The functional magnetic resonance imaging systems market is one of the rapidly improving market structures which is projected to achieve better future results due to the rising number of cases of tumors, cancers, injuries, and other forms of diseases in the liver, kidneys, bone, and tissues which leads to continuous investments being made towards the establishment and growth of the magnetic resonance imaging systems market size and share.
The functional magnetic resonance imaging system is a non-invasive technique that is used in the form of light to locate and interrogate any form of diseases or injuries through the imaging system and enables healthcare professionals to cure the diseases aptly. The MRI technique has gained wider acceptance all around the globe in the healthcare sector above the radioactive technology since the drawbacks and the risks associated with the UV radiations of the radioactive technology.
The MRI technique has been gaining popularity in different regions since it can easily locate and identify diseases related to tumors, strokes, and other diseases affecting the brain and blood vessels. The MRI technique has been facing greater acceptance due to its advantage of providing primary diagnosis related to a particular disease in a short time. Also, recent improvements in technology and improved logistics have boosted the demand for MRI-based equipment and devices.
The global magnetic resonance imaging (MRI) systems market is expected to grow at a CAGR of around 5.5% and the global market value to reach a total value of $5 Billion approximately. The magnetic resonance imaging systems market is expected to reap positive results from the Asia Pacific region where the demand for magnetic resonance imaging systems is expected to be high due to a large proportion of the geriatric population residing in these countries and the increasing number of cases of cancer in the countries of these regions. Moreover, the segment by application is expected to contribute maximum towards magnetic resonance imaging systems market share.
COVID 19 Analysis:
The covid 19 pandemic has affected every market segment and even health care industries negatively by creating a havoc situation in the healthcare sector whereby the pressure on the healthcare systems and professionals grew haphazardly which led to the increase for the need for magnetic resonance imaging systems market. This is because of the reliance of the healthcare professionals on the imaging process as it provides for short time diagnosis within the primary screening.
Therefore, it can be said that the demand for functional magnetic resonance imaging systems equipment rose in the covid pandemic. However, it would not be wrong to say that lack of infrastructures in most of the countries also disrupted the communication between nurses and patients which did not allow the healthcare professionals to focus more on the use of MRI techniques.
It is expected that post-covid when the restrictions are lifted and people find their way out to healthcare services for the treatment of other diseases as well, the demand for magnetic resonance imaging systems market would again pick up the pace, and the market would also experience major growth.
The magnetic resonance imaging systems market has been experiencing a diversified growth in all segments and across different regions due to the rising populations and the increasing per capita incomes of people which has shifted the demands of people to highly sophisticated and technologically advanced products and equipment which have acted as a motivating factor to the magnetic resonance imaging systems market.
Secondly, the increased number of applications of the MRI technique and its use in the treatment and location of a variety of diseases has provided a major boost to the overall market growth. Also, the use of MRI technique in the ongoing SARS CoV-2 virus has uplifted the market and in addition to this, the ever-increasing number of diseases and injuries have provided a much-needed boost to the MRI systems market.
Another major driver in the global magnetic resonance imaging systems market has been the ever-increasing health awareness programs and missions which have motivated people all over the world towards improvement in their health stats and to also be aware of the diseases that can be caused due to the consumption of various products. Also, the improvement in health care facilities all around the world and expenditures being made by the public and private entities have facilitated the magnetic resonance imaging systems market to have vast growth.
The overall growth in the magnetic resonance imaging systems market has been expediently rising but certain factors hinder the growth process of the market which include large sums of money to be invested initially in setting up of magnetic resonance imaging systems companies and thus it restricts various new players to enter the markets.
Another key factor that acts as a barrier towards an increase in magnetic resonance imaging systems market share is the stringent and rigid system of rules and regulations from the Governments of different countries. Since it is a matter of public health and adoption of new techniques for the treatment of tumors and cancers has definitely attracted Government’s inspection agencies to have a strict overview on the invasive techniques which demotivates the manufacturers since a lot of paperwork and documents have to be filed before adoption of new technology.
Another key restraint that has been observed off late is the high cost of the magnetic resonance imaging systems which bars most of the patients who are not aptly equipped with all the financial resources and also affects the magnetic resonance imaging systems market share since it cannot cater to the diverse variety of patients of different sections of the society. The Government also tries to curb the cost of such treatment which also affects the healthcare workers negatively.
The magnetic resonance imaging systems market trends have been dedicated towards the use of improved technology in the treatment process since the procedure for magnetic resonance imaging systems is based on highly scientific procedures and methods, it is usually carried on with the help of advanced tools and machines.
However, to be more specific, magnetic resonance imaging systems procedures involve pointing out the soft tissues and cells in the body and portraying any disease in such tissues which otherwise are neglected by a variety of imaging techniques. The oncology segment in the MRI technique provides for the creation of images that enables the doctors and the healthcare professional to identify any form of cancer or tumor. This technique also enables doctors in surgeries and radiation therapies and is thus in demand in many countries.
The technological system to be used soon in the magnetic resonance imaging systems market involves using robotics and artificial intelligence systems to provide for the specific and timely location of the tumor and then proceed with the treatment process and to remove the tumor by minimizing every threat associated with the treatment and also ensuring that tumor does not return after the treatment.
Source: World Health Organization, Centers for Disease Control and Prevention, American Heart Association, National Institute of Health, American College of Cardiology, European Heart Network, expert interview, annual report, white paper, company presentation and market research future analysis
Segment Overview: The magnetic resonance imaging systems market has been segmented as follows:
By Field Strength
The global magnetic resonance imaging systems market has been divided into four regions where each region has been contributing significantly in terms of its capabilities and population demands. However, among the four regions, the Asia Pacific region has been accounting for the major magnetic resonance imaging systems market share whereby the key drivers towards the growth of the magnetic resonance imaging systems industry are developed here, and the population seems to be quite interested in the innovations in terms of new products in the market.
The major magnetic resonance imaging systems market revenue is expected to come from countries like China, Japan, Korea, and India. The magnetic resonance imaging systems statistics indicate that the population along with the disposable incomes of people of these countries has been increasing which has led to shifts in lifestyles and changing demands. The shift of the people towards health awareness and improvement in healthcare facilities has contributed towards the growth of the market in this region.
The European region has also been experiencing major growth with contributions coming from developed nations such as France, Germany, Denmark, Belgium, etc. since most of the people in these countries are of growing age and vulnerable to a variety of diseases which has created a market for MRI scans in these countries. Also, rapid improvements in technology have led to the widespread development of the magnetic resonance imaging systems market in these countries. The North American region is also experiencing vast growth in magnetic resonance imaging systems market shares as the countries in this region have been reaping the benefits of technology thereby maximizing the level of operations and reducing operational cost.
The competitive landscape in terms of the magnetic resonance imaging systems market has been immense and nail-biting with new players easily entering the market and the existing players making huge investments in this segment.
The key players in the market are more focused on developing future strategies and set themselves as joint ventures to increase the magnetic resonance imaging systems market share and size.
Global Magnetic Resonance Imaging (MRI) Systems Market Share (%), by Region, 2017
Source: World Health Organization, Centers for Disease Control and Prevention, expert interview, annual report, white paper, company presentation and market research future analysis
The Global report helps the investors to gain meaningful information about the magnetic resonance imaging systems market and make decisions wisely. The report discusses the steps taken by the magnetic resonance imaging systems market leaders to boost the market growth and inflate market valuation for their good. The report fully summarises the ongoing market scenario in the magnetic resonance imaging systems market which would help the intended audience to seek more information about the market. The objective of the report was to fully summarise the key players in the market and their role in boosting the magnetic resonance imaging systems market value. The report also discusses the future growth prospects and the competitive landscape in the magnetic resonance imaging systems industry and lays down the expected growth rate of the market along with the hindrances it may face.
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Basis of type, Field strength, Disease Application and End user.|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Hitachi, Siemens AG, Canon Medical Systems, GE Healthcare, Philips, Toshiba Corporation, Toshiba Corporation, Xingaoyi, Aurora Imaging Technologies Inc.|
|Key Market Opportunities||Rising geriatric population which leads to increase in cardiovascular, neurological and ophthalmic disorders|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The Asia-Pacific region is expected to have a high growth rate and market share in the magnetic resonance imaging systems market.
The key manufacturers who hold a dominant position in the magnetic resonance imaging systems market are Hitachi, Siemens AG, Canon Medical Systems, GE Healthcare, Philips, and Toshiba Corporation.
The segment by application is expected to provide maximum growth due to its wide uses in hospitals, clinics, academics, and research institutes.
The expected growth rate of the magnetic resonance imaging systems market is estimated to be 5.5% by 2028.