MRI Market Overview:
The global MRI market generated $4,981 million in 2015 and is expected to grow at a CAGR of 3.81% during the analysis period to reach $6,493 million by 2022. MRI is a noninvasive diagnostic methodology that generates computerized images of internal body tissues and organs using radio waves magnetic resonate atoms. MRI provides three dimensional views of organ and joints without invasive surgery in a detailed manner. MRI detects heart and surrounding arteries views and associated troubles. MRI study includes brain MRI, spines MRI, individual organ MRI, and extremities.
The global MRI System market is segmented based on architecture, magnetic field strength, application, end users, and geography. Based on architecture, the market is segmented into Open MRI and Close MRI. According to field strength, the market is classified into low, mid, high, very high, and ultra-high field system. Based on application, the market is classified into ultra-Brain MRI, Spine MRI, Organ MRI, and Extremities. Based on end users, the market is segmented into clinics, hospitals, and diagnostic centers. The close MRI by type segment dominated the global market by product type in 2015, and is expected to maintain its dominance by 2022, registering the fastest CAGR of 3.16% during the forecast period.
Top Investment Pockets
At present, by field type medium and high field segments have witnessed large-scale adoption of MRI system as compared to low-field MRI. The former segments provide better image quality, which lead to better diagnosis of the diseases.
Increase in adoption of MRI systems in hospitals, clinics, and diagnostic centers is expected to rise with highest market share and is identified as one of the lucrative targets for investment. However, based on architecture, the market is segmented into open MRI and closed MRI. The l recent years it witnessed large scale adoption in the MRI system market. Developments such as movement reduction application, high image quality, and less expensive scans, are expected to witness good growth in the coming years. However, this advancement currently possesses small market size in terms of value.
North America holds the largest market share of MRI systems due to the adoption of advancement in technology making MRI systems market more abundant in clinical applications. The global MRI system market in North America accounted for USD 1,756 million in 2014 and is anticipated to garner USD 2,245 million in 2022 expanding at a CAGR of 3.04 % between 2016 and 2022.
In future technological advancement will likely to offer additional features for early detection of molecular and cellular changes in Alzheimer disease and for other diseases. Fonar Corporation, a U.S. based company, has developed a new Radio Frequency receiver and scanning protocol that allows scoliosis patients to get diagnostic pictures of their spines without the risk of x-rays.
GE Healthcare, Siemens Healthcare, Philips Healthcare, Hitachi Medical Corporation, and Toshiba Medical Systems Corporation play key role in the market of MRI technology.
- This report entails the detailed quantitative analysis of the current market and estimations through 2014-2022, which assists in identifying the prevailing market opportunities.
- The report offers a detailed analysis of the key driving and restraining factors of the MRI system market.
- An extensive analysis of current research and clinical developments within the market is provided with key market dynamic factors that help understand the behavior of the market.
- Extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
- Competitive intelligence helps understand the competitive scenario across the geographies.
- Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which helps understand competitive outlook of the market.
MRI SYSTEM MARKET KEY SEGMENTS
BY ARCHITECTURE TYPE
- Open MRI
- Close MRI
BY FIELD STRENGTH
- High field
- Mid field
- Low field
- North America
- Latin America, Middle East and Africa (LAMEA)