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The global magnetic resonance imaging (MRI) systems market is estimated to have a CAGR of 5.8% during the forecast period 2016-2022 and is expected to contribute $7250 million by 2021. Magnetic resonance imaging is a technique that uses radio waves and magnetic field to create detailed images of tissues and organs in the human body. The images given by MRI system is used for diagnosis, treatment, and studying the disease. There are many other imaging technologies that are used in the medical sector, such as X-ray, CT scan, Ultrasound, out of which MRI is the most used technique to diagnose any disease. There are many benefits of MRI over other imaging devices like the speed of MRI is faster, quality of image is clear, produces 3D isotropic images, MRI devices are capable of producing any image on any plane and produces very low or no medical radiation. There are many factors that drives the global magnetic resonance imaging (MRI) systems market such as rising geriatric population, increasing number of lifestyle oriented diseases like cancer, diabetes and cardiovascular diseases, increasing awareness regarding early age diagnosis, technological advancement in MRI devices, rise the neurological diseases and other nerve related issues, and the rising healthcare expenditure across the globe. The global geriatric population is increasing day by day. In 2014, the estimated number of aged population was around 46.2 million, and this number is expected to increase rapidly during the forecast period. Around 4 out of 5 adults suffer from chronic diseases such as cancer, diabetes or CVD diseases. Cancer, CVD and other lifestyle related diseases are increasing by the day that are required to be diagnosed to reduce the rate of death from these chronic diseases. This also acts as a driver in the growth of global magnetic resonance imaging (MRI) systems market. MRI devices are technological advanced machineries that require highly skilled doctors to operate, this adds up the total cost of MRI services. The MRI devices are highly expensive, and only financially sound hospitals or laboratories are able to buy the MRI machines. The high cost of MRI services act as a barrier towards the growth of global magnetic resonance imaging (MRI) systems market.
Source: OBRC Analysis
The global magnetic resonance imaging (MRI) systems market is majorly segmented on the basis of application, architecture, and field strength. On the basis of application, the market is sub-segmented into:
On the basis of architecture, the market is sub segmented into:
On the basis of field-strength, the market is divided into:
The revenue for the above application segments is specific to the global magnetic resonance imaging (MRI) systems market. However, the total revenue of these application in general has been excluded from the scope of the report. Also, the market revenue has been calculated by summing up architecture and field strength segment.
Geographically, the global magnetic resonance imaging (MRI) systems market is segmented into:
North America dominates the global magnetic resonance imaging (MRI) systems market due to the rising awareness regarding healthcare issues, highly developed and technological advancements, rising healthcare expenditure, and good healthcare setup. Asia Pacific is the fastest growing region in the global magnetic resonance imaging (MRI) systems market. Reason for the growth of this region is the rising pool of geriatric population, increasing usage of MRI in diagnostics tests among others. India and China are the major countries in this region contributing highly to the market. Europe is also showing a positive growth rate in the global magnetic resonance imaging (MRI) systems market the major reason being rising geriatric population and rising technological and healthcare reforms in the region. The Rest of the World is showing low market growth in global magnetic resonance imaging (MRI) systems market. Low education towards diagnosis tests and low healthcare expenditures are the major reasons.
The global magnetic resonance imaging (MRI) systems market is segmented into application, architecture, and field strength. By application, the market is divided into brain and neurological MRI, spine and musculoskeletal MRI, vascular MRI, pelvic and abdominal MRI, breast MRI and cardiac MRI. Brain and neurological MRI is the fastest growing segment in global magnetic resonance imaging (MRI) systems market. Rising geriatric population and awareness regarding early age diagnosis are the major factor in growth of this segment. By architecture, the market is divided into closed MRI systems and open MRI systems. Closed MRI is the leader in architecture segment of global magnetic resonance imaging (MRI) systems market, reason being its fast scanning and high resolution imaging quality. By field-strength, the market is divided into low to mid field MRI, high field MRI, very high MRI and ultra-high MRI. High field MRI has the largest market share in global magnetic resonance imaging (MRI) systems market field strength segment.
The major market players of the global magnetic resonance imaging (MRI) systems market are:
Detailed analysis of these companies provided in this report comprises ofoverview, SCOT analysis, product portfolio, strategic initiative and strategic analysis.
These companies use various strategies such as merger & acquisition, collaboration, partnership and product launching. For example: GE healthcare launched ViosWorks in 2015. GE healthcare, by product launch is making advancements in the magnetic resonance imaging technology. ViosWorks is a cardiac MRI solution which delivers a three-dimensional spatial and velocity-encoded dataset at every time point during the cardiac cycle. On 3 May 2017, GE healthcare showcased SIGNATM premier system with bore 3T Magnetic resonance imaging system.
Why to buy the report:
This report will:
Provide you the business strategies adopted by market player such as product launch, GE healthcare launched Vios Works in 2015.
How we are different from others:
At Occams we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global magnetic resonance imaging systems market offers the longest chain of market segmentation covering major market segmentation based on application Architecture and field strength. The report tracks the major market trends in the global magnetic resonance imaging systems market such as technological advancements in MRI techniques for instance development of superconducting magnets, ultra-high-field MRI and so on. For each market segments covered in global bio absorbable stents market report, we provide opportunity matrix, and DROC analysis, that enable the clear growth assessment across each market segment. The report discusses competitive landscape of magnetic resonance imaging systems market, with giving extensive strategy analysis of more than 15 companies. Moreover, the report discusses various models such as 360 degree analysis, See Saw analysis, and Porter five force model and so on. For the high level analysis in the report we provide a comparative analysis of historic and current year data.
Key findings of global magnetic resonance imaging (MRI) systems market: