Magnetic Resonance Imaging Market – Global Forecast up to 2025

Date: July 8, 2019
Pages: 130
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US$ 2,750.00
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Publisher: Infoholic Research
Report type: Strategic Report
Delivery: E-mail Delivery (PDF), Hard Copy Mail Delivery
ID: M5B105F22C3EN
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Magnetic Resonance Imaging Market – Global Forecast up to 2025
Global Magnetic Resonance Imaging Market: Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025

This market research report includes a detailed segmentation of the global magnetic resonance imaging market by product type (closed MRI systems and open MRI systems), by field (low field MRI systems, high field MRI systems, and very high MRI systems), by applications (cardiology, neurology, oncology, gastroenterology, musculoskeletal, and others), by end-users (hospitals, ambulatory care, diagnostic centers, and others), and by regions (North America, Europe, APAC, and RoW).

Research Overview

Infoholic Research predicts that the global magnetic resonance imaging market will grow at a CAGR of 7.5% during the forecast period. Medical imaging is growing substantially as it is the primary tool for diagnosing a wide range of diseases. The development of computer-aided diagnostics that have integrated in radiology services has enabled to diagnose and produce high quality images and expand the reach and improving the quality of diagnosis. Today there are many challenges faced by radiologists and the most common diagnostic issue is the collection of data about patients in larger volume that is complex. However, EMR and EHR are used to smoothen the process flow, whereas AI is leveraging the cloud-based features with imaging softwares and solutions that will solve many problems of radiologists.

The market is witnessing drastic changes in technology that has led to high adoption of MRI systems across various chronic diseases examination. Further, the advancements in Artificial Intelligence (AI) is replacing human analysis. Increase incidence of chronic diseases, rise in geriatric population, growing awareness about early benefits of diagnosis, and introduction of advanced MRI systems with better image quality is driving the market.

The market is fueled by innovation and new technological techniques & procedures. The increase in demand for more advanced & customized diagnosis and treatment with availability of vast healthcare services globally have pushed the market to produce safe, efficient, and cost-effective products in the market. The advancement in technology has shifted most of the developed economies towards 3T product segments for high quality images. The last two decades have witnessed an unparalleled growth in advanced and innovative technologies, which resulted in the development of state-of-the-art medical device industry.

Segmentation by Product Type:
  • Closed MRI Systems
  • Open MRI Systems
The closed MRI systems are the most widely and commonly used equipment in hospitals and diagnostics centers across the globe. These are long and capsule like MRI scans that give high quality images. They share the maximum revenue in the global MRI market and is expected to grow steadily in the market.

Segmentation by Applications:
  • Cardiology
  • Neurology
  • Oncology
  • Gastroenterology
  • Musculoskeletal
  • Others
In 2018, the cardiology segment accounted for the maximum share with increased use of angioplasty, stenting, and pacemakers’ procedures.

Segmentation by End-users:
  • Hospitals
  • Ambulatory Care
  • Diagnostic Centers
  • Others
In 2018, hospitals gained the highest share in the global magnetic resonance imaging market with large volumes of diagnostics and treatments globally.

Segmentation by Regions:
  • North America
  • Europe
  • APAC
  • RoW
According to Infoholic Research analysis, North America accounted for the largest share of the global magnetic resonance imaging market in 2018. In North America, the US and Canada are the leading countries. Europe is the second leading region. The market in Europe was largely driven due to advances in medical imaging technologies. Factors such as increase in the prevalence of diseases, continuous adoption of advanced technologies, and increasing aging population are driving the market. The leading countries are Germany, France, UK, and Italy to the market. This region dominates the overall presence of ultrasound devices and has the most diversified MRI systems available in the market. It has the highest percentage of elderly population with many individuals with chronic diseases such as CVD, diabetes, obesity, high blood pressure, and other neurology related disorders.

The APAC region is expected to grow faster due to increase in sales of new MRI systems in the coming years. This is due to high demand for imaging equipment due to rapid increase in the number of hospitals and diagnostic laboratories, especially in countries such as India and China.

Competitive Analysis – The competition in the magnetic resonance imaging industry is intense and has immense potential opportunity for vendors (especially technology service providers) to integrate with medical devices for new product launches. The market in the developed countries is witnessing increased adoption of MRI systems for high-quality imaging, screening, and diagnosing due to improved access and encouragement from the government & other healthcare institutions. The market is highly dynamic with the presence of few big players accounting for more than 65% share in the overall market. Pureplay vendors such as Aspect Imaging has introduced the world’s first complete and most effective permanent magnet simultaneous PET/MRI solution for preclinical research. The company has wide range of applications with top quality multimodality imaging tools. The vendors are focusing on developing strategic alliances with companies that manufacture medical imaging systems to leverage their products and widen their customer base by delivering for unmet medical needs.

Key Vendors:
  • Siemens Healthineers
  • GE Healthcare
  • Fujifilm Holdings Corp.
  • Philips Healthcare
  • Canon Medical Systems
Key Competitive Facts:
  • The market is highly competitive with all the players competing to gain the market share. Intense competition, rapid advancements in technology, frequent changes in government policies, and the prices are key factors that confront the market.
  • The requirement of high initial investment, implementation, and maintenance cost in the market are also limiting the entry of new players.
  • Responding to competitive pricing pressures specific to each of our geographic markets
  • Protection of proprietary technology for products and manufacturing processes
Benefits – The report provides complete details about the usage and adoption rate of magnetic resonance imaging systems. Thus, the key stakeholders can know about the major trends, drivers, investments, vertical player’s initiatives, and government initiatives towards the medical devices segment in the upcoming years along with details of the pureplay companies entering the market. Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders in order to expand their business and capture the revenue in specific verticals and to analyze before investing or expanding the business in this market.

Key Takeaways:
  • Understanding the potential market opportunity with precise market size and forecast data.
  • Detailed market analysis focusing on the growth of the magnetic resonance imaging industry.
  • Factors influencing the growth of the magnetic resonance imaging market.
  • In-depth competitive analysis of dominant and pureplay vendors.
  • Prediction analysis of the magnetic resonance imaging industry in both developed and developing regions.
  • Key insights related to major segments of the magnetic resonance imaging market.
  • The latest market trend analysis impacting the buying behavior of the consumers.
1 INDUSTRY OUTLOOK

1.1 Medical Devices Industry
  1.1.1 Overview
  1.1.2 Medical Technologies
  1.1.3 Industry Trends
1.2 Healthcare Spending in the US
1.3 Regulatory Bodies & Standards
1.4 Reimbursement Scenario
1.5 Emerging Global Markets
1.6 Patient Demographics
1.7 Medical Imaging
  1.7.1 Overview
  1.7.2 Definition: Magnetic Resonance Imaging
  1.7.3 Why Magnetic Resonance Imaging?
  1.7.4 PESTLE Analysis

2 REPORT OUTLINE

2.1 Report Scope
2.2 Report Summary
2.3 Research Methodology
2.4 Report Assumptions

3 MARKET SNAPSHOT

3.1 Total Addressable Market (TAM)
3.2 Segmented Addressable Market (SAM)
3.3 Opportunity Analysis
3.4 Strategic Initiatives
3.5 Related Markets
  3.5.1 Ultrasound Devices
  3.5.2 Medical X-ray Equipment
  3.5.3 Medical Imaging
  3.5.4 Mammography Devices
  3.5.5 Healthcare X-ray Detectors
3.6 Porter 5 (Five) Forces

4 MARKET CHARACTERISTICS

4.1 Market Segmentation
  4.1.1 Closed Magnetic Resonance Imaging Systems
  4.1.2 Open Magnetic Resonance Imaging Systems
4.2 Magnetic Resonance Imaging Market, By Field
  4.2.1 Low Field MRI Systems
  4.2.2 High Field MRI Systems
  4.2.3 Very High Field MRI Systems
4.3 Magnetic Resonance Imaging Market, By Application Type
  4.3.1 Cardiology
  4.3.2 Neurology
  4.3.3 Oncology
  4.3.4 Gastroenterology
  4.3.5 Musculoskeletal
  4.3.6 Others
4.4 Market Dynamics
  4.4.1 Drivers
    4.4.1.1 Increase in adoption of MRI systems
    4.4.1.2 Rise in investment in advanced diagnostic facilities
    4.4.1.3 Government initiatives to propel the overall growth
    4.4.1.4 Rise in demand of multi-modality molecular imaging
  4.4.2 Restraints
    4.4.2.1 High cost of MRI devices
    4.4.2.2 Low reimbursement/unfavorable reimbursement plans
    4.4.2.1 Intense competition among vendors
    4.4.2.2 Lack of skilled radiologists
  4.4.3 Opportunities
    4.4.3.1 Emergence of 7T MRI system
    4.4.3.2 Medical imaging to integrate with IT
    4.4.3.3 Healthcare industry undergoing transformation to move towards affordable and quality care
    4.4.3.4 Development in medical imaging
    4.4.3.5 Introduction of artificial intelligence to aid radiology
    4.4.3.6 Early prevention and diagnosis
    4.4.3.7 Big data and analytical tools to enhance healthcare interoperability
  4.4.4 DRO – Impact Analysis
4.5 Key Stakeholders

5 INDUSTRY TRENDS

5.1 Market Trends & Impact

6 BUYING CRITERIA

7 END-USERS

7.1 Overview
7.2 Hospitals
7.3 Ambulatory Care Centers (ASCs)
7.4 Diagnostic Centers
7.5 Others (Research Centers and Universities)

8 REGIONS

8.1 Overview
8.2 North America
  8.2.1 Overview
8.3 Europe
  8.3.1 Overview
8.4 APAC
  8.4.1 Overview
8.5 Rest of the World
  8.5.1 Overview

9 MARKET ATTRACTIVENESS

9.1 Overview
9.2 Market Attractiveness by End-users

10 COMPETITIVE LANDSCAPE

10.1 Competitor Comparison Analysis
  10.1.1 Key Competitive Facts

11 VENDORS PROFILE

11.1 GE Healthcare
  11.1.1 Overview
  11.1.2 Business Units
  11.1.3 Geographic Revenue
  11.1.4 Business Focus
  11.1.5 SWOT Analysis
  11.1.6 Business Strategies
11.2 Philips Healthcare
  11.2.1 Overview
  11.2.2 Business Units
  11.2.3 Geographic Revenue
  11.2.4 Business Focus
  11.2.5 SWOT Analysis
  11.2.6 Business Strategies
11.3 Siemens Healthineers Inc.
  11.3.1 Overview
  11.3.2 Business Units
  11.3.3 Geographic Revenue
  11.3.4 Business Focus
  11.3.5 SWOT Analysis
  11.3.6 Business Strategies
11.4 Fujifilm Holdings Corp.
  11.4.1 Overview
  11.4.2 Business Units
  11.4.3 Geographic Revenue
  11.4.4 Business Focus
  11.4.5 SWOT Analysis
  11.4.6 Business Strategies
11.5 Canon Medical Systems Corp.
  11.5.1 Overview
  11.5.2 Business Segments
  11.5.3 Geographic Revenue
  11.5.4 Business Focus
  11.5.5 SWOT Analysis
  11.5.6 Business Strategies

12 COMPANIES TO WATCH FOR

12.1 Aspect Imaging
  12.1.1 Overview
  12.1.2 Key Highlights
  12.1.3 Key News
12.2 Hitachi Medical Corp.
  12.2.1 Overview
  12.2.2 Key Highlights
  12.2.3 Key Focus
12.3 Hologic Corp.
  12.3.1 Overview
  12.3.2 Key Highlights
  12.3.3 Key News
12.4 Accuray Inc.
  12.4.1 Overview
  12.4.2 Key Highlights
  12.4.3 Key News
12.5 Aurora Imaging Technology, Inc.
  12.5.1 Overview
  12.5.2 Key Highlights
  12.5.3 Key News

13 OTHER PROMINENT VENDORS

14 ANNEXURE

TABLES

TABLE 1 MEDICAL DEVICES BY CATEGORY
TABLE 2 TOP LISTED MEDICAL DEVICES COMPANY 2018
TABLE 3 MRI MARKET OUTLOOK
TABLE 4 GLOBAL MAGNETIC RESONANCE IMAGING MARKET BY END-USERS
TABLE 5 GLOBAL MAGNETIC RESONANCE IMAGING REVENUE BY REGIONS FORECAST, 2019–2025 ($MILLION)
TABLE 6 COMPETITIVE STRUCTURE ANALYSIS OF GLOBAL MAGNETIC RESONANCE IMAGING MARKET (2018)
TABLE 7 GE HEALTHCARE: PRODUCT OFFERINGS
TABLE 8 GE HEALTHCARE: RECENT DEVELOPMENTS
TABLE 9 PHILIPS HEALTHCARE: PRODUCT OFFERINGS
TABLE 10 PHILIPS HEALTHCARE: RECENT DEVELOPMENTS
TABLE 11 SIEMENS HEALTHINEERS INC.: RECENT DEVELOPMENTS
TABLE 12 SIEMENS HEALTHINEERS INC.: RECENT DEVELOPMENTS
TABLE 13 FUJIFILM HOLDINGS CORP.: OFFERINGS
TABLE 14 FUJIFILM HOLDINGS CORP.: RECENT DEVELOPMENTS
TABLE 15 CANON MEDICAL SYSTEMS CORP.: OFFERINGS
TABLE 16 CANON MEDICAL SYSTEMS CORP.: RECENT DEVELOPMENTS
TABLE 17 ASPECT IMAGING: SNAPSHOT
TABLE 18 SHIMADZU CORP.: SNAPSHOT
TABLE 19 HOLOGIC CORP.: SNAPSHOT
TABLE 20 ACCURAY INC.: SNAPSHOT
TABLE 21 AURORA IMAGING TECHNOLOGY, INC.: SNAPSHOT
TABLE 22 OTHER PROMINENT VENDORS IN THE GLOBAL MAGNETIC RESONANCE IMAGING MARKET


CHARTS

CHART 1 GLOBAL MEDICAL DEVICE MARKET BY GEOGRAPHY (2017)
CHART 2 GLOBAL MEDICAL IMAGING MARKET BY GEOGRAPHY (2017)
CHART 3 GLOBAL MEDICAL DEVICES MARKET SEGMENTATION
CHART 4 IMPERATIVES OF EMERGING MARKETS
CHART 5 US POPULATION DISTRIBUTION BY AGE 2017
CHART 6 US HEALTHCARE CONSUMPTION BY AGE 2017
CHART 7 WORLD POPULATION AGED 65 YEARS AND ABOVE, 1960–2060 (%)
CHART 8 PESTLE ANALYSIS OF MAGNETIC RESONANCE IMAGING MARKET
CHART 9 RESEARCH METHODOLOGY OF GLOBAL MAGNETIC RESONANCE IMAGING MARKET
CHART 10 GLOBAL MAGNETIC RESONANCE IMAGING MARKET REVENUE, 2019–2025 ($MILLION)
CHART 11 OPPORTUNITY ANALYSIS
CHART 12 PORTERS 5 FORCES ON GLOBAL MAGNETIC RESONANCE IMAGING MARKET
CHART 13 GLOBAL MAGNETIC RESONANCE IMAGING MARKET SEGMENTATION
CHART 14 GLOBAL MAGNETIC RESONANCE IMAGING MARKET 2018 AND 2025
CHART 15 GLOBAL MAGNETIC RESONANCE IMAGING MARKET OVERVIEW BY PRODUCTS 2018 ($MILLION)
CHART 16 GLOBAL MAGNETIC RESONANCE IMAGING MARKET SEGMENTATION BY PRODUCT, 2018–2025 ($MILLION)
CHART 17 GLOBAL MAGNETIC RESONANCE IMAGING MARKET SEGMENTATION BY PRODUCT, 2018–2025 (%)
CHART 18 GLOBAL CLOSED MAGNETIC RESONANCE IMAGING SYSTEMS MARKET REVENUE, 2018–2025 ($MILLION)
CHART 19 GLOBAL OPEN MAGNETIC RESONANCE IMAGING SYSTEMS MARKET REVENUE, 2018-2025 ($MILLION)
CHART 20 GLOBAL LOW FIELD MRI MARKET REVENUE, 2018-2025 ($MILLION)
CHART 21 GLOBAL HIGH FIELD MRI MARKET REVENUE, 2018–2025 ($MILLION)
CHART 22 GLOBAL VERY HIGH MRI MARKET REVENUE, 2018-2025 ($MILLION)
CHART 23 GLOBAL MAGNETIC RESONANCE IMAGING MARKET BY APPLICATION 2018 (%)
CHART 24 MARKET DYNAMICS – DRIVERS, RESTRAINTS & OPPORTUNITIES
CHART 25 DRO - IMPACT ANALYSIS OF GLOBAL MAGNETIC RESONANCE IMAGING MARKET
CHART 26 KEY STAKEHOLDERS OF GLOBAL MAGNETIC RESONANCE IMAGING MARKET
CHART 27 GLOBAL MAGNETIC RESONANCE IMAGING MARKET BY END-USER SEGMENTATION, 2018 (%)
CHART 28 GLOBAL MAGNETIC RESONANCE IMAGING MARKET BY GEOGRAPHICAL SEGMENTATION, 2018 AND 2025 (%)
CHART 29 GLOBAL MAGNETIC RESONANCE IMAGING MARKET BY REGIONS 2018 ($MILLION)
CHART 30 MAGNETIC RESONANCE IMAGING MARKET REVENUE IN NORTH AMERICA, 2018-2025 ($MILLION)
CHART 31 MAGNERIC RESONANCE IMAGING MARKET REVENUE IN EUROPE, 2018–2025 ($MILLION)
CHART 32 MAGNETIC RESONANCE IMAGING MARKET REVENUE IN APAC, 2018–2025 ($MILLION)
CHART 33 MAGNETIC RESONANCE IMAGING MARKET REVENUE FORECAST IN REST OF THE WORLD, 2018-2025 ($MILLION)
CHART 34 GLOBAL MAGNETIC RESONANCE IMAGING MARKET SEGMENTATION BY GEOGRAPHY, 2018-2025 ($MILLION)
CHART 35 GLOBAL MAGNETIC RESONANCE IMAGING MARKET SEGMENTATION BY GEOGRAPHY, 2018-2025 (%)
CHART 36 GE HEALTHCARE: OVERVIEW SNAPSHOT
CHART 37 GE HEALTHCARE: BUSINESS UNITS
CHART 38 GE HEALTHCARE: GEOGRAPHIC REVENUE
CHART 39 GE HEALTHCARE: SWOT ANALYSIS
CHART 40 PHILIPS HEALTHCARE: OVERVIEW SNAPSHOT
CHART 41 PHILIPS HEALTHCARE: BUSINESS UNITS
CHART 42 PHILIPS HEALTHCARE: GEOGRAPHIC REVENUE
CHART 43 PHILIPS HEALTHCARE: SWOT ANALYSIS
CHART 44 SIEMENS HEALTHINEERS INC.: OVERVIEW SNAPSHOT
CHART 45 SIEMENS HEALTHINEERS INC.: BUSINESS UNITS
CHART 46 SIEMENS HEALTHINEERS INC.: GEOGRAPHIC REVENUE
CHART 47 SIEMENS HEALTHINEERS INC.: SWOT ANALYSIS
CHART 48 FUJIFILM HOLDINGS CORP.: OVERVIEW SNAPSHOT
CHART 49 FUJIFILM HOLDINGS CORP.: BUSINESS UNITS
CHART 50 FUJIFILM HOLDINGS CORP.: GEOGRAPHIC REVENUE
CHART 51 FUJIFILM HOLDINGS CORP.: SWOT ANALYSIS
CHART 52 CANON MEDICAL SYSTEMS CORP.: OVERVIEW SNAPSHOT
CHART 53 CANON MEDICAL SYSTEMS CORP.: SEGMENT SALES
CHART 54 CANON MEDICAL SYSTEM CORP.: GEOGRAPHIC REVENUE
CHART 55 CANON MEDICAL SYSTEMS CORP.: SWOT ANALYSIS
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