The Global Magnetic Resonance Imaging (MRI) Market - Growth, Trends and Forecasts Through 2019-2024 - ResearchAndMarkets.com

The "Magnetic
Resonance Imaging (MRI) Market - Growth, Trends, and Forecast (2019 -
2024)" report has been added to ResearchAndMarkets.com's
offering.

The market is projected to grow at a CAGR of 6.6% during 2019-2024.

The key factors propelling the growth of the global magnetic resonance
imaging market are an increase in technological advancement, such as the
inclusion of MRI with PET or CT, to provide imaging possibilities with
less exposure to harmful radiations, rising adoption of MRI in
developing countries, and availability with rising adoption of Universal
health coverage in the developed and developing markets.

The global players, such as GE, Siemens, and Philips, have an extensive
hold on improving technology, as well as global distribution channels,
which helps the increasing number of public and private diagnostic
centers around the world. However, the use of refurbished MRI equipment
is also widely preferred in the developing markets, due to its
cost-effectiveness and easy availability.

The current market is experiencing major technological advancements. The
limits of the largest field strength of electromagnets in MRI has
expanded beyond the conventional 1.5T-3T to a staggering 7T. This leap
in technology has widened the application profile of MRI devices and is
expected to further expand in the forecast period.

The current global MRI market is plagued with issues of low
reimbursement rates for MRI procedures and problems with post-sale
service. MRIs are high-cost capital equipment with an average lifespan
ranging between 7-14 years. As such, post-sales service becomes an
important factor for purchasers, but the current market has been largely
unsuccessful in addressing these needs.

Key Market Trends

Neurology Segment Holds the Largest Market Share Currently and is
Believed to Continue the Same Over the Forecast period.

The neurology segment of the global MRI market holds the largest market
share, and it is expected to record a CAGR of 6.7% in the coming future.

MRI is the best tool for diagnostic imaging and neuroscience research.
It provides morphological images with the highest spatial resolution and
unmatched soft tissue contrast, as well as the unique functional
information of the central nervous system (CNS). 97% of MRI sites
perform the brain examinations and 1 in 4 MRI scans is of the brain,
making it one of the most commonly performed exams in neurology.

Neurological uses of MRI systems include the diagnosis of brain and
spinal cord tumors, infection and vascular irregularities, which may
lead to stroke. MRI can also detect the disorders, along with performing
the monitoring of degenerative disorders, such as multiple sclerosis,
and it can even document brain injury from trauma.

North America Dominates the MRI Market and is Expected to Hold The
Largest Market Share During the Forecast Period.

North America currently dominates the global magnetic resonance imaging
market, and it is expected to continue its stronghold for a few more
years. This region is expected to increase its market share in the
future, owing to the well-established healthcare system of the United
States and the initiatives that are being carried out by the various
organizations, along with the government to promote the disease
diagnosis.

Siemens and Philips are the leading companies in the United States. The
average MRI scanning cost ranges between USD 650 to USD 950 based on dye
being used or not. With that, the United States has the largest market
share of approximately 94.6% in North America, and is expected to record
a CAGR of 6.3% over the forecast period.

Competitive Landscape

The global magnetic resonance imaging market is highly competitive and
consists of several major players. In terms of market share, few of the
major players currently dominate the market. However, with technological
advancement and quality service provision, mid-size to smaller companies
are increasing their market presence by introducing new products with
fewer prices.

Companies, like Siemens Healthineers, GE Healthcare, Canon Medical
Systems, and Philips Healthcare hold a significant market share in the
global magnetic resonance imaging market.

Topics Covered

1 Introduction

1.1 Study Deliverables

1.2 Study Assumptions

1.3 Scope of the Study

2 Research Methodology

3 Executive Summary

4 Market Dynamics

4.1 Market Overview

4.2 Market Drivers

4.2.1 Introduction of Hybrid MRI Systems

4.2.2 Availability of Universal Health Coverage in North America, Europe
and several Asian Countries

4.2.3 Increasing Adoption in Emerging Markets

4.3 Market Restraints

4.3.1 High Cost of MRI Systems

4.3.2 Declining Helium Availability

4.3.3 Capital Equipment Nature of MRI Systems

4.4 Porter's Five Forces Analysis

5 Market Segmentation

5.1 Architecture

5.1.1 Closed MRI Systems

5.1.2 Open MRI Systems

5.2 Field Strength

5.2.1 Low Field MRI Systems

5.2.2 High Field MRI Systems

5.2.3 Very High Field MRI Systems and Ultra-high MRI Systems

5.3 Application

5.3.1 Oncology

5.3.2 Neurology

5.3.3 Cardiology

5.3.4 Gastroenterology

5.3.5 Musculoskeletal

5.3.6 Other Applications

5.4 Geography

5.4.1 North America

5.4.2 Europe

5.4.3 Asia-Pacific

5.4.4 Middle East & Africa

5.4.5 South America

6 Competitive Landscape

6.1 Company Profiles

6.1.1 Bruker Corporation

6.1.2 Esaote S.p.A

6.1.3 Fonar Corporation

6.1.4 GE Healthcare

6.1.5 Hitachi Ltd.

6.1.6 Neusoft Medical Systems Co. Ltd.

6.1.7 Koninklijke Philips N.V.

6.1.8 Siemens Healthcare GmbH

6.1.9 Aurora Imaging Technology

6.1.10 Canon Medical Systems Corporation

7 Market Opportunities and Future Trends

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