The major factors attributing for the magnetic resonance imaging market includes rising awareness about early diagnosis, rising geriatric population base, introduction of technical advancement such as implementation of software application in the systems which in turn will increase the accuracy. Implementation of various technologically advanced products namely espree MRI Systems and introduction of RF subsystem for operating MRI are also attributed for the growth of the global MRI market. Moreover, there are few more market propelling factors that includes ascendancy in patients with cardiovascular and neurological disorders, increasing incidences of road accidents caused under influence of alcohol, inefficient law enforcement and rash driving. However, there are certain factors such as high capital investment, declining reimbursement rates, and declination of helium gas depositions that are expected to disrupt the growth of this market over the forecast period.
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In 2014, closed systems accounted for the largest market shares due to fast and accurate diagnosis results and high usage rate amongst majority of the hospital chains. Over the forecast period, very high field MRI systems are established to grow at a significant rate. The improvement in quality of image, having higher resolutions quality, and increasing speed are the key attributing factors for the growth of this segment. The brain and neurological MRI system segment is expected to have the largest MRI market share. The key attributing factor for its large market share is the lack of substitute imaging tool for brain and neurological diagnosis.
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North America is estimated as the major revenue achieving region. Better reimbursement policies, higher awareness and upgrading technical infrastructure are the factors fuelling North American market. Asia Pacific is anticipated as the fastest growing region. Favorable government initiatives such as “change India” and “make India” campaigns, large pool of well trained medical professionals, awareness about the sophisticated medical diagnosis technique, growing geriatric population which requires more focused and accurate diagnosis and development of healthcare infrastructure are few associating factors for being the fastest growing region, especially for MRI technologies.
Key players in this market include Hitachi medical corporation, Siemens Healthcare, and Toshiba medical systems, GE Healthcare, Philips healthcare.
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