Magnetic Resonance Imaging (MRI) Systems Market (By Architecture: Closed, Open; By Field Strength: High to Ultra High (>1.5T), Low to Medium (<1.5T); By End Use: Hospitals) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026

Name: Magnetic Resonance Imaging (MRI) Systems Market (By Architecture: Closed, Open; By Field Strength: High to Ultra High (>1.5T), Low to Medium (<1.5T); By End Use: Hospitals) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026
Creator: Acumen Research and Consulting
Published: Apr 2019
License: https://www.acumenresearchandconsulting.com/privacy-policy

Published : Apr 2019

Report ID: ARC1343

Pages : 190

Format : Magnetic Resonance Imaging (MRI) Systems Market (By Architecture: Closed, Open; By Field Strength: High to Ultra High (>1.5T), Low to Medium (<1.5T); By End Use: Hospitals) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026

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Introduction

RAMI is a non-invasive methodology for diagnosing internal body tissues and organs using radio ondes to create computerized images of magnetic resonance atoms. Without invasive surgery, RMI provides detailed, three-dimensional views of your organ and joint. MRI detects cardiovascular views and related problems. The MRI study includes MRI, RIM spines, MRI and extremities of the individual organ.

The report provides analysis of global Magnetic Resonance Imaging Systems market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year. According to Acumen Research and Consulting, the global Magnetic Resonance Imaging Systems market is expected to grow at noteworthy CAGR around 6 % throughout the forecast period and reach around US$ 9 billion by 2026.

Market Dynamics

Increasing technological developments, such as inclusion of PET or CT, provide imaging options to reduce exposure to harmful radiation, increasing use of MRI in developing countries, and availability of increased universal health coverage in developed and developing countries are key factors promoting the growth of the global magnetic resonance imaging market Global players like GE, Siemens or Philips are committed to improving technology and global distribution networks that support the growing number of public and private diagnostics centers worldwide.

However, due to the cost-effectiveness and easy availability, the use of refurbished RIM equipment is also much favored in development markets. There are major technological developments on the current market. In addition to the conventional 1.5T-3 T, the limit of the greatest field strength in MRI has expanded to an astounding 7T. This technological leap has increased MRI devices ' application profile and is forecast to expand further in the forecast period.

An increase in adoption of MRI systems in hospitals, clinics and diagnostic centers with the highest market share is expected and one of the lucrative investment targets is identified. The market is however divided into open MRIs and closed MRIs based on architecture. In the last few years, the MRI system market has seen large-scale adoption. In the coming years, developments such as application reduction, high image quality and lower-cost scans will prove good growth. This advancement, however, currently has a small value market size.

Architecture Outlook

The Segment of Open MRI Systems valued above USD 160 million in 2018. MRIs are highly efficient recently developed open arm devices that allow precise diagnostic diseases. For example, the Hitachi-introduced Oasis Open MRI device offers excellent patient comfort. In addition, RADAR motion offset reduces the need for repeat scans and offers better image quality. Access to such superior open RMI devices should therefore increase segmental growth. However, given the relative lower advantages of open MRI systems compared to closed MRI systems, growth in the segment is slow.

The closed segment of magnetic resonance imaging systems is expected to grow 6.5% over a period of time. Higher field strength closed configurations allow faster scanning, greater resolution and slimmer slices, which are helpful for anatomical viewing parts. Closed MRI systems are generally equipped with 1.5 T to 3.0 T field strength. The field strength is ideal for imaging multifaceted sclerosis lesions, detecting multi-vessels disease in patients with coronary artery disease and the identification of fibrocartilage lesions.

Magnetic Field Strength Stance

The segment is projected to increase by more than 6% from 2019 to 2026, at high to ultra high (> 1.5 T). The growing acceptance among health professionals can be attributable to robust segmental growth. Significant improvements have led to a wide range of available clinical Tesla scanners for shielding and magnet designs. The use of high to high field strengths in MRI scanners offers significant improvements in sensitivity and image quality. Also, in about half the time comparing to the low magnetic field, high magnetic field tests are obtained. The advantage of reduced time is therefore gaining momentum.

Approximately USD 170 million was assessed in the 2018 Low to Medium (< 1.5 T) segment. The widespread adoption of substantial revenue is linked to low prices. Low income economies generally prefer low magnetic field MRI scanners. Moreover, these low intensity MRI scanners reduce the likelihood that tissue exposure to radiation is raised during scanning operations.

End Use Outlook

In 2018, the segment of hospitals has been valued at about $3 billion. Many patients with chronic diseases and injuries are admitted annually. These patients require accurate diagnosis to increase the demand in hospitals for technologically advanced MRI systems. In addition, the growth of the segment should contribute to increasing the number of multispecialty clinics in developing countries with expertise in diagnostic imaging. Apollo Hospital in Delhi for example installed the Open Standard MRI Scanner G (Gravity) Scan for musculoskeletal applications, with cutting-edge technology.

During the forecast period, the other segments will increase by more than 6.5%. Other segments cover imagery centres, laboratories for radiology and research centres. As the high adoption of the MRI scanners used in these health care facilities will result in significant segmental growth, which will provide high-specific diagnoses.

Regional Stance

Because of the technological progress that has made the market for MRI systems more abundant in clinical applications, North America has the greatest market share of RIM systems. Additional features for the early detection of molecular or cellular changes in the Alzheimer disease and other diseases will likely occur in future technological advances. The US-based Fonar Corporation has developed a new Radio Frequency and Scanning Protocol that allows patients with x-rays without the risk of diagnostic images of their spines.

Latin America has been estimated at over USD 550 million in 2018 in the market of magnetic resonance imaging systems. An increasing geriatric population together with increased incidences of chronic diseases will boost demand for rapid diagnosis and treatment RID systems in Brazil and Mexico. The presence of organizations like the Brazilian Alliance ensures that populations have access to the most advanced technology and focuses on the constant improvement of public health in Brazil, thereby boosting regional market growth and the adoption of MRI systems.

Due to a growth of elderly population prone to chronic diseases, the Asia Pacific magnetic resonance imaging systems market is expected to grow by around 8% over the projected time period. Also, government initiatives in emerging countries help reduce the costs of diagnosing chronic diseases. This scenario is beneficial to the growth of the industry because MRI systems are increased.

Market Segmentation

Global Magnetic Resonance Imaging Systems Market, by Architecture

Closed
Open

Global Magnetic Resonance Imaging Systems Market, by Field Strength

High to Ultra High (>1.5T)
Low to Medium (<1.5T)

Global Magnetic Resonance Imaging Systems Market, by End Use

Hospitals

Global Magnetic Resonance Imaging Systems Market, by Geography

North America

U.S.
Canada
Mexico

Europe

UK
Germany
France
Rest of Europe

Asia-Pacific

China
Japan
India
Australia
Rest of Asia-Pacific

Latin America

Brazil
Chile
Rest of Latin America

Middle East and Africa (MEA)

South Africa
Saudi Arabia
Rest of MEA

The market research study on “Magnetic Resonance Imaging (MRI) Systems Market (By Architecture: Closed, Open; By Field Strength: High to Ultra High (>1.5T), Low to Medium (<1.5T); By End Use: Hospitals) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Magnetic Resonance Imaging Systems market segments with market dynamics and their impact. The report also covers basic technology development policies.

There are problems with low reimbursement rates for MRI procedures and problems with post-sale services in the current global MRI market. MRIs are high cost equipment of between 7-14 years, with an average lifespan. As a result, post-sales service is an important factor for buyers, but the current market has failed to address these needs to a large extent.

Key Players & Strategies

The Magnetic Resonance Imaging Systems market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players are Koninklijke Philips N.V., Hitachi, Sanrad Medical Systems, Fonar Corporation, Toshiba and Neusoft Medical Systems, Siemens, Aurora Imaging Technologies, Esaote SpA and Toshiba.

Industry players have implemented several strategic initiatives to enhance their market position. Strategic initiatives include fusions, procurement and the launch of new products. Toshiba launched a Vantage Galan 3 T MRI system in January 2017, for example. New product launch will encourage growth in the company.