MRI Systems Market Analysis of Strategies of Major Competitors

MRI systems market is expected to reach $7.9 billion by 2023, according to P&S Intelligence.

The awareness regarding early diagnosis of diseases is growing among people. The chances of developing a severe condition in the future is reduced if a disease is diagnosed at an early stage. This is particularly helpful in the case of cancer; for example, the detection of breast cancer at an early stage can help improve the survival rate, reduce the cost of care, and lower morbidity if the patient is diagnosed promptly and treated effectively. Due to these reasons, several initiatives are being made around the world to spread awareness regarding the significance of early diagnosis and screening. All these factors are contributing to the growing demand for magnetic resonance imaging (MRI) systems.

MRI is an imaging technique which is utilized for the assessment and diagnosis of different medical conditions, such as hematological disorders, brain and head injuries, and cancer. An MRI system makes use of strong magnets, radio waves, and a computer in order to produce detailed images of a patient’s anatomical structure. As per a study conducted by P&S Intelligence, in 2017, the global MRI systems market reached a value of $5.9 billion and is expected to advance at a 5.2% CAGR during the forecast period (2018–2023). The two types of MRI systems are mobile and fixed MRIs, between which the larger demand was created for fixed MRI systems during 2013–2017.

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The increasing prevalence of chronic diseases is key factor driving the growth of the MRI systems market. Chronic diseases including hepatitis, traumatic brain injury, viral diseases such as human immunodeficiency virus, cancer, dementia, and cardiovascular diseases cannot be completely cured by medications or prevented through vaccines. Hence, in order to deal with these diseases in an effective manner it is important that they are diagnosed at an early stage. It is due to this that the demand for MRI systems is increasing.

As the requirement for MRI systems is growing all over the world, the manufacturers are increasingly focusing on improving the technology of these systems; this has resulted in the development of hybrid MRI systems. These machines utilize hybrid imaging technology which make use of positron emission tomography (PET) functional imaging and soft tissue MRI. The technology facilitates high-sensitivity PET imaging of specifically labeled cells or cell receptors. In order to overcome the limitations of PET imaging and MRI, hybrid MRI system uses both their strengths, which further reduces the cost of two different diagnostic tests.

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