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.
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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.
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.
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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.
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.
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