Market Overview

Magnetic Resonance Imaging MRI Market is Projected to Expand at a CAGR of 5.2% from 2018 to 2026

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Magnetic resonance imaging (MRI) systems market is projected to expand at a CAGR of 5.2% from 2018 to 2026. Main advantage of magnetic resonance imaging is that it can create 3D images of the object or patient under study without hurting the patient in any way and without using any ionizing radiation.

The magnetic resonance imaging market has conventionally risen on the back of an advanced imaging technique, which has boosted adoption of the high-cost hardware, and software imaging. In turn, the advancement in the MRI imaging market continues to pave way for unimaginable possibilities in detection of several anomalies in critical organs like brain.

Moreover, the prospect of the market remained limited earlier as CT imaging continued to be more cost-effective, and effective for applications like lung imaging. However, new products like Toshiba’s new Ultrashort Echo Time (UTE) enables clinicians to view high susceptibility regions, where conventionally the MR imaging signal used to disappear. Advanced products like this, and GE Healthcare’s MAGiC, promise lower turnaround times for MRI imaging, which is critical in care for chronic diseases, and rising elderly population.

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The advancements in MRI imaging aren’t limited to a few players either. Some other key players in the magnetic resonance imaging market are Koninklijke Philips N.V., AllTech Medical Systems, Esaote SpA, Hitachi, Ltd., Siemens Healthcare GmbH.  The main players in the market are investing in more research and development as the Unique Selling Point of MRI imaging continues to remain its technological superiority over conventional techniques.

The FDA also approved two Siemens MRI applications, one of which makes way for simultaneous imaging, while the other reduces 2D imaging acquisition times by a multiple of 8 as per the official company sources.

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Brain Imaging Continues to Remain Important

It is estimated that brain imaging accounts for 1 out of every 4 scans that take place. Additionally, the conventional delays in MRI imaging are expected to go away in the near future, thanks to new product launches. Technologies like GOBrain, promise to significantly reduce time taken for scans. Additionally, rising fatalities due to accidents, and chronic diseases like Alzheimer’s, and HIV are expected to result in over 45 million potential cases for brain scans worldwide.

Moreover, the advancements in technologies promise to shorter the imaging process in line with clinical routine. The shorter scans and imaging times are essential for elderly patients, who can exhibit lower tolerance to treatments, and require urgent care on a consistent basis.

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Neurological Illnesses to Promise a New Arena for Growth in the MRI Market

According to a recently published in Public Health journal, the deaths from neurological diseases is on the rise in developed countries. The rise is notable with a 10% increase in fatalities among men for neurological disease in seven countries. These countries include UK, Australia, Canada, Spain, Germany, Italy, US, and the UK.

A wide variety of neurological illnesses mainly Epilepsy, Dementia, Multiple Sclerosis, Headache disorders, and Neuroinfections require advanced brain imaging techniques like MRI for effective treatment. The recent advancements in diagnostics, and growing surge of neurological disorders like Alzheimer’s, and reimbursement mechanisms for growth will promise new opportunities for players in the magnetic resonance imaging market.

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