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Product Spotlight: MRI Growth Continues

Several reports predict continued growth of the global MRI market in the near future. A report from Grand View Research states that the “global magnetic resonance imaging market size was valued at $3.8 billion in 2018. It is anticipated to expand at a compound annual growth rate (CAGR) of 5.3% during the forecast period (2019-2026).”

MRI is a preferred diagnostic tool for central nervous system disorders, tumors, spine lesions and stroke affected areas in the brain and blood vessels, according to Grand View Research.

“High prevalence of these conditions is projected to drive the growth. In addition, rising geriatric population, number of chronic diseases and demand for minimally invasive or non-invasive diagnostic procedures are some other primary drivers for the MRI market,” the report states.

“In addition, advancement in scanning techniques such as open MRI systems, software upgrades and superconducting magnets is fueling the growth,” it adds. “Also, development of MRI systems compatible with cardiac pacemakers is propelling the demand for these instruments. Advancements in contrast agents, for instance, the paramagnetic contrast agent, gadolinium-DTPA, is used as intravenous injection to give sharp, accurate and precise images within 20 minutes to one-hour duration.”

The report mentions other factors driving continued growth and also points out obstacles for the global MRI market.

“Advancements in medical imaging devices have enhanced the diagnosis and treatment of cardiovascular diseases and cancer among other health conditions. Rising demand for minimally invasive treatment is leading to innovation in diagnostic imaging devices. Four advancements; such as accelerating processing speed, expanding the parameters of 3D and 4D, capturing images at the right place and at the right time, and automating workflow, are expected to increase the adoption of medical imaging during the forecast period,” according to Grand View Research. “Significant increase in the number of public and private hospitals across countries such as India and China is boosting the demand for diagnostic imaging devices. Rising medical tourism coupled with government initiatives in this region is expected to boost the growth of the magnetic resonance imaging market during the forecast period.”

The high cost associated with MRI systems, maintenance and servicing is challenging the growth, according to the report.

Reportlinker also predicts growth despite challenges.

“The global MRI market size is expected to reach an approximate value of $5.8 billion by 2026. It is projected to expand at a CAGR of 5.3% during the forecast period. Constant introduction of advanced disease diagnostic technologies is primarily boosting the growth,” according to Reportlinker. “Rapid growth of MRI sector is attributed to the rising 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 these systems for better diagnosis using high-resolution scanning technique.”

“On the other hand, high cost and requirement of qualified professionals to operate the device are some of the major factors challenging the growth of the MRI market. Moreover, prolonged life span of these devices is resulting in delayed repeat purchase and thereby hindering the market growth,” the report adds.

Mordor Intelligence predicts growth in a specific area.

“The neurology segment of the global MRI market holds the largest market share, and it is expected to record a CAGR of 6.7% in the coming future,” according to a Mordor Intelligence report.

“The global magnetic resonance imaging market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and quality service provision, mid-size to smaller companies are increasing their market presence by introducing new products with fewer prices. Companies, like Siemens Healthineers, GE Healthcare, Canon Medical Systems, and Philips Healthcare hold a significant market share in the global magnetic resonance imaging market,” Mordor Intelligence adds.

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