The global magnetic resonance imaging market is expected to witness a CAGR of 7.5% to reach $11.5 billion by 2025
Bangalore, India, June 25, 2019: With its recently published study “Global Magnetic Resonance Imaging Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global magnetic resonance imaging market is expected to grow at a steady rate during the forecast period. The market is set to project a potential growth in the market as it is one of the most accurate and effective method of diagnosing various chronic diseases. The MRI systems have represented the medical imaging industry as an important breakthrouugh in the field of diagnostic imaging when compared to other imaging systems (CT, ultrasound, and X-ray). The advancement in technology has made the device simple, compact, fast, and precise to use. Further, companies are focusing in addressing similar problems involved in fusion technologies to enter in new applications for better diagnosis and treatment. Vendors are focusing in developing next generation MRI systems and targeting to widen the application profile.
The market has significant potential opportunity to grow in both developed and developing countries due to technological advancements of MRI systems leading to huge attraction from healthcare facilities such as hospitals, diagnostic centers, and universities/institutes. The development and advancement in technology has enabled higher safety and accuracy of high-end machines. The major factors driving the growth of the market are the rise in the number of chronic diseases, large patient pool presence, advancements in MRI systems, and growing investment for healthcare infrastructure. The presence of vast patient population and urbanization rate with rising government initiatives is expected to drive the market at a rapid pace.
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The advancement in imaging technology with hybrid MRI systems and emergence of 7T device have expected to emerge as one of the major trends in the MRI market. The government in both developed and developing countries has taken initiatives to support and leverage healthcare facilities. Manufacturers are continuously focusing to expand their reach with integrated diagnostic model facilities to target patient-centric healthcare services with powerful and unique technology. This will further propel the growth owing to a broad classification of MRI systems in the market. MRI systems is considered as the best diagnostic tool in neuroscience research as 98% of the MRI scans are primarily performed for brain examination. Other neurology related diagnosis includes brain tumors, blood vessel malformation or hemorrhage, and vascular irregularities. It is also used to detect degenerative disorders such as multiple sclerosis. There are about 1 billion individuals, i.e. around 13.46% of the global population suffering from neurological disorders. Some of the most prevalent neurological disorders are stroke, multiple sclerosis, epilepsy, brain injuries, Alzheimer & Parkinson disease, and neuro-infections. More than 10% of the deaths worldwide are caused due to neurological disorders. As MRI diagnosis is non-invasive approach of diagnosis, MRI systems has gained high importance and is being recognized by many service providers leading to an increased adoption in the market.
Recently the diagnostic markets has witnessed a large volume of cancer cases and the diagnosis/detection nowadays is witnessing an increase with combination or hybrid imaging possibilities. The inclusion of MRI with PET or CT has gained popularity in the market. Other medical conditions such as uterine fibroids are diagnosed with hybrid imaging modality MRI along with ultrasound imaging under image guided technology.
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The healthcare facilities are currently targeting in providing the maximum focus towards diagnostic procedures and offer treatment to patients suffering from various chronic diseases. Further, the hospitals, diagnostic centers, and other healthcare facilities are targeting to improve their operational efficiency and focus on creating a smooth environment for both patients and radiologists. Majority of the vendors have established their R&D and manufacturing facilities in developing countries to target the upcoming market growth. Emerging countries such as India and China have huge potential opportunity for medical imaging industry due to presence of large pool of patients and increasing disposable income. The companies are focusing on developing innovative products and most of them are trying to implement technology with high investment in R&D. Very soon MRI systems may standout for many of its alternatives imaging modalities for ultra-high imaging technique with simple, compact, easy to operate, and no radiation non-invasive diagnostic procedure.
“MRI systems have seen the major advancements in technology on the software side, simplifying cardiac imaging workflow, enabling faster contrast scans, and inclusion with other imaging modalities for accurate results. MRI systems have gained significant reputation over the last two decades and many radiologists and surgeons are adopting for detecting and assessing the presence and extent of cancer.” – Mohammed Azhar, Senior Research Analyst (Research – Healthcare) at Infoholic Research
Key insights of the report include:
- Major Product Areas:
- Closed MRI systems
- Open MRI systems
- Major Field Type:
- Low field MRI systems
- High field MRI systems
- Very high MRI systems
- Major Application Type:
- Key End-users:
- Ambulatory care
- Diagnostic centers
- Industry outlook: Market trends, drivers, restraints, and opportunities
Ms. Sunanda Ganguli
Infoholic Research LLP