Rapid Advancements in Technology Propel Global MRI Market

Magnetic Resonance Imaging has, over the years, gained strong impetus from manufacturers and technology developers trying to make the systems more patient-friendly. Today, global MRI market is the most preferred method of diagnostic imaging used for the detection of spine lesions, internal bleeding, brain tumors, and blood vessel diseases.
 
Despite the countless advantages presented by MRI machines in detecting health problems and confirming a diagnosis, medical societies around the world are of the opinion that MRI should not be the first procedure in developing a plan for diagnosing and managing a patient’s complaint. The MRI environment can also be harmful for patients with MR-Unsafe devices such as permanent pacemakers and cochlear implants. 

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Growing Importance of Early Diagnosis Driving MRI Market 
 
One of the most significant factors fueling the growth of the MRI market is the increasing demand for diagnostic tests. Patients and potential consumers have been gaining increased awareness pertaining to the importance of timely and early diagnosis for a better treatment plan and positive prognosis. In addition to this, technological advancements in the field of medical imaging and the rise in geriatric population as well as prevalence of chronic diseases are responsible for the growth of the MRI market. 
 
Analysts indicate that the advent of hybrid MRI systems, unique application areas, and demand from emerging economies such as India, China, the Middle East, and Brazil are factors that are likely to support the development of the MRI market over the next couple of years. 
 
In contrast, a dearth of trained personnel, high cost of the machines, uncertainties associated with changing healthcare reforms, depleting deposits of helium gas around the world, and falling reimbursement rates for MRI procedures are anticipated to hold the MRI market back.

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Steady Growth in store for Global MRI Market 
 
Overall, the global MRI market is estimated to register a steady growth rate of 3.50% from 2012 to 2017, according to a research study published by Transparency Market Research. Pegged at a value of US$3.9 bn in 2011, the global MRI market is projected to reach US$4.8 bn by 2017. Identified as the leading regional segment of the MRI market, North America is likely to account for 37.30% of the global revenue generated by 2017. 
 
Structurally, the MRI market is bifurcated into closed MRI devices and open MRI devices. While the former is projected to register a 2.50% CAGR from 2012 to 2017, the latter is anticipated to expand at a 4.80% CAGR during that time. Based on magnetic field strength, the MRI market is divided into low-field, mid-field, and high-field devices. The low-field MRI devices segment is projected to witness a fall of nearly 9.0% by 2017, bringing down its market value to US$282.4 mn by that year. 
 
Some of the most prominent players contributing towards the growth of the global MRI market are Esaote S.p.A, Philips Healthcare, Fonar Corporation, Toshiba Medical Systems Corporation (Part of Toshiba Corporation), Hitachi Medical Corporation, Neusoft Medical Systems Co., Ltd. (Neusoft Medical), Aurora Imaging Technology, Inc., Siemens Healthcare, GE Healthcare, and IMRIS, Inc.
 
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations. 

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