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)

2

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


3

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


4

5.1.2 Mid-Field MRI Scanners Market, US$ Mn (2013 - 2019) 24





5.1.3 High-Field MRI Scanners Market, US$ Mn (2013 - 2019) 27





5.1.4 Ultra High-Field MRI Scanners Market, US$ Mn (2013 - 2019) 29





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


5

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


6

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


7

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.


8

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)


9

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.


10

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


11

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


12

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


13

FIG. 3 Market Analysis: Global MRI Scanners Market, by Geography 2014 & 2019 (US$ Mn)


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


14

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.


18

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)


Closed

Open

2014

Closed

Open

2019


20

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)



22

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)


< 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


23

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



31

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


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


32

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)


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.


33

FIG. 10 North America MRI Scanners Market 2013 - 2019 (Volume-Units) (CAGR: 2015 - 2019)


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


41

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 (%)


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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