Rising technological advancements, growing patient awareness, introduction of new software applications and growing geriatric population base are expected to augment the growth for magnetic resonance imaging market. Moreover, increasing incidences of accidents under the influence of alcohol and advanced surgical procedures have contributed driving the growth for this market.
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Magnetic resonance imaging is classified depending upon their structure into open bore MRI system and closed bore MRI system. The product ranges from low field (<0.5T), mid field (0.5-1T) high field (1.5T) to very high field (3T). The market is dominated by high field and very high field whole body MRI scanners as they provide technologically advanced applications and resolution particularly for cartilage. Market players such as Philips are involved in increasing the magnet strength (to very high field) of the MRI system in order to gain market share.
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Some key market players in MRI production are GE (signa brand), Hitachi (Airis, Aaltaire), Siemens (Magnetom), and Toshiba (Ultra, Vantage, Opart). Niche market are currently focusing on extremity imaging hence remaining of the market is shared by other smaller companies such as IMRIS-intra-operative systems, Esaote-low field extremity , Fonar- low field. Key application areas are neurological MRI, spinal MRI, brain MRI, pelvic and abdominal MRI, musculoskeletal MRI, neurological MRI, vascular MRI and cardiac MRI. Neurological and brain MRI accounts for the largest market share due to lack of alternate modality for brain and neurological scanning.
North America commands the market on account of high level of awareness amongst patients and healthcare providers, advanced infrastructure and better reimbursement policies emerges as one of the highest revenue generating region. Asia pacific is expected to witness lucrative development due to favorable government initiatives and growing awareness amongst the people. Japan remains ahead in terms of adoption of novel MRI technologies and there are some Indian and Chinese system integrators who are taking steps to enter the market to compete the major players, thereby driving the growth in this market. Major players have established their own R&D, sales and supply chains to major hospitals, clinics and its designs in the countries such as Japan, Europe, US and major hospitals in developing markets.
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