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Albany, New York, Sept. 17, 2019 (GLOBE NEWSWIRE) -- Regions where the geriatric population is high, there the government and institutions are making significant efforts to improve health care facilities. North America is likely to be a leading region in the healthcare sector, as the region has high geriatric population and use of advanced technologies is also high in this region. In the global Magnetic Resonance Imaging Market as well, North America is leading the market. People in this region are highly aware about the benefits of imaging devices, which lead the demand for magnetic resonance imaging. Moreover, supportive reimbursement policies and high insurance coverage benefits patients to undergo early diagnosis that is necessary in case of chronic diseases. Attributing to these factors, North America is considered a prime location for the growth of magnetic resonance imaging market.
On the other hand, Asia Pacific is also expected to contribute significant in the growth of the global magnetic resonance imaging market in the coming years. Booming medical tourism in the region is driving growth in the advanced medical imaging industry. Increasing healthcare investments, availability of skilled and professional staff, and rising initiatives taken to enhance healthcare facilities has made this region a lucrative market for the growth of magnetic resonance imaging.
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Besides regional insights, other aspects are also there that augments growth in the global magnetic resonance imaging market that are thoroughly analyzed in the report published by Transparency Market Research. According to the report, revenue generation in this market is expected to reach near ~ US$ 9.2 billion by the end of 2026. The figure is higher than ~ US$ 5.9 billion earned in 2017 creating an incremental opportunity close to US$ 3.3 billion between 2018 and 2026. Growth rate is also expected to be 5.2% over the forecast period.
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Few Players Holding Significant Position in the Magnetic Resonance Imaging Market
Companies play a key role in influencing growth in any market. In the global magnetic resonance imaging market Siemens Healthcare GmbH, Koninklijke Philips N.V., and GE Healthcare are prominent players in this market. Other players include Esaote SpA, CANON MEDICAL SYSTEMS CORPORATION, Hitachi, Ltd., Magnetica, and AllTech Medical Systems. Leading players in this market are increasing their geographical reach by reaching out and establishing units in newer regions. They are also making significant efforts diversifying their product portfolio and establishing strong distribution network. Additionally, key players are also providing modalities of magnetic resonance imaging equipment that assists them in further strengthening their presence. Another very crucial strategy used by these players is that they are collaborating and initiating partnership with players in low income countries that will benefit them in penetrating in new markets.
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Government Initiative in Improving Healthcare Facilities is Advancing Growth of Magnetic Resonance Imaging
Increasing pressure on government in providing better and advanced healthcare facilities is considered one of the significant factor augmenting growth in the global magnetic resonance imaging market. Huge geriatric population is also a concern for government, as they bound to provide better facilities to them at lower cost and assist them in reducing financial burden. Therefore, governments across the globe came up with different policies and initiated schemes and programs that will benefits patients at large. The also started developing establishing infrastructure with facilities including head and neck, spine, orthopedic, neurology, cardiovascular, abdominal and prostate health care where the adoption rate of latest magnetic resonance imaging equipment is high. Moreover, they also carrying out partnership with different companies to ease product availability in the market. Thus, attributing to all these factors, there are huge growth opportunities in the global magnetic resonance imaging market in the coming years.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Magnetic Resonance Imaging Market (Application - Spine, Neurology, Orthopedic, Cardiovascular, Head and Neck, Abdominal and Prostate; Design - Open MRI, Closed MRI; Device Type - Low-to-Mid Field MRI (below 1.5T), High Field MRI (1.5T - 3.0T), Very High Field (4.0T - 5.0T), Ultra-High Field MRI (6.0T and above); End user - Hospitals, Ambulatory Surgical Centers, Diagnostic Imaging Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026”.
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