Magnetic Resonance Imaging (MRI) Market: Global Market Analysis, Size, Share & Forecast

The Global Magnetic Resonance Imaging (MRI) Market is driven by advancements in technology. However, the high cost associated with MRI systems will suppress the growth of the global magnetic resonance imaging market. Hence, the global magnetic resonance imaging (MRI) market will experience moderate growth in the coming few years. Nevertheless, the advances in the global magnetic resonance imaging market will continue to drive the market.

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MRI technology has attracted keen interest from several technology developers. In the global MRI industry, several manufacturers wish to make this technology more patient-friendly and are using heavy R&D to achieve this.

Backed by extensive primary and secondary research, the global magnetic resonance imaging (MRI) market report offers valuable forecasts of the overall market and its key segments. Broadly, the global magnetic resonance imaging (MRI) market is segmented by application and region. The market forecasts and figures presented in the research study will help new entrants and established players gain a clear perspective on the growth framework of the global magnetic resonance imaging market.

Overview of the Global Magnetic Resonance Imaging (MRI) Market

The global magnetic resonance imaging (MRI) market is fueled by factors such as the growing geriatric population, rising technological innovations such as superconducting magnets, growing demand for high-field MRI sector, and expanding open architecture. On the other hand, factors such as the high cost of MRI systems, shortage of helium gas deposits, and shrinking reimbursement rates for MRI procedures will restrain the market.

The global magnetic resonance imaging (MRI) market will expand at a moderate CAGR of 3.5% during the forecast period from 2012 to 2017. By 2017, the global magnetic resonance imaging (MRI) market is projected to be valued at US$4.8 bn. By structure, the global magnetic resonance imaging (MRI) market is divided into open MRI devices and closed MRI devices. The open MRI segment will witness a CAGR of 4.8%, while the closed MRI segment will witness a CAGR of 2.5% during the forecast period.

On the basis of magnetic field strength, the global magnetic resonance imaging (MRI) market is segmented into mid-field, low-field, and high-field devices. The low-field magnetic resonance imaging segment is expected to decline nearly 9% during the forecasting horizon. This will shrink the market value of this sector to US$282.4 mn in 2017.

Geography-wise, the global magnetic resonance imaging (MRI) market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). At present, North America and Europe generate the majority of the revenue in the global MRI market. On the other hand, the Asia Pacific sector is projected to demonstrate the highest CAGR during the forecast period. Factors such as the rising awareness about the advantages of early diagnosis and increasing affordability of advanced healthcare services will boost the Asia Pacific MRI market. On the other hand, factors such as the rising incidence of chronic conditions and accelerating aging population will drive the global magnetic resonance imaging market in North America.

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The key players operating in the global magnetic resonance imaging (MRI) market are Siemens, GE, Hitachi, Philips, and Toshiba. Each of these key companies have independent firms that are dedicatedly working on manufacturing MRI systems and related medical equipment.

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