The Global Market for Magnetic Resonance Imaging (MRI) Equipment is Projected to Reach US$7.5 Billion by 2020

Shift Towards Non-Ionizing Diagnostic Techniques Drives the Global MRI Equipment Market, According to a New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Magnetic Resonance Imaging (MRI) Equipment. The global market for Magnetic Resonance Imaging (MRI) Equipment is projected to reach US$7.5 billion by 2020, driven by aging population, growing patient pools, and increasing preference for non-ionizing radiation-based diagnostic techniques.

Magnetic Resonance Imaging (MRI) is rapidly emerging as an alternative to traditional ionizing diagnostic techniques such as CT, X-Ray and ultrasound. Continuous advancements in technology, superior imaging capabilities, aging population, increasing incidence of chronic diseases, growing use of hybrid modalities with MRI, and rising demand in emerging markets, represent major factors driving growth in the market. The non-ionizing nature of MRI allows its safe use in high-risk pediatric patients and patients with metal implants. The technology also enables anatomic as well as functional imaging thus encouraging its use in perfusion and diffusion imaging.

The relatively lower penetration of the technology juxtaposed with rising healthcare awareness and growing physician preference for MRI systems will help spur growth in developing markets. Other factors driving growth in these markets include rising income, robust development of the healthcare infrastructure, increasing per capita healthcare spending, and easy access to affordable healthcare. In the developed markets, replacement demand is expected to spur growth. Expanding applications of MRI in diagnosis of multiple sclerosis and Alzheimer's disease will also help drive growth in the coming years. Despite the opportunities for growth, the market will face challenges such as decreasing reimbursements rates in developed markets such as the United States, and high equipment cost.  

As stated by the new market research report on, Magnetic Resonance Imaging (MRI) Equipment, the United States represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 8.1% over the analysis period. Increased government funding, supporting the development of the healthcare infrastructure in countries such as China and India, represents a major factor driving growth in the region. China, particularly, is expected to corner a major share of the global market in the coming years, led by increasing number of hospitals and diagnostic centers, as well as growing awareness over available healthcare options and advanced diagnostic technologies.

Major players covered in the report include China Resources Wandong Medical Equipment Co., Ltd., Esaote SPA, FONAR Corporation, GE Healthcare, Hitachi Medical Corporation, Philips Healthcare, Siemens Healthcare, and Toshiba Medical Systems Corp., among others.

The research report titled "Magnetic Resonance Imaging (MRI) Equipment: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of trends, issues, and strategic industry activities of major companies worldwide. The report provides market estimates and projections in volume and value terms for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World. The report also analyzes global and regional markets in value and volume terms for MRI systems by design type - Closed MRI and Open MRI Systems. Aditionally, the report analyzes the US market for MRI equipment by magnetic field - Low & Mid-Field Systems, High-Field Systems and Very High-Field Systems.