Magnetic Resonance Imaging (MRI) Systems Market Worth 11,725.9 Mn at 6.4% CAGR Forecast by 2025 | Fortune Business Insights
PUNE, India, May 2, 2019 /PRNewswire/ -- Holding a large share in the medical imaging industry, the global Magnetic Resonance Imaging (MRI) Systems Market is expected to grow at a steady CAGR through 2025. As per a report by Fortune Business Insights, the global MRI systems market will exhibit a CAGR of 6.4% between 2018 and 2025. At this pace, the market will reach US$ 11,725.9 Mn by the end of 2025 as against US$ 7,165.6 Mn, its overall value in 2017. The report is titled "Magnetic Resonance Imaging (MRI) Systems Market Global Market Analysis, Insights and Forecast, 2019-2025." It offers in-depth insights into the market, covering various growth drivers, restraints, and opportunities.
MRI Systems with 1.5 T will Continue Holding a Lion's Share in Global Market
In terms of strength, MRI systems with 1.5 T held a dominant share of 70.5% of the global MRI systems Industry in 2017. According to the report, the demand for MRI systems with 1.5 T is considerably high in the strength category as they offer a better value for money in emerging as well as developed nations. In addition to this, the increasing willingness to spend on advanced healthcare and the presence of a sophisticated healthcare infrastructure will fuel demand for advanced MRI systems in developed nations. Lead analysts also predict the global market to benefit from recent technological advancements.
"The rising demand for improved accuracy in diagnostic imaging has created scope for the development of specialized MRI systems such as neonatal MRI system, breast MRI systems, and others. Leading manufacturers are capitalizing on this trend to establish a stronghold in the global MRI systems market," said a lead analyst at Fortune Business Insights.
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However, there are several challenges such as the cost of an MRI system is directly proportional to the technology it is in-built with. Managing the increasing pricing pressures of acquiring and maintaining an advanced MRI system is a prime challenge witnessed by prospective customers. Furthermore, stringent regulatory approvals and intensifying competition from CT may create bottlenecks to growth for companies operating in the market.
Lucrative Growth Opportunities to Boost Market in Asia Pacific
Regionally, Asia Pacific was leading the global MRI systems industry in 2017. The Asia Pacific market was valued at US$ 3,159.5 Mn in 2017 and is forecast to remain dominant through the course of the forecast period. With the leading players penetrating deeper into emerging nations, the Asia Pacific market for magnetic resonance imaging systems is poised to surge at an impressive pace. Furthermore, the market is expected to gain momentum in response to the increasing patient pool and the rising prevalence of neurological and musculoskeletal disorders in the region.
The market is expected to witness lucrative growth prospects in North America and Europe as well. These regions are likely to exhibit increasing adoption of advanced MRI systems with more than 1.5 T strength. Collaborations between the U.S. based healthcare institutions and domestic healthcare organizations will bolster opportunities for the MRI systems market in the Middle East and Africa.
Studies Identify GE Healthcare as a Leading Player
Among companies operating in the global magnetic resonance imaging systems market, GE Healthcare held dominance in 2017. The company's diverse product portfolio, combined strong focus on reinforcing strategies to develop a strong distribution network, is aiding its growth. Furthermore, GE Healthcare will continue exhibiting an impressive run due to its strong penetration across emerging nations and recent technological advancements. Besides this, Siemens Healthcare is likely to enjoy a stronghold in the global MRI systems industry. The company's strong presence in China and expansion of its manufacturing capacity in Latin America will accelerate its pace of gains over the forecast period.
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The global MRI systems market can be segmented into the following categories:
- Global MRI systems Market, by Strength
- Less than 1.5 T
- 1.5 T
- More than 1.5 T
- Global MRI systems Market, by Application
- Musculoskeletal
- Neurology
- Cardiology
- Body Imaging
- Others
- Global MRI systems Market, by End User
- Hospitals
- Ambulatory Surgical Centers
- Diagnostic Centers
- Global MRI systems Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Scandinavia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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