Germany MRI Market Size, Share, Opportunities And Trends By Type (Closed, Open), And By Application (Screening, Diagnosis, Treatment Monitoring, Research) - Forecasts From 2022 To 2027

Published:  May 2022 Report Code: KSI061612480 Pages: 102

Germany MRI Market was evaluated at US$1.855 billion for the year 2020 and is projected to grow at a CAGR of 1.42% to reach the market size of US$2.048 billion by the year 2027.

The German MRI market is primarily driven by increased rates of circulatory system-related disorders such as heart attacks, high blood pressure, and heart failure, which are expected to drive up demand for MRI equipment over the following years. In addition, the German government's increased healthcare spending is expected to support the MRI market's development in the future years. However, MRI machines may not be fit for bigger people or patients with metal implants, pacemakers, or other implanted devices that are unable to undergo an MRI. With the emergence of better alternatives, the MRI machine market may face competition.

The COVID-19 outbreak has resulted in an increase in mortality in Germany. The country recorded approximately 47,860 people that died in 2020 due to COVID-19-related illnesses. The German government shifted its focus to the healthcare industry and recorded an expenditure of US$466.7 billion on public healthcare in the country. This increased healthcare costs and rising illness rates increased the unit sales for the MRI market. The COVID-19 restrictions did pose a minor slowdown for the market, but it did not record any major losses. Overall, the MRI market flourished during and after the outbreak and is expected to rise even further.

Rising prevalence of circulatory diseases

Germany has seen significant growth in the number of deaths due to circulatory diseases. It accounts for the highest death rates for cardiovascular diseases in Europe. According to the German Federal Statistical Office, about 338,000 people, almost 35% of all fatalities in 2020, were due to circulatory diseases. Furthermore, they are linked to serious health implications for individuals as well as extensive medical expenses for society. Coronary heart disease, heart attacks, and stroke are the most common causes of cardiovascular death.

Doctors use cardiovascular magnetic resonance imaging (MRI) to diagnose and monitor circulatory diseases. Cardiac MRI allows doctors to examine the structure and function of the heart and major arteries without exposing the patient to the radiation used in other procedures or testing. In addition, MRI treatments aid in the early diagnosis of cardiac problems. With the growth in the number of deaths caused by cardiovascular illnesses, MRI treatments have become increasingly important in recent years. Moreover, MRI procedures are essential for detecting cancer and tumours, which is another increasing threat to people. As a result of the rise in human illnesses, the MRI market in Germany is predicted to develop dramatically in the coming years.

The German economy

According to recent findings, Germany is Europe's best investment destination. Germany, with its relative economic stability, is Europe's largest domestic market, providing investors with a vast and steady client base. The competitiveness and global networking of the German economy can be linked to its high level of innovation and strong export orientation. In a wide number of industries, German products are export successes. In high-selling businesses like automotive manufacture, mechanical and plant engineering, the chemicals industry, and medical technology, exports account for well over half of total revenues. Even during the COVID-19 pandemic, the German economy managed to be stable. From 2017 to 2019, Germany's economic growth stagnated, went slightly negative in 2020, and then restarted at a small pace in 2021.

 In 2020, Germany spent roughly 12.5 percent of its GDP on healthcare costs, totalling about EU440 billion (US$466.7 billion). Its prospects are bright, owing to its solid healthcare and economic budget. In the coming years, the German MRI and healthcare markets are likely to increase dramatically.

Segmentation

  • By Type
    • Closed
    • Open
  • By Application
    • Screening
    • Diagnosis
    • Treatment Monitoring
    • Research
1. Introduction
1.1. Market Definition
1.2. Market Segmentation

2. Research Methodology
2.1. Research Data
2.2. Assumptions

3. Executive Summary
3.1. Research Highlights

4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis

5. Germany MRI Market Analysis, by Type
5.1. Introduction
5.2. Closed
5.3. Open

6. Germany MRI Market Analysis, by Application
6.1. Introduction
6.2. Screening
6.3. Diagnosis
6.4. Treatment Monitoring
6.5. Research

7. Competitive Environment and Analysis
7.1. Major Players and Strategy Analysis
7.2. Emerging Players and Market Lucrativeness
7.3. Mergers, Acquisitions, Agreements, and Collaborations
7.4. Vendor Competitiveness Matrix

8. Company Profiles 
8.1. General Electric Company
8.2. Siemens Healthcare GmbH
8.3. Canon Medical Systems GmbH
8.4. Koninklijke Philips N.V.
8.5. Hitachi Medical Systems Europe

General Electric Company

Siemens Healthcare GmbH

Canon Medical Systems GmbH

Koninklijke Philips N.V.

Hitachi Medical Systems Europe

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