The rising demand from musculoskeletal application segment is prognosticated to help the global magnetic resonance imaging equipment market rise at a positive pace, finds Fortune Business Insights in their new study. The study is titled, “Magnetic Resonance Imaging Equipment Market: Global Market Analysis, Insights and Forecasts, 2018 – 2025.” According to the study, the global magnetic resonance imaging equipment market, which stood at US$ 7,165.6 Mn in 2017, will reach US$ 11,725.9 Mn by the end of 2025. If these figures prove true, the global magnetic resonance imaging equipment market will rise at a CAGR of 6.4% between 2018 and 2025.
The musculoskeletal segment is anticipated to rise at a faster rate among other categories based on application. This is due to the recently proven clinical efficacy of MRI systems in detailed bone imaging cases. Again, the neurology segment, out of various applications will register a higher CAGR because of the expansion of neuroscience in developed nations and its application in medical therapies and testing devices. On the other hand, the hospital segment is likely to generate more revenue over the next few years, because of the significant rise in funding by governments.
Leading Players operating in the MRI Systems Market are:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
- GE Healthcare
- Siemens Healthcare
- Koninklijke Philips N.V.
- Canon Inc.
- Hitachi, Ltd.
- Esaote SpA
- Shenzhen Anke High-tech Co., Ltd.
- Time Medical Holding
- SHENZHEN BASDA MEDICAL APPARATUS CO., LTD.
- Fonar Corporation
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Advent of Superconducting Magnets and Software Upgrades to Boost Market
Using magnetic resonance imaging technique is considered as an effective way of diagnosing disorders of the central nervous system, spine lesions, tumors, and the stroke affected areas of blood vessels and brain. The demand for this system is increasing with the rising geriatric population and their susceptibility to various diseases. Also the rising demand for minimally invasive or non-invasive diagnostic procedures will boost the uptake of magnetic resonance imaging machines. With recent advancements in scanning techniques such as superconducting magnets, MRI systems, and software grades, the demand for magnetic resonance imaging machines is also increasing. Such factors will bode well for the market during the forecast tenure.
Nowadays, manufacturers are installing advanced techniques in MRI machines where such machines will be compatible with cardiac pacemakers for better reading for the physicians. Such innovation is likely to boost the market in the coming years. Increasing awareness about serious disorders and their immediate actions and early diagnosis will help the market to grow remarkably in the coming years.
Strategic Collaborations among Key Players to Give Tailwinds to Growth
Players are entering into strategic collaborations and manufacturing improved MRI systems to gain competitive advantage in the global MRI equipment market. Besides this, they are focusing on mergers and acquisitions, new product launches, and adopting advanced technologies, to strengthen their position in the market. Some of the players operating in the global magnetic resonance imaging equipment market are SHENZHEN BASDA MEDICAL APPARATUS CO., LTD., Shenzhen Anke High-tech Co., Ltd, Hitachi, Ltd., Koninklijke Philips N.V., GE Healthcare, Fonar Corporation, Time Medical Holding, Esaote SpA, Canon Inc, and Siemens Healthcare.
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