Get In Touch

Global MRI Market: Rise of Chronic Diseases and Higher Spending on Healthcare to Boost Growth, Finds TMR

The global MRI 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 MRI 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.

A Highly Saturated Market Would Lead to Slow Growth in America

The market for MRI can be segmented based on different parameters. On the basis of architecture, the market is divided into open and closed MRI. An open MRI is used mainly to diagnose the obese. The Americas dominate the open MRI 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 MRI 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 MRI market is estimated to reach US$3,130.8 mn in 2017.

Depending on field strength, the MRI systems market can again be categorized into low-to-mid-field MRI, high-field MRI, very-high-field MRI, and ultra-high-field MRI. The high-field MRI segment has been most widely adopted in the MRI 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 MRI

There are a number of factors driving the market for MRI. 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 MRI systems. “The development of ultra-low-field MRI is expected to further boost the demand by reducing the radiation risks associated with MRI scanning,” says the analyst of the TMR report. Besides, the increasing spend on healthcare facilities, the wide adoption of advanced MRI 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 MRI systems as compared to other modalities forms a major factor limiting market growth. A low-field MRI costs around US$500,000, while a high-field MRI can cost as high as US$3 million. High system cost increases procedure costs for the patient. MRI equipment also involves high installation and maintenance costs. For instance, the systems require radio frequency (RF) shielding and the helium used for cooling the MRI 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 MRI usage.” 

This review is based on the findings of a TMR report titled “Magnetic Resonance Imaging (MRI) Market: Global Market Analysis, Size, Share, and Forecast 2012 - 2017.” 

Key Regional Segments of the Magnetic Resonance Imaging Market

  • Europe
  • North America 
  • Asia Pacific 
  • Rest of the World 

About Us

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.

US Office Contact

90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453

7 of 10 large enterprizes view our ToC to take the right decision.

View Report ToC