MRI Systems Market to Reach $7.9 billion by 2023: P&S Intelligence

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NEW YORK, Dec. 06, 2018 (GLOBE NEWSWIRE) --

According to the market research report published by P&S Intelligence,  is expected to reach $7.9 billion by 2023. 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.

On the basis of architecture, the MRI systems market has been categorized into closed and open MRI. Of the two, open imaging systems are expected to witness faster market growth during the forecast period. The market for these systems is projected to reach $1,730.0 million by 2023, registering a CAGR of 6.5% during the forecast period. Since the elderly are often uncomfortable with the idea of undergoing long-duration MRI scanning in closed MRI settings, the demand for open imaging systems is expected to be high during the forecast period.

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.

MRI systems are used for the imaging of the brain, head, and neck; spine; pelvis and abdomen; breast; musculoskeletal; vascular; cardiac; and other areas. Brain, head, and neck imaging is the largest application area of these systems, in terms of both market size and growth. MRI systems are largely used for the scanning of the brain, head, and neck, owing to the increasing number of brain injury cases reported globally.

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.

Companies operating in the MRI systems industry are collaborating with healthcare firms and academic institutes to offer innovative products. For instance, in March 2018, Koninklijke Philips N.V. (Philips) and Hologic Inc. entered into an agreement to provide a complete set of innovative diagnostic imaging systems, software, and services for women healthcare. Under the agreement, both the companies will select products from each other’s portfolios as a part of multi-modality deals for hospitals and health systems. 

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.

The global MRI compatible patient monitoring systems market is growing, due to increasing installation of MRI devices. The increase in geriatric population worldwide is resulting in the growth of the global MRI compatible patient monitoring systems market, as the geriatric population is more susceptible to diseases, sickness and syndromes, due to less regenerative abilities.

Global medical bionics market is forecasted to generate a revenue of $28.1 billion by 2023. The market is mainly driven by increasing pool of geriatric population and associated organ failures, rising number of accidents and injuries leading to amputations, and increasing number of people opting for organ transplants.

P&S Intelligence, a brand of P&S Market Research, is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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Globe Newswire: 06:30 GMT Thursday 6th December 2018

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