Magnetic Resonance Imaging Market - Demand for Advanced Diagnostic Imaging Technology for Accurate Diagnosis of Life-Threatening Diseases to Drive Market Growth

Inventive technologies and cutting-edge research have led to the development of several innovative magnetic resonance imaging equipment, helping patients live healthier and longer lives. Magnetic resonance imaging or MRI is an advanced diagnostic technology for obtaining information from the interior of the body. Magnetic resonance imaging is also used in the industry for additional technical purposes. Main advantage of magnetic resonance imaging is that it can create 3D images of the object or patient under study without hurting the patient in any way and without using any ionizing radiation.

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The global magnetic resonance imaging market was valued at US$ 5,900 Mn in 2017 and is projected to expand at a CAGR of 5.2% from 2018 to 2026. There has been a substantial rise in incidence of disorders related with spine, neurology, orthopedic, cardiovascular, head and neck, and abdominal and prostate that has increased the demand for magnetic resonance imaging equipment across the world. According to the World Health Organization (WHO), cardiovascular diseases account for approximately 9.4 million deaths globally each year. The number is slated to increase to more than 23 million by 2030. Upsurge in geriatric population is likely to boost the demand for health care products and services as this segment of population is more prone to diseases, such as, orthopedic (osteoporosis), cardiovascular diseases, etc. Early identification of these disorders is crucial for decision making and ensuring proper treatment. These diseases can be accurately diagnosed with the use of imaging equipment, such as, magnetic resonance imaging (MRI), etc. Hence, rise in aging population is expected to drive the growth of the global magnetic resonance imaging market in the near future.

Pressure on government to explore avenues to improve health care facilities for geriatric population while reducing the financial burden is on the rise. Development of health care infrastructure in emerging economies, paired with rise in awareness about available treatment options for spine, neurology, orthopedic, cardiovascular, head and neck, and abdominal and prostate health issues has led to rapid adoption of latest magnetic resonance imaging equipment in regions, such as, Asia Pacific, the Middle East, Latin America, and emerging African countries. Increased efforts of government and health care organizations in such countries toward prevention and efficient treatment of patients has boosted the adoption of magnetic resonance imaging equipment. However, high price of MRI scanners is a major restraining factor of the growth of the market in emerging countries. In these regions, complementary systems, such as, ultrasound are installed as an alternative to magnetic resonance imaging equipment. Moreover, even after procuring costly high resolution closed system MRI equipment, they could not be used as a large number of patients suffer from claustrophobia and have reservations against these equipment. These factors have resulted in limited adoption of premium devices, such as, very high field MRI (4.0t - 5.0t) and ultra-high field MRI (6.0t and above), thereby leading to ordinary growth of the market. However, technological advancements have prompted the development of high resolution open MRI equipment. These devices are likely to be widely accepted in the near future due to better patient compliance and development in the skills of caregivers.

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The global magnetic resonance imaging market has been analyzed on the basis of application, design, device type, end-user, and geography. In terms of application, the spine segment held major market share in 2017 and is projected to remain dominant during the forecast period. In terms of device type, the high-field MRI (1.5T - 3.0T) segment is estimated to dominate the magnetic resonance imaging market globally during the forecast timeline.

Geographically, North America dominated the global magnetic resonance imaging market in 2017. Technological advancements, increase in prevalence of chronic diseases, rapid adoption of magnetic resonance imaging equipment by service providers, and rise in demand for early diagnose of diseases are likely to boost the magnetic resonance imaging market in this region during the forecast period. Asia Pacific is expected to witness significant growth during the forecast period. Untapped opportunities, improving health care infrastructure, favorable government initiatives, and growth in geriatric population are expected to boost the market in the region in the next few years. According to the WHO, global population aged over 60 years is expected to increase from 12% in 2015 to 22% in 2050.

Key players operating in the global magnetic resonance imaging market include Esaote SpA, AllTech Medical Systems, Koninklijke Philips N.V., Siemens Healthcare GmbH, Hitachi, Ltd., CANON MEDICAL SYSTEMS CORPORATION, GE Healthcare, and Magnetica.

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