MRI Will Become One of the Largest Sectors in the Medical and Diagnostic Imaging Devices Market

Monday 28 November 2016, Amsterdam

A new report, now available on ASDReports, predicts that the global market for MRI systems will be worth $10.4bn by 2022. The market generated sales of $4.0Bn in 2010.

The medical device industry has witnessed explosive growth in recent years. According to the key player estimates, the global market was worth $236.1bn in 2010. Much of this growth is linked to the rising prevalence of a number of diseases worldwide; most notably in cardiac and neurological systems. This has fuelled a strong demand for technically advanced medical and diagnostic imaging devices, capable of providing accurate and detailed diagnoses, which can allow earlier and therefore potentially life-saving, medical intervention. Magnetic Resonance Imaging (MRI) represents the fastest growing segment of the global medical imaging market, where in response to patient demand, hospitals and healthcare care providers around the world are upgrading their older equipment with state of the art systems.

Hemant Mistry, healthcare industry analyst, says:

“The MRI market continues to grow despite the global economic uncertainty and healthcare cutbacks being witnessed in a number of countries worldwide. This is due in part to emerging clinical applications and the new trend of hybrid technology, which provides systems with the ability to capture images both anatomically and functionally. For example, the combination of MRI with other imaging modalities, such as Positron Emission Tomography (PET) scans, has allowed for the imaging of cartilage damage, previously thought unreliable. Indeed, experts claim this technique could replace the use of arthroscopy in the near future. These factors, coupled with the worldwide aging population, increased applications and technological innovations, will drive the growth of the MRI systems market, which is poised to become the largest segment of the global medical imaging devices market.’

This research also suggests that the world MRI systems market may benefit from globalisation. While developed markets such as the US and Western Europe are steadily reaching saturation, the focus on new product development is likely to be in emerging countries, such as India and China. The emerging countries offer huge opportunities, owing to the low density of MRI scanners in these regions. Also, as a result of these countries’ rapidly growing economies, there is an increased focus towards healthcare spending from their respective governments. Furthermore, growth in these countries will trigger increased awareness and adoption globally, which will further strengthen the global market.