MRI Market Overview
The global magnetic resonance imaging (MRI) market size is projected to reach $7.5 billion by 2022, growing at a CAGR 5.0% during the forecast period. The market is driven by factors such as growing geriatric population, increasing prevalence of chronic diseases and technological advancements. Moreover, the increasing awareness about benefits of MRI technology and increasing healthcare expenditure are driving the growth of the global MRI market.
In terms of architecture, the MRI market is segmented into open MRI and closed MRI. The closed MRI segment held the largest share in the global market in the historical period and it is expected to hold a market share of more than 75% by 2022. The open MRI segment is projected to witness the fastest growth during the forecast period.
Geographically, North America is the largest MRI market all over the world and it is projected to hold a market share of 40% by 2022. Improved healthcare infrastructure and growing prevalence of chronic diseases are the two major drivers of the North American market for MRI. In addition, the technological advancements in MRI and awareness program for early diagnosis of the diseases are also driving the growth of the North American market. Among the North American countries, the U.S. is the largest market for MRI. The U.S. MRI industry is also expected to witness the fastest growth during the forecast period.
MRI Market Dynamics
Novel application areas, such as detection of multiple sclerosis and breast cancer, are creating ample opportunities in the global MRI market. MRI is used to detect multiple sclerosis. MRI has revolutionized the diagnosis and treatment of multiple sclerosis. It is the only diagnostic imaging technique used for the diagnosis of patients suffering from multiple sclerosis. In addition to mammography, MRI is also used to detect breast cancer. MRI may detect cancer at the earliest stage, thus creating huge revenue generating opportunities for the manufacturers of MRI systems.
The distinct governments and organizations in different countries across the globe are running awareness programs to educate people regarding early diagnosis of diseases. MRI technology has paved the way for the identification of health conditions at incipient stages, which increases the success rates of the treatment. MRI produces higher quality of images and accurately characterizes diseases as compared to the other imaging technologies. Healthcare providers and patients are getting aware of these benefits of MRI. The healthcare provider’s compliance for MRI is increasing with the increasing awareness about benefits of MRI technology. Therefore, the factor is expected to fuel the demand for MRI market during forecast period.
Helium is an inert gas with cryogenic properties due to which it is used for cooling heavy duty instruments, including MRI. The wastage of the helium gas over the decade has led to its scarcity. The scarcity of helium is expected to increase its price in the coming years. As helium is used as cryogenic liquid in MRI system, an increase in its price would lead to increase in the cost of MRI systems and MRI exams. Therefore, the ceasing helium gas deposit around the world is expected to hinder the growth of the global MRI market.
MRI Market Competitive Landscape
Some of the key companies operating in the global MRI market include Koninklijke Philips N.V., Siemens AG, Hitachi Ltd., General Electric Company, Toshiba Corporation, Esaote SpA and Aurora Imaging Technologies, Inc.