Magnetic Resonance Imaging Market Is Booming Worldwide Business
Global Magnetic Resonance Imaging Market: Snapshot
The magnetic resonance imaging (MRI) modality has garnered wide popularity for a non-invasive diagnostic imaging of conditions related to orthopedics, spine, neurology, cardiovascular, head and neck, and abdominal and prostate. The marked sensitivity and specificity of this imaging modality has made it a popular choice for the diagnosis of several neurological conditions world over. For instance, the advent of multinuclear spectroscopy to analyze several neurological disorders with the help of high-quality MRI scanner has gained traction in recent years. With no known biological hazard, these modalities are found to be useful for the detection of diseases that manifest themselves by an imbalance of water content in bodies. The use of better imaging contrast agents across ambulatory surgical centers, and diagnostic imaging centers enables advanced imaging with high-resolution, thereby accentuating the market.
The global magnetic resonance imaging market is estimated to register a CAGR of 6.6% from 2017 to 2022. The market is predicted to be worth US$6,611.0 Mn by the end of 2017 and is projected to reach US$9,120.8 Mn by the end of the forecast timeline.
Wide Popularity of 1.5 T MRI on Account of Standard Applicability
The various product types of MRI modality are mainly categorized into less than 0.5T MRI, 1.5 T MRI, and 3T MRI. Of these, 1.5 T MRI is the major segment, holding the major share 47% by 2017 end, amounting to US$3,900.3 Mn. The segment is projected to be worth US$5,585.2 Mn by 2022 end, representing a share of 9.5%. The segment is projected to register a CAGR of 7.4% from 2017 to 2022. The growth of the segment, in annual terms, is estimated at US$337 Mn over 2017–2022, representing the leading absolute growth among all product segments. The vast demand for this types of machines is on account of their standard applications across healthcare facilities for various patient populations, in addition to their easy operations and serviceability.
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North America Estimated to Hold Leading Revenue Share
The various regional markets for magnetic resonance imaging comprise North America, the Middle East and Africa, Asia Pacific excluding Japan (APEJ), Japan, Europe, and Latin America. Of these, currently North America is at the forefront and is expected to retain its dominance in the coming years as well. The North America magnetic resonance imaging market is projected to rise from a valuation of US$2,474.9 Mn in 2017 to US$3,212.1 Mn by 2022 end. The regional market is projected to clock a CAGR of 5.4% during the assessment period. The regional market has a large number of prominent players who are focused on developing intuitive and advanced solutions. This is a key factor attributing the dominance of this regional market. In addition, the vast demand for this modality for the diagnosis of various chronic diseases is a notable factor accentuating the regional market.
Asia Pacific Market excluding Japan to Rise at Prominent Pace
Of all the regions, Asia Pacific is predicted to rise at an impressive pace during 2017–2022. The vastly rising demand for MRI modality is on account of a burgeoning geriatric population in several developed and emerging economies. In addition, a robust medical tourism industry and advances made in healthcare facilities are notable factors catalyzing the growth of the APEJ market. Expanding at a CAGR of 9.5% over the assessment period, the regional market will be worth US$2,121.6 Mn by the end of 2022.
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Several emerging and developed players are focusing on developing next-generation MRI with better interoperability in order to gain a competitive edge over others. Some of the prominent players operating in the magnetic resonance imaging market are Siemens Healthineers, Koninklijke Philips N.V., Toshiba Medical Systems Corporation, GE Healthcare, Esaote SpA, Hitachi Medical Systems, Neusoft Corporation, and Xingaoyi.
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