Medical Health & Life Science Research News

Magnetic resonance imaging systems market to hit US$ 7.09 billion by 2023

Medical Market Research

The Magnetics resonance imaging systems market is expected to reach USD 7.09 billion by 2023 from an estimated USD 5.85 billion in 2018, at a CAGR of 3.9%. The key players operating in the MRI systems market are GE Healthcare (U.K.), Hitachi Medical Corporation (Japan), Philips Healthcare (Netherlands), Siemens Healthcare (Germany), and Toshiba Medical Systems (Japan).

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Magnetic resonance imaging systems market research report focuses on various levels of analysis—industry analysis (industry trends) and company profiles, which together comprise and discuss basic views on the competitive landscape; emerging and high-growth segments of MRI systems market; high-growth regions; and market drivers, restraints, and opportunities.

MRI Systems Market, by Application

  • Spine & Musculoskeletal MRI
  • Brain & Neurological MRI
  • Vascular MRI
  • Pelvic & Abdominal MRI
  • Breast MRI
  • Cardiac MRI

Emerging markets (such as China, India, Brazil, and the Middle East), novel application areas such as detection of multiple sclerosis and breast cancer, & advent of hybrid MRI systems provide new growth opportunities to players in Magnetic Resonance Imaging Systems Market. Furthermore, dearth of skilled labor and complexity of instrumentation may pose challenges for growth of this market.

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Asian countries such as the China and India are lucrative markets for MRI systems, owing to increasing spending power, growing healthcare awareness, improving healthcare infrastructure, growing medical tourism, increasing number of hospitals, and favorable government initiatives. New and innovative product launches was the dominant strategy adopted by key industry participants to increase their market share and cater to unmet needs.

Stakeholders of this market are as follows

  • Academic Institutes
  • Hospitals
  • Research Institutes
  • Diagnostic Centers
  • Medical Device Suppliers
  • Market Research and Consulting Firms

The competitive landscape covers the growth strategies adopted by industry players in the last three years. The company profiles comprise basic views on key players in the MRI systems market and the product portfolios, developments, and strategies adopted by market players to maintain and increase their market shares in the near future.

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Based on application, the Magnetic Resonance Imaging Systems Market is broadly classified into spine & musculoskeletal MRI, brain & neurological MRI, vascular MRI, pelvic & abdominal MRI, breast MRI, and cardiac MRI. Spine & musculoskeletal MRI is the fastest-growing segment.

The high growth rate of this market can be attributed to the increasing aging population and rising awareness about early diagnosis.

The above-mentioned Magnetic Resonance Imaging Systems Market research data, current market size, and forecast of future trends will help key players and new entrants to make the necessary decisions regarding product offerings, geographical focus, change in approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.

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