The global magnetic resonance imaging (MRI) market is anticipated to reach USD 5.6 billion by 2025. MRI is a commonly used diagnostic instrument for diseases & disorders of the central nervous system (CNS) such as spine lesions, stroke affected brain parts & blood vessels, and tumors. Rising geriatric population and prevalence of health conditions related to CNS can boost market demand over the forecast period (2014 to 2025).
With diverse biomedical applications, MRI technology is expected to govern modern medical interventions worldwide. Moreover, high demand for non-invasive & minimally invasive diagnostic procedures can positively influence market growth. Scanning system advancements like software upgrades, open systems, and superconducting magnets may impel market demand. Availability of cardiac pacemaker-compatible MRI machines is anticipated to further fuel demand.
However, depletion of helium gas deposits necessary to reduce MRI machine temperature could increase the waiting time and also decrease productivity. Additionally, high prices of devices and the need for regular servicing & maintenance could hamper product demand. Moreover, stringent regulatory policies can negatively impact product approvals in the near future.
In-depth research report on global magnetic resonance imaging (MRI) market - http://www.grandviewresearch.com/industry-analysis/magnetic-resonance-imaging-market
The market is divided according to products, applications, and regions. On the basis of products, the segments are architecture and field strength. Architecture is further bifurcated into closed systems and open systems. Field strength is split into low, mid, and high field strength. Closed systems held the largest market share in 2015. Open systems, on the other hand may expand robustly over the forecast period. These are widely utilized by patients suffering from claustrophobia. Mid field strength devices led the overall market in 2015. The segment is propelled by affordability, moderate resolution, and better scanning speed of such devices.
Based on applications, the market is segmented into abdominal & pelvic, brain & neurological, breast, cardiac, spine & musculoskeletal, and vascular among others. Absence of effective substitutes for brain & neural imaging can fuel the magnetic resonance imaging market in the years to come. Breast scanning and cardiac imaging are anticipated to witness slow growth owing to greater preference for ultrasound & x-ray technologies.
Regions include North America, Europe, Latin America, Asia Pacific, and Middle East & Africa (MEA). North America may continue dominating the market throughout the forecast period. High insurance coverage and favorable reimbursement policies encouraging patients for early diagnosis are two key factors that drive the region. Driven by a rapidly expanding geriatric population, Asia Pacific is expected to register highest growth over the next couple of years. Booming medical tourism in Asian countries such as China, Japan, and India can help create attractive business opportunities.
GE Healthcare, Siemens AG, Koninklijki Philips N.V., and Hitachi Medical Systems are some of the leading players in the global magnetic resonance imaging (MRI) market. Joint ventures such as mergers & acquisitions are some of the vital strategies adopted by these companies to retain their global market positions.
ViewRay recently received an approval from the U.S. Food & Drug Administration (FDA) for MRIdian Linac. This is considered a premium MRI-guided radiation technology designed in a compact machine. It integrates 0.35 T MRI with 6MV linac technology to monitor the shape, size, and location of tumors during radiation. The machine can diagnose and treat patients simultaneously without additional imaging dosage.