The size of the European Open MRI Systems Market is predicted to value USD 1.11 billion by 2027 from USD 0.80 billion in 2022, growing at a CAGR of 6.70% during the forecast period. The market is primarily driven by the growing awareness of the benefits of early analysis, technical advances leading to the replacement of low-discipline MRI structures with large-area MRI structures, and the finding of additional helium resources.
The growth of the European open MRI systems market is expected to be driven by the rising prevalence of age-associated chronic diseases, increasing healthcare expenditure, and increasing MRI techniques. Also, the growing geriatric population and changing lifestyles are the major factors accelerating the market growth in the developed countries such as Germany, UK, Italy, and France. The largest shares of the market are attributed to an increase in emergency cases with serious damage to the brain and other body parts. In addition, a rising number of cancer and other illness patients merely creates market growth opportunities. The use of MRI is steadily increasing; for example, customized care is becoming an important element of medicine, and molecular imaging is making a big contribution through non-invasive methods for accurate disease diagnosis and determination.
According to the European Cancer Information System (ECIS), Europe's cancer burden is expected to increase to 2.7 million new cases and 1.3 million deaths by 2020. As a result, all of these elements contribute to the open European system MRI market. Furthermore, due to Europe's high cancer rate, open system MRI, which aids in planning cancer treatments such as surgery or radiation, is likely to grow in popularity in the near future. With all of these factors in mind, the Europe Open System MRI Market is anticipated to expand significantly throughout the forecast period.
When MRI is combined with other strong imaging methods, such as radiography, it can treat infertile patients. Furthermore, combining Magnetic Particle Imaging (MPI) with MRI allows for high-resolution pictures of inside organs and tissues. All of these factors contribute to the market's expansion.
However, few factors may restrain the market growth, such as the high cost of MRI systems. In addition, a lack of awareness and reimbursement policies in some countries may impede the market growth.
This research report on the European Open MRI Systems Market is segmented and sub-segmented into the following categories.
By Field Strength:
Geographically, the European Open MRI systems market is most likely to register a CAGR of 6.7% during the forecast period. The European Open MRI System Market held the largest share over the forecast period, and it is anticipated to witness rapid share throughout the forecast period. Increasing age-related chronic disease and growing demand for safe & accurate diagnostic methods are primarily driving the market. Germany dominated the MRI System Market and is likely to continue its dominance throughout the forecast period. Most MRI scans were performed in Germany. 136 scans per 1,000 people were recorded by the nation last year. Furthermore, the segment's expansion is projected to be fuelled by the region's constantly changing healthcare infrastructure and supportive government regulations. Growing geriatric population and increasing incidences of emergency cases of several brain injuries are augmenting the market growth.
According to the Germany Federal Statistical Office's 2020 estimate, the country's population is now around 83 million people. 16.2 million are above the age of 67, with the figure expected to rise to 21.4 million by 2040. The elderly population is projected to grow in the near future, making them more susceptible to chronic illnesses such as neurological diseases and other disorders, which would boost diagnostic procedures and, in turn, drive the market over the forecast period.
On the other hand, the UK is anticipated to witness better market share over the forecast period. Favorable government policies, increasing adoption of MRI applications in the diagnostic of various diseases, and evolving healthcare infrastructure boost the Open MRI System Market market growth.
KEY MARKET PLAYERS:
A few of the notable market participants operating in the European Open MRI Systems market profiled in the report are Hitachi Medical Corporation (Japan), Toshiba Medical Systems (Japan), Siemens Healthcare (Germany), GE Healthcare (U.K.), and Philips Healthcare (Netherlands).
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Field Strength
5.1.2 Low to Mid field
5.1.3 Y-o-Y Growth Analysis, By Field Strength
5.1.4 Market Attractiveness Analysis, By Field Strength
5.1.5 Market Share Analysis, By Field Strength
5.2.7 Y-o-Y Growth Analysis, By Application
5.2.8 Market Attractiveness Analysis, By Application
5.2.9 Market Share Analysis, By Application
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Field Strength
18.104.22.168 By Application
6.1.4 Market Attractiveness Analysis
22.214.171.124 By Geographical Area
126.96.36.199 By Field Strength
188.8.131.52 By Application
6.1.5 Market Share Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Field Strength
18.104.22.168 By Application
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 GE Healthcare
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Hitachi Medical Corporation
8.3 Philips Healthcare
8.4 Siemens Healthcare
8.5 Toshiba Medical Systems
8.6 Aastrom Biosciences
8.7 Celgene Corporation
8.9 Cytori Therapeutics
8.10 Retractable Technologies
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures
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