Global Magnetic Resonance Imaging (MRI) Market - Segmented by Type of Architecture, Field Strength, Application, and Geography - Growth, Trends and Forecast (2018 - 2023)
The global MRI market is expected to register a CAGR of 6.6% during the forecast period, 2018 to 2023. MRI is a diagnostic tool for the medical investigations as it is more sensitive than computed tomography (CT), and MRI does not use ionizing radiations. MRI is widely used in the diagnosis of several diseases, such as cancers, neurological, and cardiac disorders. The increasing incidence of these diseases favor the fast growth of the MRI market.
Increasing Adoption in Emerging Markets
The increasing healthcare expenditure in the Asia-Pacific (APAC) region is enabling physicians to diagnose a range of diseases through MRI and CT, particularly for cancer examinations. Furthermore, with the improvement in medical technologies, there has been better access to diagnosis and treatment in developing and underdeveloped countries. According to a research, in 2014 the availability and adoption rate of diagnostic equipment had increased in many APAC countries. Also, China is one of the countries that is spending heavily on MRI machines, to ensure their availability in hospitals and is developing capabilities of MRI manufacture as well. Factors, such as aging population, and indications, such as cancer, cardiovascular, neurological, and orthopedic conditions, increase the demand for MRI in this region, along with growth in sales. Further, others factors, such as introduction of hybrid MRI systems and availability of universal health coverage in North America, Europe, and several Asian countries is increasing the growth of the MRI market.
High Cost of MRI Systems
The MRI machines vary in cost, which depends primarily on the strength of the scanner used. With high strength, the scanners can provide highly detailed images, thereby raising the overall cost of machines. The overall cost of MRI is a huge investment for healthcare providers. The cost usually ranges between USD 1 to 3 million, or sometimes even higher. Also, the construction of MRI suites may require extra USD 5 million for the initial cost. With that, one particular MRI machine can be useful for certain parts of the body, such as hand, feet, and knees.
With the high cost of investment and regular repair work being involved, very few companies can provide the high-quality machines, which could last for 12-14 years. All these factors restrain the growth of the MRI market. Along with the declining helium availability, the capital equipment nature of MRI systems is impacting the growth of the MRI market.
Middle East & Africa to Witness Highest CAGR
North America dominates the MRI market due to the region being more technologically advanced and variety of imaging systems commercially available, which are used in diagnosis. The favorable reimbursement policies and insurance coverage in the region are helping the patients undergo early diagnosis, which is required for chronic diseases. Thereby, demand for these MRI systems is high in the North American region. The Middle East and Africa will witness highest CAGR due to rapid growth of GCC MRI market.
Key Developments in the Market
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