Growing prevalence of diseases and increasing awareness for healthcare services are the major drivers for the Saudi Arabia Magnetic Resonance Imaging Market.
According to TechSci Research report, "Saudi Arabia Magnetic Resonance Imaging Market – By Region, Forecast & Opportunities, 2017-2027," the Saudi Arabia Magnetic Resonance Imaging Market stood at USD 100.14 million in 2021 and is anticipated to reach USD 140.77 million by 2027. This can be attributed to the increasing incidence of cardiovascular & neurological diseases. The increased awareness among the population for the usage of technology for the diagnosis of ailments in the body is helping in the development of the Magnetic Resonance Imaging Market in Saudi Arabia.
The Saudi government is investing heavily in hospital infrastructure throughout the kingdom. Saudi Arabia government’s support for medical diagnosis support will continue to develop, not only in hospitals and clinics but also in many diagnostics centers. The stats show that the maximum number of diagnosis are related to neurology and neurosurgery, and the cases involved with it are prominent in the country, resulting in increased demand for magnetic resonance imaging. the growing ageing population, which is predisposed to chronic conditions, is expected to have an indirect impact. Along with the increasing cases of the road accidents in the country is also contributing to the development of the magnetic resonance imaging market. Healthcare professionals frequently recommend MRI to patients who are hospitalized for a chronic sickness or who are having surgery for any kind of chronic condition since it helps in the diagnosis of the disease that the patient is suffering from as well as its stages of severity. Therefore, companies in the magnetic resonance imaging market are advised to concentrate on the availability of equipment which are not only imported from other countries but can be manufactured in the country also, that it will allow the development of the native companies and help in the development and strengthening of the market of the country, which will also allow some other international companies to take advantage of the developing and the strengthening market of the country.
Browse over 28 market data Figures spread through 95 Pages and an in-depth TOC on "Saudi Arabia Magnetic Resonance Imaging Market"
The Saudi Arabia Magnetic Resonance Imaging Market is segmented into Field Strength, Type, Architecture, Source, Application, End User, region, and by company. Based on Field Strength, the market can be split into High Field MRI systems, Low-To-Mid-Field MRI Systems, Very High Field MRI systems. High Field MRI held the largest market share of around 57.91% in 2021. This can be attributed to the prevalence of neurological problems such as brain damage associated with epilepsy in addition to stroke, traumatic brain injury, and brain and spinal cord tumors, necessitating the use of various magnetic resonance imaging during treatment.
Based on the Type, the market is divided into Fixed and Mobile. The fixed type of MRI dominated the market in 2021 and is anticipated to maintain its dominance during the forecast period. This is because the entire market of the country is acquired by the Fixed MRI and the benefits of it are much more than that of the Mobile MRI. Also, the fixed type of MRI has a higher capacity than that of Mobile MRI in terms of the diagnosis capability and the radiation strength that it possesses. That’s why health practitioners prefer the usage of Fixed MRI as compared to Mobile MRI.
Based on Architecture, the market is bifurcated into Closed & Open. The majority of healthcare facilities and diagnostic centers use the closed type of MRI equipment due to the higher quality of the scanned image of the body part observed in the patients. The reason for the higher quality of the details is the area covered by the closed type of MRI, as the coverage is more than that of the open type of MRI.
Based on the Source, the market is divided into Import and Domestic, where the Import segment covers the higher percentage than that of the domestic segment because the entire market of the MRI is covered by the imported equipment and products including the spare parts as well. The lack of local companies operating in the market is also near to none, resulting in the lack of competition and participation, thus, this creates an opportunity for the involvement of the indigenous companies, and new entrants should take the opportunity of entering the market with their new and innovative products.
The leading companies operating in the Saudi Arabia Magnetic Resonance Imaging Market are:
- General Electric El Seif Healthcare Arabia Co. Ltd.
- Siemens Ltd., Saudi Arabia
- Philips Healthcare Saudi Arabia Ltd.
- Medtronic Saudi Arabia Co.
- Esaote SpA
- Hitachi Saudi Arabia, Ltd.
- Toshiba Corporation
- FUJIFILM Holdings Corporation
Saudi Arabia Magnetic Resonance Imaging Market is a highly consolidated market with few established companies holding significant share in the industry. However, the market is also dependent on medical tourism, especially from Western Countries.
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“Various companies operating in Saudi Arabia healthcare industry are focusing to make an entry into the Magnetic Resonance Imaging space. The COVID-19 pandemic has clearly illustrated the importance of Magnetic Resonance Imaging, particularly to lower the burden on the X-Ray for producing scan of patients suffering from the COVID-19, thereby strengthening the existing healthcare and imaging market of the country. For instance, the practitioner and handlers of the MRI equipment also increased in the recent years which directly indicates towards the developing phase of the MRI market in the country as the demand for MRI equipment are increased so does the requirement of technicians for handling of the equipment. Additionally, the involvement of new companies into the market in recent years will make the market to grow in recent years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Magnetic Resonance Imaging Market By Field Strength (High-Field MRI Systems, Low-to-Mid Field MRI Systems, Very-High-Field MRI Systems), By Type (Fixed v/s Mobile), By Architecture (Closed v/s Open), By Source (Import v/s Domestic), By Application (Brain and Neurological, Oncology, Spine and Musculoskeletal, Abdominal, Cardiac & Others), By End User (Hospitals, Imaging Centers, Ambulatory Surgical Centers & Others), By Region, Competition, Forecast & Opportunities, 2017-2027F”, has evaluated the future growth potential of Saudi Arabia Magnetic Resonance Imaging Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia Magnetic Resonance Imaging Market.
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Magnetic resonance imaging (MRI) market is a non-invasive imaging technology that generates three-dimensional, comprehensive anatomical pictures.
It is focused on advanced technology that stimulates and recognizes changes in the orientation of the rotation axis of the protons discovered in the water that makes up the living tissues.
MRI enables your doctor to diagnose a disease or wound and can monitor how well you're doing with your therapy.
It is particularly helpful when searching at smooth tissues and the nervous system.
It may be used to assist diagnose or track therapy for a number of circumstances in the heart, abdomen and pelvis.Magnetic resonance imaging (MRI) market is registering a substantial CAGR of 5.60% in the forecast period of 2019-2026.
This rise in the market can be attributed to the new helium deposits invention, technological innovations in MRI and rise focus on replacing low-field MRI systems with high-level MRI systems.Access insightful study with over 100+ pages, list of tables & figures, profiling 10+ companies.
