The global Magnetic Resonance Imaging (MRI) System Market market can be categorized on the basis of product, application, and region. Based on product, the market can be bifurcated into open MRI and close MRI. As per application, the market can be fragmented into spine and musculature MRI, vascular MRI, brain and neurological MRI, breast MRI, pelvic and abdominal MRI, and cardiac MRI.
Growing use of magnetic resonance imaging (MRI) technique is accredited to prevalence of chronic diseases that need early diagnosis and immediate treatment for preventing late stage complications. In addition, increasing number of road accidents has imposed injuries and several complications. All these factors are anticipated to drive demand for MRI systems in the forthcoming years.
The global magnetic resonance imaging (MRI) market size was valued at USD 3.2 billion in 2015. Anatomical and physiological scanning abilities of MRI system empower its application in imaging various organs including brain, abdomen, heart, spine, pelvis, musculoskeletal structure and breasts. Advancements in scanning systems such as software applications, open systems, development of superconducting magnets and ultra-high field MRI, and introduction of MRI-compatible pacemakers are anticipated to create positive outlook for the market.
Geographically, the MRI system market can be divided into Europe, North America, Southeast Asia, China, Japan, and India. North America is considered as one of the largest markets due to high adoption of advanced technologies and research & developments in the region. Factors such as developed healthcare infrastructure, availability of variety of advanced diagnostic imagining systems, favorable refund policies, and insurance coverage allow patients to undergo primary diagnosis that is necessary, while treating chronic diseases.
Southeast Asia is likely to show rapid growth in the years to come. This growth can be attributed to rising geriatric population, high disposable income, and growing awareness among the people. In addition, flourishing medical tourism industry is also expected to impel the growth in the near future. Emerging countries such as India, China, and Japan are also projected to create growth opportunities with improvements in healthcare infrastructures, existence of skilled healthcare professionals, and advanced healthcare services at lower costs compared to other developed countries.
Key companies operating in the MRI system market include Siemens Healthcare, GE Healthcare, Toshiba Medical System, Hitachi Medical, and Philips Healthcare. Novel application areas like diagnosis of breast cancer and multiple sclerosis, along with development of hybrid MRI systems may offer new growth prospects to the market participants.