Major players in the magnetic resonance imaging systems devices and equipment market are Siemens Healthineers, GE Healthcare, Philips Healthcare, Hitachi Ltd. and Canon Medical Systems. The global magnetic resonance imaging systems devices and equipment market is expected to grow from $7.
New York, May 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Magnetic Resonance Imaging Systems Devices And Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06067834/?utm_source=GNW
1 billion in 2020 to $7.96 billion in 2021 at a compound annual growth rate (CAGR) of 12.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $9.95 billion in 2025 at a CAGR of 5.7%.
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.
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.
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.
In March 2018, Philips collaborated with Hologic to give integrated solutions to professionals by gathering Hologic’s innovator mammography techniques with Philips’ diagnostic solutions. In January 2019, Koninklijke Philips N.V. launched new imaging systems solutions include Next MR Wave. These solutions will equip clinicians with particular data thereby resulting in the analysis. This development enhanced the company product portfolio which helps the company to produce adequate revenue.
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.
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, labelling, 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, 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.
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