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Magnetic Resonance Imaging Market

Magnetic Resonance Imaging Market – Global Forecast up to 2025

  • Published Date : 19 Jul 2019
  • Infoholic Research
  • Category : Medical Devices
  • Pages : 130

Global Magnetic Resonance Imaging Market: Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025
[128 pages report] 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.
Key Stakeholders:	
Table of Contents
1	Industry Outlook	11
1.1	Medical Devices Industry	11
1.1.1	Overview	11
1.1.2	Medical Technologies	14
1.1.3	Industry Trends	16
1.2	Healthcare Spending in the US	17
1.3	Regulatory Bodies & Standards	17
1.4	Reimbursement Scenario	18
1.5	Emerging Global Markets	20
1.6	Patient Demographics	21
1.7	Medical Imaging	23
1.7.1	Overview	23
1.7.2	Definition: Magnetic Resonance Imaging	24
1.7.3	Why Magnetic Resonance Imaging?	24
1.7.4	PESTLE Analysis	26
2	Report Outline	28
2.1	Report Scope	28
2.2	Report Summary	28
2.3	Research Methodology	30
2.4	Report Assumptions	30
3	Market Snapshot	31
3.1	Total Addressable Market (TAM)	31
3.2	Segmented Addressable Market (SAM)	32
3.3	Opportunity Analysis	35
3.4	Strategic Initiatives	36
3.5	Related Markets	37
3.5.1	Ultrasound Devices	37
3.5.2	Medical X-ray Equipment	37
3.5.3	Medical Imaging	37
3.5.4	Mammography Devices	38
3.5.5	Healthcare X-ray Detectors	38
3.6	Porter 5 (Five) Forces	39
4	Market Characteristics	40
4.1	Market Segmentation	40
4.1.1	Closed Magnetic Resonance Imaging Systems	42
4.1.2	Open Magnetic Resonance Imaging Systems	43
4.2	Magnetic Resonance Imaging Market, By Field	44
4.2.1	Low Field MRI Systems	44
4.2.2	High Field MRI Systems	45
4.2.3	Very High Field MRI Systems	46
4.3	Magnetic Resonance Imaging Market, By Application Type	48
4.3.1	Cardiology	49
4.3.2	Neurology	49
4.3.3	Oncology	49
4.3.4	Gastroenterology	50
4.3.5	Musculoskeletal	50
4.3.6	Others	50
4.4	Market Dynamics	50
4.4.1	Drivers	51
4.4.1.1	Increase in adoption of MRI systems	51
4.4.1.2	Rise in investment in advanced diagnostic facilities	52
4.4.1.3	Government initiatives to propel the overall growth	52
4.4.1.4	Rise in demand of multi-modality molecular imaging	52
4.4.2	Restraints	53
4.4.2.1	High cost of MRI devices	53
4.4.2.2	Low reimbursement/unfavorable reimbursement plans	53
4.4.2.1	Intense competition among vendors	53
4.4.2.2	Lack of skilled radiologists	54
4.4.3	Opportunities	54
4.4.3.1	Emergence of 7T MRI system	54
4.4.3.2	Medical imaging to integrate with IT	54
4.4.3.3	Healthcare industry undergoing transformation to move towards affordable and quality care	54
4.4.3.4	Development in medical imaging	55
4.4.3.5	Introduction of artificial intelligence to aid radiology	56
4.4.3.6	Early prevention and diagnosis	56
4.4.3.7	Big data and analytical tools to enhance healthcare interoperability	56
4.4.4	DRO – Impact Analysis	57
4.5	Key Stakeholders	58
5	Industry Trends	59
5.1	Market Trends & Impact	59
6	Buying Criteria	60
7	End-users	61
7.1	Overview	61
7.2	Hospitals	62
7.3	Ambulatory Care Centers (ASCs)	62
7.4	Diagnostic Centers	63
7.5	Others (Research Centers and Universities)	63
8	Regions	65
8.1	Overview	65
8.2	North America	66
8.2.1	Overview	66
8.3	Europe	68
8.3.1	Overview	68
8.4	APAC	69
8.4.1	Overview	69
8.5	Rest of the World	71
8.5.1	Overview	71
9	Market Attractiveness	74
9.1	Overview	74
9.2	Market Attractiveness by End-users	75
10	Competitive Landscape	76
10.1	Competitor Comparison Analysis	76
10.1.1	Key Competitive Facts	77
11	Vendors Profile	79
11.1	GE Healthcare	79
11.1.1	Overview	79
11.1.2	Business Units	84
11.1.3	Geographic Revenue	86
11.1.4	Business Focus	86
11.1.5	SWOT Analysis	87
11.1.6	Business Strategies	87
11.2	Philips Healthcare	88
11.2.1	Overview	88
11.2.2	Business Units	94
11.2.3	Geographic Revenue	95
11.2.4	Business Focus	95
11.2.5	SWOT Analysis	96
11.2.6	Business Strategies	96
11.3	Siemens Healthineers Inc.	97
11.3.1	Overview	97
11.3.2	Business Units	103
11.3.3	Geographic Revenue	105
11.3.4	Business Focus	105
11.3.5	SWOT Analysis	106
11.3.6	Business Strategies	106
11.4	Fujifilm Holdings Corp.	107
11.4.1	Overview	107
11.4.2	Business Units	112
11.4.3	Geographic Revenue	113
11.4.4	Business Focus	113
11.4.5	SWOT Analysis	114
11.4.6	Business Strategies	114
11.5	Canon Medical Systems Corp.	115
11.5.1	Overview	115
11.5.2	Business Segments	118
11.5.3	Geographic Revenue	118
11.5.4	Business Focus	119
11.5.5	SWOT Analysis	119
11.5.6	Business Strategies	120
12	Companies to Watch for	121
12.1	Aspect Imaging	121
12.1.1	Overview	121
12.1.2	Key Highlights	121
12.1.3	Key News	121
12.2	Hitachi Medical Corp.	122
12.2.1	Overview	122
12.2.2	Key Highlights	122
12.2.3	Key Focus	123
12.3	Hologic Corp.	123
12.3.1	Overview	123
12.3.2	Key Highlights	124
12.3.3	Key News	124
12.4	Accuray Inc.	124
12.4.1	Overview	124
12.4.2	Key Highlights	125
12.4.3	Key News	125
12.5	Aurora Imaging Technology, Inc.	125
12.5.1	Overview	125
12.5.2	Key Highlights	125
12.5.3	Key News	126
13	Other Prominent Vendors	127
14	Annexure	128

 

	Tables

TABLE 1	MEDICAL DEVICES BY CATEGORY	12
TABLE 2	TOP LISTED MEDICAL DEVICES COMPANY 2018	13
TABLE 3	MRI MARKET OUTLOOK	32
TABLE 4	GLOBAL MAGNETIC RESONANCE IMAGING MARKET BY END-USERS	63
TABLE 5	GLOBAL MAGNETIC RESONANCE IMAGING REVENUE BY REGIONS FORECAST, 2019–2025 ($MILLION)	66
TABLE 6	COMPETITIVE STRUCTURE ANALYSIS OF GLOBAL MAGNETIC RESONANCE IMAGING MARKET (2018)	78
TABLE 7	GE HEALTHCARE: PRODUCT OFFERINGS	79
TABLE 8	GE HEALTHCARE: RECENT DEVELOPMENTS	80
TABLE 9	PHILIPS HEALTHCARE: PRODUCT OFFERINGS	88
TABLE 10	PHILIPS HEALTHCARE: RECENT DEVELOPMENTS	89
TABLE 11	SIEMENS HEALTHINEERS INC.: RECENT DEVELOPMENTS	97
TABLE 12	SIEMENS HEALTHINEERS INC.: RECENT DEVELOPMENTS	100
TABLE 13	FUJIFILM HOLDINGS CORP.: OFFERINGS	107
TABLE 14	FUJIFILM HOLDINGS CORP.: RECENT DEVELOPMENTS	108
TABLE 15	CANON MEDICAL SYSTEMS CORP.: OFFERINGS	115
TABLE 16	CANON MEDICAL SYSTEMS CORP.: RECENT DEVELOPMENTS	116
TABLE 17	ASPECT IMAGING: SNAPSHOT	121
TABLE 18	SHIMADZU CORP.: SNAPSHOT	122
TABLE 19	HOLOGIC CORP.: SNAPSHOT	123
TABLE 20	ACCURAY INC.: SNAPSHOT	124
TABLE 21	AURORA IMAGING TECHNOLOGY, INC.: SNAPSHOT	125
TABLE 22	OTHER PROMINENT VENDORS IN THE GLOBAL MAGNETIC RESONANCE IMAGING MARKET	127

 

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