MRI Systems - Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2017

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(Free-Press-Release.com) November 17, 2011 --

The global market for Medical Resonance Imaging (MRI) systems was valued at $3.8 billion and is forecast to reach $5.6 billion at a Compound Annual Growth Rate (CAGR) of 6%. Future growth is attributed to technological advances improving patient comfort, such as open MRI systems and short bore magnets for closed MRI systems. A growing elderly population, mainly in developed economies, is another major driver for future growth. Low field MRI systems are expected to be upgraded to mid field and high field MRI systems due to demand for enhanced imaging capabilities. Cost effectiveness is a major factor driving the growth of mid field MRI systems. Fusion technologies such as Medical Resonance (MR)-Positron Emission Tomography (PET) are expected to replace standalone MRI systems in the future. Rising healthcare spending in developed economies such as Europe and the US, due to a growing elderly population, is also expected to sustain the growth of the MRI equipment market.

A growing global elderly population is expected to drive future MRI growth. Prevalence of chronic disorders in this growing demographic make them more likely to use diagnostic tests to detect illnesses associated with people aged 65 and above. Globally and especially in developed nations, elderly people are enjoying longer life expectancies and improved medical options and treatments. During the period
2010-2050, developed countries are expected to increase healthcare expenditure to accommodate this growing demographic, which will lead to the growth of MRI systems market.

The US is the largest market for MRI systems and contributed 33% towards the global revenue in 2010.

The US MRI systems market was valued at about $1.25 billion in 2010, and is expected to reach $2 billion by 2017 with a CAGR of 7%. Growing healthcare spending due to an elderly population is the major driver for the growth of MRI systems market in the US. High field MRI systems will continue to be the fastest growing segment due to increasing demand for high quality imaging. Low field MRI systems will continue to be replaced by mid field MRI systems due to demand for enhanced imaging capabilities and low cost compared to high field MRI systems

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In 2010, Siemens Healthcare dominated the MRI systems market with a share of 24%, GE Healthcare following with a share of 19%. Philips Healthcare and Toshiba Medical Systems Corporation are the other leading players, with 13% and 12% shares respectively. These top four companies accounted for a 68% share in the MRI systems market in 2010. Companies are focusing on addressing safety and compatibility issues associated with MRI systems to widen the range of applications.

The global market for high field MRI systems is forecast to reach $2.2 billion in 2017 at a CAGR of 10%. Technological advantages over mid and low field MRI systems will continue to drive the future growth of high field MRI systems, which offer benefits such as faster scan times and enhanced image quality leading to better patient comfort and more accurate diagnosis. High field MRI systems such as 3 Tesla strength (3T) MRI systems are increasingly used in the areas of MRI angiography, interactive cardiac MRI and interventional MRI. 3T MRI systems are associated with benefits such as increased Signal-to-Noise Ratio (SNR), partial resolution and speed.

GlobalData’s new report, “MRI Systems - Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2017” provides key data, information and analysis on the global MRI systems market. The report provides market landscape, competitive landscape and market trends information on the MRI systems market. The report provides comprehensive information on the key trends affecting the market, and key analytical content on the market’s dynamics. The report also reviews the competitive landscape and technology offerings.

This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GlobalData’s team of industry experts.

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