News | April 22, 2008

MRI Market to Reach $5.5 Billion by 2010

April 23, 2008 - The magnetic resonance imaging (MRI) systems market is projected to reach $5.5 billion by the year 2010 and represents the fastest growing segment, as hospitals and clinics upgrade old equipment with state-of-the-art systems, according to a report by Global Industry Analysts (GIA).

The U.S. represents the largest market in both dollar and unit terms. MRI equipment market in the U.S. is estimated at $1.9 billion for 2008, as stated in a recent report published by GIA. The very high-field MRI systems market in the U.S. is projected to reach $968 million by 2010.

Since the introduction of magnetic resonance imaging (MRI), the technology has become a ubiquitous diagnostic tool for better understanding of diseases. A trade-off between patient-comfort designs and enhanced diagnostic information highlights the trend in modern MRI equipment research. In this highly sophisticated industry, innovation and service quality are the trump cards of success. Image quality remains the impulse for equipment selection. Field strength is a standard component of image quality as it adds to extended application range, signal-to-noise ratio and short examination times. Use of dedicated MRI systems is expected to witness significant growth due to high imaging quality and cost effectiveness.

Development of 3T scanners has provided the MRI industry an edge over 1.5T scanners, much touted as the industry's gold standard. 3T MRI systems are a success story in the MRI market today. Lower examination costs complimented by improved image quality and lesser scan times highlight the pros of 3T scanners.

Japan represents the second largest market for MRI equipment. The country holds the distinction of featuring the highest MRI scanners per million population. Closed MRI Systems market in Japan represents the largest product category, accounting for an estimated market share of 84 percent (in value terms) for 2008. MRI industry is in its infancy in most regions of Asia-Pacific, and countries such as India, Singapore, Malaysia, Thailand, South Korea, China offering enormous potential for growth. Asia-Pacific is projected to register a CAGR of 11.6% over the period, 2005-2010. Open MRI systems market in Asia-Pacific is estimated at $81 million for 2008.

GE Healthcare, Siemens Medical Solutions and Philips Medical Systems dominate the global MRI equipment market. Other prominent players profiled in the report include Esaote SPA, Fonar Corp., Hitachi Medical Corp., IMRIS, Medinus, Medtronic Surgical Navigation Technologies and Toshiba Medical Systems Corp.

For more information: www.StrategyR.com

Related Content

Artificial Intelligence Performs As Well As Experienced Radiologists in Detecting Prostate Cancer
News | Artificial Intelligence | April 18, 2019
University of California Los Angeles (UCLA) researchers have developed a new artificial intelligence (AI) system to...
A smart algorithm has been trained on a neural network to recognize the appearance of breast cancer in MR images

A smart algorithm has been trained on a neural network to recognize the appearance of breast cancer in MR images. The algorithm, described at the SBI/ACR Breast Imaging Symposium, used “Deep Learning,“ a form of machine learning, which is a type of artificial intelligence. Graphic courtesy of Sarah Eskreis-Winkler, M.D.

Feature | Artificial Intelligence | April 12, 2019 | By Greg Freiherr
The use of smart algorithms has the potential to make healthcare more efficient.
Videos | RSNA | April 03, 2019
ITN Editor Dave Fornell takes a tour of some of the most interesting new medical imaging technologies displa
NIH Study of Brain Energy Patterns Provides New Insights into Alcohol Effects

NIH scientists present a new method for combining measures of brain activity (left) and glucose consumption (right) to study regional specialization and to better understand the effects of alcohol on the human brain. Image courtesy of Ehsan Shokri-Kojori, Ph.D., of NIAAA.

News | Neuro Imaging | March 22, 2019
March 22, 2019 — Assessing the patterns of energy use and neuronal activity simultaneously in the human brain improve
Book Chapter Reports on Fonar Upright MRI for Hydrocephalus Imaging

Rotary misalignment of atlas (C1) and axis (C2). Image courtesy of Scott Rosa, DC, BCAO.

News | Magnetic Resonance Imaging (MRI) | March 20, 2019
Fonar Corp. reported publication of a chapter where the physician-author-researchers utilized the Fonar Upright Multi-...
Non-Contrast MRI Effective in Monitoring MS Patients
News | Neuro Imaging | March 18, 2019
Brain magnetic resonance imaging (MRI) without contrast agent is just as effective as the contrast-enhanced approach...
New MRI Sensor Can Image Activity Deep Within the Brain
News | Magnetic Resonance Imaging (MRI) | March 15, 2019
Calcium is a critical signaling molecule for most cells, and it is especially important in neurons. Imaging calcium in...