This report provides exclusive insights into the COVID-19 impact on the Magnetic Resonance Imaging Market. The detailed analysis provides information about the impact of the outbreak on the demand and supply conditions, trends and forecasts of the Magnetic Resonance Imaging Market. Moreover, the impact analysis covers the study of the COVID-19 on the supply chain of Magnetic Resonance Imaging Market. The sectoral impact shall provide insights into both short term and long term effects of the pandemic on the related and support industries.
A recent report published by Infinium Global Research on magnetic resonance imaging market provides an in-depth analysis of segments and sub-segments in the global as well as regional magnetic resonance imaging market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional magnetic resonance imaging market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global magnetic resonance imaging market. According to a report the global magnetic resonance imaging market is projected to grow at a CAGR of 4% over the forecast period of 2018-2024.
Magnetic resonance Imaging (MRI) is a diagnostic imaging technique that uses a powerful magnetic field and radio waves to produce detailed images of the organs and tissues within the human body. MRI helps to diagnose certain diseases including the brain, breasts, bones, heart, internal organs and spine. Additionally, it also identifying complications of infectious diseases and detecting musculoskeletal disorders and injuries. MRI machine is a large tube surrounded by a giant circular magnet. When the patient is placed on the movable bed the magnetic field temporarily realigns hydrogen atoms in the human body. The various protons of the body produce very faint signals that are used to create cross-sectional images. Functional MRI is the special type of MRI that maps the brain activity.
Growing awareness related to early diagnosis through MRI especially in cancer examinations is the major key factor driving the growth magnetic resonance imaging market. In addition, the high demand for MRI system in a diagnostic center, hospital and clinics have a positive impact on the growth of magnetic resonance imaging market. Moreover, growing the geriatric population coupled with higher chances of chronic disease are some factors which also escalating the market growth. However, the high cost of MRI systems is restraining the growth of the market particularly in the developing and underdeveloped countries. In addition, the availability of refurbished MRI machines also impacts the market growth. Moreover, the improvement in medical technologies for better access to diagnosis in developing countries offers huge opportunities for the magnetic resonance imaging market.
Among the region, North America held the largest share in magnetic resonance imaging market owing to the more technological advancement in the imaging system. Early diagnosis for the chronic diseases offers demand for MRI system in this region. Additionally, market players in the North America region are focusing on developing an advanced solution. The Asia-Pacific is anticipated to rise at a moderate rate in this market during the forecast period. Growing healthcare expenditure is also a supporting factor for this market in the Asia-Pacific region. In addition developing country such as China is spending more on the MRI machine. Growing aging population along with increasing cases of chronic diseases such as cancer and neurological, cardiovascular and orthopedic condition. This, in turn, expanding the demand of magnetic imaging market in the Asia-Pacific region.
The report on global magnetic resonance imaging market covers segments such as field strength, application, and architecture. On the basis of field strength the global magnetic resonance imaging market is categorized into a low field (below 0.3T), mid-field (0.3T to 1.0T), high field (1.0T to 3.0T), very high field (3.0T to 7.0T) and ultra-high field (above 7.0T). On the basis of application, the global magnetic resonance imaging market is categorized into oncology, neurology, cardiology, gastroenterology and musculoskeletal. On the basis of architecture, the global magnetic resonance imaging market is categorized into open MRI systems and closed MRI systems.
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-Pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global magnetic resonance imaging market such as Esaote SpA, Neusoft Medical Systems Co., Ltd, Philips Healthcare, Siemens Healthineers, Canon Medical Systems Ltd, Bruker Corporation, Fonar Corporation, Hitachi Medical Systems, GE Healthcare, and Aurora Imaging Technology.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global magnetic resonance imaging market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of magnetic resonance imaging market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the magnetic resonance imaging market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the magnetic resonance imaging market to understand the present and future trends in this market and formulate their strategies accordingly.