Global MRI market to hit $5.24 billion by 2018

The magnetic resonance imaging market is expected to grow by almost 5 percent  annually over the next five years, according to a report by ReportsnReports.

According to the report, "Advances in Magnetic Resonance Imaging (MRI) Market (2013-2018)," the industry currently produces over 2,000 MR units per year. The global market for these systems is expect to reach about $4.13 billion in 2013, and is expected to grow at a compound annual growth rate of 4.56 percent, reaching $5.24 billion by 2018.

Because of a rapidly aging population, as well as technological developments, North America and Europe continue to dominate the market, with the former accounting for a 40 percent share as of 2013.

The Asia market, however, is projected to grow at a 5.2 percent rate over the next five years, with the increased demand driven by the availability of more healthcare spending and an increased physician preference for MRI over other imaging modalities. Demand for MRI comes from both from public and private hospitals, according to the report, and adoption of these devices in the Asia market also will be driven by rising incidences of cardiac, neurological and oncological cases in that region.

The industry does face several challenges over the near future. For instance, manufacturers face the possibility of helium shortages as a result of the projected closing of the Federal Helium Reserve this year. Helium is necessary for cooling the superconducting magnets of MR systems.

In addition, healthcare regulatory changes in the U.S. have resulted in 20 to 25 percent reimbursement cuts for MRI. A recent article in FierceMedicalImaging details how some adjustments in MRI CPT codes have resulted in reimbursement cuts of 30 percent.

Still, the report predicts that with the resolution of these issues the industry should continue to grow, particularly as developers look at new applications involving areas like cardiac and breast imaging.

To learn more:
- see the report announcement

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