Asia Pacific Magnetic Resonance Imaging (MRI) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Asia Pacific Magnetic Resonance Imaging (MRI) Market is segmented by Architecture (Closed MRI Systems and Open MRI Systems), Field Strength, Application, and Geography.

Market Snapshot

Market Snapshot1
Study Period: 2018 - 2026
Base Year: 2020
CAGR: 3.5 %

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Market Overview

The Asia-Pacific Magnetic Resonance Imaging (MRI) Market is expected to register a CAGR of 3.5% during the forecast period. The major factors driving the growth of the market in the Asia region is due to the advanced healthcare facilities, technological advancements, increase in the ageing population, rising incidence of diseases, growing demand for advanced healthcare facilities like MRI.

For instance according to the World Population Ageing 2019 report, in China population aged above 65 years or over is expected to reach 246.98 million by 2030 from 164.48 million in 2019. As the number of the elderly population is expected to rise in the near future who are more prone to chronic diseases such as cardiovascular and neurological diseases which will boost the market over the forecast period.

Thus, owing to the above-mentioned factors along with the fastest-growing economy in the Asia-Pacific region, healthcare industries, and advancement in medical research which is expected to show significant growth in the near future.

Scope of the report

As per scope of the report, magnetic resonance imaging is a medical imaging technique, which is used in radiology to produce pictures of the anatomy and the physiological processes of the body in both health and disease. These pictures are further used to diagnose and detect the presence of abnormalities in the body. The Asia-Pacific Magnetic Resonance Imaging (MRI) Market is segmented by architecture, field strength, application, and geography.

By Architecture
Closed MRI Systems
Open MRI Systems
By Field Strength
Low Field MRI Systems
High Field MRI Systems
Very High Field MRI Systems and Ultra-high MRI Systems
By Application
Oncology
Neurology
Cardiology
Gastroenterology
Musculoskeletal
Other Applications
Geography
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific

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Key Market Trends

Neurology Segment is Expected to Hold Major Market Share and is Believed to Continue the Same Over the Forecast period

Magnetic Resonance Imaging (MRI) is the best tool for diagnostic imaging and neuroscience research. It provides morphological images with the highest spatial resolution and unmatched soft tissue contrast, as well as the unique functional information of the central nervous system (CNS).

MRI can also detect the disorders, along with performing the monitoring of degenerative disorders, such as multiple sclerosis, Alzheimer's disease, dementia and it can even document brain injury from trauma.

According to Dementia Australia, approximately 459,000 Australians are living with dementia in 2020, and almost 1.6 million Australians involved in their center for care. It is also estimated that the number of people with dementia is expected to upsurge to 1.1 million by 2058. It is the leading cause of death of women in Australia, the second leading cause of death in this country and it is predicted to become the leading cause of death within the next five years.

Hence, the use of MRI is expected to increase in the coming years in the diagnosis of the disease which will drive the segment in the near future.

APAC MRI key trend 1.png

Competitive Landscape

The Asia-Pacific Magnetic Resonance Imaging (MRI) Market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and quality service provision, mid-size to smaller companies are increasing their market presence by introducing new products with fewer prices. Some of the companies involved in the market are Siemens Healthcare, GE Healthcare, Canon Medical Systems Corporation, Koninklijke Philips NV, Hitachi Ltd, Esaote SpA, Aurora Imaging Technology, and Neusoft Medical Systems Co. Ltd.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Introduction of Hybrid MRI Systems

      2. 4.2.2 Availability of Universal Health Coverage in Several Asian Countries

      3. 4.2.3 Increasing Adoption in Emerging Asian Markets

    3. 4.3 Market Restraints

      1. 4.3.1 High Cost of MRI Systems

      2. 4.3.2 Declining Helium Availability

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Architecture

      1. 5.1.1 Closed MRI Systems

      2. 5.1.2 Open MRI Systems

    2. 5.2 By Field Strength

      1. 5.2.1 Low Field MRI Systems

      2. 5.2.2 High Field MRI Systems

      3. 5.2.3 Very High Field MRI Systems and Ultra-high MRI Systems

    3. 5.3 By Application

      1. 5.3.1 Oncology

      2. 5.3.2 Neurology

      3. 5.3.3 Cardiology

      4. 5.3.4 Gastroenterology

      5. 5.3.5 Musculoskeletal

      6. 5.3.6 Other Applications

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 Japan

        3. 5.4.1.3 India

        4. 5.4.1.4 Australia

        5. 5.4.1.5 South Korea

        6. 5.4.1.6 Rest of Asia-Pacific

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Siemens Healthcare

      2. 6.1.2 GE Healthcare

      3. 6.1.3 Canon Medical Systems Corporation

      4. 6.1.4 Koninklijke Philips NV

      5. 6.1.5 Hitachi Ltd

      6. 6.1.6 Esaote SpA

      7. 6.1.7 Aurora Imaging Technology

      8. 6.1.8 Neusoft Medical Systems Co. Ltd

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies, and Recent Developments

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Frequently Asked Questions

The Asia Pacific Magnetic Resonance Imaging (MRI) Market market is studied from 2018 - 2026.

The Asia Pacific Magnetic Resonance Imaging (MRI) Market is growing at a CAGR of 3.5% over the next 5 years.

Siemens Healthcare, GE Healthcare, Canon Medical Systems Corporation, Koninklijke Philips NV, Hitachi Ltd are the major companies operating in Asia Pacific Magnetic Resonance Imaging (MRI) Market.

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