Major players in the magnetic resource imaging devices and equipment market are Siemens Healthineers, GE Healthcare, Philips Healthcare, Hitachi Ltd. and Canon Medical Systems. The global magnetic resonance imaging devices and equipment market is expected to decline from $8.
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1 billion in 2019 to $6.6 billion in 2020 at a compound annual growth rate (CAGR) of -18.8%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. The governments across the countries prioritized covid-19 screening and imaging is not routinely used to screen for COVID-19. Also, most of the factories manufacturing diagnostic imaging equipment such as X-ray systems, ultrasound systems, computed tomography (CT) scanners, and MRI systems and/or their components, are currently shutdown inorder to keep the staff safe and contain the spread. The market is then expected to recover and grow at a CAGR of 6.2% from 2021 and reach $10.2 billion in 2023.
The magnetic resource imaging devices and equipment market consists of sales of magnetic resource imaging systems devices and equipment and related services. Magnetic resonance imaging (MRI) systems are imaging machines used to form pictures of inflammation or infection in an organ, degenerative diseases, strokes, musculoskeletal disorders, tumors, and other irregularities that exist in tissue or organs in a body. MRI systems use a fixed or static magnetic field and radio frequency signals to visualize anatomy, tissue characteristics, vascular flow, chemical composition of tissues, and perfusion and diffusion of tissues.
In 2018, North America was the largest region in the magnetic resonance imaging devices and equipment market. This region is expected to remain the largest during the next five years. The magnetic resonance imaging devices and equipment market in Asia Pacific is forecasted to register the highest CAGR during 2018-2023.
The EU agencies and US-FDA require 3 to 7 years along with all parts of the registration dossier to be submitted to approve the medical devices. The US-FDA assess each technical section for 6 months which may increase to another 6 months cycle if questions/concerns are raised. However, the technical sections’ assessment is done simultaneously and therefore the manufacturers should identify the time taking processes and plan the work accordingly and plan estimated date of approval. Also, the license validity and renewal of the application in EU region takes a toll on the manufacturer and adds to the existing regulatory burden. Therefore, the manufacturers of MRI systems, devices and equipment should plan well, communicate effectively in order to minimize the costs and reduce timelines.
Strict approvals and regulations by government bodies such as US Food and Drug Administration (FDA) is hampering the growth of magnetic resonance imaging systems, devices and equipment market. MRI systems manufacturers are required to comply several regulations in the form of device quality check, labeling, premarket approval, device investigation and reporting, apart from the regular registration process. Due to these stringent regulations, many manufacturers prefer to outsource the manufacturing to other countries where no such regulations are imposed. For instance, in July 2017, the European Medicines Agency (EMA), restricted the use of some linear gadolinium agents used in MRI body scans and to suspend the authorizations of others, as the gadolinium deposits are found in the brain after MRI scans. EMA has recommended these restrictions and suspensions in order to prevent any risks that could potentially be associated with gadolinium brain deposition.
Companies in the magnetic resonance imaging devices and equipment market are increasingly investing in advanced MRI imaging technologies to enhance their diagnosis and to reduce orders for rescans. The advanced MRI systems such as Multi contract MRI scanners, silent MRI Scanning technologies and others allow radiologists to modify patient’s image contrast after scanning, which is not possible with conventional imaging systems. For instance, in October 2017, the FDA cleared the first 7T MRI system, The Magnetom Terra from Siemens Healthineers, to strengthen the static magnetic field in the USA. Companies in the industry are collaborating to enhance technological advancements in the MRI systems and devices market. In September 2016, GE Healthcare collaborated with SyntheticMR AB to launch MAGiC (MAGnetic resonance image Compilation) software, the industry’s multi-contrast MRI system.
Changes in the lifestyle, technological advancement and increase in number of chronic diseases are increasing the demand for the diagnostics, driving the growth of MRI systems market. Magnetic resonance imaging (MRI) systems are used to produce three dimensional detailed anatomical images of the human body facilitating diagnosis, disease detection and treatment monitoring. The rising health concerns are increasing the demand for medical imaging technologies in healthcare centers for diagnosis. For instance, in India, 150,000 health and wellness centers with a budget of $ 1.8 billion enable the healthcare system more accessible. Increasing health consciousness and importance to health insurance is also causing significant growth in the market. For instance, in the USA, the number of uninsured dropped from 48.6 million in 2010 to 29.3 million in 2017 indicating an increase in the health concerns of the people.
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