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18-Feb-2021

MRI Systems Market Projected to Grow at a CAGR of 6.5% As A Result Of Growing Awareness For Early Detection Of Diseases During 2019-2027

Summary

The market for MRI systems is anticipated to grow by a CAGR of around 6.5% during the forecast period, i.e., 2019-2027.
Editor: Pooja Singh Last Updated: 18-Feb-2021

Research Nester released a report titled “MRI Systems Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global MRI systems market in terms of market segmentation by system type, by mobility, by application, by end user and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

Magnetic Resonance Imaging (MRI) is an imaging technique which produces images of the internal organs of the body for the detection of any damage to the internal tissues and organs. The market for MRI systems is anticipated to grow by a CAGR of around 6.5% during the forecast period, i.e., 2019-2027. The National Health Service of England presented diagnostic imaging statistics that reported that around 41 million imaging tests took place in the country between February 2016 and January 2017, out of which, around 0.28 million tests performed in the month of January 2017 were MRI tests. The market is segmented by system type, by mobility, by application, by end user and by region, out of which, the system type segment is bifurcated into closed MRI systems and open MRI systems. On the basis of system type, the largest share in the market is estimated to be held by the closed MRI systems on the back of detailed and accurate diagnostic scans provided by the technique. Since the magnetic fields in this system type are strong, the image quality is better and the procedure takes much less time.

The largest share in MRI systems market is anticipated to be held by the market in North America as a result of rising technological advancements in the medical sector and growing expenditure on healthcare. On the other hand, the market in Asia-Pacific region is estimated to grow at the highest rate during the forecast period on account of rising population along with geriatric population.

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Rising Geriatric Population To Escalate The Market Growth

The increasing elderly population across the world raises the demand for improved diagnostic imaging tests on account of the growing awareness among people for detection of any early signs of chronic disorders. This is a major growth factor projected to support the market growth. However, this test cannot be performed on people with metal implants such as pacemakers along with pregnant women, which is anticipated to restrain the market growth in the upcoming years.

This report also provides the existing competitive scenario of some of the key players of the global MRI systems market which includes company profiling of Koninklijke Philips (PHIA), General Electric Company (GE), Siemens Healthcare Private Limited (SHL), Hitachi Medical Systems, Canon Medical Systems, Aurora Healthcare, Neusoft Corporation (SHA: 600718), Bruker (BRKR), Time Medical Holding and Fonar Corporation (FONR). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global MRI systems market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.