Magnetic Resonance Imaging Systems Market Value to Reach $9.2 Billion by 2020

NEW YORK, LONDON, BERLIN and PARIS, January 21, 2015 /PRNewswire/ --

The global Magnetic Resonance Imaging (MRI) systems market will more than double in value from approximately $4.1 billion in 2013 to over $9.2 billion by 2020, representing a Compound Annual Growth Rate (CAGR) of 11.8%, according to market research firm Reportstack.

The company's latest report on Magnetic Resonance Imaging Systems - Global Analysis and Market Forecasts states that this impressive growth will be driven by continual design developments, cost reductions, reimbursement improvements and the rapid uptake of less expensive MRI systems in emerging markets.

Complete report is available at http://www.reportstack.com/product/188965/medipoint-magnetic-resonance-imaging-systems-global-analysis-and-market-forecasts.html

This report focuses on the global coronary stents market in the 10 major markets (10MM) (US, France, Germany, Italy, Spain, UK, Japan, China, India, and Brazil) for MRI systems. The global MRI market is determined for the 10 countries covered in this report, which further provides insight into the competitive landscape, the marketed and pipeline products, the current and emerging players and market analysis of the different stent segments within the market. The report identifies the unmet needs in the market while providing an understanding of physicians' perceptions and decision-making processes in using and evaluating the adoption of different types of coronary stents.

Key Questions Answered in this Report

- What is the current and future MRI systems market outlook in the developed and emerging markets? What trends are affecting the global MRI systems market?

- Which are the key, high growth markets that MRI manufacturers should expand into? What MRI field strength segments are growing the fastest, and what are the top-selling stents in the category?

- Low-field MRI systems have been on the market for many years; however, unmet needs still exist with respect to resolution and signal-to-noise ratios. How will emerging high-field strength MRI systems fulfil these unmet needs?

- What clinical factors and technical specifications influence a physician to use one type of MRI system over another? What is physician perception and market outlook of MRI systems?

- What are the challenges and complications of MRI use that have hindered widespread adoption?

- With developing the next-generation of MRI systems, what aspects of the technology are device manufacturers focused optimizing? How will new entrants impact the market?

A GlobalData's Senior Analyst covering Medical Devices, says current economic factors remain the greatest threat to new innovation in the next five years, despite numerous advancements in MRI system capability.

Analyst explains: "This is especially true in western Europe, where economic austerity measures are stalling device purchases of every category. However, many hospitals still uncompromisingly demand advanced MRI systems despite tight budgets, so significant growth opportunities remain."

"Healthcare providers are calling on manufacturers to develop both cheaper and better technology, meaning suppliers' success will depend on the development of MRI solutions offering improvements in cost, efficiency and workflow, while also enhancing clinical diagnostics."

The report also finds that market growth for MRI systems in the US and EU will continue to be heavily dependent on the replacement of existing systems that are nearing the end of their lifetime.

Analyst continues: "Despite the need for replacements, hospitals do not always decommission MRI systems at the end of the products' manufacturer-recommended lifecycles, which negatively affects sales in these developed markets as new system purchases are delayed or abandoned."

"Additionally, newer systems are expected to cost less, reducing manufacturers' profit margins and resulting in a highly competitive MRI market that ultimately stifles new product innovation."

The analyst adds that sales growth in emerging countries, such as China and India, will be fuelled by the rapid uptake of less-expensive MRI systems that will allow access to healthcare in more remote areas of these price-sensitive economies.

"With increases in average income, growing demand for healthcare, and higher standards for care, emerging markets are expected to see a rise in MRI diagnostic procedures, as the technology offers safe and valuable insight into patient conditions and is a powerful, irreplaceable decision-making tool for physicians," concludes analyst.

Aurora Imaging, China Resources Wandong Medical Equipment, Esaote S.p.A, Fonar Corporation, GE Healthcare, Hitachi Medical Corporation, Hologic, Mindray, Neusoft Medical, Ningbo Xingaoyi Medical, Philips Healthcare, Siemens Healthcare, Sina Healthcare, Time Medical and Toshiba Medical are some of the companies mentioned in this report.

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SOURCE M/S. Reportstack