MRI Market to Grow Owing to Increase in Number of CNS Related Diseases Worldwide: Million Insights

FELTON, California, October 10, 2017 /PRNewswire/ --

The global MRI (magnetic resonance imaging) market was valued at USD 3.2 billion in 2015. The systems are used mainly for the detection of central nervous system (CNS) related diseases such as tumors, spine lesions, stroke influenced area in brain and blood vessels. The main driving factor for this market is increasing elderly population and high incidences of CNS diseases. The high rates of chronic diseases due to the increased geriatric population and demand for the minimally invasive or non-invasive diagnostic procedures fuel the market growth.

The technology advancement in various screening techniques namely open systems, software up gradation and superconducting magnets supports the market growth. The combination of MRI and pacemaker is a new technology development open the new door for MRI market due to its duel advantage and application. The higher adoption in the technology is due to the its sharp and precise images in short period of 20 minutes time because of its paramagnetic contrast agent and gadolinium-DTPA use as an intravenous injection.

The product is categorized as closed and open type based on its design. The closed type of instrument captures the largest market in 2015. On the other hand, the product acceptance of closed instrument is very law for the claustrophobic patients due to the fear of suffocation so the market opportunities for the open instrument is very high in projected forecast period.

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The MRI technique dominates the medical diagnosis market due to its various biomedical applications. The MRI is used for the scanning of various body parts such as abdomen, pelvis, brain, spine, heart, breast and musculoskeletal structure due to its anatomical and physiological scanning competence.

North America dominated the market with the largest revenue share in 2015. The North America is the dominate market for the MRI techniques due to technology advancement as well as easy availability of instrument in this region. The government policies on healthcare, the reimbursement by the private and government insurances, awareness for the diseases and early detection heighten the market growth in North America.

Major players competing in the industry include but are not limited to Siemens AG; Koninklijke Philips N.V.; GE Healthcare; Hitachi Medical Systems. These companies hold a strong position in the global market mainly due to their strong geographic reach. Some other players operating in the market include Toshiba Corporation; Aurora Imaging Technologies, Inc.; Esaote SpA; Sanrad Medical Systems Pvt. Ltd Inc.

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Market Segmentation: 

Magnetic Resonance Imaging Architecture Outlook (Revenue, USD Million; 2014 - 2025) 

        • Closed Systems

        • Open Systems

Magnetic Resonance Imaging Field Strength Outlook (Revenue, USD Million; 2014 - 2025) 

        • Low Field Strength

        • Mid Field Strength

        • High Field Strength

Magnetic Resonance Imaging Application Outlook (Revenue, USD Million; 2014 - 2025) 

        • Brain and neurological

        • Spine and Musculoskeletal

        • Vascular

        • Abdomen

        • Cardiac

        • Breast

        • Others

Magnetic Resonance Imaging Regional Outlook (Revenue, USD Million; 2014 - 2025) 

        • North America

                • U.S.

                • Canada

        • Europe

                • Germany

                • UK

        • Asia Pacific

                • China

                • Japan

        • Latin America

                • Mexico

                • Brazil

        • MEA

                • South Africa

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SOURCE Million Insights