Many imaging technologies like CT, X-Ray, Ultrasound Imaging, and MRI are some of the most common imaging technologies used in the healthcare practices. Out of these technologies MRI is the most preferred imaging technology cited to its numerous advantages over the other imaging technologies in terms of quality of scans and ability to capture the soft tissues. MRI technology has minimal hazards on the patients as unlike other imaging technologies, MRI machines do not emit ionizing radiation. MRI machines are capable of producing images in any plane, and it can also produce 3D isotropic images.
The research report titled "Global Magnetic Resonance Imaging (MRI) Systems Market Outlook: 2015-2020" provides in-depth analysis of MRI systems market in four major geographies and emphasizes on the current market trends, market size, market share, recent developments, and forecast till 2020. The study offers a comprehensive analysis of MRI market with respect to its design, magnetic strength, and various applications.
The application market is mainly divided into Neuro Imaging, whole Body Imaging, Breast Imaging, Cardiac Imaging, Vascular Imaging, MSK/Extremity Imaging, Pediatric Imaging, and others. While by design the market is further divided into Open Systems and Closed Systems. Similarly, by system types, the MRI market is sub-segmented into 3T MRI, 1.5T MRI, Low Field MRI, 7T MRI, Refurbished MRI, and others.
Although the unfavorable reimbursement scenario in developed economies such as the U.S. and Europe is expected to negatively impact demand; the global MRI systems market is mainly driven by the rising awareness about early diagnosis, growing demand for high field scan, and various recent technological advancements in this field. The low penetration of MRI systems in developing economies such as India and China; rising incidences of cardiac, neurological and oncological diseases; growing healthcare spending; increased physician preference for MRI over other imaging modalities; and rising focus of major players in this region further provides significant opportunities for the players to invest in this region. However, the high cost of MRI systems, reducing reimbursement rates, and lack of sound technologists in many countries hinders the growth of this market to some extent.
The North America held the largest share in the global MRI systems market followed by Europe and Asia-Pacific. The Asia-Pacificregion provides significant opportunities for the MRI systems with China and India being the most populous countries in this region contributing to the increased demand for advanced healthcare facilities like MRI systems. As, the MRI systems market in Asia-Pacificregion is expected to grow at a highest CAGR during the forecast period; many players in this market are focusing on strengthening their position this region.
The key players in the global MRI systems market are GE Healthcare, Siemens Healthcare, Philips Healthcare, Hitachi Medical Corporation, and Toshiba Medical Systems.
Source: Expert Interviews, Government Authorities, Related associations/Institutes, Related Research Publications, Government Publications, Company Press Releases, Company Annual Reports, Company Websites, Company Publications, SEC Filings, Meticulous Research Analysis.
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