The global MRI systems market is expected to grow by USD 1.58 billion by 2023, according to the latest market research report by Technavio. The limitations associated with MRI is one of the major challenges faced by the market as the systems are very expensive and time consuming, thereby restricting the growth of the market.
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Technavio has announced its latest market research report titled global MRI systems market 2019-2023. (Graphic: Business Wire)
Technavio researchers, however, project the expanding clinical applications of MRI as a key factor that is expected to drive market growth. Body imaging is one of the fastest-growing applications of MRI. A CT scanner requires ionizing radiation to acquire body images, whereas technological advances in MRI scanners now allow clinicians to perform the same body scan with higher clarity and accuracy with no ionizing radiation. The new generation MRI scanners introduced by vendors such as GE Healthcare have significantly simplified cardiac MR procedures. For instance, ViosWorks from GE Healthcare, offers a comprehensive cardiovascular solution, that enables faster MRI assessments when compared with the conventional cardiac scan. Therefore, such advances are expected to showcase a positive outlook during the forecast period.
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This market research report on the global MRI systems market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights software advances in MRI technology as one of the key emerging trends in the global MRI systems market:
Global MRI systems market: Software advances in MRI technology
Some of the significant advances in MRI technology have been in the sphere of software and computing. This has allowed end-users to capture faster and more accurate scans with greater details. Siemens Healthineers has introduced a new application called the Simultaneous Multi-Slice, which can speed up imaging two-dimensional (2D) acquisition time. This enables advanced MRI applications such as diffusion tensor imaging (DTI) and blood oxygenation level dependent (BOLD) in the clinical routine. Therefore, with such advances, the market for MRI systems is expected to witness significant growth during the forecast period.
“Apart from the software advances in MRI technology, the increasing prevalence of diseases coupled with growing geriatric population are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Global MRI systems market: Segmentation analysis
This market research report segments the global MRI systems market by product (closed MRI systems and open MRI systems) and geography (the Americas, APAC, and EMEA).
The closed MRI systems segment held the largest market share in 2019, accounting for nearly 84% of the market, and is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2018 with a market share of nearly 45% of the market share. The market share occupied by this region is anticipated to maintain its dominance over the global market during 2019-2023.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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