Global Magnetic Resonance Imaging (MRI) Technologies Market Assessment & Forecast: 2015-2019
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Transcript of Global Magnetic Resonance Imaging (MRI) Technologies Market Assessment & Forecast: 2015-2019
Segments Assessed: (Closed MRI, Open MRI), (Low-Field, Mid-Field, High-
Field and Ultra High-Field MRI)
Geographies Assessed: North America, Europe, Asia-Pacific, Latin America,
Middle-East and Africa
Published: June 2015
Global Magnetic Resonance
Imaging Technologies Market
Assessment & Forecast:
2015-2019
Segments Assessed: Closed & Open MRI Scanners; Low-field, Mid-field,
High-field and Ultra high-field MRI Scanners.
Geographies Covered: North America, Europe, Asia-Pacific, Latin America,
Middle East and Africa.
Magnetic Resonance Imaging Technologies Market Assessment, (2015 – 2019)
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About Us
Spearhead Acuity Business Research & Consulting (SA-BRC) is a premium Life Science business
intelligence and data analytics firm. SA-BRC team offers a wide range of business intelligence
services to multiple stakeholders such as Medical Device Manufacturers, Service Providers (Hospitals,
Payers, etc.), Suppliers, Group Purchase Organizations, Distributors and all other individuals in the
entire value chain of healthcare industry. Our research and consulting capabilities extend across
several sub-domains within the sphere of Life Sciences such as Biotechnology, Healthcare IT, Medical
Devices, Veterinary Sciences, Wellness Products and Pharmaceuticals.
Our skills and capabilities help in putting forth the most accurate perspective of the market. We track
all major and minor events that create ripples and affect the life-science market in different ways.
Our data modeling process includes the evaluation of impacting events and analyzing other
invaluable sources (public & proprietary) of information and finally reporting results that will
influence the decision making of the readers.
SA-BRC has helped start-ups and market leaders across the globe achieve their revenue goals
strategically in multiple stages such as adoption, pre-launch research, regional analysis, social media
analytics, competitive mapping, market entry and post marketing surveillance. We frequently build
panels of experts for gathering data and invite participants of the healthcare industry to share their
opinions and views on our reports. Our current network of industry experts span across all major
life-science domains and take pride in keeping ourselves abreast with the latest happenings within
the sphere of Life-Science.
Report:
GLOBAL NON-VASCULAR
STENTS MARKET
2013-2019
Magnetic Resonance Imaging Technologies Market Assessment, (2015 – 2019)
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Table of Content
Chapter 1 Preface 7
1.1 Research Scope 7
1.1.1 Market Segmentation 8
1.1.2 Postulations 9
1.2 Methodology of Research 10
1.2.1 Companies covered in this report 11
Chapter 2 Précis 12
2.1 Market Inferences 12
Chapter 3 Market Dynamics 14
3.1 Market Drivers 14
3.1.1 Clinical and technological advancements in MRI diagnostics 14
3.1.2 Widening applications such as preclinical and veterinary MRI 14
3.1.3 Rapidly aging world geriatric population 15
3.1.4 Increasing number of MRI compatible implants pushing growth and usage 15
3.1.5 Rise in adoption of mobile imaging services 15
3.2 Market Inhibitors 16
3.2.1 High cost of device and technical components is a significant barrier while purchasing
MRI 16
3.2.2 Substitute technologies compete strongly with MRI 16
3.2.3 Excise duty imposed on sale of medical devices in the U.S. market by the Affordable
Care Act 16
3.3 Opportunities 17
3.3.1 Demand from emerging economies and large unmet need in Asia-Pacific, Middle-East and Latin America 17
Chapter 4 Global MRI Scanners Market – Device Configuration, Size &
Forecast: 2015 - 2019 18
4.1 Introduction 18
4.2 Closed MRI Scanners Market 19
4.3 Open MRI Scanners Market 20
Chapter 5 Global MRI Scanners Market - Field Strength, Size &
Forecast: 2015 - 2019 22
5.1 Introduction 22
5.1.1 Low-Field MRI Scanners Market, US$ Mn (2013 - 2019) 23
5.1.1.1 Introduction 23
5.1.1.2 Market Scenario 23
5.1.1.3 Pricing and Volume Analysis 24
5.1.1.4 Competitive Analysis 24
Magnetic Resonance Imaging Technologies Market Assessment, (2015 – 2019)
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5.1.2 Mid-Field MRI Scanners Market, US$ Mn (2013 - 2019) 24
5.1.2.1 Introduction 24
5.1.2.1 Market Scenario 25
5.1.2.2 Pricing and Volume Analysis 26
5.1.2.3 Competitive Analysis 26
5.1.3 High-Field MRI Scanners Market, US$ Mn (2013 - 2019) 27
5.1.3.1 Introduction 27
5.1.3.2 Market Scenario 27
5.1.3.3 Pricing and Volume Analysis 28
5.1.3.4 Competitive Analysis 28
5.1.4 Ultra High-Field MRI Scanners Market, US$ Mn (2013 - 2019) 29
5.1.4.1 Introduction 29
5.1.4.2 Market Scenario 29
5.1.4.3 Pricing and Volume Analysis 30
5.1.4.4 Competitive Analysis 30
Chapter 6 Global MRI Scanners Market – Geography, Size & Forecast:
2015 - 2019 31
6.1 North America MRI Scanners Market, US$ Mn (2013 - 2019) 32
6.2 Europe MRI Scanners Market, US$ Mn (2013 - 2019) 33
6.3 Asia-Pacific MRI Scanners Market, US$ Mn (2013 - 2019) 35
6.4 Latin America MRI Scanners Market, US$ Mn (2013 - 2019) 36
6.5 Middle-East MRI Scanners Market, US$ Mn (2013 - 2019) 38
6.6 Africa MRI Scanners Market, US$ Mn (2013 - 2019) 39
Chapter 7 Key Players Analysis: Global MRI Technologies Market,
2014 (%) 41
7.1 Key Players Market Share: Global MRI Technologies Market, 2014 (%) 41
7.2 Global MRI Scanners Market: Recent Developments 2013-2015 42
7.2.1 Mergers and Acquisitions 42
7.2.2 Joint Ventures, Expansion and Collaborations 42
7.2.3 New Product Launches 42
7.3 Competitive Landscape: Strategies 43
Chapter 8 Epilogue 44
Magnetic Resonance Imaging Technologies Market Assessment, (2015 – 2019)
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List of Figures
FIG. 1 Market Segmentation: Global Magnetic Resonance Imaging Technologies 8
FIG. 2 Research Methodology: Global MRI Scanners Market 10
FIG. 3 Market Analysis: Global MRI Scanners Market, by Geography 2014 & 2019 (US$ Mn) 13
FIG. 4 MRI Technologies – Global Market Share by Configuration (2014 & 2019) 18
FIG. 5 Global Closed MRI Scanners Market, 2013 – 2019 (US$ Millions) 19
FIG. 6 Global Open MRI Scanners Market, 2013 – 2019 (US$ Millions) 20
FIG. 7 MRI Technologies – Global Market Share by Field Strength (2014 & 2019) 22
FIG. 8 Ultra High-Field MRI Scanners – Global Market 2013 - 2019 (US$ Millions & Units) (CAGR: 2015 - 2019) 29
FIG. 9 North America MRI Scanners Market 2013 - 2019 (US$ Million) (CAGR: 2015 - 2019) 32
FIG. 10 North America MRI Scanners Market 2013 - 2019 (Volume-Units) (CAGR: 2015 - 2019) 33
FIG. 11 Europe MRI Scanners Market 2013 - 2019 (US$ Million) (CAGR: 2015 - 2019) 34
FIG. 12 Europe MRI Scanners Market 2013 - 2019 (Volume-Units) (CAGR: 2015 - 2019) 34
FIG. 13 Asia-Pacific MRI Scanners Market 2013 - 2019 (US$ Million) (CAGR: 2015 - 2019) 35
FIG. 14 Asia-Pacific MRI Scanners Market 2013 - 2019 (Volume-Units) (CAGR: 2015 - 2019) 36
FIG. 15 Latin-America MRI Scanners Market 2013 - 2019 (US$ Million) (CAGR: 2015 - 2019) 37
FIG. 16 Latin America MRI Scanners Market 2013 - 2019 (Volume-Units) (CAGR: 2015 - 2019) 37
FIG. 17 Middle-East MRI Scanners Market 2013 - 2019 (US$ Million) (CAGR: 2015 - 2019) 38
FIG. 18 Middle-East MRI Scanners Market 2013 - 2019 (Volume-Units) (CAGR: 2015 - 2019) 39
FIG. 19 Africa MRI Scanners Market 2013 - 2019 (US$ Million) (CAGR: 2015 - 2019) 39
FIG. 20 Africa MRI Scanners Market 2013 - 2019 (Volume-Units) (CAGR: 2015 - 2019) 40
FIG. 21 Key Players Market Share: Global MRI Scanners Market, 2014 (%) 41
Magnetic Resonance Imaging Technologies Market Assessment, (2015 – 2019)
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List of Tables
TABLE 1 List of companies covered in this report 11
TABLE 2 Global MRI Scanning Procedures by Application, 2013 - 2019 (Millions) 12
TABLE 3 Low-Field MRI Scanners – Global Market, by Geography 2013 - 2019 (US$ Mn) (CAGR: 2015 - 2019) 23
TABLE 4 Low-Field MRI Scanners – Global Market, by Geography 2013 - 2019 (Volume - Units) (CAGR: 2015 - 2019) 24
TABLE 5 Mid-Field MRI Scanners – Global Market, by Geography 2013 - 2019 (US$ Mn) (CAGR: 2015 - 2019) 25
TABLE 6 Mid-Field MRI Scanners – Global Market, by Geography 2013 - 2019 (Volume - Units) (CAGR: 2015 - 2019) 26
TABLE 7 High-Field MRI Scanners – Global Market, by Geography 2013 - 2019 (US$ Mn) (CAGR: 2015 - 2019) 27
TABLE 8 High-Field MRI Scanners – Global Market, by Geography 2013 - 2019 (Volume - Units) (CAGR: 2015 - 2019) 28
TABLE 9 Global MRI Scanning Procedures by Geography, 2013 - 2019 (Volume - Millions) 31
Magnetic Resonance Imaging Technologies Market Assessment, (2015 – 2019)
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Chapter 1 Preface
1.1 Research Scope
Chapter Number Segment Description
Chapter 1:
Preface
Research Scope & Market
Segmentation
The preface provides a brief overview of the flow of the
research report. The overview is further supplemented by a
graphical representation of the segmentation as analyzed
in the report. This is followed by the postulations or
assumptions considered for analysis of different segments.
Research Methodology
Elucidates the methodology adopted by SA-BRC while
estimating the current and future market in terms of value
and/or volume.
Chapter 2:
Précis Inferences & Summary
The chapter lists down key (quantitative and qualitative)
highlights and takeaways of the market as reported in the
study.
Chapter 3:
Market
Dynamics
Drivers, Inhibitors &
Opportunities
Explains the foremost factors that are affecting the growth
trends of the MRI technologies market.
Chapter 4:
Market Size &
Forecast – MRI
Device
Configuration
Market estimations for different
configurations of MRI scanners
Market estimates provided for closed or conventional MRI
scanners and Open MRI scanners. Estimates both volume
and value with 2013 & 2014 as historical years and
forecast of 2015-2019.
Chapter 5:
Market Size &
Forecast – MRI
Device Magnetic
Field Strength
Market estimations for MRI
scanners of different magnetic
field strengths
Market estimates provided for low-field, mid-field, high-
field and ultra high-field scanners. Estimates both volume
and value with 2013 & 2014 as historical years and
forecast of 2015-2019.
Chapter 6:
Geography
Market
Demographical Analysis
Provides estimates by value for 6 geographies of North
America, Europe, Asia-Pacific, Latin America, Middle-East
and Africa. Estimates with 2013 & 2014 as historical years
and forecast of 2015-2019.
Chapter 7:
Key Players
Market Share
Analysis
Market Share (2014), Recent
Developments & Competitive
Strategies
Elaborates the estimated market share of major players,
provides recent developments for the years 2013, 2014 &
2015 and major competitive strategies adopted by
companies in this area based on events for past 5 years.
Magnetic Resonance Imaging Technologies Market Assessment, (2015 – 2019)
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Chapter 8:
Epilogue Postscript qualitative content
Provides postscript content to the report and includes an
informal perspective on the market with the best possible
outcome by the end of forecast period.
Companies
covered:
Qualitative & Quantitative
Analysis
GE Healthcare, Philips Healthcare, Siemens Healthcare,
Hitachi Medical, Toshiba Medical Systems, Shimadzu,
Samsung Neurologica, BrainLab AG, Mobius, Xintek,
Esaote, Sanrad Technologies, Multidimensional
Technologies, MR Solutions, Fonar, etc.
1.1.1 Market Segmentation
FIG. 1 Market Segmentation: Global Magnetic Resonance Imaging Technologies
Source: SA-BRC Analysis
Magnetic Resonance Imaging Technologies Market
Assessment: Forecast 2015 - 2019
Configuration
Demographic
Open MRI Scanners
North America
Europe
Asia-Pacific
Latin America
Middle-East
Africa
Closed MRI Scanners
Technology
<0.5T (Low – Field)
0.5T – 1.5T (Mid-Field)
3T (High-Field)
3T< (Ultra High-Field)
Magnetic Resonance Imaging Technologies Market Assessment, (2015 – 2019)
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1.1.2 Postulations
Certain assumptions were considered in order to estimate the complete forecast of the MRI Scanners
market. These have been detailed below:
The prices of the MRI scanners have been assumed to erode across the forecast period at an
average rate of 1% to 7% based on interviewee responses for MRI scanners of different field
strengths. Erosion of device cost has been assumed after insights from interviews with
industry experts and senior sales executives from various companies.
The forecast and market projections include all MRI systems used for the purpose of human
diagnostics and preclinical research.
For the purpose of market estimations and calculations, the MRI scanners have been
segregated as shown in the market segmentation section above. Due to the increasing
demand of 3T and more powerful MRI, the conventional segmentation may be different as
that analysed in this report.
Refurbished MRI scanners have not been considered in this evaluation of the market.
The report does not track sales of products through distributors for the market value and
volume. Rather, practical estimations and forecast are calculated based on statistical
modelling techniques created specifically for imaging technologies of which MRI scanners
form a major part of.
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1.2 Methodology of Research
FIG. 2 Research Methodology: Global MRI Scanners Market
Source: SA-BRC Analysis. **Websites mentioned in the above representation are few examples from our exhaustive list of references that
cannot be compiled in entirety
Quantitative
Research
Qualitative
Research
Primary Research Secondary/Desk Research
Online-web (CATI/CAWI/CAPI)
Telephonic and video conference
Interviewee Location: Multiple
respondents from each of 6 geographies
Interviewee Field Exp.: All Interviewees
were c-level, d-level, VP level and senior
management
Target Information: validation of
secondary findings; cross-verification of
other primary interviews
Proprietary third party databases
In-house data repository
Company sites
Annual Reports/ SEC Filings
Investor presentations
Equity & Stock Websites
(Seeking Alpha, Zacks, etc.)
WHO/CDC/NHS/OECD/Globocan
Primary Research Secondary/Desk Research
Online forums/blogs
Online communities/Patient Advocacy
Groups
Online chat with KOLs/experts
Focused Group Discussions
Social Media Tools
Target Information: Insights on market
trends, market impact factors, marketing
and awareness programs etc.
Medical device/pharma associations
Fierce Healthcare Magazines
Which Medical Device
Medscape/ScienceDirect, etc.
Middleeasthealthmag, arabhealthonline
Biotechgate
Diagnostic imaging.com
American College of Radiology
Radiologytoday
Center for Medicare Services
WHO/CDC/NHS/OECD/Globocan
Data triangulation was done for the information (quantitative/qualitative) collected through
primary and secondary sources. Analysis also included evaluation of all major macro and
microeconomic factors
Post data triangulation process, the summary of our study was shared with KOLs and industry
experts to suggest further insights to our analysis as well as validate the overall MRI technologies
market
Key Findings
Market Forecast
Insight Generation
Spearhead-Acuity Team
Magnetic Resonance Imaging Technologies Market Assessment, (2015 – 2019)
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1.2.1 Companies covered in this report
TABLE 1 List of companies covered in this report
S.No Company Name S.No Company Name
1 GE Healthcare 9 Mobius
2 Philips Healthcare 10 Xintek
3 Siemens Healthcare 11 Esaote
4 Hitachi Medical 12 Sanrad Technologies
5 Toshiba Medical Systems 13 Multidimensional Technologies
6 Shimadzu 14 MR Solutions
7 Samsung Neurologica 15 Fonar
8 BrainLab AG
Magnetic Resonance Imaging Technologies Market Assessment, (2015 – 2019)
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Chapter 2 Précis
2.1 Market Inferences
A summarization of the trends and dynamics observed is provided below along with the key
highlights:
The global MRI technologies market was valued at US$ 6005.8 million in 2014
Mid-field and high-field segments are anticipated to grow the fastest with CAGR of xx% and
xx% respectively
The mid-field MRI market held the largest share of xx% in 2014 and was valued at US$ xx
million
North America continued to lead the world geographies in the MRI scanners market with a
share of xx % in 2014 that translated into revenues worth US$ xx million
GE Healthcare, Siemens Healthcare, Philips Healthcare, Toshiba Medical Systems and Hitachi
are the largest players currently operating in the market with GE leading the way with a
share of xx % followed closely by Siemens with a share of xx %.
TABLE 2 Global MRI Scanning Procedures by Application, 2013 - 2019 (Millions)
Geography 2013 2014 2015 2016 2017 2018 2019
Brain 20.4 22.0 23.8 25.7 27.7 29.9 32.3
Spine xx xx xx xx xx xx xx
Extremities xx xx xx xx xx xx xx
Cardiac & Vascular xx xx xx xx xx xx xx
Full Body xx xx xx xx xx xx xx
Mammography xx xx xx xx xx xx xx
Others xx xx xx xx xx xx xx
Total xx xx xx xx xx xx xx
Source: Proprietary data sources, KOL opinions, Primary Interviews, SA-BRC Analysis
Magnetic Resonance Imaging Technologies Market Assessment, (2015 – 2019)
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FIG. 3 Market Analysis: Global MRI Scanners Market, by Geography 2014 & 2019 (US$ Mn)
Source: Proprietary data sources, KOL opinions, Primary Interviews, SA-BRC Analysis
Magnetic Resonance Imaging (MRI) also known by several other terminologies such as magnetic
resonance tomography (MRT) and consists of devices that allow the non-invasive investigation of
anatomies and functions of the body through the technique of radiology. The major advantage of
MRI systems over other modalities is the absence of ionizing radiation during the imaging process.
Unlike CT or X-ray systems MRI does not release ionizing radiations thereby effectively nullifying
device-radiation induced cancer among patients. The global magnetic resonance imaging (MRI)
systems market was estimated to be valued at US$ 6005.8 million in 2014 and forecast to reach US$
xx million by 2019 with a CAGR of xx % from 2015 to 2019. The market for MRI systems is observed
to be driven by the negligible ionizing radiation. Along with these emerging applications such as
body-imaging due to advancing technology has further increased the scope of the market.
2014
North America
Europe
Asia-Pacific
Latin America
Middle-East
Africa
2019
North America
Europe
Asia-Pacific
Latin America
Middle-East
Africa
Magnetic Resonance Imaging Technologies Market Assessment, (2015 – 2019)
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Chapter 3 Market Dynamics
3.1 Market Drivers
3.1.1 Clinical and technological advancements in MRI diagnostics
Reduction of radiation exposure and very high quality imaging offered by MRI systems provide better
diagnosis. Technological advancements in the MRI systems market are expected to drive its growth
in the coming years. Advent of open upright MRI scanners by companies such as Fonar Corporation
allows patient to sit or stand in the MRI scanner, and hence, increase patient comfort while scanning.
Extremely powerful imagers with 3T or greater field strength magnets in MRI have also introduced
very high clarity of image players. Such developments have significantly boosted the market for
open MRI systems. Adoption due to government initiatives to reduce medical radiation exposure
along with increased awareness among medical community has also added significant initiative to
propel the MRI market. Companies such as MR Solutions have also introduced cryogen free MRI
systems that are currently dedicated to small animal imaging. However with further advancements,
cryogen free MRI will greatly reduce concerns regarding depletion of helium supplies. Diffusion based
MRI technologies such as OncoPulse, VascoPulse and IsoPulse can provide information on
permeability of a human cell without labels or contrast agents and also the different benign and
pathological cells. MRI scans based on this technology can give information such as a biopsy and still
be fully non-invasive saving time, pain and money.
3.1.2 Widening applications such as preclinical and veterinary MRI
Open MRIs are designed for specific applications such as interventional imaging, bariatric imaging,
and paediatric imaging. MRI is also considered as a top imaging modality in veterinary medicine and
preclinical studies which has pushed sales and innovation of different MRI’s. Focused MRI systems for
extremities were not available until the last decade; however companies such as Esaote are
manufacturing dedicated systems for scanning extremities that has greatly increased scanning
procedures for vascular conditions across the world. Researchers at the University of Magdeburg,
Germany demonstrated in October 2008 that open MRI can be used for liver brachytherapy, as well
as MR guided radio frequency ablation. Such developments and growing applications of open MRI will
further boost its demand in future.
Magnetic Resonance Imaging Technologies Market Assessment, (2015 – 2019)
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Chapter 4 Global MRI Scanners Market – Device Configuration,
Size & Forecast: 2015 - 2019
4.1 Introduction
Magnetic Resonance Imaging (MRI) scanner is a non-invasive diagnostic device that allows
investigation of anatomies and functions of the body through images created by high magnetic fields.
The device uses the body’s natural magnetic properties to produce detailed images from any part of
the body. For imaging purposes the hydrogen nucleus (a single proton) is used because of its
abundance in water and fat. When the body is placed in a strong magnetic field, such as an MRI
scanner, the protons' axes all line up. This uniform alignment creates a magnetic vector oriented
along the axis of the MRI scanner. Unlike CT or X-ray systems MRI does not release ionizing
radiations thereby effectively nullifying device-radiation induced cancer among patients. The EU
directive on electromagnetic fields covers all known biophysical effects and indirect effects caused by
electromagnetic fields and calls for stronger limits for electromagnetic radiation exposure due to
several uncertainties with regards to the technology. There are primarily two configurations in MRI
scanners available today, the conventional closed MRI which is a cylindrical tube and upright or open
MRI scanners that were introduced in the last decade to counter challenges such as imaging of obese
individuals and claustrophobia.
FIG. 4 MRI Technologies – Global Market Share by Configuration (2014 & 2019)
Source: Proprietary data sources, KOL opinions, Primary Interviews, SA-BRC Analysis
Closed
Open
2014
Closed
Open
2019
Magnetic Resonance Imaging Technologies Market Assessment, (2015 – 2019)
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particularly in United States, where MRI & CT bore sizes have had to be redefined for obese
individuals. These large bore closed devices are now challenged by increasing acceptance of open
MRI systems.
Hospitals opting for new large-bore or wide-bore systems can return previous systems to the
manufacturer such as GE Healthcare which has strong refurbishing market network and create a
channel of export to emerging nations that can adopt these devices. Lower cost of refurbished
systems will also increase market penetration in the region allowing for greater exposure to the
technology in the medical community. Key players in the segment are GE Healthcare, Siemens
Healthcare and Philips Healthcare followed by Toshiba Medical Systems, Hitachi Medical Systems and
Esaote.
4.3 Open MRI Scanners Market
Open MRI systems have been designed to compensate for those people who experience anxiety and
claustrophobia in conventional closed MRI systems or are obese and cannot fit inside the aperture of
the MRI systems. Open MRI systems are not to be confused with Open Bore systems that are open
from both ends. These systems do not envelope the patients while they are lying down. Indian
Sanrad Medical Systems collaborated with Multi-Dimensional Technologies (MDT) U.S. to become a
key regional player along with global competition such as Siemens and GE Healthcare.
FIG. 6 Global Open MRI Scanners Market, 2013 – 2019 (US$ Millions)
Source: Proprietary data sources, KOL opinions, Primary Interviews, SA-BRC Analysis
Magnetic Resonance Imaging Technologies Market Assessment, (2015 – 2019)
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Chapter 5 Global MRI Scanners Market - Field Strength, Size &
Forecast: 2015 - 2019
5.1 Introduction
The core component of MRI scanners is a superconducting magnet that can create a magnetic field
strength ranging from 0.35 Tesla to 3 Tesla (for most scanners). However, latest advances in
technology have led to the introduction of superconducting magnets with field strength above 20T.
The imaging of neuro disease using High Field MR (INUMAC) project alongside University of Florida
has been developing a powerful 11.75 Tesla magnet that will dwarf others in terms of size and
quality of imaging. The INUMAC will be able to image an area of about 0.1 mm, or 1000 neurons,
and see changes occurring as fast as one-tenth of a second, according to Pierre Védrine, director of
the project. The researchers expect to have the first medical images of this device by end of 2015.
The MRI devices available on the market today can be classified according to the strength of the
magnets, which directly corresponds to the clarity of imaging and resolution. Thus, higher the
strength of the magnet, the higher is the resolution. However, this is now partially offset due to
advanced software and 3D rendering programs that reconstruct noise-ridden images into crystal
clear pictures for diagnostic imaging.
FIG. 7 MRI Technologies – Global Market Share by Field Strength (2014 & 2019)
Source: Proprietary data sources, KOL opinions, Primary Interviews, SA-BRC Analysis
< 0.5T (LowField)
0.5T-1.5T (MidField)
3T (High Field)
3T< (Ultra HighField)
2014
< 0.5T (LowField)
0.5T-1.5T (MidField)
3T (High Field)
3T< (Ultra HighField)
2019
Magnetic Resonance Imaging Technologies Market Assessment, (2015 – 2019)
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Greatest demand can be seen in adoption of High-Field MRI systems across the world, supported
considerably by healthcare initiatives of countries across the world.
5.1.1 Low-Field MRI Scanners Market, US$ Mn (2013 - 2019)
5.1.1.1 Introduction
These devices provide a low quality imaging and resolution due to the low power of the magnet.
These devices constitute the oldest generation of MRI systems that require comparatively same
power to sustain the output of the magnet as compared to technologically advanced ultra-high field
magnets today. Several major brands of these devices now come with advanced imaging software
that renders excellent view of the body parts of the patient. The low-field MRI scanners typically
have superconducting magnet with field strength between 0.1T to 0.5T.
5.1.1.2 Market Scenario
Low-Field and Mid-Field MRI systems are upgraded within new products that are now used for
emerging extremities imaging. This has been a major factor driving the growth of the market in
terms of revenue. These systems have been very popular for extremity viewing and the specialty
application continues to be a strong driver for the bracket of devices. The market for Low-Field
strength MRI systems valued at US$ xx million in 2014 and is forecast to grow to US$ xx million by
2019 at a CAGR of xx % from 2015 to 2019. The market for Low-Field MRI systems is scattered due
to a large number of players in the segment.
TABLE 3 Low-Field MRI Scanners – Global Market, by Geography 2013 - 2019
(US$ Mn) (CAGR: 2015 - 2019)
Product 2013 2014 2015 2016 2017 2018 2019 CAGR (%)
North America xx xx xx xx xx xx xx xx
Europe xx xx xx xx xx xx xx xx
Asia-Pacific xx xx xx xx xx xx xx xx
Latin America xx xx xx xx xx xx xx xx
Middle-East xx xx xx xx xx xx xx xx
Africa xx xx xx xx xx xx xx xx
Total xx xx xx xx xx xx xx xx
Source: Proprietary data sources, KOL opinions, Primary Interviews, SA-BRC Analysis
Magnetic Resonance Imaging Technologies Market Assessment, (2015 – 2019)
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Chapter 6 Global MRI Scanners Market – Geography, Size &
Forecast: 2015 - 2019
The MRI technology has been an important landmark in the efforts of developing a non-ionizing
diagnostic imaging technology. The global market for MRI systems has been classified in this report
into four major geographies of North America, Europe, Asia-Pacific and Rest of the World. These four
regions have been chosen due to their distinct macro and micro-economics along with geographical
distribution of landmass. In 2014, the global MRI systems market was led by North America with a
share of xx % and is expected to continue leading till the end of the forecast period. The region
nurtures a demand for all types of MRI technologies unlike developing regions of the world that
nurture a demand mostly for Low-Field to Mid-Field systems.
TABLE 9 Global MRI Scanning Procedures by Geography, 2013 - 2019 (Volume -
Millions)
Region 2013 2014 2015 2016 2017 2018 2019
North America xx 35.3 xx xx xx xx xx
Europe xx xx xx xx xx xx xx
Asia-Pacific xx xx xx xx xx xx xx
Latin America xx xx xx xx xx xx xx
Middle-East xx xx xx xx xx xx xx
Africa xx xx xx xx xx xx xx
Total xx xx xx xx xx xx xx
Source: Proprietary data sources, KOL opinions, Primary Interviews, SA-BRC Analysis
North America has the highest number of MRI procedures carried out across the world. Strong
supportive reimbursement has pushed imaging along with other drivers such as mobile MRI
installations.
Europe ranks second with a share of xx % closely followed by Asia-Pacific and Latin America. Europe
has seen a considerable demand for extremity MRI systems in recent years. Arms, hands, wrists,
knees, ankles, etc. comprise around 18%-25% of all scans performed. Asia-Pacific countries such as
China, India, South-East Asia and Korea are already growing from Low-Field and Mid-Field systems
to High-Field and Very-High Field systems. Japan has the highest ratio of MRI systems per 100,000
Magnetic Resonance Imaging Technologies Market Assessment, (2015 – 2019)
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individuals across the world and forms a backbone of the demand in Asia-Pacific. The trend is also
similar to Latin America and Middle-East.
6.1 North America MRI Scanners Market, US$ Mn (2013 - 2019)
This report analyzes North America with regards to the market in countries of United States and
Canada. It is the largest market for MRI systems with a share of over xx % in 2014 and is driven by
demand from total body MRI scans and extremity MRI devices. Innovative designs such as Open-MRI
and upright MRI systems have been making their way into hospitals as well as office settings. In
June 2011, the U.S FDA approved new imaging modality of positron emission tomography
(PET)/magnetic resonance imaging (MRI) in the U.S. market that allows simultaneous imaging of
location, function and metabolic activity of organs in a single image. North America’s extremities MRI
market competition also increased with the entry of Europe’s leader Esaote in the segment. The
company’s G-Scan Brio is a very successful and effective musculoskeletal platform available today.
FIG. 9 North America MRI Scanners Market 2013 - 2019 (US$ Million) (CAGR: 2015 - 2019)
Source: Proprietary data sources, KOL opinions, Primary Interviews, SA-BRC Analysis
In terms of technologies, North America is also the largest consumer of Very High-Field and Ultra
High-Field MRI scanners. It is estimated that over 80% of all 7T scanners are installed in the
universities of North America. The MRI systems market for North America was valued at US$ xx
million in 2014 and is forecast to grow to US$ xx million by 2019 at a CAGR of xx % from 2015 to
2019.
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FIG. 10 North America MRI Scanners Market 2013 - 2019 (Volume-Units) (CAGR: 2015 - 2019)
Source: Proprietary data sources, KOL opinions, Primary Interviews, SA-BRC Analysis
The major drivers of the market in the region are higher adoption of high Tesla MRI systems, large
purchase capacity and funding to research centers. A major restraint is the uneven reimbursement
scenario for MR imaging which may hamper their use over other traditional imaging systems such as
X-ray and Computed Tomography. That being said, procedural volume continues to increase and in
2013 close to 33.0 million MRI procedures were performed which indicates a rise of more than 11%
over last year. MRI centers are increasingly targeting services for specific medical specialists, such as
orthopedic surgeons. Mid-sized hospitals are observed to continue buying MRI systems in the 1.5T to
3T range. The wide-bore 1.5T is accepted gold standard adopted in the largest volume for general
imaging.
6.2 Europe MRI Scanners Market, US$ Mn (2013 - 2019)
The report analyzes the MRI market for Europe which includes United Kingdom, Germany, France,
Italy and Spain. It also includes the countries in the Eastern Bloc along with economic powers in
Nordic region and Scandinavia. These regions together constitute the total sales generated for MRI
systems throughout the forecast period. Rising healthcare expenditure, uncertain economics and
ongoing confusion surrounding new E.U. legislation on electromagnetic field (EMF) radiation look set
to threaten the growth of MRI market in Europe.
The overall economic scenario of Europe has been consistently downgraded over past few years
which has affected diagnostic technologies; particularly the computed tomography (CT) and
magnetic resonance imaging (MRI) markets have been hit hardest because they are significantly
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Chapter 7 Key Players Analysis: Global MRI Technologies
Market, 2014 (%)
7.1 Key Players Market Share: Global MRI Technologies Market, 2014
(%)
GE Healthcare, Siemens Healthcare, Philips Healthcare and Toshiba Medical Systems dominated the
MRI systems market with a combined market share of around xx % mainly due to the high demand
of the high-field and very-high field whole body cylindrical MRI scanners provided by these huge
players with a wide range of product portfolio and competitive pricing. GE Healthcare has managed
to penetrate every segment in diagnostic imaging from advanced MRI systems to X-ray, ultrasound
and CT systems, and thus has been a consistent leader in the MRI systems as well as the overall
global diagnostic imaging market. GE has remained the dominant player in the MRI systems market
(market share of xx %) through continuous innovation and reliable service throughout the recent
years.
FIG. 21 Key Players Market Share: Global MRI Scanners Market, 2014 (%)
Source: Proprietary data sources, KOL opinions, Primary Interviews, SA-BRC Analysis
It is closely followed by Siemens Healthcare with market share of xx % in 2014. Philips Healthcare
(market share of xx %) has made significant progress in the MRI systems imaging market by
focusing towards emerging markets such as BRIC nations and is expected to gain further market
GE Healthcare
Siemens Healthcare
Philips Healthcare
Toshiba Medical Systems
Hitachi Medical Systems
Others (Esaote, Fonar,
IMRIS, etc.)
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7.3 Competitive Landscape: Strategies
Emerging applications, geographical expansion and low product launches are expected considering
the events that occurred in this market for the last 3 years. Most Asian companies are now targeting
new geographies that include developed countries with attractive pricing for MRI devices and
unparalleled services as well. At the same time, international players such as GE Healthcare and
Siemens are gathering momentum with strategic market penetration in emerging economies such as
Brazil, Middle-East, China, India and South East Asia.
Major activities that summarize the strategies of companies are as below:
Geographical expansion - Toshiba’s expansion and setup of subsidiaries and manufacturing
plants across the world is a clear indication of an Asian player competing with the Top 3 (GE
Healthcare, Siemens Healthcare and Philips Healthcare). The company considers emerging
economies as an important business strategy for its future growth by accentuating its
market share via low cost products with the help of government initiatives. For instance,
utilization of China’s 12th Five-Year Plan to improve the basic healthcare system.
Focus on software enhancement of existing portfolio. Current high-field and ultra high-field
systems are completely out of purchase range of most developing countries and hospitals in
these regions. Market players are focusing on providing image enhancing and rendering
software to provide as add-on to existing systems that will create a suitable sustenance of
revenue along with undeniable presence of strong post-sales support to medical facilities.
The MRI market has been lagging in improving technology within the popular 1.5T & 3T
segment and hence large manufacturers such as GE Healthcare are also focusing on
refurbished MRI market which is significant given the demand for affordable high-tech
devices of recent past in developing and under-developed countries.
Considerable opportunities for acquisition and collaboration are available to target backward
integration of MRI components and technology. Companies such as Cutting Edge
Superconductors Inc. are potentially targeted companies for collaboration due to rising trend
of cryogen free MRI technology.
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Chapter 8 Epilogue
SA-BRC analysts monitored trends across 6 regions of North America, Europe, Asia-Pacific, Latin
America, Middle-East and Africa for all available MRI products. Our analysis strongly pointed towards
growing adoption of 3T MRI systems based on interviews with industry experts and radiologists
particularly in emerging economies such as China, Brazil, South Africa, and South-East Asia. Thailand
has few of the world’s most advanced hospitals such as Ramkhamhaeng Hospital and Wattanosoth
Cancer Hospital. High-tech hospitals with cutting edge imaging suites are being constructed in
several countries such as United Arab Emirates and India that strongly illustrate the growing demand
for the best medical equipment that is at par with western countries. Along with the adoption, the
regular introduction of MRI compatible implants and devices will help endure sales of these devices
across the world.
According to SA-BRC analysis collated from sources such as CDC, WHO and NHS over 2 million cases
of cancer may be caused by 2030 due to imaging device based radiation exposure. Although these
statistics could be off the mark by a large margin, increasing awareness of this condition will push
other imaging modalities such as MRI and ultrasound. The installation of Ultra High-Field MRI
systems across Asia-Pacific may catch up to the demand in United States and Europe. Increasing
demand from preclinical research is also expected to boost sales in this decade significantly.
Considering technical advancements, the market is leaning greatly towards enhancements with the
help of software that cost a fraction of the initial device investment. Owners of 0.5T and 1.5T MRI
scanners need not necessarily fret as software such as BrainSuite iMRI, PACS and teleradiology will
greatly contribute to providing excellent diagnosis through noise reduction and peer consultations.
Previously 3T MRI scanners were considered of marginal importance however the scene is changing
as several applications such as brain and spine require very high quality imaging. It is expected that
the world will see 7T devices being considered for clinical examinations on a regular level by the next
decade. The market is also observing a trend moving towards powerful open MRI systems to address
increasing issues of obesity and claustrophobia. Several clinical studies indicated pediatric non-
tolerance towards child friendly suites that provided a motive to research the technology further. It is
evident that the top competitors will continue to expand their portfolio and geographical presence;
however there is a strong need to be aware of high competition from Asian players such as Toshiba
that has expanded its manufacturing facilities within the last three years.
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Disclaimer:
SA-BRC Market Research is an informative Market Research Company with the sole intention of
sharing market related insights. The information provided in our research reports or on sa-brc.com
though collected through authentic sources, analyzed and cross validated through Key Opinion
Leaders (KOLs) in the industry; neither the company nor authors provide any kind of warranty about
the content – both qualitative and quantitative.
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