Major Players in the MRI systems Market Considered New Product Launch as the Key Strategy

The MRI systems market is dominated by established players such as GE Healthcare (U.K.), Hitachi Medical Corporation (Japan), Philips Healthcare (Netherlands), Siemens Healthcare (Germany), and Toshiba Medical Systems (Japan). These companies have a strong reputation and customer base. Other major players such as Esaote S.p.A. (Italy), Aurora Medical Imaging (U.S.), Bruker Corporation (U.S.), Fonar Corporation (U.S.), and Neusoft Medical Systems Co. Ltd. (China) accounted for a share of ~10% of the MRI systems market in 2015.

As MRI is a technology-driven industry, new product launches is the key strategy adopted by players to remain competitive in the market. From January 2013 to June 2016, new product launches accounted for a share of 58% of the total number of developments undertaken by market players. Players adopted these strategies to enhance their product offerings, increase their market share, cater to customers’ demands, and consolidate their market presence.

The strategy of agreements, partnerships, and collaborations accounted for the second-largest share of 20% of the total number of strategies pursued by players in the MRI systems market. Players such as Siemens Healthcare (Germany), Toshiba Medical Systems Corporation (Japan), and Hitachi Medical Corporation (Japan) adopted this strategy to enhance their geographic reach and expand their product portfolios.

Among the top five players in the MRI systems market, GE Healthcare held the largest share of 27.5% in 2015. The company pursues the strategy of new product launches in order to maintain its position and generate higher revenues in the MRI systems market. In the past three years, the company added various new products to its portfolio, such as SIGNA Creator, SIGNA Explorer, SIGNA Pioneer, SPINlab, Optima MR360 Advance, and Brivo MR355 Inspire. The company also focuses on the strategy of business expansion to increase its global reach. In this regard, the company opened a new U.S. headquarters in Massachusetts.

Siemens Healthcare accounted for the second-largest share of 27.2% of the MRI systems market in 2015. The company focuses on launching new products to strengthen its position in the MRI systems market. Between 2013 and June 2016, the company launched a wide range of innovative products, such as Magnetom Terra 7; Magnetom Amira, a 1.5T MRI scanner; FREEZEit, a novel technology; syngo.via (VA30); and Magnetom Prisma, an MRI scanner.