MRI Systems Market to 2018
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1 MRI Systems Market to 2018 Technological advancements, Increasing Number of Applications and Advent of MRI Compatible Pacemakers to Drive Future Growth
2 GBI Research Report Guidance GBI Research Report Guidance Chapter three provides information on market size for the historic period and the forecast period. It also covers market trends; market dynamics, comprising drivers and restraints; and the competitive landscape. Chapter four discusses high-field, low-field and mid-field MRI systems, with market size information for the historic period and the forecast period for each segment. Company shares for the high-field, low-field and mid-field MRI systems markets have not been covered. Chapter five gives market size information for the historic period and the forecast period for the US, Canada, the UK, France, Germany, Italy, Spain, Japan, China, India, Australia and Brazil, with cross-country analysis. Chapter six profiles the leading companies in the global MRI systems market, along with each company s products, features and benefits. Chapter seven focuses on pipeline products in various categories. The key pipeline products are listed and discussed in detail and product approval and expected launch dates are provided where available. Chapter eight discusses the consolidation landscape in the MRI systems industry, looking at deals that took place between 2007 and Page 2
3 Executive Summary The global Magnetic Resonance Imaging (MRI) systems market was valued at $XX billion in 2011 and is forecast to exceed $XX billion by 2018 at a Compound Annual Growth Rate (CAGR) of XX% Executive Summary Global MRI Systems Market Forecast to Exceed $6 Billion by 2018 The global Magnetic Resonance Imaging (MRI) systems market was valued at $XX billion in 2011 and is forecast to exceed $XX billion by 2018 at a Compound Annual Growth Rate (CAGR) of XX%. Future growth will be driven by technological advances in MRI systems, an increasing number of applications and the advent of MRI-compatible pacemakers. From a demand perspective, a rapidly aging global population and the low penetration of MRI systems in developing economies such as India and China will continue to drive future growth, although the unfavorable reimbursement scenario in developed economies such as the US and Europe is expected to negatively impact demand. Legislation against self-referrals and safety concerns associated with MRI systems, especially with high-field MRI systems, are further restraints. MRI Systems Market, Global, Revenue Forecast ($bn), CAGR: XX% Revenue ($bn) Source: GBI Research s proprietary database [accessed on November 16, 2012]; Primary research interviews with marketing managers and other industry experts Page 3
4 Table of Contents 1 Table of Contents 1 Table of Contents List of Tables List of Figures Introduction MRI Systems: Overview High-Field MRI Systems Mid-Field MRI Systems Low-Field MRI Systems Global MRI Systems Market: Market Characterization Global MRI Systems Market, Revenue ($bn), Global MRI Systems Market, Revenue Forecast ($bn), Global MRI Systems Market, Key Company Share (%), Global MRI Systems Market: Key Trends Fusion Technologies to Drive Growth of MRI Systems in the Long Term MRI-Compatible Pacemakers to Drive Future Growth of the MRI Systems Market Increasing Preference for Breast MRI as a Supplemental Tool to Mammography for Detection of Breast Cancer Expected to Drive Future Growth Global MRI Systems Market: Market Dynamics Market Drivers Market Restraints Global MRI Systems Market: Country Analysis and Forecasts MRI Systems Market: Cross-country Analysis Historic and Forecast Revenue, By Country MRI Systems Market, US, Revenue ($m), MRI Systems Market, US, Revenue Forecast ($m), MRI Systems Market, Canada, Revenue ($m), MRI Systems Market, Canada, Revenue Forecast ($m), MRI Systems Market, UK, Revenue ($m), MRI Systems Market, UK, Revenue Forecast ($m), MRI Systems Market, Germany, Revenue ($m), MRI Systems Market, Germany, Revenue Forecast ($m), MRI Systems Market, France, Revenue ($m), MRI Systems Market, France, Revenue Forecast ($m), MRI Systems Market, Italy, Revenue ($m), MRI Systems Market, Italy, Revenue Forecast ($m), MRI Systems Market, Spain, Revenue ($m), MRI Systems Market, Spain, Revenue Forecast ($m), MRI Systems Market, Japan, Revenue ($m), MRI Systems Market, Japan, Revenue Forecast ($m), MRI Systems Market, China, Revenue ($m), MRI Systems Market, China, Revenue Forecast ($m), MRI Systems Market, India, Revenue ($m), MRI Systems Market, India, Revenue Forecast ($m), MRI Systems Market, Australia, Revenue ($m), MRI Systems Market, Australia, Revenue Forecast ($m), MRI Systems Market, Brazil, Revenue ($m), MRI Systems Market, Brazil, Revenue Forecast ($m), Global MRI Systems Market: Competitive Assessment Siemens Healthcare Business Overview...46 Page 5
5 Table of Contents Marketed Products GE Healthcare Business Overview Marketed Products Philips Healthcare Business Overview Marketed Products Toshiba Medical Systems Corporation Business Overview Marketed Products Hitachi Medical Corporation Business Overview Marketed Products Global MRI Systems Market: Product Pipeline Analysis MRI Systems Key Pipeline Products High-field MRI Systems: Profiles of Key Pipeline Products Mid-field MRI Systems: Profiles of Key Pipeline Products Low-field MRI Systems: Profiles of Key Pipeline Products Global MRI Systems Market: Consolidation Landscape Key Deals: Tranzbyte s Acquisition of Marketing Rights to the Cirrus MRI in North and South America from Hurricane Enterprises GE Healthcare s Acquisition of Steady State Imaging GE Healthcare s Acquisition of MRI Technology Assets from ONI Medical Systems Key Partnerships: Aurora Imaging Technology Enters into Distribution Agreement with Sumec Group for Dedicated Breast MRI System Trivitron Healthcare Enters into Co-Marketing Agreement with Hitachi Medical Systems Amerinet Enters into an Agreement with Toshiba America Medical Systems Appendix Definitions MRI Systems Acronyms Sources Research Methodology Secondary Research Primary Research Models Forecasts Expert Panels Contact Us Disclaimer...63 Page 6
6 Table of Contents 1.1 List of Tables Table 1: MRI Systems Market, Global, Revenue ($bn), Table 2: MRI Systems Market, Global, Revenue Forecast ($bn), Table 3: MRI Systems Market, Global, Key Company Revenue ($m), Market Share (%), Table 4: MRI Systems Market, Global, Cross-country Analysis, CAGR (%), Table 5: MRI Systems Market, US, Revenue ($m), Table 6: MRI Systems Market, US, Revenue Forecast ($m), Table 7: MRI Systems Market, Canada, Revenue ($m), Table 8: MRI Systems Market, Canada, Revenue Forecast ($m), Table 9: MRI Systems Market, UK, Revenue ($m), Table 10: MRI Systems Market, UK, Revenue Forecast ($m), Table 11: MRI Systems Market, Germany, Revenue ($m), Table 12: MRI Systems Market, Germany, Revenue Forecast ($m), Table 13: MRI Systems Market, France, Revenue ($m), Table 14: MRI Systems Market, France, Revenue Forecast ($m), Table 15: MRI Systems Market, Italy, Revenue ($m), Table 16: MRI Systems Market, Italy, Revenue Forecast ($m), Table 17: MRI Systems Market, Spain, Revenue ($m), Table 18: MRI Systems Market, Spain, Revenue Forecast ($m), Table 19: MRI Systems Market, Japan, Revenue ($m), Table 20: MRI Systems Market, Japan, Revenue Forecast ($m), Table 21: MRI Systems Market, China, Revenue Forecast ($m), Table 22: MRI Systems Market, China, Revenue Forecast ($m), Table 23: MRI Systems Market, India, Revenue ($m), Table 24: MRI Systems Market, India, Revenue Forecast ($m), Table 25: MRI Systems Market, Australia, Revenue ($m), Table 26: MRI Systems Market, Australia, Revenue Forecast ($m), Table 27: MRI Systems Market, Brazil, Revenue ($m), Table 28: MRI Systems Market, Brazil, Revenue Forecast ($m), Table 29: MRI Systems Market, Global, Pipeline Products, Table 30: 11.7T MRI System, Product Status, Table 31: GE 7.0T MRI Scanner, Product Status, Table 32: Magnetom 7T MRI, Product Status, Table 33: Magnetom Verio 3T Tim+Dot Integrated, Product Status, Table 34: 1.5T Breast MR System, Product Status, Table 35: Echelon Oval 1.5T Ultra-Wide Oval Bore MR System, Product Status, Table 36: Magnetom Avanto 1.5T Tim+Dot Integrated, Product Status, Table 37: EZScan Breast MRI, Product Status, Page 7
7 Table of Contents 1.2 List of Figures Figure 1: MRI Systems Market, Global, Revenue ($bn), Figure 2: MRI Systems Market, Global, Revenue Forecast ($bn), Figure 3: MRI Systems Market, Global, Key Company Share (%), Figure 4: MRI Systems Market, Global, Cross-country Analysis, CAGR (%), Figure 5: MRI Systems Market, US, Revenue ($m), Figure 6: MRI Systems Market, US, Revenue Forecast ($m), Figure 7: MRI Systems Market, Canada, Revenue ($m), Figure 8: MRI Systems Market, Canada, Revenue Forecast ($m), Figure 9: MRI Systems Market, UK, Revenue ($m), Figure 10: MRI Systems Market, UK, Revenue Forecast ($m), Figure 11: MRI Systems Market, Germany, Revenue ($m), Figure 12: MRI Systems Market, Germany, Revenue Forecast ($m), Figure 13: MRI Systems Market, France, Revenue ($m), Figure 14: MRI Systems Market, France, Revenue Forecast ($m), Figure 15: MRI Systems Market, Italy, Revenue ($m), Figure 16: MRI Systems Market, Italy, Revenue Forecast ($m), Figure 17: MRI Systems Market, Spain, Revenue ($m), Figure 18: MRI Systems Market, Spain, Revenue Forecast ($m), Figure 19: MRI Systems Market, Japan, Revenue ($m), Figure 20: MRI Systems Market, Japan, Revenue Forecast ($m), Figure 21: MRI Systems Market, China, Revenue ($m), Figure 22: MRI Systems Market, China, Revenue Forecast ($m), Figure 23: MRI Systems Market, India, Revenue ($m), Figure 24: MRI Systems Market, India, Revenue Forecast ($m), Figure 25: MRI Systems Market, Australia, Revenue ($m), Figure 26: MRI Systems Market, Australia, Revenue Forecast ($m), Figure 27: MRI Systems Market, Brazil, Revenue ($m), Figure 28: MRI Systems Market, Brazil, Revenue Forecast ($m), Figure 29: MRI Systems Market, Global, Competitive Assessment, Page 8
8 Introduction 2 Introduction Magnetic Resonance Imaging (MRI) is a non-invasive diagnostic procedure that enables physicians to diagnose and treat medical conditions. It uses a powerful magnetic field and Radiofrequency (RF) waves, in contrast to the ionizing radiation used in Computed Tomography (CT), to provide computer-generated images of the affected organs, soft tissues, bones and other internal structures of the body. The images acquired are then visualized on a screen. MRI systems represent an important breakthrough in the field of diagnostic imaging as they enable radiologists to more accurately determine the presence of disease and abnormalities than with CT, ultrasound and X-ray. Page 9
9 Global MRI Systems Market: Market Characterization 4 Global MRI Systems Market: Market Characterization 4.1 Global MRI Systems Market, Revenue ($bn), The following figure shows the revenue generated by the various segments of the global MRI systems market from 2004 to Figure 1: MRI Systems Market, Global, Revenue ($bn), Revenue ($bn) Mid-field MRI systems High-field MRI systems Source: GBI Research s proprietary database [accessed on November 16, 2012]; Primary research interviews with marketing managers and other industry experts The following table shows the revenue generated by the various segments of the global MRI systems market from 2004 to Table 1: MRI Systems Market, Global, Revenue ($bn), Mid-field MRI systems High-field MRI systems Low-field MRI systems Overall market CAGR Source: GBI Research s proprietary database [accessed on November 16, 2012]; Primary research interviews with marketing managers and other industry experts The global MRI systems market was valued at $XX billion in 2004 and grew to $XX billion in 2011 at a Compound Annual Growth Rate (CAGR) of XX% driven by the increasingly large elderly population, which led to higher healthcare expenditure in developed economies. The major growth drivers in emerging economies were higher affordability and increased government focus on healthcare. Page 11
10 Global MRI Systems Market: Market Characterization 4.3 Global MRI Systems Market, Key Company Share (%), 2011 The following figure gives the market share of key companies in the global MRI systems market in Figure 3: MRI Systems Market, Global, Key Company Share (%), 2011 Others Siemens Healthcare Hitachi Medical Corporation Toshiba Medical Systems Corporation GE Healthcare Philips Healthcare Source: GBI Research s proprietary database [accessed on November 16, 2012]; Primary research interviews with marketing managers and other industry experts The following table shows the revenue of key companies in the global MRI systems market in Table 3: MRI Systems Market, Global, Key Company Revenue ($m), Market Share (%), 2011 Company Name Market Share (%) Revenue ($m) Siemens Healthcare GE Healthcare Philips Healthcare Toshiba Medical Systems Corporation Hitachi Medical Corporation Others Source: GBI Research s proprietary database [accessed on November 16, 2012]; Primary research interviews with marketing managers and other industry experts Siemens Healthcare was the leader in the global MRI systems market in 2011 with a share of XX%, followed by GE Healthcare with XX%. Philips Healthcare (XX%) and Toshiba Medical (XX%) also had significant presence. These top four companies accounted for XX% of the global MRI systems market. Companies are increasingly focusing on improving patient comfort, reducing scan times and addressing safety issues in patients with metallic and cardiac implants. Companies also focus on addressing compatibility issues involved in fusion technologies to widen the scope of MRI usage for other applications such as MRI-guided High-Intensity Focused Ultrasound (HIFU), which is used to detect breast cancer. Page 13
11 Appendix 9 Appendix 9.1 Definitions MRI Systems MRI utilizes RF and a strong magnetic field to generate clear and detailed images of internal organs and tissues. It is generally preferred for the diagnosis of brain and other neurological disorders. High-field (3T), mid-field (1.5T) and low-field (less than 1.5T) MRI systems have been tracked under this category, comprising equipment only, and excluding accessories and/or additional costs associated with MRI system installation High-field MRI Systems MRI systems with greater than or equal to a 3T field strength are included in this segment. One unit is defined as one system Low-field MRI Systems MRI systems with less than a 1.5T in field strength are included in this segment. One unit is defined as one system Mid-field MRI Systems MRI systems with a 1.5T field strength are included in this segment. One unit is defined as one system. 9.2 Acronyms CAGR: CMS: CT: Dot: FDA: HIFU: MRI: MS: NHS: OECD: PET: RF: SC: SNR: SWIFT: T: Tesla Tim: Compound Annual Growth Rate Centers for Medicare and Medicaid Services Computed Tomography Day optimizing throughput Food and Drug Administration High-Intensity Focused Ultrasound Magnetic Resonance Imaging Multiple Sclerosis National Health Service Organisation for Economic Co-operation and Development Positron Emission Tomography Radiofrequency Superconducting Signal-to-Noise Ratio Sweep Imaging with Fourier Transformation Total Imaging Matrix Page 59
12 Appendix 9.3 Sources Dai J (2006). Opportunities and Challenges of MRI in the Developing World. Proceeds of the International Society for Magnetic Resonance in Medicine 14: 2. European Magnetic Resonance Foundation (2010). Comparison of quantity of MRI equipment between U.S.A., Europe, India, China and Japan; 2006 or 2009; * = Available from: [Accessed on November 16, 2012]. Gilk T (2012), via AuntMinnie. Cost vs. benefit determines choice between 1.5T and 3T, AuntMinnie, July 23, Available from: [Accessed on November 16, 2012]. Government Accountability Office (2012). Higher Use of Advanced Imaging Services by Providers Who Self-Refer Costing Medicare Millions. Available from: [Accessed on November 16, 2012]. IMAGINIS (2006). Limitations to an MRI Exam of the Breast. Available from: [Accessed on November 16, 2012]. Kalin R and Stanton MS (2005). Current clinical issues for MRI scanning of pacemaker and defibrillator patients. Pacing and Clinical Electrophysiology; 28(4): Lovblad K.O et al. (2009), MR Imaging in Multiple Sclerosis: Review and Recommendations for Current Practice, American Journal of Neuroradiology; 31(10): Mayo Clinic (2012), Uterine fibroids, Available from: [Accessed on November 16, 2012]. Organisation for Economic Co-operation and Development (2012). October 2012 update: DOWNLOAD the following sample of key indicators from OECD Health Data Available from: [Accessed on November 16, 2012]. Radiologyinfo.org (2012). How safe is MRI? Available from: [Accessed on November 16, 2012]. Street A (2002). Superconducting Magnets Get Bigger and Better. The Industrial Physicist; 8(5): Available from: US Census Bureau (2009). Census Bureau Reports World's Older Population Projected to Triple by Available from: [Accessed on November 16, 2012]. Page 60
13 Appendix 9.4 Research Methodology GBI Research s dedicated research and analysis teams consist of experienced professionals in marketing and market research with consulting backgrounds in the medical devices industry and advanced statistical expertise. GBI Research adheres to the codes of practice of the Market Research Society ( and the Society of Competitive Intelligence Professionals ( All GBI Research databases are continuously updated and revised. The following research methodology is followed for all databases and reports Secondary Research The research process begins with exhaustive secondary research on internal and external sources being carried out to source qualitative and quantitative information relating to each market. The secondary research sources that are typically referred to include, but are not limited to: Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings. Industry trade journals, scientific journals and other technical literature. Internal and external proprietary databases. Relevant patent and regulatory databases. National government documents, statistical databases and market reports. Procedure registries. News articles, press releases and web-casts specific to the companies operating in the market Primary Research GBI Research conducts hundreds of primary interviews a year with industry participants and commentators in order to validate its data and analysis. A typical research interview fulfills the following functions: It provides first-hand information on the market size, market trends, growth trends, competitive landscape and future outlook. It helps in validating and strengthening the secondary research findings. It further develops the analysis team s expertise and market understanding. Primary research involves correspondence, telephone interviews and face-to-face interviews for each market, category, segment and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to: Industry participants: CEOs, VPs, marketing/product managers, market intelligence managers and national sales managers. Hospital stores, laboratories, pharmacies, distributors and paramedics. Outside experts: investment bankers, valuation experts, research analysts specializing in specific medical equipment markets. Key opinion leaders: physicians and surgeons specializing in different therapeutic areas corresponding to different kinds of medical equipment. Page 61
14 Appendix Models Where no hard data is available GBI Research uses modeling and estimates in order to produce comprehensive data sets. The following rigorous methodology is adopted: Available hard data is cross referenced with the following data types to produce estimates: Demographic data: population, split by segment. Macro-economic indicators: Gross Domestic Product, Inflation rate.. Healthcare Indicators: health expenditure, physician s base, healthcare infrastructure and facilities. Selected epidemiological and procedure statistics. Data is then cross-checked by the expert panel. All data and assumptions relating to modeling are stored and are available to clients on request Forecasts GBI Research uses proprietary forecast models. The following four factors are utilized in the forecast models: Historic growth rates. Macro indicators such as population trends and healthcare spending. Forecast epidemiological data. Qualitative trend information and assumptions. Data is then cross-checked by the expert panel Expert Panels GBI Research uses a panel of experts to cross verify its databases and forecasts. GBI Research s expert panel comprises marketing managers, product specialists, international sales managers from medical device companies; academics from research universities, KOLs from hospitals, consultants from venture capital funds and distributors/suppliers of medical equipment and supplies. Historic data and forecasts are relayed to GBI Research s expert panel for feedback and adjusted in accordance with this feedback. Page 62
15 Appendix 9.6 Disclaimer All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, GBI Research. Page 63
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