Magnetic Resonance Imaging Systems Market Is Expected to Reach $6,802.7 Million by 2020 - New Report by MarketsandMarkets
(PRWEB) March 16, 2015 -- The global Magnetic Resonance Imaging systems market is poised to reach $6,802.7 million by 2020 from $5,093.0 million in 2014, at a CAGR of 5.0% from 2015 to 2020.
Factors such as rising aging population and technological advancement such as superconducting (SC) magnets, open architecture, high-field Magnetic Resonance Imaging and software applications are the major drivers of this market. However, high cost of Magnetic Resonance Imaging systems, declining reimbursement rates for Magnetic Resonance Imaging procedures and shortage of helium gas deposits are hindering the growth of this market.
The Magnetic Resonance Imaging systems market is segmented on the basis of architecture, field strength, application and region. On the basis of architecture, the Magnetic Resonance Imaging systems market is broadly segmented into closed Magnetic Resonance Imaging systems and open Magnetic Resonance Imaging systems. The closed Magnetic Resonance Imaging systems segment accounted for the largest share of the global Magnetic Resonance Imaging systems market in 2014.
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On the basis of field strength, the Magnetic Resonance Imaging systems market is categorized into low-to-mid-field Magnetic Resonance Imaging, high-field Magnetic Resonance Imaging, very-high-filed Magnetic Resonance Imaging and ultra-high-filed Magnetic Resonance Imaging. Very-high-field Magnetic Resonance Imaging is the fastest-growing segment of this market. On the basis of applications, the Magnetic Resonance Imaging systems market is classified into spine and musculoskeletal Magnetic Resonance Imaging, brain and neurological Magnetic Resonance Imaging, vascular Magnetic Resonance Imaging, pelvic and abdominal Magnetic Resonance Imaging, breast Magnetic Resonance Imaging and cardiac Magnetic Resonance Imaging. The brain and neurological Magnetic Resonance Imaging segment accounted for the largest share of the Magnetic Resonance Imaging systems market followed by spine and musculoskeletal Magnetic Resonance Imaging.
On the basis of regions, the Magnetic Resonance Imaging systems market is segmented into North America, Europe, Asia and Rest of the World (RoW). North America is further segmented into U.S. and Canada; Europe is subsegmented into Germany, U.K., France, Italy, Spain and Rest of Europe; Asia is subsegmented into China, Japan, India and Rest of Asia; while the Rest of the World (RoW) is classified into Brazil and other countries. In 2014, North America accounted for the largest share of the Magnetic Resonance Imaging systems market, followed by Asia. Both markets are estimated to register single-digit growth rates over the next five years.
Emerging markets (China, India, Brazil and Middle East); novel application areas such as multiple sclerosis and breast cancer and advent of hybrid Magnetic Resonance Imaging systems provide new growth opportunities to players in the Magnetic Resonance Imaging systems market.
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