The global MR systems market will be worth $7.19 billion by 2021, up from $5.61 billion in 2016, according to a new Markets and Markets report.

The report, Magnetic Resonance Imaging (MRI) Systems Market Architecture (Open MRI, Closed MRI), Field Strength (Low-To-Mid Field (<1.5t), High Field (1.5t-3t), Very High Field (4t-6t)) & Application (Brain, Cardiac, Pelvic, Breast, Musculoskeletal) – Global Forecast to 2021, predicts a compound annual growth rate of 5.1 percent from 2016 to 2021.

An increase in the aging population, advancements in MR techniques, such as superconducting magnets, high-field MR and software applications, and the development of MR-compatible pacemakers, are factors that will help drive the market, according to the report. Factors said to affect the growth of the market are the high cost of MR systems, depleting helium gas deposits, and declining reimbursement rates for MR procedures.
The emerging areas in the market include China, India, Brazil and the Middle East. Using MR to detect multiple sclerosis and breast cancer, along with new hybrid MR systems may provide opportunities in the marketplace, while lack of skilled labor and difficulty in using the systems may be some challenges.

Open MR systems, which refers to the MR’s magnetic field being above and below the patient and the side of the device being open, will most likely account for the largest share of the global market in 2016, as mentioned in the report.

MR systems that are 4 Tesla to 6 Tesla, or very-high-field, are considered the fastest growing field-strength in the market, and MR for brain and neurological applications are said to be used the most, with spine and musculoskeletal the second most utilized.

In North America, the MR market is split into U.S. and Canada, the report states. In Europe, the market is divided into Germany, the U.K., France, Italy, Spain and the rest of Europe. Asia is divided into China, Japan, India and the rest of Asia, and the rest of the World includes Brazil and other countries.

Additionally, in North America, the continent is expected to account for the largest share of MR systems, followed by Asia; and Asia will be the fastest growing region due to an increase in disposable income and rising aging population. Because of the Eurozone debt crisis, where certain European countries were unable to repay or refinance government debt, Europe will have slower growth.

The major companies in the MR systems market are GE Healthcare (U.K.), Hitachi Medical Corporation (Japan), Philips Healthcare (Netherlands), Siemens Healthineers (Germany), and Toshiba Medical Systems (Japan).

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