MRI Equipment Market Report 2021: Industry Overview, Growth Rate, Trends Opportunities and Forecast 2030

In a recent published report, Kenneth Research has updated the Market report for MRI Equipment Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for MRI Equipment Market Products.

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Magnetic Resonance Imaging (MRI), a medical imaging technology, is used in radiology to visualize detailed internal structures of tissues, bones or any other part of the body. It can be used to detect neurological, musculoskeletal, cardiovascular and oncological problems. MRI equipments require a huge installation cost, and consequently, the service charge becomes very high. The Indian MRI market is characterized by a large number of foreign players with only a handful of local manufacturers and is largely dependent on imports. The growth in aging population along with an increase in medical tourism is offering strong opportunities. The Indian Government, on its part is taking initiatives to engage in public-private partnership projects (PPP) and reduce the import duties on medical equipments. The market is expected to exhibit steady growth over the next few years.

According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.

The report begins with the introduction section which offers a brief description of the applications of MRI. The market overview section provides an insight into the global market and then moves on to the Indian market, highlighting the market size and growth. It also depicts the market segmentation in terms of different types of MRI equipments. It also provides import and export figures of MRI equipments in India in terms of both value. Regional break-up of the imports and exports have been included.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

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An analysis of the drivers explains the factors for growth of the industry including heavy patient flow, increase in the number of health insurances, increased healthcare spending by the Government and increasing medical tourism. The key challenges include high maintenance costs, lack of properly trained personnel and lack of affordability. The section on government initiatives highlights the PPP projects started in four states of the country. It also analyses the changes in the customs duty structure and the various healthcare schemes implemented by the Government. A brief overview of the different technological developments has been presented. Increase in applications as well as improvements in the product quality have been the key focus of researchers.

The competition section provides an overview of the competitive landscape in the industry. It shows the different segments which the companies produce. It includes a brief profile of the major players in the market along with their financials.

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys  & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  •  Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

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