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The market is segmented by Resolution, Application (Neurology, Gastroenterology, Cardiology, Oncology and Others), and Geography
Fastest Growing Market:
MRI is a powerful diagnostic tool which is replacing CT because of its higher sensitivity and use of non-ionizing radiations. Open MRI is the more popular one between the two available systems of MRI, open and closed. Open MRI systems have a magnetic field in the top and bottom and do not enclose the patient in a tunnel. Open MRI is used to accommodate claustrophobic, obese and pediatric patients.
Conventional MRI scanners are a cylinder shape, while an open MRI does not completely surround your body. It is usually open on two or three sides. An Open MRI provides a more relaxed, less confining environment and lower noise levels making it less stressful for you. Therefore all these factors are supporting the open system MRI market.
MRI is a powerful diagnostic tool which is replacing CT because of its higher sensitivity and use of non-ionizing radiations. Open MRI is the more popular one between the two available systems of MRI, open and closed. Open MRI systems have a magnetic field in the top and bottom and do not enclose the patient in a tunnel. This prevents the patients becoming Claustrophobic.
In the report, a detailed analysis of the open system MRI market is provided. The market is evaluated by collating revenues generated across segments, categorized by Resolution, Application, and Geography.
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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). 97% of MRI sites perform the brain examinations and 1 in 4 MRI scans is of the brain, making it one of the most commonly performed exams in neurology.
The neurological uses of MRI systems include the diagnosis of brain and spinal cord tumors, infection and vascular irregularities, which may lead to stroke. MRI can also detect the disorders, along with performing the monitoring of degenerative disorders, such as multiple sclerosis, and it can even document brain injury from trauma.
According to The American Speech-Language-Hearing Association (ASHA), worldwide, in 2016, there were approximately 27 million new cases of Traumatic Brain Injury (TBI) with an age-adjusted incidence rate of 369 per 100,000, which represents a 3.6% increase from 1990. In the same year, prevalence was 55.5 million individuals, representing an 8.4% increase from 1990.
Hence, the increase prevalence of TBI have resulted in increased demand for diagnostic imaging equipment like open MRI and hence this factor is expected for the market growth.
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North America currently dominates the open system MRI market, and it is expected to continue its stronghold for a few more years. This region is expected to increase its market share in the future, owing to the well-established healthcare system of the United States and the initiatives that are being carried out by the various organizations, along with the government to promote the disease diagnosis. Siemens and Philips are the leading companies in the United States.
The average MRI scanning cost ranges between USD 650 to USD 950 based on dye being used or not. With that, the United States has the largest market share in North America, and is also expected to record a high CAGR over the forecast period.
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Majority of the open system MRI are being manufactured by the some of the major key players. Market leaders with more funds for research and better distribution system have established their position in the market. Moreover, Asia-pacific is witnessing an emergence of some small players due to the rise of awareness. This has also helped the market grow.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Number of MRI Procedures
4.2.2 Increasing Product Launches
4.3 Market Restraints
4.3.1 High Cost of Open MRI Systems
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Resolution
5.1.1 Low- Field Scanner
5.1.2 Mid-field Scanner
5.1.3 High-Field Scanner
5.2 By Application
5.3.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
220.127.116.11 South Africa
18.104.22.168 Rest of Middle East and Africa
5.3.5 South America
22.214.171.124 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 GE Healthcare
6.1.2 Hitachi Medical Corporation
6.1.3 Philips Healthcare
6.1.4 Siemens Healthcare
6.1.5 ESAOTE SA
6.1.6 Canon Medical Systems Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments