ALBANY, New York, May 10, 2019 /PRNewswire/ -- Global Magnetic Resonance Imaging Market is likely grow at 5.2% CAGR and reach US$ 9,200.0 million worth revenue during 2018 - 2026. Rise in various types of cancers, and other life-threatening conditions such as stroke are expected to drive growth. Based on application, the magnetic resonance imaging market is segmented into neurology, spine, cardiovascular, orthopedic, abdominal, head and neck, prostate, and other segments. Rise in elderly population is expected to result in considerable growth for all segments. The high-value MRI technology is expected to result in highest total revenue grossing in the North America region. The region is also home to a large high-risk elderly and obese population, which is expected to drive growth.
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Closed MRI Emerges as a Major Impetus for Magnetic Resonance Imaging Market Growth
MRI technology is essential for diagnosing various life-threatening diseases like Alzheimers. Additionally, diseases like Alzheimers or more common dementia often embed room for uncertainty, making physical examination redundant in many cases. For example, changes in brain can happen years before the physical symptoms. Moreover, 5 million adults were diagnosed with Alzheimer's disease in 2014. Hence, the support for early diagnosis of dementia for identifying a life-threatening disease like Alzheimer's is on the rise.
Additionally, early diagnosis of dementia is ideal for patients in order to plan the treatment. Still, many patients in America are uninsured and face various risks without early diagnosis and proper preventive care systems. This is expected to be a boon for the magnetic resonance imaging market as closed MRI technology is extremely accurate and approved for these treatments by the concerned authorities such as FDA. Hence, the closed MRI technology is expected to remain dominant in the magnetic resonance imaging market. However, the market also faces some restraint to growth due to widespread obesity, limiting the mobility of patients to access the closed MRI system. Additionally, some patients also report claustrophobia, which is another limitation to the growth of MRI technology.
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High-field MRI Technology to Create New Opportunities
High-field MRI technology includes higher field strength due to the addition of stronger magnets. The technology results in higher resolution images and clarity. This is an essential application as many physicians utilize MRI scans for chronic accidents related to brain. Additionally, low-field technology is not capable of meeting the needs in Neurology among other applications. Additionally, recently MRI systems with wider bores have become helpful for patients dealing with psychological stress. These systems are expected to create more opportunities in the magnetic resonance imaging market. Low-field MRI technology is still attractive to many due to its lower costs, however its limited application and less than ideal quality imaging is expected to keep the high-field MRI technology dominant in the market.
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The global magnetic resonance imaging market is expected to register significant growth, thanks to growing cases of chronic illnesses like cancers. The global magnetic resonance imaging market depicts a competitive and fragmented landscape, reports Transparency Market Research (TMR). Some key players in the market are AllTech Medical Systems, Esaote SpA, Siemens Healthcare GmbH, Koninklijke Philips N.V., Magnetica, and GE Healthcare.
Main players in the global magnetic resonance imaging market are investing in expanding applications of the magnetic resonance imaging (MRI) technology. This has shown promising results so far. In the near future, MRI technology may extend its application to the diagnosis of prostate cancers, SI joint bone marrow edema, among many others. Additionally, the critical importance of brain functions, its sensitive nature, and irreplaceable application of MRI technology continues to promise more growth for the global magnetic resonance imaging market.
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Information provided in this review is obtained from a TMR report, titled, "Magnetic Resonance Imaging Market (Application - Spine, Neurology, Orthopedic, Cardiovascular, Head and Neck, Abdominal and Prostate; Design - Open MRI, Closed MRI; Device Type - Low-to-Mid Field MRI (below 1.5T), High Field MRI (1.5T - 3.0T), Very High Field (4.0T - 5.0T), Ultra-High Field MRI (6.0T and above); End user - Hospitals, Ambulatory Surgical Centers, Diagnostic Imaging Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026".
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