“The global magnetic resonance imaging (MRI) systems market is projected to grow at a CAGR of 3.9%.”
The MRI systems market is expected to reach USD 7.09 billion by 2023 from an estimated USD 5.85 billion in 2018, at a CAGR of 3.9%. The key factors driving the growth of this market include, rising awareness about the benefits of early diagnosis, technological advancements leading to the replacement of low-field MRI systems with high-field MRI systems, and discovery of new helium deposits. On the other hand, the high cost of MRI systems, incompatibility of MRI systems in some patients, and declining reimbursement rates for MRI procedures are likely to restrain the growth of this market to a certain extent.
“The high-field strength MRI systems accounted for the largest share of MRI systems market in 2017”
On the basis of field strength, the MRI systems market is segmented into high-field, low-to-mid-field, and very-high-field MRI systems. The high-field MRI systems held the largest share in this market in 2017. The large share of these systems can be attributed to the replacement of low-field MRI systems with high-field MRI systems, owing to their high throughput and better image quality.
“The wide bore closed MRI systems segment is expected to grow at the fastest rate during the forecast period”
Based on architecture, the global MRI systems market is segmented into closed MRI systems, and open MRI systems. The closed MRI systems segment is further segmented into a standard bore MRI systems and wide bore MRI systems. In 2017, the wide-bore closed MRI systems segment is expected to grow at the fastest CAGR as these systems accommodate large/obese patients as well.
“Asia Pacific is expected to dominate the MRI systems market in 2017”
In 2017, Asia Pacific is estimated to account for the largest share of the MRI systems market, followed by Europe. The large share of Asia Pacific in MRI systems market can be majorly attributed to high-growth countries such as China and India, growing awareness regarding the benefits of early diagnosis, and rising disposable incomes in the Asia Pacific region.
Break of primary participants was as mentioned below:
• By Company Type – Tier 1–37%, Tier 2–30% and Tier 3–33%
• By Designation – C-level–48%, Director Level–34%, Others–18%
• By Region – North America–45%, Europe–35%, Asia Pacific–12%, RoW–8%
The major players in the global MRI systems market are Siemens Healthineers (Germany), GE Healthcare (US), Phillips (Netherlands), Hitachi (Japan), and Canon Medical Systems (Japan).
The report analyzes the MRI systems market and aims at estimating the market size and future growth potential of this market based on various aspects such as field strength, architecture, and region. The report also includes the competitive analysis of the key players in this market along with their company profiles, product offerings, recent developments, and key market strategies.
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The report will help established firms as well as new entrants/smaller firms gauge the pulse of the market, which in-turn would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their position in the market.
This report provides insights on the following pointers:
• Market Penetration: Comprehensive information on product portfolios offered by key players in the global MRI systems market. The report analyzes the global MRI systems market by architecture, field strength, and region
• Product Innovation: Detailed insights on upcoming trends and product launches in the global MRI systems market
• Market Development: Comprehensive information about the lucrative emerging markets by architecture, field strength, and region
• Market Diversification: Exhaustive information about new products, growing geographies, recent developments, and investments in the global MRI systems market
• Competitive Assessment: In-depth assessment of market shares and growth strategies of leading players in the global market