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Magnetic Resonance Imaging Equipment Market Worth USD 11.36 Billion at 6.2% CAGR; Need for High Quality Images to Boost Growth, says Fortune Business Insights™

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Pune, Aug. 27, 2020 (GLOBE NEWSWIRE) — The report mentions that the Magnetic Resonance Imaging Equipment Market size was USD 7.24 billion in 2019 and is projected to reach USD 11.36 billion by 2027, exhibiting a CAGR of 6.2% during the forecast period.The global Magnetic Resonance Imaging Equipment Market is anticipated to gain momentum from the rising launch of technologically advanced products by reputed companies across the globe. These products are delivering high quality images and spatial resolution for faster detection of chronic diseases.This Report Answers the Following Questions:Which companies would generate the largest revenue in the coming years?Which segment is likely to lead the market by holding the highest share?What are the growth drivers, barriers, and trends in the market?Which end user would create the maximum demand for MRI equipment in the coming years?What are the vital strategies adopted by key companies to gain competitive edge?
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Drivers & Restraints-Rising Cases of Strokes & Cancer to Accelerate GrowthThe rising incidence of various forms of cancer is the most crucial driver for the Magnetic Resonance Imaging Equipment Market growth. In 2018, the National Cancer Institute estimated that approximately 1,735,350 new cases of cancer will be diagnosed in the U.S. in that very year. Breast cancer, for instance, is the most prevalent type of cancer across the globe that can be smoothly detected and managed by utilizing MRI equipment.They also help in providing high quality images of areas that are specifically affected by strokes. As of January 2020, the Centers for Disease Control and Prevention (CDC) announced that in the U.S., around 795,000 people suffer from strokes every year. However, many developing nations are opting for refurbished MRI systems rather than purchasing new ones as they involve high cost spending. It may obstruct the market growth.The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Competitive Landscape-Key Players Aim to Gain Competitive Edge by Launching Unique ProductsSeveral organizations present in the market are introducing state-of-the-art product ranges, such as SIGNA by GE Healthcare. These are available in the strengths of 3.0 T and 1.5 T. Some of the others are expanding their geographic presence by following the mergers and acquisitions strategy. Below are two of the latest industry developments:November 2019: Koninklijke Philips N.V., a multinational conglomerate corporation headquartered in Netherlands, announced that its BlueSeal magnet will by launched in India in the beginning of 2020. It is mainly designed to simplify the installation process of MR, as well as reduce costly and lengthy disruptions in the services. The magnet requires only 7 litres of liquid helium and will deliver sustainable operations. This new technology will help the healthcare professionals in attending to every patient with more time and care.September 2018: Philips unveiled its latest 1.5T MR named the Ingenia Ambition X. It is a fully-digitized MRI equipment that features a wide range of life cycle and maintenance services, as well as healthcare informatics for integrated solutions. It would provide a simpler, smarter, and faster path to ensure confident diagnosis. It would also help in removing the dependency on a commodity by enabling helium-free operations. Besides, it does not require a vent pipe.
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Regional Analysis-
North America to Remain at the Forefront Owing to Rising Prevalence of Chronic DiseasesIn terms of geography, North America procured USD 1.54 billion revenue in 2019 and is considered to be one of the largest markets. The region would lead in the forthcoming years owing to the presence of a large number of MRI equipment manufacturers, as well as the rising patient pool.Coupled with this, the ongoing advancements in diagnostics, increasing prevalence of chronic diseases, surging imaging procedural volume, and robust healthcare infrastructure would contribute to the growth.Fortune Business Insights™ presents a list of all the MRI equipment manufacturers operating in the market. They are as follows:General Electric Company (GE Healthcare)Siemens Healthineers AGKoninklijke Philips N.V.Canon Medical Systems CorporationHitachi, Ltd.Esaote SpATime Medical HoldingShenzhen Anke Hi-tech Co., Ltd.Shenzhen Basda Medical Apparatus Co., Ltd.Fonar CorporationOthers
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Magnetic Resonance Imaging Equipment Market Segmentations:By Strength•              Less than 1.5 T•              1.5 T•              More than 1.5 TBy Application•              Musculoskeletal•              Neurology•              Cardiology•              Body Imaging•              OthersBy End User•              Hospitals•              Ambulatory Surgical Centers•              Diagnostic CentersBy Geography•              North America (USA and Canada)•              Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)•              Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)•              Latin America (Brazil, Mexico, Rest of Latin America)•              Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa)
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About Us:Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
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