LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global superconducting magnets market is expected to reach USD 3.50 billion by 2021, growing at a CAGR of almost 1% during the forecast period.
This research report titled ‘Global Superconducting Magnets Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The market for superconducting magnets is mainly driven by the demand for medical devices. Superconducting magnets have applications in MRI, a medical technique for clinical diagnosis, and are used in molecular biology as well as drug discovery and development. These magnets can also be used for curing fatal diseases, such as cancer in vital organs, when coupled with NMR technology. In the geographical side, APAC was the leading region in superconducting magnets market in 2016, and the region is projected to be the fastest-growing market for superconducting magnets. The escalating demand for medical devices in this region will propel the growth of the global superconducting magnets market during the forecast period.
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Technavio’s hardware and semiconductor research analysts categorize the global superconducting magnets market into the following segments by the application. They are:
- Medical devices and equipment
- Mass spectrometers
The top three application segments for the global superconducting magnets market are discussed below:
Medical devices and equipment
The medical devices and equipment segment of the global superconducting magnets market will grow at a CAGR of over 3% during the forecast period. The MRIs comprises an MRI scanner that is used for morphological imaging, while the positron emission tomography (PET) scanner is used for functional imaging. Philips Healthcare and Siemens Healthcare developed a hybrid imaging modality of PET/MRI, known as Siemens Biograph mMR. This device was introduced in the US by Siemens in June 2011. In January 2011, the company earned the Conformité Européene (CE) mark approval to market the device in Europe.
According to Sunil Kumar Singh, a lead semiconductor equipment research analyst from Technavio, “The combination of PET and MRI has a promising future for detecting and containing cancer as it reduces the number of isotopes required, which leads to cost saving during the imaging process. Manufacturers are attracting customers by carrying out improvements in this hybrid device to offer enhanced image quality, reduced noise, and increased sensitivity.”
Superconducting magnets are used in mass spectrometers like the Fourier transform mass spectrometer (FTMS), which requires a high magnetic field, huge homogenous volume, and a long-term field stability offered by superconducting magnets. Thus, the demand for superconducting magnets will progress during the forecast period due to the growth of mass spectrometers.
“Advances in technology and innovation will reduce the overall cost of product analysis. It will provide new opportunities for the spectroscopy market expand and prosper, and the introduction of smartphone portable spectroscopy will contribute to the demand for spectroscopy during the forecast period,” says Sunil.
The transportation segment of the global superconducting magnets market is expected to grow at a CAGR of almost 3% during the forecast period. Electric locomotive engines are mainly preferred as they reduce traffic congestion caused by large freight trucks on the roads. They diminish the dependence on petroleum-based fuel, and they are an effective and non-polluting means of freight transport.
Governments of emerging countries, such as India, are increasingly undertaking rail electrification for introducing high-speed electric trains. However, only routes having enough traffic would be electrified due to the prohibitive costs of electrification. The market for electric locomotive engines is expected to experience a gradual increase from 2021.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Sumitomo Electric Industries
- Columbus Superconductors
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