Market Definition: Magnetic Resonance Imaging (MRI) Market
The Magnetic Resonance Imaging Devices Market accounted to USD 6.1 billion in 2016 growing at a CAGR of 5.5% during the forecast period of 2019 to 2026.
The market report focuses on current market status, regional, national and international level market and in-depth study report that offers granular analysis of the market share, manufacturers, product type, applications, technological advancement, and geographic regions. Market basic factors covered in this report includes: Market overview, definitions, and classifications, and industry chain overview. The report predicts future market orientation for the forecast period from 2019 to 2026 with the help of past and current market values.
Magnetic resonance imaging devices are used in imaging diagnosis to record images of the internal structures of the body using magnetic fields and radio waves. MRI devices produce 3D anatomical images and are used for detection and diagnosis of diseases and monitoring the treatment. Magnetic resonance imaging devices are has its applications in examining brain, spine, joints (e.g., knee, shoulder, hip, wrist, and ankle), abdomen, pelvic region, breast, blood vessels, heart and other body parts.
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Major Market Drivers & Restraints are as follows:
- Increasing incidences of chronic diseases
- Increasing awareness and importance for minimally invasive surgical procedures
- Growing applications in neurology and cancer screening tests
- Inadequate Reimbursement Policies
- High costs for MRI examinations
- Increased competition from cost-effective imaging modules
Key Market Competitors: Magnetic Resonance Imaging (MRI) Market
Few of the major competitors are Hitachi Ltd., Siemens Healthcare, Toshiba Medical Systems Corporation, GE Healthcare, Philips Healthcare, Bruker Corporation, Aurora Imaging Technology, Inc., Esaote S.P.A, Fonar Corporation, Neusoft Medical Systems Co., Ltd. among others
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Market Segmentation: Magnetic Resonance Imaging (MRI) Market
- The Magnetic Resonance Imaging (MRI) Market is segmented based on the product, application, end use and geographical segments.
- Based on Product, the market is segmented into medical gases and medical gas equipment. The medical gases are further segmented into pure medical gases by type, pure medical gases by form and medical gas mixtures. The medical gas equipment is segmented into equipment accessories, cryogenic products (freezers), oxygen concentrators and gas delivery systems
- Based on Application, the market is segmented into therapeutic applications, pharmaceutical manufacturing & research, diagnostic applications and other applications. The therapeutic applications are further segmented into respiratory diseases, cardiovascular diseases, anaesthesia, cryosurgery and other therapeutic applications. The pharmaceutical manufacturing & research is segmented into drug discovery, pharmaceutical manufacturing, process development and quality control. The diagnostic applications are segmented into medical imaging and general laboratory use
- Based on End use, the market is segmented into hospitals, home healthcare, pharmaceutical and biotechnology companies, academic and research institutions and emergency service providers.
- Based on Geography, the market report covers data points for 28 countries across multiple geographies namely North America & South America, Europe, Asia-Pacific and, Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa and, Brazil among others
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The magnetic resonance imaging (MRI) devices market is highly fragmented and is based on new product launches and clinical results of products. Hence the major players have used various strategies such as new product launches, clinical trials, market initiatives, high expense on research and development, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of magnetic resonance imaging (MRI) devices market for global, Europe, North America, Asia Pacific and South America.
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