Growing Awareness Among People For Early Diagnosis Of Health Disorders
MRI is one of the safest diagnostic scan methods as it does not produce any harmful radiation, as in the case of x-rays and CT scans. The high quality of images produced allow medical professionals to diagnose accurately. These factors raise the demand for MRI as opposed to other diagnostic imaging scans which is estimated to boost the market growth in future.
Increasing Geriatric Population To Support The Market Growth
The rise in elderly population across various regions globally increases the demand for regular diagnostic scans in order to detect the onset of any health disorders among them. WHO estimated that by 2020, the number of people above the age of 60 will outnumber the children below the age of 5. Moreover, the proportion of the world’s population aged 60 years and older was estimated to increase from 12% to 22% between 2015 and 2050. This is estimated to significantly propel the growth of MRI systems market during the forecast period.
The MRI systems market is anticipated to record a CAGR of around 6.5% over the forecast period, i.e., 2019-2027. The market is segmented by system type, by mobility, by application, by end user and by region, out of which, the system type segment is further segmented into closed MRI systems and open MRI systems. Based on system type, closed MRI systems segment is anticipated to hold the largest share in the MRI systems market as a result of accurate and detailed scans provided by this system. Since the system is closed, a stronger magnetic field is projected on the body which provides high quality images and better diagnosis. Moreover, the scan is quicker through closed MRI systems. However, the claustrophobia associated with closed MRI scans and the ease of scanning through open MRI systems makes the open MRI systems the preferred diagnostic method among some people.
According to diagnostic imaging statistics by the National Health Service, England, there were around 41 million imaging tests reported in the country between February 2016 and January 2017. Out of these, 0.28 million tests that were performed in January 2017 were Magnetic Resonance Imaging (MRI) tests. The large number of imaging tests that are conducted for diagnostic purposes is anticipated to substantially raise the demand for MRI scans in the upcoming years.
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Not Suitable For People With Any Metallic Implant Such As Pacemaker Or For Pregnant Women
Since MRI scans use magnetic fields and radio waves to produce an image of the body, there should be no metal product present around the MRI system as it could interfere with the imaging procedure and harm the patient as well. Further, pregnant women, especially those in the first trimester, are advised to not get MRI scans as it could negatively affect the development of the fetus. These factors are estimated to restrict the market growth.
Our in-depth analysis of the MRI systems market includes the following segments:
By System Type
By End User
On the basis of regional analysis, the MRI systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Based on these regions, the MRI systems market in North America is anticipated to hold the largest share in the market and retain the highest market revenue globally during the forecast period on account of growing technological advancements in the region and increasing expenditure by people on healthcare, including diagnostic tests. According to the World Health Organization, the health expenditure incurred by the North America region was recorded to be around 16.58% of the GDP in 2016. The market in Asia-Pacific region is estimated to grow at a significantly high rate during the forecast period as a result of rising population in the region, out of which, a large section includes the geriatric population. Entrance and expansion of major key players into the market in this region is projected to be another growth stimulating factor for the MRI systems market.
The MRI systems market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani