Global Magnetic Resonance Imaging (MRI) Market By Analysis & Architecture 2024
The global magnetic resonance imaging market is a consolidated one, in which five large players dominated around 80% of the market from 2010 to 2012. The five key players are: Hitachi, GE Healthcare, Siemens Healthcare, Toshiba, and Philips Healthcare. Of them, GE Healthcare, Siemens Healthcare, Philips Healthcare, and Toshiba hold an almost equal market share – about 20%. Leveraging their brand image, product positioning, and acquisition of smaller players, the market leaders are further strengthening their positions in the global market. They have expanded their geographical footprint through collaborations and product distribution agreements.
The global magnetic resonance imaging market is expected to reach US$4,787.2 mn in 2017, expanding at a CAGR of 3.3% from 2012 to 2017. The growth has been driven mostly by technological advancements and an increase in the number of patients with cardiac diseases. The slow pace of expansion is on account of the 2008 economic meltdown, which dealt a severe blow to the market. It is, however, picking up pace gradually.
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A Highly Saturated Market Would Lead to Slow Growth in America
The market for magnetic resonance imaging can be segmented based on different parameters. On the basis of architecture, the market is divided into open and closed magnetic resonance imaging. An open magnetic resonance imaging is used mainly to diagnose the obese. The Americas dominate the open magnetic resonance imaging market on account of a significant population of the elderly who are increasingly aware of the benefits of early diagnosis and a spike in chronic diseases in this region due to obesity. In the closed magnetic resonance imaging market too, the Americas hold a leadership position on account of the high occurrence of chronic diseases in the region. Asian countries and those from the Rest of the World (RoW) such as South Africa and Egypt will exhibit a strong growth rate due to the rising investments in research and development and a higher allocation for the early diagnosis of diseases. The closed magnetic resonance imaging market is estimated to reach US$3,130.8 mn in 2017.
Depending on field strength, the magnetic resonance imaging systems market can again be categorized into low-to-mid-field magnetic resonance imaging, high-field magnetic resonance imaging, very-high-field magnetic resonance imaging, and ultra-high-field magnetic resonance imaging. The high-field magnetic resonance imaging segment has been most widely adopted in the magnetic resonance imaging systems market. By geography, the market can be divided into the Americas, Europe, Asia, and the Rest of the World (RoW). Technological progress and enhancements in the healthcare sector and high disposable income of people in the region have propelled the market so far. However, the market is saturated, on account of which, the growth rate will be sluggish. Asia and Rest of the World (RoW) will also exhibit promising growth in the upcoming years.
High Expenditure on Healthcare Facilities and Rise in Chronic Diseases Boost Market for magnetic resonance imaging
There are a number of factors driving the market for magnetic resonance imaging. Burgeoning population in emerging economies has led to an increased demand in healthcare needs, which in turn, has upped the demand for medical equipment such as magnetic resonance imaging systems. “The development of ultra-low-field magnetic resonance imaging is expected to further boost the demand by reducing the radiation risks associated with magnetic resonance imaging scanning,” says the analyst of the TMR report. Besides, the increasing spend on healthcare facilities, the wide adoption of advanced magnetic resonance imaging equipment in both private and state-owned hospitals, a growing population of elderly, and fast lifestyle of today’s youth have led to further market growth.
One of the major restraints in the market is cost. As per the analyst of the report, “The higher cost of magnetic resonance imaging systems as compared to other modalities forms a major factor limiting market growth. A low-field magnetic resonance imaging costs around US$500,000, while a high-field magnetic resonance imaging can cost as high as US$3 million. High system cost increases procedure costs for the patient. magnetic resonance imaging equipment also involves high installation and maintenance costs. For instance, the systems require radio frequency (RF) shielding and the helium used for cooling the magnetic resonance imaging coils also requires replacement every three years. Another major market restraint is the fact that hospitals have been refraining from new equipment purchases following the Deficit Reduction Act (DRA) in the U.S. and the EU’s awaited announcement about magnetic resonance imaging usage.”
This review is based on the findings of a TMR report titled “Magnetic Resonance Imaging (magnetic resonance imaging) Market: Global Market Analysis, Size, Share, and Forecast 2012 – 2017.”
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