New York, May 16, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Magnetic Resonance Imaging Systems Devices And Equipment Global Market Report 2022" - https://www.reportlinker.com/p06277188/?utm_source=GNW
Ltd., and Time Medical Co.
The global magnetic resonance imaging systems devices and equipment market is expected to grow from $7.76 billion in 2021 to $8.36 billion in 2022 at a compound annual growth rate (CAGR) of 7.7%. The market is expected to grow to $10.51 billion in 2026 at a compound annual growth rate (CAGR) of 5.9%.
The magnetic resource imaging devices and equipment market consist of sales of magnetic resource imaging systems devices and equipment and related services.Magnetic resonance imaging (MRI) systems are imaging machines used to form pictures of inflammation or infection in an organ, degenerative diseases, strokes, musculoskeletal disorders, tumors, and other irregularities that exist in tissue or organs in a body.
MRI systems use a fixed or static magnetic field and radio frequency signals to visualize anatomy, tissue characteristics, vascular flow, the chemical composition of tissues, and perfusion and diffusion of tissues.
The main types of magnetic resource imaging devices and equipment are close MRI and open MRI.The closed MRI refers to the longer MRI compared to the open one and includes a large magnet that sends the signal and also receives the signals from the body and is used to take images of the particular body parts.
These are used in various applications such as oncology, neurology, cardiology, inflammatory and infectious diseases, and others that are used by hospitals, imaging centers, and ambulatory surgical centers.
Western Europe was the largest region in themagnetic resource imaging devices and equipment market in 2021.North America was the second-largest region in magnetic resource imaging devices and equipment market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Changes in lifestyle, technological advancement, and the increase in the number of chronic diseases are increasing the demand for diagnostics, driving the growth of MRI systems market.Magnetic resonance imaging (MRI) systems are used to produce three-dimensional detailed anatomical images of the human body facilitating diagnosis, disease detection, and treatment monitoring.
The rising health concerns are increasing the demand for medical imaging technologies in healthcare centers for diagnosis. For instance, in India, 150,000 health and wellness centers with a budget of $ 1.8 billion enable the healthcare system more accessible. Increasing health consciousness and the importance of health insurance are also causing significant growth in the market.
Strict approvals and regulations by government bodies such as US Food and Drug Administration (FDA) is hampering the growth of magnetic resonance imaging systems, devices, and equipment market.MRI systems manufacturers are required to comply with several regulations in the form of device quality check, labeling, premarket approval, device investigation, and reporting, apart from the regular registration process.
Due to these stringent regulations, many manufacturers prefer to outsource the manufacturing to other countries where no such regulations are imposed.For instance, the European Medicines Agency (EMA), restricted the use of some linear gadolinium agents used in MRI body scans and suspended the authorizations of others, as the gadolinium deposits are found in the brain after MRI scans.
EMA has recommended these restrictions and suspensions to prevent any risks that could potentially be associated with gadolinium brain deposition.
Companies in the magnetic resonance imaging devices and equipment market are increasingly investing in advanced MRI imaging technologies to enhance their diagnosis and to reduce orders for rescans. The advanced MRI systems such as Multi contract MRI scanners, silent MRI Scanning technologies, and others allow radiologists to modify patient’s image contrast after scanning, which is not possible with conventional imaging systems. . In January 2019, Koninklijke Philips N.V. launched new imaging systems solutions include Next MR Wave. These solutions will equip clinicians with particular data thereby resulting in the analysis. This development enhanced the company’s product portfolio which helps the company to produce adequate revenue. In December 2019, GE Healthcare, a company operating in magnetic resource imaging devices and equipment based in the United States partnered with Affidea, a European leader in advanced diagnostic imaging for a deal amount of $100 million. Through this partnership, the companies enhance the support in the operations and the deal include the provision of new 50 ultrasound devices,60 MRIs, 30 X-rays machines in three years.
The EU agencies and US-FDA require 3 to 7 years along with all parts of the registration dossier to be submitted to approve the medical devices.The US-FDA assesses each technical section for 6 months which may increase to another 6 months cycle if questions/concerns are raised.
However, the technical sections’ assessment is done simultaneously and therefore the manufacturers should identify the time taking processes and plan the work accordingly and plan the estimated date of approval.Also, the license validity and renewal of the application in the EU region takes a toll on the manufacturer and adds to the existing regulatory burden.
Therefore, the manufacturers of MRI systems, devices, and equipment should plan well, communicate effectively to minimize the costs and reduce timelines.
The countries covered in the magnetic resource imaging devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, USA, and Australia.
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