Market

MRI systems market value will more than double

The global Magnetic Resonance Imaging (MRI) systems market will more than double in value from approximately $4.1 billion in 2013 to over $9.2 billion by 2020, representing a Compound Annual Growth Rate (CAGR) of 11.8%, according to research and consulting firm GlobalData.

The company’s latest report* states that this impressive growth will be driven by continual design developments, cost reductions, reimbursement improvements and the rapid uptake of less expensive MRI systems in emerging markets.

However, Rob Littlefield, MS, GlobalData’s Senior Analyst covering Medical Devices, says current economic factors remain the greatest threat to new innovation in the next five years, despite numerous advancements in MRI system capability. Littlefield explains: “This is especially true in western Europe, where economic austerity measures are stalling device purchases of every category. However, many hospitals still uncompromisingly demand advanced MRI systems despite tight budgets, so significant growth opportunities remain.”

“Healthcare providers are calling on manufacturers to develop both cheaper and better technology, meaning suppliers’ success will depend on the development of MRI solutions offering improvements in cost, efficiency and workflow, while also enhancing clinical diagnostics.” GlobalData’s report also finds that market growth for MRI systems in the US and EU will continue to be heavily dependent on the replacement of existing systems that are nearing the end of their lifetime.

Littlefield continues: “Despite the need for replacements, hospitals do not always decommission MRI systems at the end of the products’ manufacturer-recommended lifecycles, which negatively affects sales in these developed markets as new system purchases are delayed or abandoned.Additionally, newer systems are expected to cost less, reducing manufacturers’ profit margins and resulting in a highly competitive MRI market that ultimately stifles new product innovation.”

The analyst adds that sales growth in emerging countries, such as China and India, will be fueled by the rapid uptake of less-expensive MRI systems that will allow access to healthcare in more remote areas of these price-sensitive economies.“With increases in average income, growing demand for healthcare, and higher standards for care, emerging markets are expected to see a rise in MRI diagnostic procedures, as the technology offers safe and valuable insight into patient conditions and is a powerful, irreplaceable decision-making tool for physicians,” concludes Littlefield.

MediPoint: Magnetic Resonance Imaging Systems – Global Analysis and Market Forecasts

 

Source: Press Release Global Data

22.01.2015

Related articles

Photo

Article •

A conceptual shift for medical device manufacturers

Much has changed for medical device manufacturers. Take scanner development; whereas the aim has long been to increase multi-slices, produce higher field strengths and sharper images, optimise the…

Photo

Article •

The ascent of image-guided surgical interventions

Medical imaging is no longer limited to diagnosis and evaluation. New, high resolution imaging systems enable very precise positioning of lasers, endoscopes and micro-instruments for surgery near…

Article •

France ranks low in Europe for MRI equipment

On average, European countries possess 17 MRI machines per one million people. With only 9.4 MRI machines per million people, France ranks between Portugal and Turkey, putting it among the least…

Related products

Subscribe to Newsletter