A new report from BCC Research shows that the MRI system market will see significant growth this year and through 2021.
In 2015, the global market reached USD 5.8 billion, and it’s expected to be nearly USD 6.1 billion this year. From now to 2021, the market is anticipated to growth at a rate of 5.7 percent to USD 8 billion total.
The major factors fuelling market growth are the rising geriatric population; advancements in MRI techniques such as the development of superconducting (SC) magnets, open architecture, ultra-high-field MRI, and software applications; and the advent of MRI-compatible pacemakers are expected to drive the demand for MRI systems among end users in the forecast period. On the other hand, the high cost of MRI systems, depleting helium gas deposits, and declining reimbursement rates for MRI procedures are expected to affect the growth of the MRI systems market from 2016 to 2021. However, emerging markets (such as China, India, Brazil, and the Middle East), novel application areas such as detection of multiple sclerosis and breast cancer, and the advent of hybrid MRI systems provide new growth opportunities to players in the MRI systems market. Furthermore, dearth of skilled labor and complexity of instrumentation may pose challenges for the growth of this market.
On the basis of architecture, the MRI systems market is broadly segmented into closed MRI systems and open MRI systems. The closed MRI systems segment is expected to account for the largest share of the global MRI systems market in 2016.
The MRI systems field strength market is categorized into low-to-mid-field MRI, high-field MRI, very-high-field MRI, and ultra-high-field MRI. In this market, the very-high-field segment is the fastest-growing field strength market segment.
On the basis of applications, the MRI systems market is classified into spine & musculoskeletal MRI, brain & neurological MRI, vascular MRI, pelvic & abdominal MRI, breast MRI, and cardiac MRI. In this market, brain & neurological MRI holds the major share followed by spine & musculoskeletal MRI.
The geographic analysis reveals that in 2016, North America is expected to account for the largest share of the MRI systems market, followed by Asia. Asia will be the fastest-growing region due to factors such as increasing disposable incomes and rising aging population. Europe, on the other hand, is a mature market for MRI systems similar to that of the U.S. Owing to the Eurozone debt crisis, this region is estimated to register slow growth.
Asia-Pacific region, the market is predicted to reach about USD 1.5 billion this year and USD 2.1 billion in 2021, with the highest growth rate of 7.3 percent. - BCC Research