MRI system market to hit $5.24B by 2018

MRI system market to hit $5.24B by 2018

by John Wallace

The Magnetic Resonance Imaging system market is forecast to reach about $5.24 billion by 2018, according to a report from Markets And Markets.

Magnetic resonance imaging (MRI) is a technique that uses a magnetic field and radio waves to create detailed images of the organs and tissues within a human body, according to the Mayo Clinic website.

“Most MRI machines are large, tube-shaped magnets. When you lie inside an MRI machine, the magnetic field temporarily realigns hydrogen atoms in your body. Radio waves cause these aligned atoms to produce very faint signals, which are used to create cross-sectional MRI images — like slices in a loaf of bread,” according to the Mayo Clinic. “The MRI machine can also be used to produce 3-D images that may be viewed from many different angles.”

A shift in healthcare practices is helping the MRI market grow.

“The global healthcare industry is witnessing a paradigm shift, skewed towards non-invasive and non-ionizing diagnostic procedures, which not only cures serious illnesses, but also have negligible side effects,” according to the report. “Magnetic resonance imaging (MRI) is one of such technologies with the potential to revolutionize medical diagnostics in healthcare. The global MR systems market was valued at $4 billion and $4.1 billion in 2011 and 2012, respectively. As of March 2013, the market is expected to be $4.13 billion and is poised to reach approximately $5.24 billion by 2018 at a CAGR of 4.56 percent.”

The report looks at the global MRI market by examining various sectors of the market.

“Closed systems with high field strengths dominate the market due to their high clinical significance and higher image resolution,” according to the report. “Technological advancements such as the introduction of MRI-compatible pacemakers and digital broadband scanners drive the growth of the MRI market.”

Read the full article on the May 2014 issue of Medical Dealer magazine