The magnetic resonance imaging market features a highly competitive vendor landscape, majorly due to a rising demand for better device functionality and efficiency, says Transparency Market Research on the basis of a recently published report. This demand has made most players to carry out continuous research and innovation, in order to introduce new products in the market. With new players entering the competitive scenario over the next years, the competition is likely to get more intense.
Most players are keen to focus on the production of next generation MRI devices with better interoperability, for gaining a competitive advantage over other companies. Facilitating geographical expansion, as well as enhancing product portfolios are a couple of other strategies implemented by companies working in the global magnetic resonance market to achieve widespread growth. Neusoft Corporation, Koninklijke Siemens Healthineers, GE Healthcare, Esaote SpA, Philips N.V., Hitachi Medical Systems, Toshiba Medical Systems Corporation, Philips N.V., and Xingaoyi, are some of the key players working in the global magnetic resonance imaging market.
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This market has gained a revenue valued at US$6611.0 mn in 2017, which is further expected to rise up to US$9120.8 mn by 2022. This growth is expected to occur with an impressive CAGR of 6.6% from 2017 to 2022.
High Demand for Better Anatomical Studies Stokes Market’s Growth
A rising demand for undertaking detailed anatomical studies of body parts has been primarily driving the global magnetic resonance imaging market. This is mainly because of the ability of good quality MRI machines to efficiently scan body portions, thereby detecting anomalies that need treatment.
A widespread utilization of magnetic resonance imaging is carried out for detection and diagnosis of neurological conditions, due to lack of a standard alternate machine, consequently boosting the global magnetic resonance imaging market’s growth. A rising geriatric population has also been responsible for propelling growth in the global magnetic resonance market, mainly due to higher chances of chronic diseases to develop in old-aged people. This market is also picking up substantial pace owing to surging applications of MRI-guided radiotherapy for brain tumors and other similar ailments.
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Costly MRI Machines Poses as Prime Growth Obstacle
However, high costs of the magnetic resonance imaging systems, coupled with substantial expense attached while servicing the machines are prime restraints affecting the global magnetic resonance imaging market. Low medical reimbursement rates, especially in underdeveloped and developing countries could discourage patients from opting for the MRI detection, which also is a significant hindering factor for the global medical resonance imaging market. Nevertheless, many manufacturers in this market are striving hard to come up with ground-breaking innovations, which can reverse effects of the restraints substantially. MRI modality compatible with cardiac pacemakers is one such innovative approach introduced by a few players in recent times.