The global market for magnetic resonance imaging (MRI) will reach $6.3 billion by 2018, according to a new report from Global Industry Analysts, Inc.
Forces driving growth in the market, according to the report's authors, include advances in technology, aging populations, and increased incidence of chronic diseases, the use of other modalities with MRI, and replacement demand for MRI in develop countries. However, high equipment costs and concerns about reimbursement rates in the U.S. provide challenges to continued growth.
Geographically, developed markets like the U.S. and Europe have higher penetration, according to the authors, but slowing growth in those regions is balanced by growth in emerging markets in Asia and Latin America. The increasing incidence of cardiac disease, neurological diseases, and cancer, will help drive growth in highly populated markets like China and India, and increasing healthcare expenditures, as well as increasing physician preference for MRI, is helping drive growth in other emerging markets.
A similar report published by ReportsnReports in May predicted the global MRI market would hit $5.24 billion by 2018.
Meanwhile, a second report from Global Industry Analysts predicts that the global PACS market will reach $6.1 billion by 2018.
That growth, according to the report, is largely driven by continuing technological advances. For example, diagnostic and medical image processing solutions such as PACS and radiology information systems are supporting the digitization trend by enhancing the effectiveness of image storage, viewing, sharing and retrieval. And public and private sector healthcare institutions around the world increasingly are adopting healthcare IT solutions in order to cut costs while maintaining quality, and PACS are among the most sought after of those healthcare IT solutions.
The report also notes that PACS technology has progressed beyond the point of serving as just medical image viewing, storage and distribution systems--and that technologies like advanced visualization tools, voice recognition solutions, customized worklists, teleradiology, cloud-based PACS, zero-footprint viewers, and mobile PACS are taking the market to the "next level."
Global Industry Analysts also reports that vendor-neutral archiving is rapidly taking over the archiving functions of PACS, and that radiology PACS and cardiology PACS are the major revenue generators in the global PACS market.