Dublin, April 08, 2020 (GLOBE NEWSWIRE) -- The "Magnetic Resonance Imaging Market Size, Share & Trends Analysis Report by Architecture, by Field Strength, by Application (Brain & Neurological, Vascular, Cardiac, Breast), by End Use, and Segment Forecasts, 2020 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global magnetic resonance imaging market size is expected to reach USD 8.18 billion by 2027, registering a revenue-based CAGR of 5.9% during the forecast period. Rising prevalence of chronic diseases coupled with increasing demand for early diagnostic techniques is projected to drive the growth. In addition, growing adoption of less invasive diagnostic procedures is contributing to the magnetic resonance imaging (MRI) market growth. Moreover, increasing number of clinical trials to understand the effectiveness and efficiency of MRI machines in various clinical applications is expected to boost the growth.
End-users, such as research institutes and universities are frequently studying the efficiency of MRI devices with high field strength such as 7T, 10T, and 10.5T. Growing number of research studies will help unlock the potential usage and advantages of high field MRI machines for various preclinical as well as clinical applications. Currently, 7T MRI machines are only effective in brain and knee imaging, largely due to the absence of advance coil required for these high field machines. Therefore, the development of advance coils to expand the application of 7T MRI machines is expected to propel the growth during the forecast period.
Key market players are adopting various strategies, such as mergers and acquisitions, collaborations, and partnerships to gain competitive edge. For instance, Aurora Imaging Technology entered into a distribution agreement with Sumec Group Corporation. Under this distribution agreement, the latter will distribute MRI portfolio of Aurora Imaging Technology in China. This in turn is helping both the companies in geographical expansion.
Further key findings from the report suggest:
- Open system is anticipated to be the fastest growing segment during the forecast period due to its efficiency to accommodate patients of all sizes without them feeling claustrophobic
- Magnetic resonance imaging (MRI) market for neurological and brain disorders held the dominant market share in 2019, largely due to high prevalence of neurological conditions and demand for less invasive diagnostic procedure
- The high field MRI segment is expected to experience fastest growth over the forecast period, largely due to efficiency of the field strength to provide detailed diagnostic images
- Ambulatory Surgical Centers (ASC) are expected to exhibit the fastest CAGR during the forecast period. Government initiatives to improve primary care is one of the major factor impacting the growth
- In 2019, North America dominated the global MRI market in terms of revenue, owing to continuous research activities and high adoption of advanced techniques
- Asia Pacific is anticipated to expand at the fastest CAGR during the forecast period, largely due to a rise in clinical studies for high field MRI machines
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Magnetic Resonance Imaging (MRI) Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent market outlook
3.1.2. Related/ancillary market outlook
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Reimbursement framework
3.4. Market Dynamics
3.4.1. Market driver analysis
3.4.1.1. Increasing prevalence of chronic diseases
3.4.1.2. Technological advancements
3.4.1.3. Increase in government investments and funds by government and private organizations
3.4.1.4. Increasing number of research studies for high field strength MRI machines
3.4.2. Market restraint analysis
3.4.2.1. High cost of MRI system
3.4.2.2. Depleting helium deposits
3.4.3. Industry challenges
3.5. Magnetic Resonance Imaging (MRI) Market Analysis Tools
3.5.1. Industry Analysis - Porter's
3.5.1.1. Supplier power
3.5.1.2. Buyer power
3.5.1.3. Substitution threat
3.5.1.4. Threat of new entrant
3.5.1.5. Competitive rivalry
3.5.2. PESTEL Analysis
3.5.2.1. Political landscape
3.5.2.2. Technological landscape
3.5.2.3. Economic landscape
3.5.3. Major Deals & Strategic Alliances Analysis
3.5.4. Market Entry Strategies
Chapter 4. Architecture Estimates & Trend Analysis
4.1. Definitions and Scope
4.1.1. Open systems
4.1.2. Closed systems
4.2. Architecture Market Share, 2019 & 2027
4.3. Segment Dashboard
4.4. Global Magnetic Resonance Imaging (MRI) Market by Architecture Outlook
4.5. Market Size & Forecasts and Trend Analyses, 2016 to 2027 for the following
4.5.1. Open systems
4.5.1.1. Market estimates and forecast, by open systems, (Volume, 000 Units, Revenue, USD Million, 2016 - 2027)
4.5.2. Closed systems
4.5.2.1. Market estimates and forecast, by closed systems, (Volume, 000 Units, Revenue, USD Million, 2016 - 2027)
Chapter 5. Field Strength Estimates & Trend Analysis
5.1. Definitions and Scope
5.1.1. Low field strength
5.1.2. Mid field strength
5.1.3. High field strength
5.2. Field Strength Market Share, 2019 & 2027
5.3. Segment Dashboard
5.4. Global Magnetic Resonance Imaging (MRI) Market by Field Strength Outlook
5.5. Market Size & Forecasts and Trend Analyses, 2016 to 2027 for the following
5.5.1. Low
5.5.1.1. Market estimates and forecast, by low, (Volume, 000 Units, Revenue, USD Million, 2016 - 2027)
5.5.2. Mid
5.5.2.1. Market estimates and forecast, by mid, (Volume, 000 Units, Revenue, USD Million, 2016 - 2027)
5.5.3. High
5.5.3.1. Market estimates and forecast, by high, (Volume, 000 Units, Revenue, USD Million, 2016 - 2027)
Chapter 6. Application Estimates & Trend Analysis
6.1. Definitions and Scope
6.1.1. Brain & Neurological
6.1.2. Spine & Musculoskeletal
6.1.3. Vascular
6.1.4. Abdominal
6.1.5. Cardiac
6.1.6. Breast
6.1.7. Others
6.2. Application Market Share, 2019 & 2027
6.3. Segment Dashboard
6.4. Global Magnetic Resonance Imaging (MRI) Market by Application Outlook
Chapter 7. End Use Estimates & Trend Analysis
7.1. Definitions and Scope
7.1.1. Hospitals
7.1.2. Imaging centers
7.1.3. Ambulatory surgical centers
7.1.4. Others
7.2. End Use Market Share, 2019 & 2027
7.3. Segment Dashboard
7.4. Global Magnetic Resonance Imaging (MRI) Market by End Use Outlook
7.5. Market Size & Forecasts and Trend Analyses, 2016 to 2027 for the following
7.5.1. Hospitals
7.5.1.1. Market estimates and forecast, by hospitals, 2016 - 2027 (USD Million)
7.5.2. Imaging centers
7.5.2.1. Market estimates and forecast, by imaging centers, 2016 - 2027 (USD Million)
7.5.3. Ambulatory surgical centers
7.5.3.1. Market estimates and forecast, by ambulatory surgical centers, 2016 - 2027 (USD Million)
7.5.4. Others
7.5.4.1. Market estimates and forecast, by others, 2016 - 2027 (USD Million)
Chapter 8. Magnetic Resonance Imaging (MRI) Market: Regional Estimates & Trend Analysis
8.1. Regional market share analysis, 2019 & 2027
8.2. Regional Market Dashboard
8.3. Global Regional Market Snapshot
8.4. Regional Market Share and Leading Players, 2019
8.4.1. North America
8.4.2. Europe
8.4.3. Asia Pacific
8.4.4. Latin America
8.4.5. Middle East and Africa
8.5. SWOT Analysis, by Factor (Political & Legal, Economic and Technological)
8.5.1. North America
8.5.2. Europe
8.5.3. Asia Pacific
8.5.4. Latin America
8.5.5. Middle East and Africa
Chapter 9. Competitive Landscape
9.1. Recent Developments & Impact Analysis, By Key Market Participants
9.2. Company/Competition Categorization
9.2.1. Innovators
9.2.2. Market leaders
9.2.3. Emerging players
9.3. Vendor Landscape
9.3.1. List of key distributors and channel partners
9.3.2. Key customers
9.3.3. Key company market share analysis, 2019
9.4. Public Companies
9.4.1. Company market position analysis (revenue, geographic presence, product portfolio, key serviceable industries, key alliances)
9.4.2. Company market share/ranking, by region
9.4.3. Competitive dashboard analysis
9.4.3.1. Market differentiators
9.4.3.2. Synergy analysis: major deals and strategic alliances
9.5. Private Companies
9.5.1. List of key emerging companies/technology disruptors/innovators
9.5.2. Funding outlook
9.5.3. Regional network map
9.5.4. Company market position analysis (geographic presence, product portfolio, key alliance, industry experience)
9.6. Supplier Ranking
9.7. Key company profiled
Companies Mentioned
- GE Healthcare
- Siemens AG
- Koninklijke Philips N.V.
- Hitachi Medical Systems America AG.
- Toshiba Corporation
- Aurora Imaging Technologies, Inc.
- Esaote SPA
- Sanrad Medical Systems Pvt ltd.
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