PMR Forecasts Untapped Growth Opportunity for Manufacturers of MRI Guided and Focused Ultrasound Devices
NEW YORK, November 29, 2018 /PRNewswire/ --
MRI Guided & Focused Ultrasound devices haven't penetrated healthcare settings particularly in Asia Pacific, Middle-east, and Africa given their prevalent cancer rates. Majority of the patients aren't aware about MRI Guided & Focused Ultrasound devices
Intelligent technology and advanced engineering have positively impacted the global healthcare industry with state-of-the-art healthcare facilities mushrooming all across the world. There is immense opportunity for manufacturers of medical devices to invest in R&D for innovative product engineering to ensure heightened patient outcomes. According to a recent study conducted by leading research company Persistence Market Research (PMR), manufacturers of MRI guided and focused ultrasound devices are making strategic investments to launch advanced products in the global market to cater to an increasing demand from their target customer base.
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The MRI guided and focused ultrasound devices marketplace is dotted with strategic mergers and acquisitions between key players to penetrate hitherto untapped regional markets and expand their global brand footprint. A classic case in point is the Royal Philips-Profound Medical Inc. collaboration in 2017, where Royal Philips handed over their manufacturing and services capabilities to Profound Medical Inc., providing the latter with a strong resource base for global expansion.
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Reduced Side Effects and Low Therapy Costs Primary Adoption Drivers, Indicates PMR Report
Therapies incorporating MRI guided and focused ultrasound devices offer enhanced benefits over conventional treatment options for cancer treatment. MRI guided and focused ultrasound devices enable radiologists and oncologists to obtain precise information on the exact location of administration of the treatment. While conventional therapy has several adverse side effects, MRI guided and focused ultrasound devices are safer as they are non-invasive by nature and do not use any harmful medications made of toxic chemicals.
Treatments using MRI guided and focused ultrasound devices are relatively cheaper than traditional therapies. This is boosting adoption of these devices in hospitals and healthcare centers, thereby pushing revenues in the global MRI guided and focused ultrasound devices market.
Persistence Market Research presents the top insights in the MRI guided and focused ultrasound devices market across key geographies. According to the report analysis, Europe is the largest market by revenue in the global market for MRI guided and focused ultrasound devices owing to the presence of a large number of treatment centers and strategic partnerships between key players. However, Middle East & Africa followed by Asia Pacific are the fastest growing regional markets for MRI guided and focused ultrasound devices.
- Ultrasound guided devices will remain the top product type and dominate regional market demand and adoption; while continuing to exhibit increased lucrativeness in the near future
- Application of MRI guided and focused ultrasound devices will witness an increase in the treatment of uterine fibroids
- Hospitals will display increased adoption of MRI guided and focused ultrasound devices
MRI Guided & Focused Ultrasound Devices Market Research Report Overview @ https://www.persistencemarketresearch.com/market-research/mri-guided-focused-ultrasound-devices-market.asp
North America
- U.S will remain dominant country in the North America MRI guided and focused ultrasound devices market
Latin America
- Revenues from the MRI guided and focused ultrasound devices markets in Costa Rica, Cuba, and the Dominican Republic will peak in the coming years with Brazil touted to be the most lucrative market
Europe
- France is expected to remain the largest market for MRI guided and focused ultrasound devices
Asia Pacific
- Japan will rule the Asia Pacific MRI guided and focused ultrasound devices market
Middle East & Africa
- Countries such as Egypt, Morocco, and Lebanon will dominate in terms of revenue share
China
- Ultrasound guided devices will remain top product type
- Uterine fibroids is slated to be top indication type
- Hospitals will be the top end users of MRI guided and focused ultrasound devices
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A study of the competitive landscape of the global MRI guided and focused ultrasound devices market reveals revenue concentration among Tier-1 players.
In 2017, the top three companies in the MRI guided and focused ultrasound devices market held maximum revenue share (a little less than 60%) with Tier-2 and Tier-3 players contributing to around 41% market share. Players in the MRI guided and focused ultrasound devices market are focusing on expanding applications to various indications ranging from oncology to neurosurgery and women's health. Companies are also leveraging technological innovation to launch newer high-quality products and are upping their after-sales customer support services to retain competitive edge. Collaborations with physicians, academic and research institutions, and regulatory bodies are also being witnessed in the MRI guided and focused ultrasound devices landscape.
For more interesting insights on the competitive structure defining the MRI guided and focused ultrasound devices ecosystem, schedule a briefing with Persistence Market Research analysts at media@persistencemarketresearch.com
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