The rising demand from musculoskeletal application segment is prognosticated to help the global magnetic resonance imaging equipment market rise at a positive pace, finds Fortune Business Insights in their new study. The study is titled, “Magnetic Resonance Imaging Equipment Market: Global Market Analysis, Insights and Forecasts, 2018 – 2025.” According to the study, the global magnetic resonance imaging equipment market, which stood at US$ 7,165.6 Mn in 2017, will reach US$ 11,725.9 Mn by the end of 2025. If these figures prove true, the global magnetic resonance imaging equipment market will rise at a CAGR of 6.4% between 2018 and 2025.
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Key Players Operating in The MRI Equipment Market Include:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
Koninklijke Philips N.V.
Shenzhen Anke High-tech Co., Ltd.
Time Medical Holding
SHENZHEN BASDA MEDICAL APPARATUS CO., LTD.
The musculoskeletal segment is anticipated to rise at a faster rate among other categories based on application. This is due to the recently proven clinical efficacy of MRI systems in detailed bone imaging cases. Again, the neurology segment, out of various applications will register a higher CAGR because of the expansion of neuroscience in developed nations and its application in medical therapies and testing devices. On the other hand, the hospital segment is likely to generate more revenue over the next few years, because of the significant rise in funding by governments.
Increasing Emphasis of Early Diagnosis to Boost MRI Equipment Market in Latin America
The increasing adoption of MRI systems for detection of severe internal injuries is propelling the MRI equipment market in Asia Pacific. This regional market also exhibits growth at a relatively higher pace. Besides, the increasing incidence of neurological and musculoskeletal disorders and rising number of patient pool will also bode well for the market. Government initiatives for installing new MRI machines in developing economies is likely to boost the market in Asia Pacific.
Strategic Collaborations among Key Players to Give Tailwinds to Growth
Players are entering into strategic collaborations and manufacturing improved MRI systems to gain competitive advantage in the global MRI equipment market. Besides this, they are focusing on mergers and acquisitions, new product launches, and adopting advanced technologies, to strengthen their position in the market. Some of the players operating in the global magnetic resonance imaging equipment market are SHENZHEN BASDA MEDICAL APPARATUS CO., LTD., Shenzhen Anke High-tech Co., Ltd, Hitachi, Ltd., Koninklijke Philips N.V., GE Healthcare, Fonar Corporation, Time Medical Holding, Esaote SpA, Canon Inc, and Siemens Healthcare.