Replacement of Systems With Higher Field Strengths Boost the Growth of MRI Systems
MRI is one of the most powerful and widely employed diagnostic tools by physicians today.
However, there are multiple challenges such as increasing pricing pressures, regulatory issues and competition from CT that need to be overcome in the European MRI systems market. Despite these challenges, the market is expected to witness growth. The scope for growth is related to the introduction of new applications. The market is not yet saturated and there are a few unexplored niche segments, which offer huge growth potential.
Frost & Sullivan finds that the European MRI Market earned revenues of $806.5 million in 2006 and estimates this to reach $1.03 billion in 2013.
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"The European MRI systems market is primarily driven by the current wide variety of applications and constant development of new ones," notes Frost & Sullivan Research Analyst Ms. Divya B. "With continued upgrades in Tesla strength, the number of applications using MRI is increasing from the research point of view and is also becoming increasingly commercially viable."
With advancements in neurological, cardiac and vascular, as well as breast MRI, the market is seeing growth fundamentally due to the application potential. Each new clinical application increases the usage of MRI systems. Moreover, high field systems are expected to continue demonstrating strong growth, thereby replacing low field systems.
However, the current state of the European healthcare system is restraining market growth. Besides, differing reimbursement policies in various geographical regions in the European Union are yet another challenge. Additionally, there is also the inherent challenge arising due to competition from CT.
"The European healthcare industry is experiencing severe financial constraints from having to support an aging population, with contributions from a small portion of working population," explains Ms. Divya. "Consequently, the governments of various nations are wary of the fact that healthcare spending is exceedingly high and one of the interesting ways in which nations are reducing healthcare costs is by simply not buying additional equipment."
As the market is heading toward saturation, market participants will need to concentrate on niche segments. Targeting niche markets can be either through the acquisition of existing small local participants or through the introduction of new products.
European MRI Market is part of the Medical Imaging Growth Partnership Service, which also includes research in the following markets: low field systems, high field systems and ultra high field systems. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
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