Technology Advancements Drive the Global MRI Equipment Market, According to New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Magnetic Resonance Imaging (MRI) Equipment markets. Global market for Magnetic Resonance Imaging (MRI) Equipment is projected to reach US$6.3 billion by 2018, driven by growing patient pools in developing economies, aging population, and advancements in MRI technology.

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Magnetic Resonance Imaging (MRI) Equipment: A Global Strategic Business Report

San Jose, California (PRWEB) November 25, 2013

Follow us on LinkedIn - Magnetic Resonance Imaging (MRI) is fast emerging as a popular choice of imaging modality against the backdrop of increasing focus on non-ionizing diagnostic techniques. The modality represents an advancement over competing techniques such as CT, X-Ray and ultrasound, given its non-ionizing nature. Benefits such as superior imaging capabilities and significantly lower risks for patients, have led to the rapid adoption of MRI worldwide, particularly in the developed world. Continuous advancements in technology, aging population, increasing incidence of chronic diseases, increasing use of hybrid modalities with MRI, rising demand in emerging markets, and strong replacement demand in developed markets represent major factors driving growth in the market. Decreasing reimbursements rates in developed markets such as the US, uncertainty over regulations, and higher cost of equipment, however represent challenges to growth.

Developed markets such as the US and Europe are nearing maturity with high levels of penetration. The relatively slower growth in these markets is partly offset by higher growth in emerging markets in Asia and Latin America. While growth in emerging markets is being driven by lower penetration, rising incomes and robust development in healthcare infrastructure, replacement demand is expected to buoy growth in the relatively mature markets. Increasing incidence of cardiac and neurological diseases as well as cancer is also expected to drive demand for MRI in highly populated markets such as India and China. Growing healthcare awareness, rising healthcare expenditure and preference for MRI among physicians are also driving sales of MRI equipment in emerging markets. In additional to demographic and geographic factors, expanding applications of MRI such as in diagnosis of multiple sclerosis and Alzheimer's disease, will help drive growth in the coming years.

Technological advancements have helped MRI to emerge as a standard diagnostic technique in the global healthcare system. The technology has a clear edge over other modalities such as CT due to its non-ionizing nature, enabling its use in high-risk as well as pediatric patients. The technique also allows anatomic as well as functional imaging that allows its application in perfusion and diffusion imaging as well as navigation and planning in surgery. The drive towards higher magnetic field has been another major factor driving the market. Although 1.5 Tesla and lower magnetic field systems continue to dominate the market, high-field systems such as 3T are witnessing increasing adoption. The future holds good for MRI with ultras high-field systems with 7T and 9.4T systems currently being evaluated. Development of Open MRI systems has been critical in advancing growth in the market over the past decade.

As stated by the new market research report on, Magnetic Resonance Imaging (MRI) Equipment, the United States represents the largest market worldwide. Asia-Pacific is forecast to post robust growth led by increased government support for the development of healthcare infrastructure in countries such as China and India. China, particularly, is expected to corner a major share of the global market in the coming years supported by increasing number of hospitals and diagnostic centers, as well as growing awareness over healthcare options and advanced diagnostic technologies. Closed MRI Systems dominate the market, while open MRI systems are forecast to spearhead global growth.

Major players covered in the report include China Resources Wandong Medical Equipment Co., Ltd., Esaote SPA, FONAR Corporation, GE Healthcare, Hitachi Medical Corporation, Philips Healthcare, Siemens Healthcare, and Toshiba Medical Systems Corp., among others.

The research report titled "Magnetic Resonance Imaging (MRI) Equipment: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of trends, issues, and strategic industry activities of major companies worldwide. The report provides market estimates and projections in volume and value terms for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World. The report also analyzes global and regional markets in value and volume terms for MRI systems by design type - Closed MRI and Open MRI Systems. Additionally, the report analyzes the US market for MRI equipment by magnetic field - Low & Mid-Field Systems, High-Field Systems and Very High-Field Systems.

For more details about this comprehensive market research report, please visit http://www.strategyr.com/Magnetic_Resonance_Imaging_MRI_Equipment_Market_Report.asp.

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
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Email: press(at)StrategyR(dot)com
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