MRI Systems Market to Grow 6% CAGR by 2018 Says New Market Research Report at

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“MRI Systems Market to 2018 - Technological advancements, Increasing Number of Applications and Advent of MRI Compatible Pacemakers to Drive Future Growth” is the new market research reports added to store.

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The global Magnetic Resonance Imaging (MRI) systems market was valued at $4.2 billion in 2011 and is forecast to exceed $6 billion by 2018 at a Compound Annual Growth Rate (CAGR) of 6%. Future growth will be driven by technological advances in MRI systems, an increasing number of applications and the advent of MRI-compatible pacemakers. From a demand perspective, a rapidly aging global population and the low penetration of MRI systems in developing economies such as India and China will continue to drive future growth, although the unfavorable reimbursement scenario in developed economies such as the US and Europe is expected to negatively impact demand. Legislation against self-referrals and safety concerns associated with MRI systems, especially with high-field MRI systems, are further restraints.

The US market was valued at $1.3 billion in 2011, or 31% of global MRI revenue, and is forecast to exceed $2.1 billion by 2018 at a CAGR of 7%. It is highly saturated and is primarily for replacement MRI systems (OECD, 2012). Future growth will be mainly driven by the continuous replacement of low-field and mid-field MRI systems with high-field systems. The increasing number of applications and the advent of fusion technologies such as Positron Emission Tomography (PET)/MRI and MRI-guided High-Intensity Focused Ultrasound (HIFU) are further growth drivers. The declining reimbursement trend and legislation against self-referrals on the other hand are expected to negatively impact demand during the forecast period.

Top Four Companies Account for 70% of the Global MRI Systems Market

Siemens Healthcare was the leader in the global MRI systems market in 2011 with a share of 25%, followed by GE Healthcare with 20%, Philips Healthcare with 13%, Toshiba Medical with 12%, and Hitachi Medical Corporation with 9%. The top four companies accounted for 70% of the global MRI systems market. Future growth will be driven by an increasing focus on addressing the safety and compatibility issues associated with MRI systems. Companies are also expected to focus on improving patient comfort and enhancing image quality while limiting the increase in the direct costs involved in the installation of MRI systems.

Technological Advances, More Applications and Advent of MRI-Compatible Pacemakers to Drive Future Growth

Technological advances, a higher number of applications, and the advent of MRI-compatible pacemakers are expected to drive future market growth. Technological advances include Superconducting (SC) magnets, open architecture, high-field MRI, and software applications. These advances provide benefits such as enhanced image quality, cost savings in power consumption, and better patient comfort. The increasing number of potential applications, such as diagnosis of Multiple Sclerosis (MS), due to the need for higher sensitivity to abnormalities, will prove another significant driver. Additionally, the advent of MRI-compatible pacemakers will significantly increase the number of patients eligible for MRI procedures.

Rapid Aging of Global Population and Low Penetration of MRI Systems in Developing Economies Remain Major Growth Drivers

The rapid aging of the world’s population and low penetration of MRI systems in developing economies such as India and China remain major drivers of future growth. The larger elderly population in the future will cause a surge in the prevalence of chronic disease conditions, which will in turn drive MRI procedure volumes during the forecast period. The low penetration of MRI systems in developing economies such as India and China is another major driver. China has three MRI systems per million populations and India has less than one per million populations (EMRF, 2010). These figures are far lower than the Organization for Economic Cooperation and Development (OECD) average of 12 MRI systems per million populations. Improving spending power, increasing awareness of the importance of MRI, and more government focus on healthcare will also drive growth in developing economies.

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  • Make more informed business decisions from the insightful and in-depth analysis of the global MRI systems market and the factors shaping it.

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