ShareThe global Magnetic Resonance Imaging (MRI) market
The global market for MRI systems valued USD 4.13 billion, as of the first quarter of 2013, and is expected to grow at a compound annual growth rate (CAGR) of 4.56% reaching approximately USD 5.24 billion by 2018.
The largest routine application of superconductivity in medical research is Magnetic Resonance Imaging (MRI) tomography.
According to a report provided by ReportsnReports, the current MRI industry is producing over 2,000 units per year. The global market for these systems valued USD 4.13 billion, as of the first quarter of 2013, and is expected to grow at a compound annual growth rate (CAGR) of 4.56% reaching approximately USD 5.24 billion by 2018.
North America dominates the market with nearly a 40% share, followed by Europe, due to technological developments for effective diagnostics and a rapidly aging population. However, Asia is slated to grow at a high compound annual growth rate (CAGR) of 5.2% over the analysis period. Improved spending capability and physicians inclination towards MRI over other conventional medical imaging modalities is fuelling demand for MRI across this region. Asia has strong growth potential, particularly from countries with large a population such as China and India. The demand is anticipated primarily from private hospitals compared to public hospitals. The adoption of the MRI equipment market is also likely to grow owing to the rising incidences of cardiac diseases, neurological and oncological cases in the region.
The cost and limited availability of helium used to cool MRI devices has been a concern for this market as well as healthcare reforms in the U.S. that are leading to a reduction in reimbursements.
Nevertheless, once market barriers of tight R&D budgets, high costs of MRI scans and alternate cooling systems are resolved, the industry is expected to grow considerably, according to the report. “With technology developers exploring many new applications, especially those involving cardiac and breast imaging, it was inevitable that magnetic resonance imaging would evolve into a highly sophisticated medical imaging tool."
Source: Medical Dealer
According to a report provided by ReportsnReports, the current MRI industry is producing over 2,000 units per year. The global market for these systems valued USD 4.13 billion, as of the first quarter of 2013, and is expected to grow at a compound annual growth rate (CAGR) of 4.56% reaching approximately USD 5.24 billion by 2018.
North America dominates the market with nearly a 40% share, followed by Europe, due to technological developments for effective diagnostics and a rapidly aging population. However, Asia is slated to grow at a high compound annual growth rate (CAGR) of 5.2% over the analysis period. Improved spending capability and physicians inclination towards MRI over other conventional medical imaging modalities is fuelling demand for MRI across this region. Asia has strong growth potential, particularly from countries with large a population such as China and India. The demand is anticipated primarily from private hospitals compared to public hospitals. The adoption of the MRI equipment market is also likely to grow owing to the rising incidences of cardiac diseases, neurological and oncological cases in the region.
The cost and limited availability of helium used to cool MRI devices has been a concern for this market as well as healthcare reforms in the U.S. that are leading to a reduction in reimbursements.
Nevertheless, once market barriers of tight R&D budgets, high costs of MRI scans and alternate cooling systems are resolved, the industry is expected to grow considerably, according to the report. “With technology developers exploring many new applications, especially those involving cardiac and breast imaging, it was inevitable that magnetic resonance imaging would evolve into a highly sophisticated medical imaging tool."
Source: Medical Dealer