The advent of Superconducting Magnets and Software Upgrades to Boost Market
Using magnetic resonance imaging technique is considered as an effective way of diagnosing disorders of the central nervous system, spine lesions, tumors, and the stroke affected areas of blood vessels and brain. The demand for this system is increasing with the rising geriatric population and their susceptibility to various diseases.
Also, the rising demand for minimally invasive or non-invasive diagnostic procedures will boost the uptake of magnetic resonance imaging machines. With recent advancements in scanning techniques such as superconducting magnets, MRI systems, and software grades.
Nowadays, manufacturers are installing advanced techniques in MRI machines where such machines will be compatible with cardiac pacemakers for better reading for the physicians. Such innovation is likely to boost the market in the coming years. Increasing awareness about serious disorders and their immediate actions and early diagnosis will help the market to grow remarkably in the coming years.
However, the market may face rough waters considering the high cost of MRI machines and inadequate reimbursement policies issued by various governments. Furthermore, the unavailability of such advanced medical services in underdeveloped nations may act as a restrain for the Global MRI Systems
Nevertheless, new entrants of vendors into the market and the scope of benefits from these emerging markets may bring better growth opportunities for the market during the forecast period.
The musculoskeletal segment is anticipated to rise at a faster rate among other categories based on application. This is due to the recently proven clinical efficacy of MRI systems in detailed bone imaging cases.
Again, the neurology segment, out of various applications will register a higher CAGR because of the expansion of neuroscience in developed nations and its application in medical therapies and testing devices. On the other hand, the hospital segment is likely to generate more revenue over the next few years, because of the significant rise in funding by governments.
Increasing Emphasis of Early Diagnosis to Boost MRI Equipment Market in Latin America
The increasing adoption of MRI systems for the detection of severe internal injuries is propelling the MRI equipment market in the Asia Pacific. This regional market also exhibits growth at a relatively higher pace. Besides, the increasing incidence of neurological and musculoskeletal disorders and the rising number of the patient pool will also bode well for the market. Government initiatives for installing new MRI machines in developing economies is likely to boost the market in the Asia Pacific.
The adoption of new MRI techniques and the presence of the majority of market players in North America will help the market to emerge at the fore. Meanwhile, the market in Latin America is likely to witness lucrative growth opportunities because of the increased adoption of MRI systems in the region. This, coupled with the rising emphasis of early diagnosis will help the market in Latin America contribute a significant share in overall market revenue.
Magnetic resonance imaging (MRI) is a medical imaging technique used in radiology to form pictures of the anatomy and the physiological processes of the body. MRI scanners use strong magnetic fields, magnetic field gradients, and radio waves to generate images of the organs in the body. MRI does not involve X-rays or the use of ionizing radiation, which distinguishes it from CT or CAT scans and PET scans. Magnetic resonance imaging is a medical application of nuclear magnetic resonance (NMR). NMR can also be used for imaging in other NMR applications such as NMR spectroscopy.
While the hazards of X-rays are now well-controlled in most medical contexts, an MRI scan may still be seen as a better choice than a CT scan. MRI is widely used in hospitals and clinics for medical diagnosis, staging of disease and follow-up without exposing the body to radiation. An MRI may yield different information compared with CT. Risks and discomfort may be associated with MRI scans. Compared with CT scans, MRI scans typically take longer and are louder, and they usually need the subject to enter a narrow, confining tube. In addition, people with some medical implants or other non-removable metal inside the body may be unable to undergo an MRI examination safely.
MRI was originally called NMRI (nuclear magnetic resonance imaging), but “nuclear” was dropped to avoid negative associations. Certain atomic nuclei are able to absorb and emit radiofrequency energy when placed in an external magnetic field. In clinical and research MRI, hydrogen atoms are most often used to generate a detectable radio-frequency signal that is received by antennas close to the anatomy being examined. Hydrogen atoms are naturally abundant in people and other biological organisms, particularly in water and fat. For this reason, most MRI scans essentially map the location of water and fat in the body. Pulses of radio waves excite the nuclear spin energy transition, and magnetic field gradients localize the signal in space. By varying the parameters of the pulse sequence, different contrasts may be generated between tissues based on the relaxation properties of the hydrogen atoms therein.
Since its development in the 1970s and 1980s, MRI has proven to be a versatile imaging technique. While MRI is most prominently used in diagnostic medicine and biomedical research, it also may be used to form images of non-living objects. MRI scans are capable of producing a variety of chemical and physical data, in addition to detailed spatial images. The sustained increase in demand for MRI within health systems has led to concerns about cost-effectiveness and overdiagnosis.
Strategic Collaborations among Key Players to Give Tailwinds to Growth
Players are entering into strategic collaborations and manufacturing improved MRI systems to gain a competitive advantage in the global MRI equipment market. Besides this, they are focusing on mergers and acquisitions, new product launches, and adopting advanced technologies, to strengthen their position in the market.
Tanay Bhalla is a part of the very talented content team at Fortune Business Insights. He is a highly-driven writer with extensive experience in market research. Tanay specializes in blogs, articles and press releases. His approach to writing is simple, intended to ensure a seamless read.