The global MRI market was valued at $4.8bn in 2016 and is anticipated to reach $7.4bn by 2024.
The key factors driving the MRI market include the growing demand for open architecture devices, technological advancements, the rise in geriatric population, and the growing prevalence of chronic diseases. The rise in geriatric population is a crucial factor boosting the usage rates. As per the United Nations Department of Economic and Social Affairs, globally the number of people aged 60 and above is projected to increase by a whopping 56% between 2015 and 2030. In 2015, the elderly population was estimated to be 901 million and is projected to reach 1.4 billion by 2030, and exceed 2.1 billion by 2050. The aging process, lifestyle factors, and injuries are key triggers driving the demand for hospitalization and ambulatory care.
The growing prevalence of chronic conditions such as cancer, cardiovascular, neurological diseases, spinal & orthopedic disorders is amongst the major factors driving the MRI market. As per the U.S., National Cancer Institute, in 2016, nearly 1,685210 new cancer cases will be diagnosed. The breast, lung, prostate, colon and rectum and kidney cancer are expected to be the most common cases. Moreover, the American Cancer Society recommends the use of MRI in patients detected with breast cancer and those at a high risk of developing the disease.
In the UK, the number of MRI scans performed growing with a double digit CAGR over the past few years and the usage rates are anticipated to grow further over the forecast period. As per the 2014 NHS data, the average growth of MRI tests from 2003 to 2014 was 12.3% per year. In 2013, there were 2,447,000 MRI tests and in 2014, 2,741,000 tests were conducted.
“Optimal Price Point (OPP) for Products”
Estimated Average medical imaging product cost – $ xx globally. However, with improving access and availability of options, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
Product affordability and access to healthcare facilities are key variables impacting the market growth. The high demand for MRI and other imaging techniques in emerging nations is expected to drive the usage rates. The growing need for local manufacturing and assembly of MRI devices is expected to lower the production costs and improve the purchasing power of customers in this region.
MRI Market by “Product and Architecture”
Based on product, the market is segmented as low field strength, medium field strength and high field strength devices. The medium field devices are the largest category due to their moderate resolution, optimal pricing and safety.
Based on architecture, the MRI market is categorized as open and closed. The closed architecture devices occupy the largest share in 2016 due to their wide usage across the globe. However, the open architecture devices are gaining high acceptance from patients suffering from claustrophobia. The open architecture devices are designed keeping in mind the patient acceptance, safety and scanning efficiency.
MRI Market by “Application”
Based on application, the market is segmented as brain & neurological, spine & musculoskeletal, breast, cardiovascular, abdominal & pelvic and others. Brain & Neurological segment accounted for the largest share in 2016, and this segment is expected to retain its dominance over the forecast period. Moreover, the usage of X-ray and ultrasonic devices is higher in cardiovascular and breast imaging, and therefore these categories are projected to grow at a lower CAGR.
In 2016, North America was the leading region by revenue owing to factors such as the presence of well-developed hospital and diagnostic center network, the high prevalence of chronic diseases, transparent process for availing reimbursement, and high emphasis on research & development. The U.S. alone accounts for over 80% share in North America. The U.S. spends nearly 3.2 trillion dollars or 17% of GDP toward healthcare expenditure, to provide the best possible infrastructure and technology solutions to patients living in the region.
Asia Pacific is expected to register the maximum CAGR of over 7.2% over the forecast period. High unmet needs, growing healthcare expenditure, and increasing number of hospitals and diagnostic centers are anticipated to significantly drive the demand for medical imaging products over the next few years. Furthermore, Asia Pacific is a major destination for medical tourism due to affordable healthcare and the patient volumes are expected to rise significantly over the forecast period. The government initiatives from emerging nations are also expected to play a vital role in easing out the demand-supply constraints and encourage domestic manufacturing. For instance, the “Make in India” policy to increase local manufacturing and lower the cost of these devices is expected to drive the market expansion in future further.
Merger & Acquisition Insight
The companies dealing with medical imaging products invest a high amount of their resources in research & development, clinical trials and commercialization. The use of M&A strategy by the global vendors to increase regional presence, and product portfolio is a common trend. The new startups developing 3D,4D imaging products, and companies who are developing IoT (Internet of Things) based connectivity solutions are key targets for pursuing M&A activity.
Top Players & Company Share
Key players operating in the market include Siemens Healthineers, Aurora Imaging Technologies, Hitachi Medical Systems, Fujifilm Holdings Corporation, Philips N.V.; Toshiba Corporation, Esaote SpA, GE Healthcare, and Sanrad Medical Systems Pvt.Ltd Inc. Due to high entry barriers, such as high capital costs, technology and IPR rights, and brand building efforts, the number of new entrants is usually low in the market. However, the startups are working on integrating connectivity technologies, 3D designing and other niche areas to improve the product and service offerings.
MRI Market by Product (Revenue, Million, 2014 – 2024)
- High Field MRI
- Medium Field MRI
- Low Field MRI
MRI Market by Architecture, (Revenue, USD Million, 2014 – 2024)
- Open Architecture
- Closed Architecture
MRI Market by Application (Revenue, USD Million, 2014 – 2024)
- Brain & Neurological
- Spine & Musculoskeletal
- Abdominal & Pelvic
MRI Market Regional Outlook (Revenue, USD Million, 20124- 2024)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia