Global MRI market projected to expand
The MRI equipment market is predicted to rise to $7.4 billion by the year 2015 globally, as expansion of clinical applications, including neuro, cardiovascular and breast imaging, paves the way for growth, according to a report issued Oct. 4 by market research publisher Global Industry Analysts (GIA).
In addition to the broadening of MRI’s clinical applications, the development of advanced high-field systems and techniques including dedicated MRI systems, functional MRI and open MRI systems are facilitating the technology’s growth, said the San Jose, Calif.-based publisher.
“The sustained growth in the market is largely attributed to the continuous improvements in the image quality,” noted the report. “MRI is also being used in conjunction with other modalities for achieving higher levels of image clarity.” Currently, the global MRI market is led by GE Healthcare, Siemens Healthcare and Philips Healthcare.
The MRI market experienced declining sales during the recession due to hospitals and imaging centers cancelling or delaying equipment purchases and falling patient numbers as treatments were skipped or deferred either due to loss of health insurance benefits or high out-of-pocket costs for expensive procedures. The report predicted further growth due to the increased use of interventional MRI for brain surgeries and enhanced usage of MRI diffusion imaging for diagnosis of brain injuries and stroke.
The Asia-Pacific market for closed MRI systems is projected to reach US $687.6 million by 2014, stated GIA, noting that this market growth will be spurred by demand from stand-alone imaging facilities and private hospitals, for applications such as neurological, oncological and cardiac imaging. The rising presence of specialized medical professionals and hospital services upgrades also will contribute to growth.
In addition to the broadening of MRI’s clinical applications, the development of advanced high-field systems and techniques including dedicated MRI systems, functional MRI and open MRI systems are facilitating the technology’s growth, said the San Jose, Calif.-based publisher.
“The sustained growth in the market is largely attributed to the continuous improvements in the image quality,” noted the report. “MRI is also being used in conjunction with other modalities for achieving higher levels of image clarity.” Currently, the global MRI market is led by GE Healthcare, Siemens Healthcare and Philips Healthcare.
The MRI market experienced declining sales during the recession due to hospitals and imaging centers cancelling or delaying equipment purchases and falling patient numbers as treatments were skipped or deferred either due to loss of health insurance benefits or high out-of-pocket costs for expensive procedures. The report predicted further growth due to the increased use of interventional MRI for brain surgeries and enhanced usage of MRI diffusion imaging for diagnosis of brain injuries and stroke.
The Asia-Pacific market for closed MRI systems is projected to reach US $687.6 million by 2014, stated GIA, noting that this market growth will be spurred by demand from stand-alone imaging facilities and private hospitals, for applications such as neurological, oncological and cardiac imaging. The rising presence of specialized medical professionals and hospital services upgrades also will contribute to growth.