New York, USA, March 28, 2023 (GLOBE NEWSWIRE) -- The Global Magnetic Resonance Imaging Devices Market to Surpass USD 11 Billion Mark by 2027, Assesses DelveInsight
As per DelveInsight analysis in the magnetic resonance imaging devices market, the rise in the cases of severe chronic diseases like cancers and cardiac abnormalities along with the rapid advancements in technology are likely to propel the global magnetic resonance imaging devices market.
DelveInsight’s Magnetic Resonance Imaging Devices Market Insights report provides the current and forecast market analysis, individual leading magnetic resonance imaging devices companies’ market shares, challenges, magnetic resonance imaging devices market drivers, barriers, and trends, and key magnetic resonance imaging devices companies in the market.
Key Takeaways from the Magnetic Resonance Imaging Devices Market Report
- As per DelveInsight estimates, North America is anticipated to dominate the global magnetic resonance imaging devices market during the forecast period.
- Notable magnetic resonance imaging devices companies such as General Electric Company, FUJIFILM Holdings Corporation, Siemens Healthcare GmbH, Koninklijke Philips N.V., Canon Medical Systems Corporation, ESAOTE SPA, Aspect Imaging Ltd., Bruker Corporation, Aurora Healthcare US Corp., FONAR Corp., Neusoft Medical Systems Co., Ltd., Shenzhen Anke High-Tech Co. Ltd., Shenzhen Basda Medical Apparatus Co. Ltd., Time Medical Holding, Hyperfine, Alltech Medical Systems, InnerVision MRI Ltd., Magnetica Limited, IMRIS, Deerfield Imaging, Inc., MR Solutions, and several others are currently operating in the magnetic resonance imaging devices market.
- In October 2022, the Federal Executive Council meeting presided over by President Muhammadu Buhari approved a total of N592, 271, 792.48 for the procurement of magnetic resonance imaging (MRI) equipment for the Obafemi Awolowo University Teaching Hospital in Ile-Ife, South West Nigeria.
- In July 2022, Viz.ai, a leading AI-powered disease detection and intelligent care coordination platform announced a partnership with Hyperfine, Inc., the creator of Swoop, the first FDA-cleared point-of-care magnetic resonance imaging (MRI) device.
- In July 2022, the US Food and Drug Administration (FDA) approved Siemens Healthineers’ MAGNETOM Free.Max, a High-V magnetic resonance (MR) scanner.
- On November 29, 2021, FUJIFILM Healthcare Americas Corporation announced the launch of its advanced, high-field open MRI system - Velocity MRI System during the 2021 Radiological Society of North America (RSNA) conference; the Velocity MRI system is designed to streamline workflow and enhance the patient experience with its unique open gantry, integrated radiofrequency (RF) coils and reconstruction technologies. The system’s anatomy-conformable Synergy Flex coil is the first of its kind for an open, vertical field MRI scanner, promoting fast abdominal and orthopedic imaging.
- Thus, owing to such developments in the market, there will be rapid growth observed in the MRI market during the forecast period.
To read more about the latest highlights related to the magnetic resonance imaging devices market, get a snapshot of the key highlights entailed in the Global Magnetic Resonance Imaging Devices Market Report
Magnetic Resonance Imaging Devices Overview
According to the US Food and Drug Association (FDA), magnetic resonance imaging (MRI) is a medical imaging procedure for viewing images of the internal structures of the body. MRI scanners use strong magnetic fields and radio waves (radiofrequency energy) to generate images. Magnetic resonance systems can be used to detect, diagnose, and monitor the treatment of various chronic diseases. It is based on a technology that excites and detects changes in protons in the tissue fluid. It can tell the difference between white and grey matter in the brain. When frequent imaging is required for diagnosis or therapy, especially in the brain, it is the only imaging modality in demand because it does not use x-rays.
There are two kinds of MRI systems available: closed MRI and open MRI. A closed MRI system consists of a large magnet and a radio wave that sends and receives signals from the body. The open MRI systems use magnetic bottom and top, and all four sides are open, lowering the risk of panic attacks and claustrophobia.
Magnetic Resonance Imaging Devices Market Insights
Geographically, the global magnetic resonance imaging devices market is studied for North America, Europe, Asia-Pacific, and the Rest of the World. In terms of revenue share, North America currently leads the global market and is projected to hold its magnetic resonance imaging devices market position during the study period. This dominance is due to the factors such as rising severe chronic conditions, rapid technological development activities, significant adoption due to non-invasiveness, increasing government initiatives, and others.
In addition to the increase in the cases of chronic diseases, various product development activities, along with the involvement of key manufacturers in accessing local markets, further aid in the growth of the regional magnetic resonance imaging devices markets. For instance, in July 2022, the US Food and Drug Administration (FDA) approved Siemens Healthineers’ MAGNETOM Free.Max, a High-V magnetic resonance (MR) scanner.
Such kinds of product launches in the local markets drive the demand in the magnetic resonance imaging devices market. Therefore, factors such as the presence of a large patient population with chronic diseases, coupled with encouraging reimbursement policies and new product launches in the region, are expected to boost the North American magnetic resonance imaging devices market during the forecast period.
To know more about why North America is leading the market growth in the magnetic resonance imaging devices market, get a snapshot of the Magnetic Resonance Imaging Devices Market Outlook
Magnetic Resonance Imaging Devices Market Dynamics
The global magnetic resonance imaging devices market is projected to witness considerable growth owing to an upsurge in cases of severe chronic diseases like various types of cancers, cardiac abnormalities, and others, rapid technological advancements in product design, coupled with the rise in geriatric population, rising adoption owing to non-invasiveness, thus expanding the growth of the magnetic resonance imaging devices market during the forecast period from 2022-2027.
However, high equipment installation and maintenance costs and product recalls may be limiting factors in the magnetic resonance imaging devices market growth.
Additionally, the unprecedented outbreak of the COVID-19 pandemic has dived down the growth of the magnetic resonance imaging devices market. This is because the rising COVID-19 cases led to the cancellation of outpatient visits and the suspension of non-emergency hospitals and procedures across the globe. However, the vaccine development of COVID-19 has initiated the process of economic recovery with the easing of lockdown restrictions and the return of normalcy in the economic landscape, which has initiated the process of resumption of regular healthcare services such as outpatient visits and resumption of healthcare services, thereby bringing the demand in the magnetic resonance imaging devices market.
Get a sneak peek at the magnetic resonance imaging devices market dynamics @ Magnetic Resonance Imaging Devices Market Dynamics Analysis
| Report Metrics | Details |
| Coverage | Global |
| Study Period | 2019–2027 |
| Base Year | 2021 |
| Magnetic Resonance Imaging Devices Market CAGR | ~6% |
| Projected Magnetic Resonance Imaging Devices Market Size by 2027 | USD 11.28 Billion |
| Key Magnetic Resonance Imaging Devices Companies | General Electric Company, FUJIFILM Holdings Corporation, Siemens Healthcare GmbH, Koninklijke Philips N.V., Canon Medical Systems Corporation, ESAOTE SPA, Aspect Imaging Ltd., Bruker Corporation, Aurora Healthcare US Corp., FONAR Corp., Neusoft Medical Systems Co., Ltd., Shenzhen Anke High-Tech Co. Ltd., Shenzhen Basda Medical Apparatus Co. Ltd., Time Medical Holding, Hyperfine, Alltech Medical Systems, InnerVision MRI Ltd., Magnetica Limited, IMRIS, Deerfield Imaging, Inc., MR Solutions, among others |
Magnetic Resonance Imaging Devices Market Assessment
- Magnetic Resonance Imaging Devices Market Segmentation
- Market Segmentation By Field Strength: High-Field MRI Systems (1.5t To 3t), Low-To-Mid-Field MRI Systems (<1.5t), Very-High-Field MRI Systems (4t and Above)
- Market Segmentation By Architecture: Closed MRI Systems, Wide-Bore MRI, Open MRI Systems
- Market Segmentation By Application: Musculoskeletal, Gastroenterology, Neurology, Oncology, Others
- Market Segmentation By End User: Hospitals, Diagnostic Centres, Others
- Market Segmentation By Geography: North America, Europe, Asia-Pacific, and Rest of World
- Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View
Which MedTech key players in the magnetic resonance imaging devices market are set to emerge as the trendsetter explore @ Magnetic Resonance Imaging Devices Companies
Table of Contents
| 1 | Report Introduction |
| 2 | Executive summary |
| 3 | Regulatory and Patent Analysis |
| 4 | Key Factors Analysis |
| 5 | Porter’s Five Forces Analysis |
| 6 | COVID-19 Impact Analysis on Magnetic Resonance Imaging Devices Market |
| 7 | Magnetic Resonance Imaging Devices Market Layout |
| 8 | Global Company Share Analysis – Key 3-5 Companies |
| 9 | Magnetic Resonance Imaging Devices Market Company and Product Profiles |
| 10 | Project Approach |
| 11 | About DelveInsight |
Interested in knowing the magnetic resonance imaging devices market by 2027? Click to get a snapshot of the Magnetic Resonance Imaging Devices Market Trends
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