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Mri Systems Market Comprehensive Review Of Its Applications Growth
Rising prevalence of chronic diseases, surging geriatric population, growing awareness on the early diagnosis of diseases, and technological advancements are the key factors boosting the market growth, globally.
Based on type, the MRI systems market has been classified into fixed and mobile systems. In 2017, fixed systems generated revenue of $5,349.3 million in the MRI systems market. This can be mainly attributed to the high adoption of these imaging systems in hospitals and diagnostic centers.
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The MRI systems market has also been categorized into high-field, very-high-field, low-to-mid-field, and ultra-high-field imaging systems.
High-field systems generated the highest revenue in the MRI systems market during the historical period, with a contribution of $3,031.7 million in 2017. This can be mainly ascribed to the fact that a high-field imaging system has faster imaging capability as comparison to low-field-strength systems and is primarily used for the scanning of the abdomen and the chest.
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During the forecast period, the MRI systems market is expected to witness the fastest growth in the APAC region, with 6.0% CAGR. The market in the region is primarily driven by improving healthcare infrastructure, increasing prevalence of chronic diseases, and technological advancements in imaging modalities. According to Cancer Australia, a cancer control agency by the Australian Government, 127,887 new cases of cancer were diagnosed in Australia in 2014, and the number is expected to reach 138,321 by the end of 2018. Surging geriatric population is another key factor driving the growth of the APAC MRI systems market. According to the World Bank, the population of the elderly in the total population of APAC increased from 6.9% in 2000 to 8.7% in 2017.
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Besides, in March 2018, Canon Medical Systems Corporation entered into a collaborative agreement with Kumamoto University and the University of Bordeaux to conduct research on the application of deep learning reconstruction (DLR), an artificial intelligence (AI) based technology in MRI. DLR is a reconstruction technology that helps eliminate noise from images.
Some of the other key players operating in the global MRI systems market are Siemens AG, General Electric Company, Esaote S.p.A., Hitachi Ltd., Fonar Corporation, Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Neusoft Medical Systems Co. Ltd., AURORA HEALTHCARE US CORP, Bruker Corporation, Time Medical Holdings, and Aspect Imaging Ltd.
Pramod has around 7 years of experience in market research and consulting services for healthcare industry. He holds varied experience in market sizing and forecasting with varied models, competition landscape, consumer behavior analysis, opportunity analysis, product/company benchmarking, data mining and others. He has successfully delivered multiple projects on go-to-market strategies, pricing strategy, price point analysis, Business Expansion, market entry and exit, share analysis and others. Prior to joining P&S Intelligence, he worked with different research companies, including Transparency Market Research and MarketsandMarkets Pvt Ltd. Some of the projects delivered by him include Scar Treatment Market, Skin Replacement and Substitutes Market, and Energy-Based Aesthetic Devices Market.
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