Magnetic Resonance Imaging Market - Global Forecast up to 2025
- July, 2019
- Domain: Healthcare - Medical Devices
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Infoholic Research predicts that the global magnetic resonance imaging market will grow at a CAGR of 7.5% during the forecast period. Medical imaging is growing substantially as it is the primary tool for diagnosing a wide range of diseases. The development of computer-aided diagnostics that have integrated in radiology services has enabled to diagnose and produce high quality images and expand the reach and improving the quality of diagnosis. Today there are many challenges faced by radiologists and the most common diagnostic issue is the collection of data about patients in larger volume that is complex. However, EMR and EHR are used to smoothen the process flow, whereas AI is leveraging the cloud-based features with imaging softwares and solutions that will solve many problems of radiologists.
The market is witnessing drastic changes in technology that has led to high adoption of MRI systems across various chronic diseases examination. Further, the advancements in Artificial Intelligence (AI) is replacing human analysis. Increase incidence of chronic diseases, rise in geriatric population, growing awareness about early benefits of diagnosis, and introduction of advanced MRI systems with better image quality is driving the market.
The market is fueled by innovation and new technological techniques & procedures. The increase in demand for more advanced & customized diagnosis and treatment with availability of vast healthcare services globally have pushed the market to produce safe, efficient, and cost-effective products in the market. The advancement in technology has shifted most of the developed economies towards 3T product segments for high quality images. The last two decades have witnessed an unparalleled growth in advanced and innovative technologies, which resulted in the development of state-of-the-art medical device industry.
Segmentation by Product Type:
- Closed MRI Systems
- Open MRI Systems
The closed MRI systems are the most widely and commonly used equipment in hospitals and diagnostics centers across the globe. These are long and capsule like MRI scans that give high quality images. They share the maximum revenue in the global MRI market and is expected to grow steadily in the market.
Segmentation by Applications:
In 2018, the cardiology segment accounted for the maximum share with increased use of angioplasty, stenting, and pacemakers’ procedures.
Segmentation by End-users:
- Ambulatory Care
- Diagnostic Centers
In 2018, hospitals gained the highest share in the global magnetic resonance imaging market with large volumes of diagnostics and treatments globally.
Segmentation by Regions:
- North America
According to Infoholic Research analysis, North America accounted for the largest share of the global magnetic resonance imaging market in 2018. In North America, the US and Canada are the leading countries. Europe is the second leading region. The market in Europe was largely driven due to advances in medical imaging technologies. Factors such as increase in the prevalence of diseases, continuous adoption of advanced technologies, and increasing aging population are driving the market. The leading countries are Germany, France, UK, and Italy to the market. This region dominates the overall presence of ultrasound devices and has the most diversified MRI systems available in the market. It has the highest percentage of elderly population with many individuals with chronic diseases such as CVD, diabetes, obesity, high blood pressure, and other neurology related disorders.
The APAC region is expected to grow faster due to increase in sales of new MRI systems in the coming years. This is due to high demand for imaging equipment due to rapid increase in the number of hospitals and diagnostic laboratories, especially in countries such as India and China.
Competitive Analysis – The competition in the magnetic resonance imaging industry is intense and has immense potential opportunity for vendors (especially technology service providers) to integrate with medical devices for new product launches. The market in the developed countries is witnessing increased adoption of MRI systems for high-quality imaging, screening, and diagnosing due to improved access and encouragement from the government & other healthcare institutions. The market is highly dynamic with the presence of few big players accounting for more than 65% share in the overall market. Pureplay vendors such as Aspect Imaging has introduced the world’s first complete and most effective permanent magnet simultaneous PET/MRI solution for preclinical research. The company has wide range of applications with top quality multimodality imaging tools. The vendors are focusing on developing strategic alliances with companies that manufacture medical imaging systems to leverage their products and widen their customer base by delivering for unmet medical needs.
- Siemens Healthineers
- GE Healthcare
- Fujifilm Holdings Corp.
- Philips Healthcare
- Canon Medical Systems
Key Competitive Facts:
- The market is highly competitive with all the players competing to gain the market share. Intense competition, rapid advancements in technology, frequent changes in government policies, and the prices are key factors that confront the market.
- The requirement of high initial investment, implementation, and maintenance cost in the market are also limiting the entry of new players.
- Responding to competitive pricing pressures specific to each of our geographic markets
- Protection of proprietary technology for products and manufacturing processes
Benefits – The report provides complete details about the usage and adoption rate of magnetic resonance imaging systems. Thus, the key stakeholders can know about the major trends, drivers, investments, vertical player’s initiatives, and government initiatives towards the medical devices segment in the upcoming years along with details of the pureplay companies entering the market. Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders in order to expand their business and capture the revenue in specific verticals and to analyze before investing or expanding the business in this market.
- Understanding the potential market opportunity with precise market size and forecast data.
- Detailed market analysis focusing on the growth of the magnetic resonance imaging
- Factors influencing the growth of the magnetic resonance imaging
- In-depth competitive analysis of dominant and pureplay vendors.
- Prediction analysis of the magnetic resonance imaging industry in both developed and developing regions.
- Key insights related to major segments of the magnetic resonance imaging
- The latest market trend analysis impacting the buying behavior of the consumers.
1.1 Medical Devices Industry
1.1.2 Medical Technologies
1.1.3 Industry Trends
1.2 Healthcare Spending in the US
1.3 Regulatory Bodies & Standards
1.4 Reimbursement Scenario
1.5 Emerging Global Markets
1.6 Patient Demographics
1.7 Medical Imaging
1.7.2 Definition: Magnetic Resonance Imaging
1.7.3 Why Magnetic Resonance Imaging?
1.7.4 PESTLE Analysis
2 Report Outline
2.1 Report Scope
2.2 Report Summary
2.3 Research Methodology
2.4 Report Assumptions
3 Market Snapshot
3.1 Total Addressable Market (TAM)
3.2 Segmented Addressable Market (SAM)
3.3 Opportunity Analysis
3.4 Strategic Initiatives
3.5 Related Markets
3.5.1 Ultrasound Devices
3.5.2 Medical X-ray Equipment
3.5.3 Medical Imaging
3.5.4 Mammography Devices
3.5.5 Healthcare X-ray Detectors
3.6 Porter 5 (Five) Forces
4 Market Characteristics
4.1 Market Segmentation
4.1.1 Closed Magnetic Resonance Imaging Systems
4.1.2 Open Magnetic Resonance Imaging Systems
4.2 Magnetic Resonance Imaging Market, By Field
4.2.1 Low Field MRI Systems
4.2.2 High Field MRI Systems
4.2.3 Very High Field MRI Systems
4.3 Magnetic Resonance Imaging Market, By Application Type
4.4 Market Dynamics
22.214.171.124 Increase in adoption of MRI systems
126.96.36.199 Rise in investment in advanced diagnostic facilities
188.8.131.52 Government initiatives to propel the overall growth
184.108.40.206 Rise in demand of multi-modality molecular imaging
220.127.116.11 High cost of MRI devices
18.104.22.168 Low reimbursement/unfavorable reimbursement plans
22.214.171.124 Intense competition among vendors
126.96.36.199 Lack of skilled radiologists
188.8.131.52 Emergence of 7T MRI system
184.108.40.206 Medical imaging to integrate with IT
220.127.116.11 Healthcare industry undergoing transformation to move towards affordable and quality care
18.104.22.168 Development in medical imaging
22.214.171.124 Introduction of artificial intelligence to aid radiology
126.96.36.199 Early prevention and diagnosis
188.8.131.52 Big data and analytical tools to enhance healthcare interoperability
4.4.4 DRO – Impact Analysis
4.5 Key Stakeholders
5 Industry Trends
5.1 Market Trends & Impact
6 Buying Criteria
7.3 Ambulatory Care Centers (ASCs)
7.4 Diagnostic Centers
7.5 Others (Research Centers and Universities)
8.2 North America
8.5 Rest of the World
9 Market Attractiveness
9.2 Market Attractiveness by End-users
10 Competitive Landscape
10.1 Competitor Comparison Analysis
10.1.1 Key Competitive Facts
11 Vendors Profile
11.1 GE Healthcare
11.1.2 Business Units
11.1.3 Geographic Revenue
11.1.4 Business Focus
11.1.5 SWOT Analysis
11.1.6 Business Strategies
11.2 Philips Healthcare
11.2.2 Business Units
11.2.3 Geographic Revenue
11.2.4 Business Focus
11.2.5 SWOT Analysis
11.2.6 Business Strategies
11.3 Siemens Healthineers Inc.
11.3.2 Business Units
11.3.3 Geographic Revenue
11.3.4 Business Focus
11.3.5 SWOT Analysis
11.3.6 Business Strategies
11.4 Fujifilm Holdings Corp.
11.4.2 Business Units
11.4.3 Geographic Revenue
11.4.4 Business Focus
11.4.5 SWOT Analysis
11.4.6 Business Strategies
11.5 Canon Medical Systems Corp.
11.5.2 Business Segments
11.5.3 Geographic Revenue
11.5.4 Business Focus
11.5.5 SWOT Analysis
11.5.6 Business Strategies
12 Companies to Watch for
12.1 Aspect Imaging
12.1.2 Key Highlights
12.1.3 Key News
12.2 Hitachi Medical Corp.
12.2.2 Key Highlights
12.2.3 Key Focus
12.3 Hologic Corp.
12.3.2 Key Highlights
12.3.3 Key News
12.4 Accuray Inc.
12.4.2 Key Highlights
12.4.3 Key News
12.5 Aurora Imaging Technology, Inc.
12.5.2 Key Highlights
12.5.3 Key News
13 Other Prominent Vendors
Infoholic research works on a holistic 360° approach in order to deliver high quality, validated and reliable information in our market reports. The Market estimation and forecasting involves following steps:
- Data Collation (Primary & Secondary)
- In-house Estimation (Based on proprietary data bases and Models)
- Market Triangulation
Market related information is congregated from both primary and secondary sources.
involved participants from all global stakeholders such as Solution providers, service providers, Industry associations, thought leaders etc. across levels such as CXOs, VPs and managers. Plus, our in-house industry experts having decades of industry experience contribute their consulting and advisory services.
include public sources such as regulatory frameworks, government IT spending, government demographic indicators, industry association statistics, and company publications along with paid sources such as Factiva, OneSource, Bloomberg among others.