U.S. Dominates the "Global Magnetic Resonance Imaging (MRI) Market – Trends and Forecast to 2022" a New Report by Data Bridge Market Research
Magnetic Resonance Imaging (MRI) Market Trends and Forecast to 2022 - By Architecture (Open MRI, Closed MRI), Field Strength (Low-To-Mid Field, High Filed, Very High Field, Ultra-High Field) & Applications (Brain, Spine, Cardiac, Breast, Abdominal), By Geography (North America, Europe, Asia-Pacific, South America, Rest of the World)
The MRI technique provides detailed information on clinically relevant images of an organism, both anatomically and functionally, without the use of ionizing radiation. MRI uses powerful radio waves, a rapidly changing magnetic field, and computerized systems to develop and produce images that enable physicians to undertake effective investigation of pathological and physiological changes in the affected tissues of a patient. This functionality and excellent safety profile of MRI systems makes them indispensable for the detection and assessment of chronic diseases. The global MRI systems market is expected to reach USD 8.0 billion by 2022 from USD 5.6 billion in 2015, at a CAGR of 5.3% from 2016 to 2022.
Factors such as rapid technological advancements coupled with the introduction of MRI-compatible pacemakers and digital broadband scanners are driving the growth of this market. In addition, the growing population in developing nations and the rapidly aging population in developed countries are driving the growth of the MRI systems market from the demand side. The use of MRI technology is expected to increase globally owing to its significance in early medical diagnosis for diseases such as dementia, breast cancer, prostate cancer, Alzheimer’s disease, and multiple sclerosis. Furthermore, the emerging markets of China, India, Brazil, Australia, and Middle East and the new application areas such as the use of MRI in early diagnosis of diseases such as multiple sclerosis (MS), breast cancer, spinal tuberculosis, and Alzheimer’s disease present significant growth opportunities for the market players. In addition, the growing demand for hybrid imaging modalities such as PET-MRI, SPECT-MRI, and MRI-Ultrasound significantly increase survival rates through early diagnosis and therapy of rare diseases. The replacement of low-to-mid-field MRI systems with high- and very-high-filed MRI scanners is the upcoming trend in this market. However, high cost of MRI systems, declining reimbursement rates for MRI exams, and shortage of Helium gas supplies are restricting the growth of the MRI systems market.
North America (comprising the U.S. and Canada) accounted for the largest share 31.7% of the global MRI systems market in 2015. Factors such as rising aging population, well-established healthcare system, growing awareness about early diagnosis, and technological advancements are driving the growth of this region. However, high market penetration and declining medicare reimbursement rates for MRI exams are the major factors restraining the growth of this market.
The growing use of MRI technology in emerging countries is expected to fuel market growth. Asia will be the fastest-growing region due to the increasing disposable incomes and rising aging population. Europe, on the other hand, is a mature market for MRI systems similar to that of the U.S.
Among Asian countries, Japan continues to adopt newer technologies faster, thereby enabling the introduction of novel 3.0T equipment in the Japanese market. Very-high-field MRI is the fastest-growing segment of this market as hospitals and clinics are upgrading their old equipment to these state-of-the-art systems. Technological advancements and the rising aging population are factors propelling the growth of the MRI systems market in this region.
The global MRI systems market is dominated by five players, namely, GE Healthcare, Siemens Healthcare, Philips Healthcare, Toshiba Medical Systems, and Hitachi Medical Corporation, Esaote, Aurora Medical Imaging, IMRIS, Fonar, Neusoft among other players.
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