Global Market for Medical Magnetic Resonance Imaging 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 will reach USD 7.3 billion by 2023. MRI is considered by physicians to be the optimal diagnostic tool. Its ability to detect a broad spectrum of acute and chronic disorders has produced a significant shift in the diagnostic devices market. Its worldwide availability will also spur market growth. From an estimated USD 5.6 billion in 2018, this field is projected to undergo a five-year compound annual growth rate (CAGR) of 5.7 percent. 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.

• Worth an estimated USD 6.2 billion in 2023, closed MRI systems will lead the market; open MRI systems are projected to garner USD 821.5 million.
• Valued at USD 2.6 billion, North America held the highest market share in 2017. It should maintain its dominance through 2023, with a projected market size of USD 3.4 billion.
• In terms of market growth, the Asia-Pacific and RoW regions should achieve the highest rates, each with a CAGR of 8.9 percent from 2018 to 2023.

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. – BCC Research