Pune, Nov. 09, 2020 (GLOBE NEWSWIRE) -- The global magnetic resonance imaging equipment market size is anticipated to gain momentum from the rising launch of technologically advanced products by reputed companies across the globe. These products are delivering high quality images and spatial resolution for faster detection of chronic diseases. The report further mentions that the MRI equipment market size was USD 7.24 billion in 2019 and is projected to reach USD 11.36 billion by 2027, exhibiting a CAGR of 6.2% during the forecast period.
KEY INDUSTRY DEVELOPMENTS:
- May 2020 – The U.S. FDA announced that the 510(k) clearance was granted to Synaptive Medical's product offering of Evry. It is a point-of-care head magnetic resonance imaging (MRI) system developed for the provision of immediate access of diagnostic imaging for individuals requiring emergency care, especially for complications arising from COVID-19, and other neurological conditions such as ischemic stroke, neurological damage, or potential head trauma.
- February 2020 – The U.S. FDA announced that the 510(k) clearance was granted to the world’s first ever bedside MRI, which is a product offering of Hyperfine Research, Inc.
- November 2019 – Koninklijke Philips N.V. announced that its MRI equipment equipped with the sustainable helium technology, BlueSeal, was expected to be launched in India by the beginning of 2020.
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Rising Cases of Strokes & Cancer to Accelerate Growth
The rising incidence of various forms of cancer is the most crucial driver for the MRI equipment market growth. In 2018, the National Cancer Institute estimated that approximately 1,735,350 new cases of cancer will be diagnosed in the U.S. in that very year. Breast cancer, for instance, is the most prevalent type of cancer across the globe that can be smoothly detected and managed by utilizing MRI equipment.
They also help in providing high quality images of areas that are specifically affected by strokes. As of January 2020, the Centers for Disease Control and Prevention (CDC) announced that in the U.S., around 795,000 people suffer from strokes every year.
Click here to get the short-term and long-term impact of COVID-19 on this market.
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1.5 T Segment to Lead Backed by Their Rising Demand Worldwide
Based on strength, the market is fragmented into more than 1.5 T, 1.5 T, and less than 1.5 T. Out of these, the 1.5 T segment generated 71.3% in terms of MRI equipment market share in 2019. It is set to lead the market in the near future. This growth is attributable to their increasing adoption worldwide.
Apart from that, numerous reputed companies, such as Phillips, Siemens, and GE Healthcare possess enhanced product portfolios that are majorly focused on MRI systems of the strength of 1.5 T. They also have wide application areas.
North America to Remain at the Forefront Owing to Rising Prevalence of Chronic Diseases
In terms of geography, North America procured USD 1.54 billion revenue in 2019 and is considered to be one of the largest markets. The region would lead in the forthcoming years owing to the presence of a large number of MRI equipment manufacturers, as well as the rising patient pool.
Coupled with this, the ongoing advancements in diagnostics, increasing prevalence of chronic diseases, surging imaging procedural volume, and robust healthcare infrastructure would contribute to the growth.
Europe, on the other hand, is anticipated to remain in the second position fuelled by the rising adoption of technologically advanced MRI systems, strong healthcare expenditure, and high medical imaging procedures volume.
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Fortune Business Insights™ presents a list of all the MRI equipment manufacturers operating in the market. They are as follows:
- General Electric Company (GE Healthcare)
- Siemens Healthineers AG
- Koninklijke Philips N.V.
- Canon Medical Systems Corporation
- Hitachi, Ltd.
- Esaote SpA
- Time Medical Holding
- Shenzhen Anke Hi-tech Co., Ltd.
- Shenzhen Basda Medical Apparatus Co., Ltd.
- Fonar Corporation
- Others
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Magnetic Resonance Imaging Equipment Market Segmentation:
By Strength
• Less than 1.5 T
• 1.5 T
• More than 1.5 T
By Application
• Musculoskeletal
• Neurology
• Cardiology
• Body Imaging
• Others
By End User
• Hospitals
• Ambulatory Surgical Centers
• Diagnostic Centers
By Geography
• North America (USA and Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa)
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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