MRI Market to Reach $5.5 Billion by 2010
April 23, 2008 - The magnetic resonance imaging (MRI) systems market is projected to reach $5.5 billion by the year 2010 and represents the fastest growing segment, as hospitals and clinics upgrade old equipment with state-of-the-art systems, according to a report by Global Industry Analysts (GIA).
The U.S. represents the largest market in both dollar and unit terms. MRI equipment market in the U.S. is estimated at $1.9 billion for 2008, as stated in a recent report published by GIA. The very high-field MRI systems market in the U.S. is projected to reach $968 million by 2010.
Since the introduction of magnetic resonance imaging (MRI), the technology has become a ubiquitous diagnostic tool for better understanding of diseases. A trade-off between patient-comfort designs and enhanced diagnostic information highlights the trend in modern MRI equipment research. In this highly sophisticated industry, innovation and service quality are the trump cards of success. Image quality remains the impulse for equipment selection. Field strength is a standard component of image quality as it adds to extended application range, signal-to-noise ratio and short examination times. Use of dedicated MRI systems is expected to witness significant growth due to high imaging quality and cost effectiveness.
Development of 3T scanners has provided the MRI industry an edge over 1.5T scanners, much touted as the industry's gold standard. 3T MRI systems are a success story in the MRI market today. Lower examination costs complimented by improved image quality and lesser scan times highlight the pros of 3T scanners.
Japan represents the second largest market for MRI equipment. The country holds the distinction of featuring the highest MRI scanners per million population. Closed MRI Systems market in Japan represents the largest product category, accounting for an estimated market share of 84 percent (in value terms) for 2008. MRI industry is in its infancy in most regions of Asia-Pacific, and countries such as India, Singapore, Malaysia, Thailand, South Korea, China offering enormous potential for growth. Asia-Pacific is projected to register a CAGR of 11.6% over the period, 2005-2010. Open MRI systems market in Asia-Pacific is estimated at $81 million for 2008.
GE Healthcare, Siemens Medical Solutions and Philips Medical Systems dominate the global MRI equipment market. Other prominent players profiled in the report include Esaote SPA, Fonar Corp., Hitachi Medical Corp., IMRIS, Medinus, Medtronic Surgical Navigation Technologies and Toshiba Medical Systems Corp.
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