HOME Research Insight Technological Advancements Such as Superconducting (SC) Magnets, Open Architecture, and Emerging Countries are New Revenue Pockets for the MRI Systems Market

Technological Advancements Such as Superconducting (SC) Magnets, Open Architecture, and Emerging Countries are New Revenue Pockets for the MRI Systems Market

In this report, the global MRI systems market is segmented on the basis of architecture, field strength, application, and region. By architecture, the market is categorized into closed MRI systems and open MRI systems. The MRI systems field strength market is divided into low-to-mid-field MRI (below 1.5T), high-field MRI (1.5T3T), very-high-field MRI (4T6T), and ultra-high-field MRI (7T and above). The very-high-field MRI segment is the fastest-growing field strength, while high-field MRI forms the largest field strength segment. On the basis of application, the MRI systems market is classified into spine & musculoskeletal MRI, brain & neurological MRI, vascular MRI, pelvic & abdominal MRI, breast MRI, and cardiac MRI. Spine & musculoskeletal MRI is the fastest-growing segment.

The rising geriatric population; advancements in MRI techniques such as the development of superconducting (SC) magnets, open architecture, ultra-high-field MRI, and software applications; and the advent of MRI-compatible pacemakers are expected to drive the demand for MRI systems among end users in the forecast period. On the other hand, the high cost of MRI systems, depleting helium gas deposits, and declining reimbursement rates for MRI procedures are expected to affect the growth of the MRI systems market to a certain extent. However, emerging markets (such as China, India, Brazil, and Middle East), novel application areas such as detection of multiple sclerosis and breast cancer, and the advent of hybrid MRI systems provide new growth opportunities to players in the MRI systems market. Furthermore, dearth of skilled labor and complexity of instrumentation may pose challenges for the growth of this market.

North America (comprising the U.S. and Canada) is expected to account for the largest share of the global MRI systems market in 2016. Factors such as rising aging population, well-established healthcare system, growing awareness about early diagnosis, and technological advancements are driving the growth of this region. However, high market penetration and declining Medicare reimbursement rates for MRI exams are the major factors restraining the growth of this market. Asia will be the fastest-growing region due to factors such as increasing disposable incomes and rising aging population. Europe, on the other hand, is a mature market for MRI systems similar to that of the U.S. Owing to the Eurozone debt crisis; this region is estimated to register slow growth.

Among Asian countries, Japan is at the forefront in terms of adopting newer technologies, thereby enabling the introduction of novel 3.0T equipment in the Japanese market. Very-high-field MRI is the fastest-growing segment of this market as hospitals and clinics are upgrading their equipment to these state-of-the-art systems. Technological advancements and the rising aging population are factors propelling the growth of the MRI systems market in this region.

Related Reports:

Magnetic Resonance Imaging (MRI) Systems Market by Architecture (Open MRI, Closed MRI), Field Strength (Low-To-Mid Field (<1.5t), High Field (1.5t-3t), Very High Field (4t-6t)) & Application (Brain, Cardiac, Pelvic, Breast, Musculoskeletal) - Global Forecast to 2021

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