The global MRI systems market has been forecast to increase at a compound annual growth rate (CAGR) of 6% over the next five years, rising from a value of around $4.2 billion in 2011, to hit a total market value of $6 billion by the year 2018.
Future growth within the MRI systems market will be driven by technological advances in the global MRI systems market, an increasing number of applications and the advent of MRI-compatible pacemakers.
Furthermore, the market is expected to be driven by new clinical indications of MRI, especially in the areas of cardiology and neurology, along with technological advancement and upgradation of MRI devices.
The increasing use of MRI in detecting diseases in their early stages, such as multiple sclerosis and breast cancer, is also a key driver of the MRI systems market. In addition, diffusion MRI is now the preferred method, rather than computed tomography (CT) for the diagnosis of stroke.
From a demand perspective, a rapidly aging global population and the low penetration of MRI systems in developing economies such as India and China will continue to drive future growth, although the unfavourable reimbursement scenario in developed economies such as the US and Europe is expected to negatively impact demand.
With the Indian and Chinese economies witnessing significant economic growth, their respective governments are attempting to improve their healthcare infrastructure. Healthcare is emerging as a prime focus of these economies and healthcare spending, both at the private and public levels, is expected to double over the next seven years.
Siemens Healthcare was the leader in the global MRI systems market in 2011 with a share of 25%, followed by GE Healthcare with 20%, Philips Healthcare with 13%, Toshiba Medical with 12%, and Hitachi Medical Corporation with 9%. The top four companies accounted for 70% of the global MRI systems market.
Companies are also expected to focus on improving patient comfort and enhancing image quality while limiting the increase in the direct costs involved in the installation of MRI systems.
For more information on the MRI systems market, see the latest research: MRI Systems Market
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