Over the years, there has been an increase in the number of cases of brain aneurysm and traumatic brain injury, for which, detection method MRI is used to study the location, size, and other characteristics such issues. According to the Brain Aneurysm Foundation, almost 500,000 deaths, worldwide, each year, are caused by brain aneurysm.
Continuous modernization and maintenance of MRI systems target improved quality and efficiency of care, while saving costs. As per the World Health Organization (WHO), in 2017, approximately US$ 8,745.0 per capita was spent on health expenditure, worldwide.
Technological development in MRI systems, such as 7T, which is a high-resolution MRI, will further increase the comfort of imaging the inner structure and working of the CNS with lesser processing time. This is creating significant growth opportunities for players in the MRI systems market.
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- GE Healthcare
- Canon Inc
- Philips N.V.
- AllTech Medical Systems
- Hitachi Medical Corporation
Increasing Consolidation among Key Players Offering Economic Growth Opportunities
Healthcare companies are mainly focused on providing improved healthcare facilities and products to increase their economic opportunities, through new product launches, partnerships, and training professionals for different MRI systems.
Growing medical device companies and increasing diagnostic and therapeutic treatment is creating increased employment. Advancements in technology, such as silent MRIs, are anticipated to provide a thrust to the growth of the MRI systems market.
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Rising Adoption of High-resolution MRIs (1.5T) in Healthcare Institutions Boosting Market Growth
Among the different MRI systems, 1.5T is the first choice across various hospitals. It is the largest MRI system, and includes various application profiles that are used for the early diagnosis and treatment of many brain-related disorders. 1.5T MRI systems are the most widely used type in hospitals across the world. Manufacturers also provide AMCs for these systems, which leads to reduced maintenance costs for the hospitals.
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North America and East Asia Dominating MRI Systems Market
East Asia and North America currently hold around 60% of the global MRI systems market. Increasing outpatient visits and hospital admissions are propelling the demand for MRI systems. According to a WHO report, it is expected that, in the U.S., the number of annual outpatient visits will grow 47.4% annually, and reach 60.3 billion visits by 2029.
Also, governments are taking several initiatives to support growth, such as increased funding, R&D expansions, creating awareness regarding disease prevalence, and attracting foreign direct investments in the MRI systems market space.
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High Cost of MRI Systems and Installation to Hinder Market Growth
The high cost of MRI systems such as 7T and 9T that are used for various diagnostic purposes, is usually a major cause of concern for end users in the MRI systems market. Besides, the consumables used for MRI, along with software and customized services, also add a large proportion to the final cost.
These high costs, along with high installation cost, is a major factor that is projected to hinder the growth of the MRI systems market over the forecast period.
Competitive Landscape of MRI Systems Market
Key player playing a major role in the MRI systems market across the globe include GE Healthcare, Siemens, Neurosoft, Canon, Philips, AllTech Medical Systems, Hitachi Medical Corporation, and ESAOTE.
Manufacturers are focusing on geographical expansion to expand their customer reach. For instance, in 2018, Philips signed two long-term strategic partnership agreements in Australia for medical imaging solutions.
A majority of companies in the global MRI systems market are expanding their existing services by acquiring smaller companies to strengthen their infection control services, and maintain or gain significant market share. Based on the trend, North America and East Asia will hold substantial share of the global sterilization services market over the next decade. Although 1.5T systems hold a prominent marker share, players in the MRI systems market can focus on offering 7T and 9T systems, since these types are gaining more traction in research activities.
Key Segments of MRI Systems Market
PMR’s study on the MRI systems market offers information divided into four important segments-strength, architecture, end user, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Key Questions Answered in Report
- How much is the MRI systems market worth?
The global MRI systems market is expected to reach US$ 8.5 Bn in the year 2021.
- What will be the demand outlook?
The global MRI systems market is expected to witness growth twofold between 2021 and 2031.
- What was the last 5 year market CAGR?
The MRI systems market clocked a CAGR of 5.5% between 2015 and 2020.
- What are the key trends of MRI systems market?
The current trend is that of development of 7T (a high-resolution MRI), which is expected to smoothen the working of CNS going forward.
- What is driving the demand for MRI systems?
An exponential rise in incidences of neurological disorders is driving the demand for MRI systems.
- What is the market share of top 5 players?
The top 5 players including Siemens, GE Healthcare, Neurosoft, Canon Inc., and Philips N.V. account for more than 70% of the market share.
- What are the top 5 countries driving demand?
The top 5 countries driving the demand include the US, The Netherlands, Germany, UK, and China.
- What is North America’s market Outlook?
North America will continue ruling the roost in the MRI systems market.
- At what percentage MRI systems market is going to register growth in Europe?
Europe is expected to register growth at the rate of 4% in the MRI systems market between 2021 and 2031.
- What are the key market statistics in Korea and Japan?
Japan and Korea will hold a significant share in the MRI systems market in the years to come with both of them emphasizing on healthcare vertical.