The magnetic resonance imaging (MRI) technique is widely used for a detailed, non-invasive diagnostic imaging of various parts of the body, such as bones and joint, spinal cord, heart and blood cells, breast, prostate and adrenal glands. The modality is increasingly preferred for a detailed examination of brain tissues and various internal organs such as adrenal and prostate glands. The growing incidence of a variety of conditions related to central nervous system, spine lesions, tumors, and strokes is a key factor propelling the demand for MRI technique. In a number of developing and developed regions, healthcare clinics and hospitals are focusing on using better imaging contrast agents and employing a combinations of different sequence types for boosting their adoption among patient populations.
The global magnetic resonance imaging market is projected to rise from a valuation of US$6,611.0 Mn in 2017 to reach US$9,120.8 Mn by end of 2022. The market is forecast to expand at a CAGR of 6.6% from 2017 to 2022.
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An in-depth assessment of key aspects and factors influencing the growth of the magnetic resonance imaging market can be found below:
The substantial demand for noninvasive diagnostic imaging technique for a detailed anatomical study of almost any body part, particularly for soft tissues, is the primary factor driving the magnetic resonance imaging market. The wide popularity of MRI for the diagnosis of various neurological conditions in the absence of any standard alternate modality world over is a key factor boosting the market. A rising geriatric population and the growing prevalence of chronic conditions are crucial factors expected to catalyze the demand for MRI modality. Furthermore, the growing application of MRI-guided radiotherapy for brain tumors and in neurosurgical planning is a crucial factor accentuating the market.
Recent advances in scanning technology used in MRI and substantial advancements made in imaging contrast agents with respect to biologic tolerance and contrast capability are key developments expected to accentuate the market. In addition, the notable flexibility in the use of these agents is also a significant factor bolstering their demand among patient populations. For instance, paramagnetic contrast agent is preferred for obtaining an accurate and precise diagnosis. The rise of novel applications areas of MRI modality such as in diagnosing multiple sclerosis and breast cancer is a notable trend boosting the market.
The high cost of MRI system, along with problems in serviceability, and the low reimbursement Rates for MRI procedures in various developing countries are key aspects likely to hinder the growth of the market. Nevertheless, the advent of cardiac pacemaker-compatible MRI modality is a significant product innovation opening up exciting opportunities for market players.
Geographically, North America is the leading market and is predicted to hold the major revenue share throughout the forecast period. The revenue contributed by this regional market is estimated at US$3,212.1 Mn by 2022 end. The dominance is attributed to the vast commercial demand for technologically advanced MRI modality, mainly for a timely diagnosis of various chronic disorders among populations. Of all the product types of magnetic resonance imaging, 1.5 T MRI currently is the dominant segment and is predicted to hold a share of 49.5% by the end of assessment period.
A number of players are focused on launching of a wide portfolio of advanced MRI equipment and are focusing on geographic expansion in a move to consolidate their shares over the forecast period. Key players operating in the global magnetic resonance imaging market include Siemens Healthineers, Koninklijke Philips N.V., Toshiba Medical Systems Corporation, GE Healthcare, Esaote SpA, Hitachi Medical Systems, Neusoft Corporation, and Xingaoyi.