LONDON, May 30, 2023 /PRNewswire/ — The human body is quite complexed in nature. With rapid advances in the medical science, various technologies have been developed with an aim to understand and assess the internal structures of our bodies. One such technology is the Magnetic Resonance Imaging i.e., MRI. In this technique, radio waves and powerful magnetic waves are used create detailed images of the internal structures of the human body. It enables healthcare providers to diagnose various ailments as they can easily visualize soft tissues, organs, along with the central nervous system.
The business intelligence report on Magnetic Resonance Imaging System by Brandessence Market Research offers granular insights into the key growth drivers, opportunities, restraints, and challenges. It includes a scrutiny of the industry trends, market size, historical statistics, and future projections. A detailed analysis of the major segments, geographies, and competitive terrain is also included in this study. The report aims at providing industry-specific insights, market trends, and strategic recommendations for stakeholders operating in the MRI system market. It serves as a valuable resource for decision-making, investment planning, and identifying growth opportunities in this rapidly evolving market.
Key Takeaways
- Growing occurrence of chronic ailments and increased need for early disease diagnosis are aiding market expansion.
- By construction type, the close segment is reckoned to amass notable gains due to their high efficiency.
- Europe to lead the industry in terms of volume share owing to the rising R&D investments, growing disposable income levels, and increased health cognizance.
The Magnetic Resonance Imaging System Market is anticipated to garner significant returns over 2022-2029.
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Elaborating the Key Trends and Dynamics of Magnetic Resonance Imaging System Market
The growing occurrence of chronic ailments, increased need for early disease diagnosis, and influx of advanced technologies in the disease diagnosis sector are primarily augmenting industry outlook. Besides, increase in the geriatric population base, growing R&D activities in the field, along with rise in healthcare spending across numerous nations are creating lucrative opportunities for this marketplace to prosper. Moreover, rising health cognizance among the masses, increased cancer research activities, and rapidly improving healthcare infrastructure are adding momentum to the progression of this business vertical.
Major Growth Drivers
Growing pervasiveness of chronic ailments- There has been a growing prevalence of chronic ailments including cardiovascular disorders, neurological conditions, and musculoskeletal disorders across the globe. Surge in the geriatric population base, unhealthy lifestyle trends, rising pollution levels, and genetic issues, among others are some of the major factors leading to the increased frequency of these ailments. MRI plays a pivotal role in diagnosing and monitoring these conditions due to its ability to provide detailed images of soft tissues, organs, and structural abnormalities. This is stimulating the overall dynamics of this business sphere.
Surge in the elderly populace- The geriatric population is highly vulnerable to a wide array of chronic diseases. This is due to the fact that our organs and immune systems becomes weak as we age. Elderly individuals often require more frequent medical imaging to diagnose age-related conditions and monitor their overall health. MRI systems are essential tools in geriatric care as they can provide comprehensive information about various diseases and help guide treatment decisions. These factors together are adding traction to the development of this market.
Challenges
Dearth of proper infrastructure- MRI is a highly specialized diagnostic technique which requires high end infrastructure and skilled professionals. But many medical facilities are not equipped with adequate infrastructural facilities due to budget constraints or accessibility issues. Healthcare facilities located in rural settings do not have skilled technicians and the required equipment to conduct MRI tests. This is obstructing the growth of this marketplace.
Competitive Landscape of Magnetic Resonance Imaging System Market
The prominent players defining the competitive terrain of this business sphere are Fujifilm Holdings, General Electric Company, Siemens Healthcare Pvt. Ltd., Koninklijke Philips Healthcare, Shimadzu Corporation, Toshiba Medical Systems Corporation, CareStream Health Corporation, Medtronic Pvt. Ltd., Alltech Medical Systems America, Aspect Imaging, Aurora Imaging, ESAOTE, Fonar Corporation, Hitachi Medical Systems Europe, Medonica, Ningbo Xingaoyi Magnetism, Paramed Medical Systems, Shenzhen Anke High-Tech, Time Medical Systems, and Others.
Segmental Assessment
By construction type, the close segment is reckoned to amass notable gains over 2022-2029. This is ascribed to the high efficiency of closed MRI systems as compared to their traditional counterparts.
Based on magnetic field strength type, high field magnetic strength segment is expected to garner substantial revenue over the estimated timeframe. This is attributable to the growing adoption of these systems in medical research related activities.
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Geographical Analysis and Landscape
Middle East & Africa Magnetic Resonance Imaging System Market
The industry in MEA is slated to capture a high revenue share over the stipulated timeline. This is ascribed to the growing occurrence of chronic disease, increased elderly population base, and rising medical expenditure. Besides, elevating demand for early disease diagnosis and treatment is another factor spurring market expansion in this region.
Europe
Europe is poised to lead the industry in terms of volume share. This is credited to the rising R&D investments, growing disposable income levels, and increased health cognizance. Moreover, the rapidly evolving healthcare infrastructure, favourable medical reimbursement scenario, and widespread technological innovations are adding significant traction to the industry progression.
Opportunities in this Industry
Rising awareness about MRI benefits- MRI has gained immense prominence across the globe. With increasing burden of diseases, there is a rising need for efficient diagnostic and treatment techniques. MRI facilitates accurate and fast paced diagnosis of numerous chronic diseases. Healthcare providers and patients are getting awareness of the wide array of benefits pertaining to MRI which in turn is increasing its adoption worldwide.
Major developments in Magnetic Resonance Imaging System Market
Acquisitions
In 2020, Siemens Healthineers, a global medical technology company, completed the acquisition of Varian Medical Systems, a leading manufacturer of radiation oncology treatment and software solutions.
In 2021, Canon Medical Systems Corporation, a leading provider of medical imaging systems, announced its acquisition of DelftHold BV. DelftHold BV is a Dutch company specializing in the development of innovative MRI technologies.
Porter’s Five Forces Analysis
Threat of New Entrants: The threat of new entrants in the MRI system market is relatively low. Developing and manufacturing MRI systems requires substantial investments in research and development, specialized manufacturing capabilities, and regulatory compliance. Established companies have strong brand recognition, extensive distribution networks, and economies of scale, creating barriers for new entrants. Additionally, the high level of technical expertise and knowledge required in this field acts as a deterrent for potential competitors.
Bargaining Power of Suppliers: Suppliers in the MRI system market, such as manufacturers of components and raw materials, generally have moderate bargaining power. While there may be a few key suppliers for certain critical components, MRI system manufacturers often have multiple sourcing options. They can negotiate favourable terms, maintain strong relationships with suppliers, or even vertically integrate certain production processes. The availability of alternative suppliers and the ability to switch suppliers mitigate the supplier’s bargaining power to some extent.
Bargaining Power of Buyers: The bargaining power of buyers in the MRI system market can vary based on factors such as the size of the customer, purchasing volume, and competitive landscape. Large healthcare institutions or hospital networks may have more negotiating power due to their purchasing leverage. However, the critical nature of MRI technology for accurate diagnosis and patient care can limit buyer power. Additionally, the long-term relationships between manufacturers and customers and the high switching costs associated with changing MRI system providers can also impact buyer bargaining power.
Threat of Substitutes: The threat of substitutes in the MRI system market is relatively low. MRI technology offers unique advantages in non-invasive imaging, detailed soft tissue visualization, and functional imaging capabilities. While alternative imaging modalities such as CT scans and ultrasound exist, they have different applications and limitations compared to MRI. The availability of close substitutes is limited, reducing the threat of substitution and maintaining the demand for MRI systems.
Competitive Rivalry: Competitive rivalry in the MRI system market is moderate to high. The market is characterized by several established companies with a global presence. Intense competition exists in terms of product innovation, performance, pricing strategies, and service offerings. Companies invest in research and development to introduce advanced features, improve image quality, and develop specialized applications. Brand reputation, customer relationships, and after-sales support also play significant roles in competitive positioning within the market.
On Special Requirement Acute Repetitive Seizures Market Report is also available for below region:
North America
Europe
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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