Magnetic Resonance Imaging (MRI) Market - Segmented by Type of Architecture (Closed MRI Systems, Open MRI Systems), Field Strength, Application, and Geography - Growth, Trends and Forecast (2018 - 2023)

Magnetic Resonance Imaging (MRI) Market - Segmented by Type of Architecture (Closed MRI Systems, Open MRI Systems), Field Strength, Application, and Geography - Growth, Trends and Forecast (2018 - 2023)

The global MRI market is expected to register a CAGR of 6.6% during the forecast period, 2018 to 2023. MRI is a diagnostic tool for the medical investigations as it is more sensitive than computed tomography (CT), and MRI does not use ionizing radiations. MRI is widely used in the diagnosis of several diseases, such as cancers, neurological, and cardiac disorders. The increasing incidence of these diseases favor the fast growth of the MRI market.

Increasing Adoption in Emerging Markets

The increasing healthcare expenditure in the Asia-Pacific (APAC) region is enabling physicians to diagnose a range of diseases through MRI and CT, particularly for cancer examinations. Furthermore, with the improvement in medical technologies, there has been better access to diagnosis and treatment in developing and underdeveloped countries. According to a research, in 2014 the availability and adoption rate of diagnostic equipment had increased in many APAC countries. Also, China is one of the countries that is spending heavily on MRI machines, to ensure their availability in hospitals and is developing capabilities of MRI manufacture as well. Factors, such as aging population, and indications, such as cancer, cardiovascular, neurological, and orthopedic conditions, increase the demand for MRI in this region, along with growth in sales. Further, others factors, such as introduction of hybrid MRI systems and availability of universal health coverage in North America, Europe, and several Asian countries is increasing the growth of the MRI market.

High Cost of MRI Systems

The MRI machines vary in cost, which depends primarily on the strength of the scanner used. With high strength, the scanners can provide highly detailed images, thereby raising the overall cost of machines. The overall cost of MRI is a huge investment for healthcare providers. The cost usually ranges between USD 1 to 3 million, or sometimes even higher. Also, the construction of MRI suites may require extra USD 5 million for the initial cost. With that, one particular MRI machine can be useful for certain parts of the body, such as hand, feet, and knees.With the high cost of investment and regular repair work being involved, very few companies can provide the high-quality machines, which could last for 12-14 years. All these factors restrain the growth of the MRI market. Along with the declining helium availability, the capital equipment nature of MRI systems is impacting the growth of the MRI market.

Middle East & Africa to Witness Highest CAGR

North America dominates the MRI market due to the region being more technologically advanced and variety of imaging systems commercially available, which are used in diagnosis. The favorable reimbursement policies and insurance coverage in the region are helping the patients undergo early diagnosis, which is required for chronic diseases. Thereby, demand for these MRI systems is high in the North American region. The Middle East and Africa will witness highest CAGR due to rapid growth of GCC MRI market.

Key Developments in the Market

- November 2017- FDA approved MAGNETOM Terra MRI scanner from Siemens Healthineers, which is first ever 7T MRI cleared for diagnostic imaging.
- May 2017- Neusoft 0.35T MRI got certified by Japanese Food and Drug Administration (JFDA).

Major Players -Bruker Corporation, Esaote SpA, Fonar Corporation, GE Healthcare, Hitachi Medical Systems, Neusoft Medical Systems Co. Ltd, Philips Healthcare, Siemens Healthineers, Aurora Imaging Technology, and Canon Medical Systems Ltd, among others.

Reasons to Purchase the Report

- Current and future MRI market outlook in the developed and emerging markets
- Analyze various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in Excel)

Customization of the Report

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1. Introduction
1.1 Market Definition
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. MRI Market Overview
5.1 Current Market Scenario
5.2 Porter's Five Forces Analysis
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threats of New Entrants
5.2.4 Threat of Substitute Product and Services
5.2.5 Competitive Rivalry within the Industry
6. Drivers, Restraints, Opportunities and Challenges Analysis (DROC)
6.1 MRI Market Drivers
6.1.1 Introduction of Hybrid MRI Systems
6.1.2 Availability of Universal Health Coverage in North America, Europe and several Asian Countries
6.1.3 Increasing Adoption in Emerging Markets
6.1.4 Increasing Emphasize on Early Diagnosis
6.2 MRI Market Restraints
6.2.1 High Cost of MRI Systems
6.2.2 Declining Helium Availability
6.2.3 Capital Equipment Nature of MRI Systems
6.3 MRI Market Opportunities
6.4 Key Challenges
7. Market Segmentation
7.1 Segmentation -by Architecture
7.1.1 Closed MRI Systems
7.1.2 Open MRI Systems
7.2 Segmentation -by Field Strength
7.2.1 Low Field MRI Systems
7.2.2 Medium Field MRI Systems
7.2.3 Very High Field MRI Systems & Ultra High MRI Systems
7.3 Segmentation -by Application
7.3.1 Oncology
7.3.2 Neurology
7.3.3 Cardiology
7.3.4 Gastroenterology
7.3.5 Musculoskeletal
7.3.6 Others
7.4 Segmentation - by Geography
7.4.1 North America MRI Market (2018 - 2023) United States MRI Market (2018 - 2023) Canada MRI Market (2018 - 2023) Mexico MRI Market (2018 - 2023)
7.4.2 Europe MRI Market (2018 - 2023) France MRI Market (2018 - 2023) Germany MRI Market (2018 - 2023) United Kingdom MRI Market (2018 - 2023) Italy MRI Market (2018 - 2023) Spain MRI Market (2018 - 2023) Rest Of Europe
7.4.3 Asia-Pacific MRI Market (2018 - 2023) China MRI Market (2018 - 2023) Japan MRI Market (2018 - 2023) India MRI Market (2018 - 2023) Australia & New Zealand MRI Market (2018 - 2023) South Korea MRI Market (2018 - 2023) Rest of Asia-Pacific
7.4.4 Middle East & Africa MRI Market (2018 - 2023) GCC MRI Market (2018 - 2023) South Africa MRI Market (2018 - 2023) Rest of the Middle East & Africa
7.4.5 South America MRI Market (2018 - 2023) Brazil MRI Market (2018 - 2023) Argentina MRI Market (2018 - 2023) Rest of South America
8. Competitive Landscape
8.1 Mergers & Acquisition Analysis
8.2 Agreements, Collaborations, and Partnerships
8.3 New Products Launches
9. Major Players
9.1 Bruker Corporation
9.2 Esaote SpA
9.3 Fonar Corporation
9.4 GE Healthcare
9.5 Hitachi Medical Systems
9.6 Neusoft Medical Systems Co., Ltd
9.7 Philips Healthcare
9.8 Siemens Healthineers
9.9 Aurora Imaging Technology
9.10 Canon Medical Systems Ltd
9.11 Others
10. Future of the Market

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