A magnetic resonance imaging (MRI) system is a medical imaging device that is used to detect a variety of conditions such as brain tumors, torn ligaments, traumatic brain injury, dementia, stroke, and others. The escalating prevalence of chronic diseases across the globe will positively influence the high-level deployment of MRI systems at various medical facility centers.
A magnetic resonance imaging (MRI) system is a medical imaging device that is used to detect a variety of conditions such as brain tumors, torn ligaments, traumatic brain injury, dementia, stroke, and others. The escalating prevalence of chronic diseases across the globe will positively influence the high-level deployment of MRI systems at various medical facility centers.
As per the National Health Council, approximately 40 million Americans each year suffer from at least one chronic condition. In order to detect chronic diseases in the early-stage and prevent such scenarios, growing demand for MRI systems would augment industry expansion.
According to a Global Market Insights., forecast, global magnetic resonance imaging systems market size will surpass US$8 billion by 2025. Following mentioned are some notable factors driving the demand for MRI systems.
Robust demand in treating traumatic patients
MRI systems play a crucial role in detecting torn ligaments and various other traumatic conditions caused due to accidents. As per an estimation by the WHO, nearly 1.35 million people die each year due to road accidents globally. In order to treat such traumatic patients, surgeons heavily rely on MRI scan reports. A substantial rise in road accidents globally will influence the high demand for MRI machines for an accurate diagnosis. However, the high cost of magnetic resonance imaging systems could impede the industry growth to some extent.
High preference for open MRI systems
The open systems segment of the magnetic resonance imaging systems market will experience a growth of 5% in the coming years. Open systems help in reducing levels of anxiety and claustrophobia as these systems are less enclosed as compared to traditional ones. Recently introduced MRI systems are designed to rotate freely which deliver scans even in standing positions. Such advancements benefit in diagnosing complicated conditions and enhances the patient’s comfort.
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Increased applications of low to medium (<1.5T) MRI machines
The low to medium (<1.5T) segment in the magnetic resonance imaging systems market witnessed over US$168 million in terms of annual valuation in 2018. Low to medium MRI systems are extensively utilized to get high-quality images of the abdomen and chest. The 1.5T shot-bore MRI scanners are highly preferred as a standard technology in hospitals residing in developed countries. The easy availability and affordable replacement parts of these imaging systems will enhance their adoption rate in hospitals.
High reliability of MRI scans in hospital
The hospital segment of the magnetic resonance imaging systems market brought in US$3 billion in 2018. The patients suffering from protrusion of discs, damaged spinal cord, and soft tissue injury highly prefer getting diagnosed at hospitals due to the availability of advanced medical infrastructure. Growing government investments to enhance the facilities of public hospitals will positively impact the high adoption of MRI systems at the healthcare centers.
Huge geriatric population base in China
China magnetic resonance imaging systems market accounted for a revenue share of 56% in the Asia Pacific region. Rapid growth in the geriatric population base and the growing number of bone disorders such as osteoporosis and arthritis will boost tremendous demand for MRI systems in the region. Ideal government regulations supporting MRI equipment use and the incorporation of sophisticated technology in medical devices will provide a sustainable business environment for prominent companies in China.
GE Healthcare, Koninklijke Philips N.V., Toshiba and Siemens, and Hitachi, are some of the leading firms in the global MRI systems industry. These notable companies adopt strategies including collaborations, partnerships, and new product development for enhancing their global presence. For example, Hitachi in November 2016, inked an agreement with Ningbo Jansen NMR Technology to jointly develop a high-end MRI magnet. This strategic venture will help Hitachi enhance their MRI business globally.
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