The numbers vary, but experts predict continued growth in the North America and global MRI market in the 2020s.
In one of the older reports, Global Industry Analysts Inc. (GIA) calls for the global market for Magnetic Resonance Imaging (MRI) equipment to reach $7.5 billion by 2020, driven by aging population, growing patient pools and increasing preference for non-ionizing radiation-based diagnostic techniques.
“Magnetic Resonance Imaging (MRI) is rapidly emerging as an alternative to traditional ionizing diagnostic techniques such as CT, X-ray and ultrasound. Continuous advancements in technology, superior imaging capabilities, aging population, increasing incidence of chronic diseases, growing use of hybrid modalities with MRI, and rising demand in emerging markets, represent major factors driving growth in the market,” according to GIA.
GIA states the United States represents the largest MRI market segment. Asia-Pacific ranks as the fastest growing market with a CAGR (compound annual growth rate) of 8.1 percent over the analysis period.
Mordor Intelligence recently released one of the newest reports on the MRI market.
“The global MRI market is expected to register a CAGR of 6.6 percent during the forecast period, 2018 to 2023. MRI is a diagnostic tool for the medical investigations as it is more sensitive than computed tomography (CT), and MRI does not use ionizing radiations. MRI is widely used in the diagnosis of several diseases, such as cancers, neurological, and cardiac disorders. The increasing incidence of these diseases favor the fast growth of the MRI market,” according to Mordor Intelligence.
“North America dominates the MRI market due to the region being more technologically advanced and variety of imaging systems commercially available, which are used in diagnosis,” Mordor Intelligence adds. “The favorable reimbursement policies and insurance coverage in the region are helping the patients undergo early diagnosis, which is required for chronic diseases. Thereby, demand for these MRI systems is high in the North American region. The Middle East and Africa will witness highest CAGR due to rapid growth of GCC MRI market.”
MarketsandMarkets also predicts continued growth.
“The global MRI systems market is projected to reach $7.19 billion by 2021 from $5.61 billion in 2016, at a CAGR of 5.1 percent from 2016 to 2021,” MarketsandMarkets reports.
“Factors such as rising geriatric population; advancements in MRI techniques such as the development of superconducting (SC) magnets, open architecture, ultra-high-field MRI, and software applications; and the advent of MRI-compatible pacemakers are expected to drive the demand for MRI systems among end users in the forecast period,” MarketsandMarkets adds. “On the other hand, high cost of MRI systems, depleting helium gas deposits, and declining reimbursement rates for MRI procedures are expected to affect the growth of the MRI systems market from 2016 to 2021. However, emerging markets (such as China, India, Brazil, and Middle East), novel application areas such as detection of multiple sclerosis and breast cancer, and advent of hybrid MRI systems provide new growth opportunities to players in the MRI systems market. Furthermore, dearth of skilled labor and complexity of instrumentation may pose challenges for the growth of this market.”
Grand View Research makes a more conservative market forecast.
“The global magnetic resonance imaging (MRI) market is expected to reach an approximate value of $5.6 billion by 2025. Constant introduction of advanced disease diagnostic technologies is primarily boosting the growth,” according to Grand View Research. “In addition, the rapid growth of MRI sector is attributed to the growing prevalence of chronic diseases which require early diagnosis and timely treatment to prevent late stage complications. Also, rising number of road accidents leading to injuries and complications are augmenting the demand for this modality. The musculoskeletal and spine injuries also demand for magnetic resonance imaging systems for better scans using high-resolution scanning technique.”
Among the major manufacturers in MRI, according to MarketsandMarkets, are GE Healthcare, Hitachi Medical Corporation, Philips Healthcare and Siemens Healthineers.
