The global MRI systems market is projected to reach USD 7.19 billion by 2021 from USD 5.61 billion in 2016, at a CAGR of 5.1 percent from 2016 to 2021, estimates MarketsandMarkets. The development of MRI-compatible pacemakers is one of the major factors that will have a positive impact on the growth of the MRI systems market in the coming years.
Though used primarily in diagnosing disorders in the central nervous system in radiosurgery for the treatment of intracranial tumors and arteriovenous malformations, MRI imaging techniques are now also being used for the diagnosis of cardiac and breast diseases. This led to the development of MRI-compatible pacemakers that offer increased patient safety and procedure accuracy in patient screening, which will in turn, fuel the growth of the MRI systems market.
Characterized by the presence of several Tier-I, Tier-II, and other small companies, vendor competition in the MRI systems market is intense. Additionally, the market also has the presence of software providers which further intensifies the level of competition in the market. MRI system manufacturers focus on increasing revenues through various distribution channels like direct sales, distributors, and supply chain networks and compete on the basis of various parameters such as competitive pricing, product differentiation, technology and imaging software upgrades, online and on-site servicing, and PPPs.
During 2016, the closed MRI systems segment accounted for the major market shares and dominated the market. Though the growing popularity of open MRI equipment will result in decreasing this segment's revenue shares, advantages such as high image quality and high magnetic field strength will aid in their adoption in the coming years.