MarketsandMarkets Report Analyzes MR Market Values
January 8, 2014
January 8, 2014 — The report, "Advances in Magnetic Resonance Imaging (MRI) System Market (2013-2018) — Technology Trend Analysis — By Architecture, Field Strengths, Technology & Applications in Medical Diagnostics with Market Landscape Analysis — Estimates up to 2018," by MarketsandMarkets, analyzes and studies the major technology and market drivers, restraints and opportunities in North America, Europe, Asia and Rest of the World.
The global MR systems market was valued at $4 billion and $4.1 billion in 2011 and 2012, respectively. As of March 2013, the market is expected to be $4.13 billion and is poised to reach approximately $5.24 billion by 2018 at a compound annual growth rate (CAGR) of 4.56 percent.
The global healthcare industry is witnessing a paradigm shift, skewed towards noninvasive and non-ionizing diagnostic procedures, which not only cure serious illnesses, but also have negligible side effects. MRI is one of such technologies with the potential to revolutionize medical diagnostics in healthcare.
This market research report evaluates the global market of MRI by architecture, field strength, technology, application and geography. The architecture MRI market is further categorized as closed and open MRI systems; the field strength segment comprises low to mid-field strength, high field strength and very high field strength MR systems, the technology segment is classified as MR angiogram, MR venogram, functional MRI, MR spectroscopy and fusion MR, while the application segment covers breast MRI, cardiac MRI, interventional MRI, whole body MRI and MRI for brain and neurological disorders.
Closed systems with high field strengths dominate the market due to their high clinical significance and higher image resolution. Technological advancements such as the introduction of MRI-compatible pacemakers and digital broadband scanners drive the growth of the MRI market. Aging population in developed countries and increasing cases of chronic diseases in developing economies accelerates the market growth from the demand side.
The use of MRI technology is expected to dilate globally, owing to its significance in modern medical diagnosis for diverse biomedical applications. MRI systems for neurology and brain disorders command the current market, while cardiac MRI and breast MR systems are gaining momentum, due to rising cardiac and breast cancer cases globally.
With its ability to image anatomically and functionally, MRI has found its way into surgical applications as well as diffusion and perfusion imaging. It is being combined with other modalities such as positron emission tomography (PET), single-photon emission computed tomography (SPECT) and ultrasound to achieve new heights of image clarity.
The report can be found here.
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