.
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Increasing R&D for Leading Players to Help Market Development
The advancements in MRI imaging aren’t limited to a few players either. Some other key players in the magnetic resonance imaging market are Koninklijke Philips N.V., AllTech Medical Systems, Esaote SpA, Hitachi, Ltd., Siemens Healthcare GmbH. The main players in the market are investing in more research and development as the Unique Selling Point of MRI imaging continues to remain its technological superiority over conventional techniques. The FDA also approved two Siemens MRI applications, one of which makes way for simultaneous imaging, while the other reduces 2D imaging acquisition times by a multiple of 8 as per the official company sources.
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Magnetic Resonance Imaging Market to Witness Significant Growth Owing to Rise in Geriatric Population
Creative advancements and bleeding edge research have prompted the improvement of a few inventive attractive reverberations imaging hardware, assisting patients with carrying on with better and longer lives. Attractive reverberation imaging or MRI is a high level analytic innovation for acquiring data from the inside of the body. Attractive reverberation imaging is likewise utilized in the business for extra specialized purposes. Primary bit of leeway of attractive reverberation imaging is that it can make 3D pictures of the article or patient under investigation without harming the patient in any capacity and without utilizing any ionizing radiation.
An upsurge in geriatric populace is probably going to support the interest for medical care items and administrations as this section of populace is more inclined to illnesses, for example, muscular (osteoporosis), cardiovascular sicknesses, and so forth Early recognizable proof of these issues is critical for dynamic and guaranteeing appropriate treatment. These sicknesses can be precisely determined to have the utilization of imaging hardware, for example, attractive reverberation imaging (MRI), and so forth Consequently, ascend in maturing populace is required to drive the development of the worldwide attractive reverberation imaging market sooner rather than later.
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Key players operating in the global magnetic resonance imaging market include Esaote SpA, AllTech Medical Systems, Koninklijke Philips N.V., Siemens Healthcare GmbH, Hitachi, Ltd., CANON MEDICAL SYSTEMS CORPORATION, GE Healthcare, and Magnetica.
The global magnetic resonance imaging market is segmented as given below:
- Head and Neck
- Abdominal and Prostate
- Open MRI
- Closed MRI
- Low-to-Mid Field MRI (below 1.5T)
- High Field MRI (1.5T - 3.0T)
- Very High Field (4.0T - 5.0T)
- Ultra-High Field MRI (6.0T and Above)
- Ambulatory Surgical Centers
- Diagnostic Imaging Centers
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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