Magnetic resonance imaging (MRI) market is expected to grow by 6.6% until 2023 – thebusinesstactics.com

The global MRI market is expected to record a CAGR of 6.6% over the forecast period, from 2018 to 2023.

MIR is a diagnostic tool for medical examinations as it is more sensitive than computed tomography, MRI does not use ionizing radiation. MRI is widely used in the diagnosis of several diseases, such as cancers, neurological and cardiac disorders. The increase in the incidence of these diseases promotes the rapid growth of the MRI market.

Increasing Adoption in Emerging Markets

The Increased Health Expenditure in the Asia-Pacific Region (APAC) allows physicians to diagnose MRI and CT scans, particularly for cancer exams. In addition, with the improvement of medical technologies, there has been better access to diagnosis and treatment in developing and underdeveloped countries. According to a study, in 2014, the availability and adoption rate of diagnostic equipment has increased in many APAC countries. In addition, China is one of the countries that spends heavily for MRI devices, to ensure their availability in hospitals and also develops MRI manufacturing capabilities. Factors such as aging of the population and indications such as cancer, cardiovascular, neurological and orthopedic diseases increase the demand for MRI in this region, as well as sales growth. In addition, other factors, such as the introduction of hybrid MRI systems and universal health coverage in North America, Europe and several Asian countries, are increasing market growth in the United States. # 39; MRI.

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Key Players: Bruker Corporation, Esaote SpA, Fonar Corporation, GE Healthcare, Hitachi Medical Systems, Neusoft Medical Systems Co. Ltd., Philips Healthcare, Siemens Healthcare, Aurora Imaging Technology, and Canon Medical Systems Ltd, among others.

The High Cost of MRI Systems

MRI machines vary in cost, which depends primarily on the strength of the scanner used. With high strength, scanners can provide very detailed images, increasing the overall cost of machines. The overall cost of MRI is a huge investment for health care providers. The cost usually ranges from $ 1 million to $ 3 million, sometimes even more. In addition, the construction of MRI suites may require an additional $ 5 million for the initial cost. With this, a particular MRI machine can be useful for certain parts of the body, such as the hand, feet and knees.

Given the high cost of investment and regular repairs, very few companies can provide quality machines, which could last 12-14 years. All of these factors are holding back the growth of the MRI market. Along with the decreasing availability of helium, the nature of MRI equipment has an impact on the growth of the MRI market.

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North America dominates the MRI market due to more advanced technology and the variety of imaging systems used for diagnosis. Favorable reimbursement policies and insurance coverage in the region help patients to make an early diagnosis, which is necessary for chronic diseases. As a result, the demand for these MRI systems is high in the North American region. The Middle East and Africa will experience the highest CAGR due to the rapid growth of the GCC MRI market.

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The areas covered in this report are as follows:

United States, North America (Canada and Mexico) Europe (Germany, France, United Kingdom, Russia and Italy) Asia-Pacific (China, Japan, Korea, India and Southeast Asia) South America (Brazil, Argentina, Colombia etc.) Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa) West Bank (Rest of the World) . Buy this report

• Analyze different market perspectives, using the badysis of Porter's Five Forces
• The type of treatment that should dominate the market
• Regions expected to experience growth the fastest during the forecast period
• Identifying the latest developments, market shares and strategies used by the main market players
• 3 months of support to badysts, as well as the estimation sheet of the market (in Excel)

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