Global Magnetic Resonance Imaging (MRI) Market Research and Analysis, 2015-2021

Rising adoption of imaging techniques for diagnosis is expected to augment the MRI market

The MRI is an imaging technique used to visualise internal structure of the body generating magnetic field. Images created by the machine is registered and processed by associated computer in order to produce images of body structure. A major advantage of the MRI machine is that it does not expose patients to ionising radiation as compared to X-rays or CT scan. It is used to find and pinpoint some cancers including brain and spinal cord tumour. It is also used to detect a tumour that whether it is a cancerous or not. Due to this, a significant growth in the global MRI market will be observed in near future.

Increase in prevalence of malignant and non-malignant tumours are the  major factor for augmenting the global MRI market. As per the US National Brain Tumour Society, about 700,000 people have a primary brain tumour and about 80,000 will get diagnosed in 2018 out of which 28% will be children. 80% of the total brain tumour are benign and 20% are malignant. As per Cancer Research UK, about 11,500 cases of brain tumour had been reported in 2015 in the UK. It was the 11^th most common cancer in the region. The number of non-malignant tumours are expected to be much higher. The rising need to diagnosis tumours are expected to augment the global MRI market in the near future. 

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Rising adoption of MRI diagnostic system is also expected to augment the global MRI industry. At global level number of diagnosis machine has been increased with a significant growth rate both in developed and developing economies. Among major economies, the US has the highest rate of MRI machine. As per OECD, there were 31.5 MRI machines per million in 2010 in the US which has increased to 39 machines per million in 2015. In Germany, MRI machines has been increased to 34 per million in 2015 from 27 in 2010. In the US, in 2015 about 120 per 1,000 people go through  MRI exam. Similarly, it is 105 per 1,000 persons in France. Well-developed healthcare infrastructure is further expected to augment the market in the developed economies. In the developing economies such as China, India and Brazil, the penetration of MRI machines is expected to be quite lower and due to continuous economies growth and enhancement in healthcare condition it can be expected the MRI market will observe a significant market in these economies.

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Major companies active in the MRI Industry are GE Healthcare, Hologic, Phillips Healthcare, Emergence Teleradiology, Planmed, Aurora Imaging Technology, Fonar Corporation, Agilent Technologies. Some other major players are Hitachi Medical Corporation, Medtronic, Johnson & Johnson, Siemens Healthcare, Toshiba Medical Systems, Sectra, Neusoft Medical Systems, and Imris. New product launch has been observed globally in MRI industry. Recently, in Jun, 2018 Tata Trusts’ Foundation for Innovation and Social Entrepreneurship (FISE) has launched portable MRI machine. It is a 1.5 Tesla whole body MRI scanner. USP of the MRI machine is that they are about four time faster, lightweight, consume less power and easy to carry. Philips Healthcare is also launching products continuously. In Mar, 2018, the company has launched 3T MRI scanner Ingenia Elition 3.0T. In Jan, 2018 the company introduced Ingenia Prodiva 1.5T MRI. To remain as a market leader, the companies are adopting various strategies including new product launch, investment in R&D, partnership, and mergers & acquisition which is expected to provide a significant growth to the global MRI market.

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