DUBLIN--(BUSINESS WIRE)--The "MRI Systems Market by Architecture, by Type, by Field Strength, by End User, by Geography - Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023" report has been added to ResearchAndMarkets.com's offering.
MRI systems market is expected to reach $7.9 billion by 2023, rising prevalence of chronic diseases, surging geriatric population, growing awareness on the early diagnosis of diseases, and technological advancements are the key factors boosting the market growth, globally.
On the basis of architecture, the MRI systems market has been categorized into closed and open MRI. Of the two, open imaging systems are expected to witness faster market growth during the forecast period. The market for these systems is projected to reach $1,730 million by 2023, registering a CAGR of 6.5% during the forecast period. Since the elderly are often uncomfortable with the idea of undergoing long-duration MRI scanning in closed MRI settings, the demand for open imaging systems is expected to be high during the forecast period.
Based on type, the MRI systems market has been classified into fixed and mobile systems. In 2017, fixed systems generated revenue of $5,349.3 million in the MRI systems market. This can be mainly attributed to the high adoption of these imaging systems in hospitals and diagnostic centers.
The MRI systems market has also been categorized into high-field, very-high-field, low-to-mid-field, and ultra-high-field imaging systems. High-field systems generated the highest revenue in the MRI systems market during the historical period, with a contribution of $3,031.7 million in 2017. This can be mainly ascribed to the fact that a high-field imaging system has faster imaging capability as comparison to low-field-strength systems and is primarily used for the scanning of the abdomen and the chest.
MRI systems are used for the imaging of the brain, head, and neck; spine; pelvis and abdomen; breast; musculoskeletal; vascular; cardiac; and other areas. Brain, head, and neck imaging is the largest application area of these systems, in terms of both market size and growth. MRI systems are largely used for the scanning of the brain, head, and neck, owing to the increasing number of brain injury cases reported globally.
During the forecast period, the MRI systems market is expected to witness the fastest growth in the APAC region, with 6% CAGR. The market in the region is primarily driven by improving healthcare infrastructure, increasing prevalence of chronic diseases, and technological advancements in imaging modalities.
According to Cancer Australia, a cancer control agency by the Australian Government, 127,887 new cases of cancer were diagnosed in Australia in 2014, and the number is expected to reach 138,321 by the end of 2018. Surging geriatric population is another key factor driving the growth of the APAC MRI systems market. According to the World Bank, the population of the elderly in the total population of APAC increased from 6.9% in 2000 to 8.7% in 2017.
Companies operating in the MRI systems industry are collaborating with healthcare firms and academic institutes to offer innovative products. For instance, in March 2018, Koninklijke Philips N.V. (Philips) and Hologic Inc. entered into an agreement to provide a complete set of innovative diagnostic imaging systems, software, and services for women healthcare. Under the agreement, both the companies will select products from each other's portfolios as a part of multi-modality deals for hospitals and health systems. Hologic Inc. offers mammography technologies, whereas Philips' portfolio of diagnostic systems includes ultrasound, MRI, computed tomography (CT), and X-ray systems, and advanced informatics and related services.
Besides, in March 2018, Canon Medical Systems Corporation entered into a collaborative agreement with Kumamoto University and the University of Bordeaux to conduct research on the application of deep learning reconstruction (DLR), an artificial intelligence (AI) based technology in MRI. DLR is a reconstruction technology that helps eliminate noise from images.
Key Topics Covered
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Architecture
18.104.22.168 Closed MRI
22.214.171.124 Open MRI
4.1.2 By Type
126.96.36.199 Fixed MRI
188.8.131.52 Mobile MRI
4.1.3 By Field Strength
184.108.40.206 High (1.5 T)
220.127.116.11 Very high (3 T)
18.104.22.168 Low to mid (< 1 T)
22.214.171.124 Ultra-high (7 T and above)
4.1.4 By Application
126.96.36.199 Brain, head, & neck
188.8.131.52 Pelvic and abdomen
4.1.5 By End User
184.108.40.206 Hospitals and clinics
220.127.116.11 Diagnostic centers
4.2 Market Dynamics
18.104.22.168 Increasing number of product approvals and launches
22.214.171.124 Technological advancements in MRI systems
126.96.36.199 Growing awareness on the early diagnosis of diseases
188.8.131.52 Increasing government support for MRI
184.108.40.206 Rising prevalence of chronic diseases
220.127.116.11 Surging geriatric population
18.104.22.168 Impact analysis of drivers on market forecast
22.214.171.124 High cost of MRI systems
126.96.36.199 Incompatibility with patients with implanted devices
188.8.131.52 Diminishing helium reserves
184.108.40.206 Dearth of skilled radiologists
220.127.116.11 Declining reimbursements for MRI procedures
18.104.22.168 Recall of MRI systems
22.214.171.124 Impact analysis of restraints on market forecast
126.96.36.199 Product adoption in emerging economies
188.8.131.52 Development of hybrid MRI systems
4.3 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Architecture
5.2 By Type
5.3 By Field Strength
5.4 By Application
5.5 By End User
5.6 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 Competitive Benchmarking of Key Players
11.2 Global Strategic Developments of Key Players
11.2.1 Product Launches and Approvals
11.2.4 Other Developments
Chapter 12. Company Profiles
- Koninklijke Philips N.V.
- Siemens AG
- General Electric Company
- Esaote S.p.A.
- Hitachi Ltd.
- Canon Medical Systems Corporation
- Fonar Corporation
- Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
- Neusoft Medical Systems Co. Ltd.
- Aurora Healthcare US Corp.
- Bruker Corporation
- Time Medical Holdings
- Aspect Imaging Ltd.
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