Saudi Arabia Magnetic Resonance Imaging Market to grow with a CAGR of 5.23%
Increasing
healthcare infrastructure and a supportive regulatory environment are the major
drivers for the Saudi Arabia Magnetic Resonance Imaging Market.
According
to TechSci Research report, “Saudi Arabia Magnetic Resonance Imaging Market Industry
Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, Saudi Arabia Magnetic
Resonance Imaging Market has valued at USD 107.15 million in 2022 and is
anticipated to witness an impressive growth in the forecast period with a CAGR
of 5.23% through 2028. This can be due to collaborations and partnerships among
leading companies with a diverse approach to merge the expertise of individual
companies and to strengthen their position in the market. Increasing healthcare
expenditure significantly drive the demand for Magnetic Resonance Imaging (MRI).
Higher healthcare expenditure allows healthcare institutions to invest in state-of-the-art
medical equipment, including MRI machines. This results in greater access to
advanced MRI technology, leading to increased utilization. With increased
funding, hospitals and medical centers can acquire and maintain a greater
number of MRI units, reducing waiting times for patients and meeting the
growing demand for diagnostic imaging services. Increased expenditure often
leads to the expansion of healthcare facilities, such as hospitals and
diagnostic centers. The establishment of new healthcare institutions or the
expansion of existing ones creates additional opportunities for MRI services. Adequate
funding allows for the proper maintenance and upkeep of MRI equipment.
Well-maintained machines ensure accurate and reliable imaging, which is crucial
for patient diagnosis and treatment planning. Higher healthcare budgets can be
allocated to staff training and development. A well-trained workforce,
including radiologists and MRI technologists, ensures the efficient operation
of MRI units and accurate interpretation of results.
Adequate
funding can lead to shorter waiting times for patients seeking MRI scans. This
improves patient access to timely diagnostic services, which is essential for
early disease detection and treatment. Healthcare expenditure can support the
implementation of screening programs for specific diseases or conditions that
benefit from MRI imaging. For example, breast cancer screening with MRI is made
more accessible through well-funded healthcare programs.
Browse
over XX market data Figures and spread through XX
Pages and an in-depth TOC on " Saudi Arabia Magnetic Resonance Imaging Market.”
In November 2022, Integrated
Diagnostics Holdings (IDH), a prominent player in the consumer healthcare
sector operating in Egypt, Jordan, Sudan, and Nigeria, has officially announced
the formalization of a Joint Venture Agreement with Al Makhbaryoun Al Arab LLC
and Izhoor Holding Medical Company LLC to establish a new diagnostic enterprise
in Saudi Arabia. This newly established joint venture will be equally owned,
with a 50% stake held by IDH Group, inclusive of IDH and its subsidiary Biolab
in Jordan, and the remaining 50% held by Izhoor, a company under the ownership
of Fawaz Alhokair, the chairman of the well-known Fawaz Alhokair Group in Saudi
Arabia. Izhoor specializes in innovative healthcare solutions for the Saudi
market, facilitated through strategic partnerships with established
international healthcare entities. The company's primary focus lies in market
segments characterized by high entry barriers and a substantial potential for
digital transformation. The cost of MRI
machines and their maintenance pose challenges in the Saudi Arabia Magnetic
Resonance Imaging (MRI) market. MRI machines are capital-intensive medical
equipment, and the initial cost of purchasing and installing them can be
significant. This poses a financial challenge for healthcare providers,
especially smaller clinics, or facilities with limited budgets. In addition to
the initial purchase cost, there are ongoing operational expenses associated
with MRI machines, including electricity, cooling systems, and facility
maintenance. These costs can strain the financial resources of healthcare
institutions. MRI machines require regular maintenance to ensure their
performance, safety, and longevity. Routine maintenance, as well as unexpected
repairs, can be costly. Maintenance costs can vary depending on the complexity
and age of the MRI system. To remain competitive and provide high-quality
diagnostic services, healthcare providers may need to invest in technology
upgrades for their MRI machines. Keeping up with the latest advancements can be
expensive.
Saudi Arabia Magnetic Resonance Imaging Market is
segmented based on Field Strength, Type, Architecture, Source, Application,
End-User, and by region. Based
on the Field Strength, Saudi Arabia Magnetic Resonance Imaging Market is
segmented into High-Field MRI Systems, Low-to-Mid Field MRI Systems,
Very-High-Field MRI Systems. Low-to-mid field Magnetic Resonance Imaging (MRI)
systems refer to MRI machines with magnetic field strengths typically ranging
from 0.2 Tesla (T) to 1.5 Tesla (T). These systems are characterized by their
lower magnetic field strength when compared to high-field MRI systems, which
can go up to 7 Tesla or even higher. Low-to-mid field MRI systems operate at
magnetic field strengths typically ranging from 0.2 T to 1.5 T. This range of
field strength is suitable for a variety of clinical applications. Low-to-mid
field MRI systems are versatile and can be used for a wide range of clinical
imaging applications, including brain, spine, musculoskeletal, abdominal, and
pelvic imaging. They can provide valuable diagnostic information for various
medical conditions. These systems are often more comfortable for patients,
especially those who may experience claustrophobia in higher-field MRI
machines. The wider bore design and shorter scan times can enhance patient
comfort. Low-to-mid field MRI systems are generally more cost-effective to
purchase and operate compared to high-field systems. This makes them a
practical choice for smaller healthcare facilities, clinics, and hospitals with
budget constraints. These systems typically have lower infrastructure
requirements in terms of power and site preparation. They may be easier to
install and integrate into existing healthcare facilities.
Based on Region, Northern &
Central region held the largest share
in the Saudi Arabia Magnetic Resonance Imaging Market. The Saudi
government has been actively investing in healthcare infrastructure and
initiatives, with a particular focus on major urban centers. This investment
has led to the expansion and modernization of healthcare facilities, including
those offering MRI services. The Northern and Central regions are more likely
to attract medical tourists due to their accessibility, international airports,
and the presence of renowned healthcare institutions. Medical tourism
contributes to the high demand for MRI services in these areas. These regions
are home to prestigious medical schools, universities, and research
institutions. These institutions often have a need for MRI machines for both
clinical and research purposes. Rapid urbanization in these regions has led to
increased healthcare needs and a higher prevalence of non-communicable
diseases, further driving the demand for diagnostic services like MRI.
Some of the major companies
operating in the Saudi Arabia Magnetic
Resonance Imaging Market include:
- General
Electric El Seif Healthcare Arabia Co. Ltd.
- Siemens
Saudi Arabia Ltd.
- Philips
Healthcare Saudi Arabia Ltd.
- Medtronic
Saudi Arabia Co
- Esaote
SpA
- Hitachi
Saudi Arabia, Ltd.
- Toshiba
Corporation
- FUJIFILM
Holdings Corporation
Download Free Sample Report
Customers can also request
for 10% free customization on this report.
“Certain areas, particularly in North
America, are projected to exert significant demand for Magnetic Resonance
Imaging. The growth in the competitive landscape and the presence of
well-established companies in the market, committed to enhance the overall
wellbeing of people each year, are expected to contribute to a remarkable
growth of the Saudi Arabia Magnetic Resonance Imaging Market in the forecast
period," 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, Mobile), By Architecture (Closed,
Open), By Source (Import, 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, By Competition
Forecast & Opportunities, 2018-2028F 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 innovative 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.
Contact
Techsci Research LLC
420 Lexington Avenue, Suite 300,
New York, United States- 10170
Tel: +13322586602
Email: [email protected]
Website: www.techsciresearch.com