Steady Growth Expected in MRI Market

Medical imaging continues to lead to improved diagnosis and treatment of various medical conditions. Magnetic Resonance Imaging (MRI) is among the leaders in medical imaging.

Kalorama Information reported that the MRI market grew at a rate of 4 percent with global revenues for 2013 exceeding $5 billion. A recent report by Kalorama Information “Medical Imaging Markets” analyzes the medical imaging market and predicts growth for the MRI segment.

“An important market development in MRI has been the use of higher Tesla scanners,” said Joseph A. Constance, author of the Kalorama Information report. “Such systems are increasingly being used in clinical pediatrics, due to their superior resolution.”

Constance forecasts continued growth for the global MRI market through 2018.

“Magnetic resonance imaging (MRI) has been one of the more frequently used medical imaging modalities – about 30 million MRI scans are estimated to be performed annually. MRI use in chest, vascular, breast and cardiac imaging procedures has been increasing,” according to Kalorama Information.

A recent report from ReportsnReports estimates growth up to the year 2018 and the report “is an attempt to showcase the technology and market impact of existing and emerging MR systems having a huge growth potential in medical imaging for the coming five years.”

The information provided by ReportsnReports forecasts growth in the MRI market to approach $5.25 billion by 2018.

“The current magnetic resonance imaging industry is producing over 2,000 units per year. The global market for these systems values $4.13 billion, as of the first quarter of 2013, and is expected to grow at a CAGR of 4.56 percent reaching approximately around $5.24 billion by 2018,” according to a summary of the report. “As of March 2013, North America dominates the market with nearly 40 percent share, followed by Europe due to technological developments for effective diagnostics and rapidly aging population. However, Asia is slated to grow at a high CAGR of 5.2 percent over the analysis period. Improved spending capability and physicians inclination towards MR imaging over other conventional medical imaging modalities is fuelling demand for MRI across this region. Asia holds enormous growth potential, particularly from countries with large population base such as China and India. The demand is anticipated primarily from private hospitals compared to public hospitals. The adoption of MR imaging equipment market is also likely to grow owing to the rising incidences of cardiac diseases, neurological and oncological cases in the region.”

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