by Nancy Ryerson
, Staff Writer | April 30, 2013
The global MRI market will reach $5.24 billion by 2018, according to a new report from Markets and Markets. It's currently valued at $4.13 billion, and is expected to grow at a rate of 4.56 percent.
Thanks to technological developments and a rapidly aging population, North America claims 40 percent of the market, with Europe close behind.
The Asian market, meanwhile, is expected to grow by a high CAGR of 5.2 percent over the next five years. Physicians across the region favor MRI, according to the report, and improved spending capabilities will allow the region to continue to invest in equipment.
For those who need to move fast and expand clinical capabilities -- and would love new equipment -- the uCT 550 Advance offers a new fully configured 80-slice CT in up to 2 weeks with routine maintenance and parts and Software Upgrades for Life™ included.
High populations in China and India also drive that segment of the market. The incidences of cardiac disease, neurological and oncological cases are also expected to increase in this region, further pushing the need for MRI.
While numbers look promising, there are several market barriers that could restrict growth. Global helium shortages
have driven the cost of the important cooling element, and prices are expected to continue to rise. There may eventually be a need for an alternative technique for cooling MRI scanners, the report notes.
The report also notes that changing health care incentives in the U.S. have resulted in a 20 to 25 percent reimbursement cut in early 2013, another factor impacting MRI OEMS.
However, the report predicts that once market barriers are resolved, the industry is expected to "grow considerably."
"With technology developers exploring many new applications, especially those involving cardiac and breast imaging, it was inevitable that magnetic resonance imaging would evolve into a highly sophisticated medical imaging tool," the press release for the report stated.