Magnetic Resonance Imaging (MRI) Systems Market Worth 7.19 Billion USD by 2021
PUNE, India, June 30, 2016 /PRNewswire/ --
According to a new market research report "Magnetic Resonance Imaging (MRI) Systems Market Architecture (Open MRI, Closed MRI), Field Strength (Low-To-Mid Field (<1.5t), High Field (1.5t-3t), Very High Field (4t-6t)) & Application (Brain, Cardiac, Pelvic, Breast, Musculoskeletal) - Global Forecast to 2021", published by MarketsandMarkets, The global MRI systems market is projected to reach USD 7.19 Billion by 2021 from USD 5.61 Billion in 2016, at a CAGR of 5.1% from 2016 to 2021.
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Browse 197 market data Tables and 54 Figures spread through 183 Pages and in-depth TOC on "Magnetic Resonance Imaging (MRI) Systems Market"
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Factors such as rising geriatric population; advancements in MRI techniques such as the development of superconducting (SC) magnets, open architecture, ultra-high-field MRI, and software applications; and the advent of MRI-compatible pacemakers are expected to drive the demand for MRI systems among end users in the forecast period. On the other hand, high cost of MRI systems, depleting helium gas deposits, and declining reimbursement rates for MRI procedures are expected to affect the growth of the MRI systems market from 2016 to 2021. However, emerging markets (such as China, India, Brazil, and Middle East), novel application areas such as detection of multiple sclerosis and breast cancer, and advent of hybrid MRI systems provide new growth opportunities to players in the MRI systems market. Furthermore, dearth of skilled labor and complexity of instrumentation may pose challenges for the growth of this market.
The MRI systems market is segmented on the basis of architecture, field strength, application, and region. On the basis of architecture, the MRI systems market is broadly segmented into closed MRI systems and open MRI systems. The closed MRI systems segment is expected to account for the largest share of the global MRI systems market in 2016.
The MRI systems field strength market is categorized into low-to-mid-field MRI, high-field MRI, very-high-field MRI, and ultra-high-field MRI. In this market, the very-high-field segment is the fastest-growing field strength. On the basis of application, the MRI systems market is classified into spine & musculoskeletal MRI, brain & neurological MRI, vascular MRI, pelvic & abdominal MRI, breast MRI, and cardiac MRI. In this market, brain & neurological MRI holds the major share followed by spine & musculoskeletal MRI.
On the basis of geography, the MRI systems market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America is further segmented into the U.S. and Canada. Same as North America, Europe is also sub-segmented into Germany, the U.K., France, Italy, Spain, and the Rest of Europe. Asia is further segmented into China, Japan, India, and the Rest of Asia. The Rest of the World (RoW) is further classified into Brazil and other countries. In 2016, North America is expected to account for the largest share of the MRI systems market, followed by Asia. Asia will be the fastest-growing region due to the increasing disposable incomes and rising aging population. Europe, on the other hand, is a mature market for MRI systems similar to that of the U.S. Owing to the Eurozone debt crisis; this region is estimated to register slow growth.
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Major players operating in the MRI systems market are GE Healthcare (U.K.), Hitachi Medical Corporation (Japan), Philips Healthcare (Netherlands), Siemens Healthcare (Germany), and Toshiba Medical Systems (Japan).
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