Global market for MRI is on the rise

The magnetic resonance imaging (MRI) devices global market is expected to witness substantial expansion due to technological advancements and the growing need for advanced diagnostic tools. The market is expected to reach USD 7.3 billion by 2023 from an estimated USD 5.6 billion in 2018, projecting a five-year CAGR of 5.7 percent, states BCC Research. MRI’s ability to detect a broad spectrum of acute and chronic disorders has produced a significant shift in the diagnostic devices market. Market drivers include higher demand for advanced imaging technologies, the aging population, rising prevalence of chronic diseases, and increased healthcare spending. Market restraints include regulatory constraints, reductions in public insurance reimbursements, macroeconomic factors pressuring the medical devices industry and declining helium reserves and production.

Multiple opportunities exist for MRI manufacturers. For example, the development of cryogen-free preclinical MRI scanners is a vital step toward preserving helium gas reserves. The speed of image acquisition remains a key area for MRI technology developers because it will expand application areas into cardiac imaging and time-resolved contrast-enhanced angiography. These technological advancements should drive demand. With changing global demographics, slashing or stagnating economies and potential risks anticipated in developed or key markets such as North America and Europe, medical device manufacturers are shifting their focus toward alternative markets. The Asia-Pacific region offers the highest growth zone, with abundant possibilities for dynamic business. Most importantly, as the world’s two highest-populated countries on the planet, China and India are magnets for investments and are attracting manufacturers to explore business opportunities.