Kenneth Research has evaluated the current market opportunities in MRI Systems Market in the healthcare industry for the forecast period 2022-2031, which also includes the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players, along with the worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa, has also been provided in the report.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis 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) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for MRI Systems Market products.
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) 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.
MRI systems market is driven by various factors which include global increase in neurological diseases, global rise in cancer, CVD and other life style oriented diseases, global rise in adoption of diagnostics system. Research and development, innovation and technological advancement enables the global MRI systems market to grow fast. Global rise in healthcare expenditure is also favourable for global MRI systems market.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
However, the market is restrained by reimbursement policies in various regions especially emerging markets such as India and China. There is a very high cost involved in setting up MRI systems in hospitals and clinics. The hospitals and clinics have to make infrastructural changes to accommodate a new MRI machine. Some MRI machines may cost over $800,000 to $1 million. Market also faces challenges such as creating awareness in emerging economies and stringent government policies and regulations.
Market segmentation is on the basis of application which includes brain and neurological MRI market, spine and musculoskeletal MRI market, vascular MRI market, pelvic and abdominal MRI market, breast MRI market and cardiac MRI market. MRI market is also segmented on the basis of architecture which includes closed MRI systems market and open MRI systems market. Field strength is also taken as a basis of segmentation. The sub segments include low to mid field MRI systems, high field MRI systems, very high field MRI systems and ultra-high field MRI systems.
North American market has the highest market share amongst geographies. It is followed by Asia Pacific, Europe and Rest of the world. Asia Pacific market is expected to record highest CAGR amongst all regions. Market consists of major players such as Aurora imaging technology Inc, Esoate SPA, Fona corporation, IMRIS, Inc, Neusoft medical systems co. ltd, Philips healthcare, Esaote S.P.A, GE Healthcare, Hitachi Medical Corporation and others.
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Companies profiled in the report
1. Aurora imaging technology Inc
2. Esoate SPA
3. Fona corporation
4. IMRIS, Inc
5. Neusoft medical systems co. ltd
6. Philips healthcare
7. Esaote S.P.A
8. GE Healthcare
9. Hitachi Medical Corporation
10. Mindray Medical International Ltd.
11. Samsung Medison Co. Ltd.
12. Siemens Healthcare
13. Medtronic Inc
14. Toshiba Medical Systems Corporation
15. Roche Diagnostics Ltd.
16. Philips corporation
17. Stryker corporation
18. Smith and nephew inc
19. Johnson & Johnson
20. Sony
21. Zimmer holdings
22. St. Jude medical Inc
23. Thermo fisher scientific
24. Abiant Inc
25. EKF diagnostics holdings inc
26. Myriad RBM inc
27. Oligomerix inc
28. Opko health inc
29. Osta biotechnologies inc
30. Psynova neurotech ltd
31. Ridge diagnostics
This Research Report covers
1. Historical data
2. Revenue forecasts, growth rates and CAGR up to 2028
3. Industry Analysis
4. Competitive Analysis
5. Key geographic growth data
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