Rising Geriatric Population Favors Growth of Magnetic Resonance Imaging Market

Magnetic Resonance Imaging

Rising global geriatric population is one of the key factors bolstering the growth of global magnetic resonance imaging market. Elderly population is more prone to various illnesses and chronic disorders such as cardiovascular disorders, orthopedic disorders, and respiratory disorders. Early identification and diagnosis of these diseases can help in optimizing their course of treatment and make informed decisions regarding one’s health. These aspects drive the need for advanced diagnosis equipment and medical support equipment. As various disorders and precisely, accurately, and timely diagnosed by advanced diagnostic technologies such as MRI, the growing elderly population is expected to drive global magnetic resonance imaging market in coming years.

MRI or magnetic resonance imaging is an advanced healthcare diagnostic technology that can obtain information from the interior of a patient’s body without harming them in any way. Products in global magnetic resonance imaging market can also be used for various technical purposes in multiple industries. MRI equipment can create 3D lifelike images of a certain object or a patient without using any ionizing radiation or hurting the patient in any way. Applications of products in magnetic resonance imaging market can be found in a number of medical fields such as spinal, orthopedic, head and neck, neurology, cardiovascular, prostate, and abdominal. Spinal segment held the largest share in global magnetic resonance imaging market in 2017 and is anticipated to remain at a dominant position in coming years.

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High Field MRI Equipment to Hold Leading Share in Magnetic Resonance Imaging Market

There are two categories in global magnetic resonance imaging market based on product design, namely open MRI and closed MRI. Manufacturers and product developers are focused on improving the technologies and quality pf construction of open MRI equipment. These machines (open MRI) are preferred by patients as closed MRI machines, even with their higher resolution characteristics, can cause some patients claustrophobia. This causes patients to have reservations against the closed MRI equipment. This has caused limited uptake of closed MRI equipment in global magnetic resonance imaging market. Hence, open MRI equipment with better output can help practitioners owing to better patient compliance.

Types of devices offered in the global magnetic resonance imaging market are low to mid field MRI machines (below 1.5 T), high field MRI machines (1.5 T to 3.0 T), very high field MRI machines (4.0 T to 5.0 T), and ultra-high field MRI machines (6.0 T and above). High field MRI machine (1.5 T to 3.0 T) is anticipated to hold leading share in the near future. End-users for the products in global magnetic resonance imaging market include hospitals, clinics, ambulatory surgical centers, and diagnostic imaging centers.

Asia Pacific Magnetic Resonance Imaging Market to Witness Growth in Near Future

Technologically enhanced healthcare infrastructure and rising prevalence of chronic diseases are key trends anticipated to propel significant growth in North America magnetic resonance imaging market. Other motivators for this regional market include rapid adoption of magnetic resonance imaging technologies by various medical service providers and increasing demand for early diagnosis of severe diseases and disorders in the region. Asia Pacific magnetic resonance imaging market is also expected to witness significant rise in coming years owing to improving healthcare infrastructure, rising geriatric population, and favorable government initiatives that promote usage of advanced and accurate diagnostic technologies. Players and manufacturers are expected to find lucrative opportunities in various underdeveloped and developing countries in Asia Pacific magnetic resonance imaging market in coming years.

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Some of the major incumbent players in global magnetic resonance imaging market are Alltech Medical Systems, Siemens Healthcare GmbH, Canon Medical Systems Corporation, Magnetica, Esaote SpA, Koninklijke Philips N. V., Hitachi, Ltd., and GE Healthcare. Players and manufacturers in global magnetic resonance imaging market are focused on product innovations and new product launches to capture larger consumer base and provide more accurate diagnostic equipment. For example, Siemens Healthcare GmbH launched a new product, MAGNETOM 10.5 T, an Ultra-high field MRI device.

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