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.
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.
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.
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.
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.
MRI Systems Market - Scope of the Report
Persistence Market Research (PMR) recently published a market study on the MRI systems market. The study provides detailed assessment on key market dynamics, including the drivers, trends, opportunities, restraints, and detailed information about the MRI systems market structure. The market study presents exclusive information about how the MRI systems market will grow during the forecast period (2019-2029).
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, and compound annual growth rate (CAGR), are explained in PMR’s study in a comprehensive manner. Other information includes pricing analysis by region, strength type, end user, and architecture type, which helps in deep understanding of the pricing details by researchers, suppliers, manufactures, and distributors. Other information contains volume analysis, which includes year-wise growth of the MRI systems market for the forecast period. This information can help readers understand the quantitative growth prospects of the MRI systems market for the forecast period.
The study is relevant for suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Business researchers, shareholders, and industry experts can leverage the information and data presented in PMR’s study.
The study also includes statistics as well as facts related to the micro- and macroeconomics factors that are impacting developments in the market. It also offers actionable insights based on the future trends in the MRI systems market. Furthermore, small businesses and new entrants in the MRI systems market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
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 PMR’s MRI system Market Report
MRI Systems Market: Research Methodology
In PMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the MRI systems market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the MRI systems market study include statistics from government healthcare organizations, medicinal journals, research journals, press release, annual reports, white papers, directories, and databases. Analysts have interviewed radiologists, senior managers, product portfolio managers, CEOs, VPs, and marketing/product managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the MRI systems market, and makes PMR’s projections on the growth prospects of the MRI systems market more accurate and reliable.