En Es

Industry News

Global Magnetic Resonance Imaging (MRI) Market to be driven by Advancements in Medical Diagnostics

By Medimaging International staff writers
12 Jun 2020

Image: Magnetic Resonance Imaging Market (Photo courtesy of Transparency Market Research)The global magnetic resonance imaging (MRI) market was valued at USD 5.90 billion in 2017 and is projected to register a CAGR of 5.2% from 2018 to 2026, driven by increased demand for MRI equipment across the world due to a substantial rise in incidence of disorders related to spine, neurology, orthopedic, cardiovascular, head and neck, and abdominal and prostate.

These are the latest findings of Transparency Market Research (Baner, Pune, India), a market research and consulting company.

The effectiveness of MRI scans in diagnosing disorders in the brain, spinal cord, and other critical regions is driving sales of the global MRI market. The need to treat and manage spinal disorders has given a thrust to the growth of the global MRI market. Medical practitioners give immense importance to MRI scans while treating and managing cases of spinal disorders. Furthermore, the rising incidence of neurological disorders has also provided an impetus to the growth of the global MRI market. The relevance of MRI in the domain of orthopaedic testing has also boosted its market growth. Besides, the health of people suffering from prostate diseases is also monitored with the help of MRI scans. Several new treatment lines that involve the use of MRI have come to the fore in recent times. The domain of cardiovascular surgery has also emerged as a prominent user of MRI technologies. Head and neck injuries are diagnosed using specialised MRI machines.

Additionally, there is increasing pressure on governments to explore avenues for improving health care facilities for the geriatric population while reducing the financial burden. An upsurge in the geriatric population is likely to boost the demand for health care products and services as this segment of population is more prone to diseases, such as, orthopedic (osteoporosis), cardiovascular diseases, etc. The identification of these disorders is crucial for decision making and ensuring proper treatment. These diseases can be accurately diagnosed with the use of imaging equipment, such as MRI. Hence, a rise in the aging population is expected to drive the growth of the global MRI market in the near future.

The development of health care infrastructure in the emerging economies, coupled with growing awareness about the available treatment options for spine, neurology, orthopedic, cardiovascular, head and neck, and abdominal and prostate health issues has led to rapid adoption of the latest MRI equipment in regions, such as, Asia Pacific, the Middle East, Latin America, and emerging African countries. Increased efforts made by government and health care organizations in such countries for the efficient treatment of patients have boosted the adoption of MRI equipment. Geographically, North America dominated the global MRI market in 2017. Going forward, technological advancements, increase in prevalence of chronic diseases, rapid adoption of MRI equipment by service providers, and rise in demand for early diagnose of diseases are likely to boost the growth of the North American MRI market during the forecast period. The MRI market in Asia Pacific is expected to witness a significant growth during the forecast period, driven by untapped opportunities, improving health care infrastructure, favorable government initiatives, and increase in the geriatric population.

However, the high price of MRI scanners is a major restraining factor for the growth of the MRI market in the emerging countries. In these regions, complementary systems, such as ultrasound are installed as an alternative to MRI equipment. Moreover, despite the procurement of expensive high resolution closed system MRI equipment, they cannot be used fully as a large number of patients suffer from claustrophobia and have reservations against using such equipment. These factors have resulted in limited adoption of premium devices, such as, very high field MRI (4.0t - 5.0t) and ultra-high field MRI (6.0t and above), thereby leading to average growth of the MRI market. Nevertheless, technological advancements have prompted the development of high resolution open MRI equipment. These devices are likely to be widely accepted in the near future due to better patient compliance and improved skills of caregivers.

Related Links:
Transparency Market Research

E-mail Print
FaceBook Twitter Google+ Linked in

Additional news

23 Jun 2020
Omnia Health Live Unites Global Healthcare Community Through New Virtual Experience
Omnia Health Live, a virtual healthcare event, has brought the global healthcare community together on a scale never seen before through a new experience delivered entirely online.
Read More
30 May 2020
MEDICAL FAIR ASIA 2020 Set to Take Place in Singapore from 9-11 December 2020
MEDICAL FAIR ASIA 2020 is set to take place in Singapore from 9-11 December 2020 at Marina Bay Sands, with the exhibition featuring the latest medical technology and innovations, and healthcare equipment and supplies.
Read More
20 Apr 2020
Nova's Stat EMS Basic Blood Testing System Launched in CE Mark Countries
Nova Biomedical (Waltham, MA, USA) has launched the Stat EMS Basic blood testing system for ambulance and emergency care in CE mark countries. Stat EMS Basic measures fingerstick capillary lactate, glucose, ketone, hemoglobin, and hematocrit in six to 40 seconds with laboratory-quality results.
Read More
20 Apr 2020
Nova's Stat Profile Prime Plus Blood Gas Analyzer Receives FDA Clearance for POC Use
Nova Biomedical (Waltham, MA, USA) has secured clearance from the US Food and Drug Administration (FDA) for its Stat Profile Prime Plus critical care blood gas analyzer for point-of-care (POC) use.
Read More
17 Apr 2020
ECR 2020 to Go Ahead as Online Congress on July 15-19, 2020
In view of the ongoing spread of COVID-19 across the world and its growing global impact, the board of directors of the European Society of Radiology (Vienna) has decided not to hold an onsite European Congress of Radiology (ECR) in 2020. Instead, ECR 2020 will go ahead as an online congress to ensure a safe experience for its members, partners, staff and the general public.
Read More
08 Apr 2020
Nova Biomedical Adds PT/INR Test to Allegro Analyzer for POC Testing
Nova Biomedical (Waltham, MA, USA) has added PT/INR testing for its Allegro capillary blood analyzer for point-of-care (POC) testing in primary care settings. With the ability to test for clotting disorders and monitor the effectiveness of blood-thinning medications, the Allegro and its StatStrip-A companion meter provide 18 clinically important tests to help physicians make therapeutic decisions and adjustments at the POC.
Read More
01 Apr 2020
SymphonyAI Acquires TeraRecon
SymphonyAI Group (Los Altos, CA, USA), an operating group of leading business-to-business artificial intelligence (AI) companies, has acquired TeraRecon (Durham, NC, USA), an advanced visualization and AI solution provider for medical imaging.
Read More
23 Mar 2020
Artificial Intelligence-Based Methods to Cut MRI Read Times Receives USD 250K Grant
 Research to detect and predict blocked arteries and cardiovascular risk using knee MRI images conducted by Chun Yuan, Ph.D., Professor of Radiology and Bioengineering and Vice Chair for Global Affairs at the University of Washington (Seattle, WA, USA) has been recognized and awarded a grant by the American Heart Association’s (AHA) Institute for Precision Cardiovascular Medicine (Dallas, TX, USA).
Read More
23 Mar 2020
Surgical Robots Market to Reach USD 13.1 Billion by 2027 Due to High Acceptance in Emerging Regions
 The global surgical robots market is forecasted to reach USD 13.1 billion by 2027, driven mainly by low turn-around times and increased innovation in robotics over the coming years. Surgical robots are finding increased acceptance in the emerging Asia region, according to a study by Transparency Market Research (Albany NY, USA), a next-generation market intelligence provider. The study is based on recent findings by IEEE (an Association for Electronic Engineering) that millennial parents are increasingly opting for robotic surgeries for their children in Asia Pacific region. The study also reveals that low availability of robotic surgeries remains a concern.
Read More
Copyright © 2000-2020 TradeMed.com. All rights reserved. | Terms And Conditions