MRI or magnetic resonance imaging is a noninvasive medical imaging technique predominantly used in radiology. It investigates the anatomy and body functions to collect data about diseases as well as health. These scanners (MRI scanners) use radio-waves and strong magnetic fields to draw images of the body. Increasing use of these scanners and growth of the global healthcare sector are the major reasons for the magnetic resonance imaging market. In the coming future, the MRI technology is expected to have a strong growth prospect, majorly because of the constant technological advancements in the field. Rising adoption, especially in the emerging markets is also a positive contributing factor for the current position of the magnetic resonance imaging market.
Business Prospects in MRI Market
MRI is a revolutionary technology as compared to the traditional ones and has limited to no side effects. This convenience factor attached to magnetic resonance imaging makes it a highly recommended method for medical imaging. This technology does not use ionizing radiation, which is a common method in traditional imaging. MRI scanners also provide clear picture for easy diagnosis and better functionality. They provide better contrast of bone structure as well as soft tissues. Critical issues like brain cancer and breast cancer are easily detected though MRI than CT scan and other traditional techniques. Magnetic resonance imaging market is particularly influenced by these features.
Constantly evolving technology in MRI market is also an added advantage for the existing businesses in the industry. The technology is constantly evolving, which is attracting new investors as well as expansions of existing customers on global scale. Changing healthcare reforms in the US as well as rest of the countries also plays vital role in the development of the global magnetic resonance imaging market. In order to understand the growth pattern, revenue aspects and business aspects in the market, one needs to carefully analyze the trends, opportunities, challenges, competitor outlook and forecasting reports o f the industry. Segmentation in the MRI industry is categorized based on the types of architecture, technology, strength, applications and geography.
- Architecture: Open systems and closed systems
- Field Strength: High, mid and low field strength systems
- Technology: MR venogram, angiogram and spectroscopy, functional MRI, fusion MRI and others
- Applications: Interventional, whole body, breast, cardiac, brain and neurological and other parts
- Geography: North America, Asia, Europe and rest of the world
During the forecasting period from 2013 to 2018, the magnetic resonance imaging market is expected to maintain a steady CAGR of 4.56%. At the estimated rate, the market is expected to reach around $5.24 billion by 2018. In 2013, the market was worth $4.13 billion. North America is anticipated to dominate the global market will about 40% market shares, which is seconded by Europe. Asia on the other hand is expected to make rapid growth with rising demand, awareness towards healthcare and improved spending capabilities.