Published: July 2016
Report Code: LS10653
Category : Medical Devices
The global magnetic resonance imaging (MRI) market accounted for revenue of $5,351.7 million in 2015, and it is expected to grow at a CAGR of 5.0% during 2016-2022. Based on architecture, the open MRI segment is expected to witness the faster growth during the forecast period, at a CAGR of 7.8% in the global market. Among the various field strengths, the high field MRI segment is expected to witness the fastest growth during the forecast period.
MRI is a non-invasive radiology technique for diagnosis, assessment, and treatment of medical conditions. It uses strong magnetic field, radio frequency pulses and a computer to produce detailed image of soft tissues, organs, bones, and other internal body structures.
MRI scan is used to examine musculoskeletal injuries, sports injuries, alignments of brain, vascular abnormalities, prostrate problem, female pelvic problem, gastrointestinal tract condition, soft tissue and bone pathology or condition and some of the ear, nose and throat conditions. However, patients with metal implants, cochlear implant, metal clips, and cardiac pacemaker cannot be scanned with the MRI due to magnetic effect produced by the device during the image capture procedure.
The global magnetic resonance imaging market is growing at a significant rate, due to growing geriatric population, increasing prevalence of chronic diseases such as cancer, lung diseases and rheumatoid arthritis, increasing incidence of injuries, increasing awareness about early diagnosis, and increasing healthcare expenditure. In addition, the improving healthcare infrastructure in developing countries, such as China and India, and technological advancement in MRI are also driving the growth of the global MRI market. The restraints associated with the growth of the global MRI market include stringent regulations for the approval of MRI devices, high cost and lack of trained professionals, and shortage of helium gas deposits.
Geographically, North America is expected to maintain its dominance in the global market of magnetic resonance imaging during 2016-2022. This is due to increasing healthcare expenditure, growing geriatric population, improved healthcare infrastructure, and growing prevalence of chronic diseases. In addition, the increasing research activity for the advancement of imaging technology is also driving the growth of the North American market.
The European MRI market is growing, mainly due to growing aging population, increasing prevalence of chronic diseases, and increasing healthcare cost. However, the Asia-Pacific market of MRI is expected to witness the highest growth globally, during the forecast period. This is due to the growing geriatric population and surge in the occurrence rate of different chronic diseases. Additionally, the large population pool and improving healthcare infrastructure are driving the growth of the market in the region.
Some of the key companies operating in the global MRI market include Siemens AG, Koninklijke Philips N.V., General Electric Company, Hitachi Ltd., Aurora Imaging Technologies, Inc., Toshiba Corporation, and Esaote SpA.