Global Magnetic Resonance Imaging (MRI) Equipment Market to Reach $7.4 Billion by 2015, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on Magnetic Resonance Imaging (MRI) Equipment market. The global magnetic resonance imaging (MRI) equipment market is projected to reach $7.4 billion by the year 2015, led by the widening scope of clinical applications, particularly with regard to neuro, cardiovascular and breast imaging. The advent of technologically advanced high field systems and techniques including dedicated MRI systems, functional MRI, and open MRI systems is fuelling the technology’s uptake.

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

Magnetic Resonance Imaging (MRI) imaging represents one of the key segments of the medical imaging market. Since the introduction of magnetic resonance imaging (MRI) in the 1980s, the technology has become a ubiquitous diagnostic tool for better understanding of diseases. The non-invasive MRI technique is capable of generating elaborate images of human body’s internal areas, through the use of radio waves and magnetic field. Developed originally for viewing the central nervous system, the application scope of MRI systems has been gradually expanded to include views of the entire human body. Technological advancements have led to the development of MRI systems, which are being increasingly used for imaging in the fields of cancer screening, neurosurgery planning, angiography and breast screening.

The recession had its far-reaching effect on the MRI market as the segment witnessed declining sales in key geographies. The turbulence was mainly felt on the high-end equipment as most hospitals and imaging centers cancelled or delayed the million dollar worth equipment purchases. Moreover, MRI centers witnessed a drop in patient numbers as patients skipped or deferred treatments either due to loss of health insurance benefits or high out-of-pocket costs for expensive procedures. The sustained growth in the market is largely attributed to the continuous improvements in the image quality. Further, the development of newer techniques for imaging specific portions of brain’s complex structures is driving growth in the MRI market. MRI is also being used in conjunction with other modalities for achieving higher levels of image clarity. Growth is also supported by the widening scope of clinical applications, including promising applications such as MRI for breast imaging and cardiovascular imaging. Presently, the highly popular applications of MRI include abdomen imaging and musculoskeletal imaging.

The United States, Japan, and Europe collectively accounts for a major share of the global MRI market, as stated by the new market research report on Magnetic Resonance Imaging (MRI) Equipment. Rising need for effective diagnosis is driving the demand for superior data images offered by MRI systems, while higher field strength magnets, improving image quality, and development of new techniques are fuelling usage of MRI images for evaluation of brain’s complex structures. Growth is also anticipated due to the increased use of interventional MRI for brain surgeries, and the enhanced usage of MRI diffusion imaging for diagnosis of brain injuries and stroke.

The open MRI market continues to make rapid strides, driven by the growing need for patient comfort that has led to the replacement of closed systems with open MRI machines. Sales of open MRI systems have also risen owing to preference amongst patients suffering from claustrophobia and to address the requirements of heavier patients. With technology developers favoring the concept of open MRI involving higher field strength, physicians have gained the ability to perform faster scans offering improved image quality and enhanced accuracy.

The impact of the global economic meltdown on BRIC countries (Brazil, Russia, India & China) has been limited, allowing governments to continue focusing on the implementation of long-term initiatives aimed at improving healthcare infrastructure. MRI market in Asia-Pacific holds enormous growth potential, particularly from countries with large population base such as India and China. Demand is anticipated primarily from stand-alone imaging facilities, and private hospitals, as compared to public hospitals. MRI equipment market is also likely to gain from the rising incidences of neurological, oncological, and cardiac diseases in the region. Presence of specialized medical professionals, and the constant upgradation of hospital services also support market growth. The Asia-Pacific market for closed MRI systems is projected to reach US$687.6 million by 2014.

The global MRI market is predominated by GE Healthcare, Siemens Healthcare, and Philips Healthcare, which account for more than three-fourth share of the market. Major players profiled in the report include Esaote SPA, Fonar Corp., Hitachi Medical Corporation, IMRIS Inc., Toshiba Medical Systems Corp., among others.

The report titled “Magnetic Resonance Imaging (MRI) Equipment: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a review of market trends, product introductions/innovations, and recent industry activity. The study analyzes market data and analytics for regions including the United States, Canada, Japan, Europe, Asia-Pacific, Latin America and Rest of World. The study analyzes market data and analytics in terms of unit and value sales. Segments analyzed include Closed MRI Systems and Open MRI Systems. In addition, the US market is separately analyzed by the following segments categorized by magnetic field strength - Low & Mid-Field MRI Systems, High-Field MRI Systems, and Very High-Field Systems.

For more details about this comprehensive market research report, please visit –

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.

Global Industry Analysts, Inc.
Telephone 408-528-9966
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