Medical Magnetic Resonance Imaging (MRI): Technologies and Global Markets

• Publication date: September 2010

In the U.S., recent reimbursement changes and the economic downturn have called the expanding use of MRI scanning into question. The North American market is worth $2.3 billion in 2010 and is expected to increase at a 4.4% compound annual growth rate (CAGR) to reach $2.9 billion in 2015. Europe ranks with the U.S. as one of the most developed MRI markets. Expanding applications in the neurologic, cardiac, and breast MRI areas should drive the ...

In the U.S., recent reimbursement changes and the economic downturn have called the expanding use of MRI scanning into question. The North American market is worth $2.3 billion in 2010 and is expected to increase at a 4.4% compound annual growth rate (CAGR) to reach $2.9 billion in 2015.
Europe ranks with the U.S. as one of the most developed MRI markets. Expanding applications in the neurologic, cardiac, and breast MRI areas should drive the EU market. This sector is estimated at $1.2 billion in 2010 and is expected to increase at a 10% compound annual growth rate (CAGR) to reach $1.9 billion in 2015.
Japan remains an early adopter of newer MRI equipment, making it a prime opportunity for newer 3T equipment. This market is valued at $1 billion in 2010 and should reach $1.3 billion in 2015, a compound annual growth rate (CAGR) of 4.3%.

INTRODUCTION

REASONS FOR DOING THE STUDY

Medical imaging costs make up one of the fastest-growing components of overall healthcare costs, and medical resonance imaging (MRI) is one of the leading imaging technologies used by healthcare providers. Whether the imaging is done for diagnostic or interventional reasons, the market for MRI is expanding.

Medical imaging through the use of MRI equipment accounts for approximately 25% of the medical imaging technologies used globally. Determining the influence of MR imaging on future healthcare trends and the viability for market expansion in a stringent reimbursement and regulatory environment are key reasons for conducting this market study. 

Macro trends that benefit the MRI market include: an aging worldwide population; continued global urbanization; prevalence of major diseases such as heart disease, cancer, and diabetes; and expanding access to healthcare products and services, particularly in rural areas and for younger populations. Negative global trends include stricter medical insurance reimbursement policies and economic turbulence throughout the world.

The study will explore the keys to continued growth in this industry, including increasing sales in developing regions, expanded services, a strong pipeline of new products, and new applications for existing technologies. 

STUDY GOALS AND OBJECTIVES

The goal of this study is to describe and discuss changes in the global MRI market. Thisreport is designed to achieve the following objectives:

To describe the trends and developments for each type of MRI technology and how each is meant to satisfy the needs of manufacturers.  
To analyze market and driving forces to determine the market size for the technologies and pinpoint target applications.  
To examine the MRI business in terms of specific companies and their position in the market.

The report is designed to appeal to many different readers including venture capitalists interested in exploring commercialization opportunities, marketing and management individuals within the industry, and even the casual reader who desires to understand how market pressures and technology interact in this industry.   

SCOPE OF REPORT 

This technical market report organizes information from diverse sources into a cohesive unit that includes overview, industry structure, and technology sections. 

The report examines the MRI equipment industry in general, the types of technology currently in use as well as future applications, and regulatory influences. The industry structure section discusses the most active suppliers with regard to relative market share, marketing strengths, and forces that promote or hamper growth of technologies. The technology sections detail historical, current, and projected (2010 through 2015) market values.    

METHODOLOGIES AND INFORMATION SOURCES

The data for this report was gathered from primary and secondary sources. Primary data was obtained from industry personnel and government agencies. Secondary sources include information gleaned from trade journals; the U.S. Patent and Trademark Office (USPTO); company reports; press releases; product literature; and government documents. Where precise information was not available, a consensus was made using reasonable assumptions and estimates based on historical data. 

ANALYST CREDENTIALS

Peggy S. Lehr is the BCC Research Analyst of this report. Ms. Lehr has worked within the publishing arms of for-profit and not-for-profit organizations, and she specializes in marketing reports on the medical industry. She has authored several market research reports for BCC Research. 

Global Medical Imaging Industry

Chapter- 1: INTRODUCTION -- Complimentary

REASONS FOR DOING THE STUDY 1
STUDY GOALS AND OBJECTIVES 1
SCOPE OF REPORT 2
METHODOLOGIES AND INFORMATION SOURCES 2
ANALYST CREDENTIALS 2
RELATED BCC REPORTS 2
BCC ON LINE SERVICES 3
DISCLAIMER 3

Chapter-2: SUMMARY

SUMMARY 4
SUMMARY TABLE GLOBAL MARKET FOR MRI SYSTEMS BY REGION, THROUGH 2015 5
SUMMARY FIGURE   GLOBAL MARKET FOR MRI SYSTEMS BY REGION, 2010 AND 2015 (%) 6

Chapter-3: OVERVIEW

HISTORY 7
MECHANICS OF THE MRI 7
MAGNETS 8
Resistive Magnets 8
Permanent Magnets 8
Superconducting Magnets 8
Gradient Magnets 9
COILS 9
Coils for Specific Applications 9
Total Imaging Matrix 10
REFURBISHED COILS 10
TABLE 1 GLOBAL MARKET FOR MRI COILS, THROUGH 2015
($ MILLIONS) 10
RF TRANMITTER OR SOLENOID 11
SHIELDS 11
Magnetic Shielding 11
CRYOGENIC LIQUIDS 11
CONTRAST AGENTS 12
Chelates of Gadolinium 12
Iron Oxide 13
Manganese Chelates 13
TABLE 2 PROJECTED GLOBAL MARKET FOR SALES OF MRI
CONTRAST MEDIA, THROUGH 2015 ($ MILLIONS) 13
COMPUTER SYSTEM 13
MRI PROCESS 13
CONTRAST AGENTS IN MRI 14
USES 15
TYPES OF MRI SCANS 15
BASIC MRI SCANS 15
TABLE 3 BASIC MRI SCAN, BY TYPE, WITH APPLICATTION 16
T1-Weighted MRI 16
T2-Weighted MRI 16
T*2-Weighted MRI 16
Spin-Density-Weighted MRI 17
SPECIALIZED MRI SCANS 17
TABLE 4 SPECIALIZED MRI SCAN, BY TYPE, WITH APPLICATION 17
Diffusion MRI 17
Magnetization Transfer MRI 18
Fluid Attenuated Inversion Recovery (FLAIR) 18
Magnetic Resonance Angiography (MRA) 18
Magnetic Resonance Gated Intracranial CSF Dynamics (MR-GILD) 19
Magnetic Resonance Spectroscopy (MRS) 19
FUNCTIONAL MRI (FMRI) 19
INTERVENTIONAL MRI 20
INTRAOPERATIVE MRI 20
RADIATION THERAPY SIMULATION 20
MAGNETIC RESONANCE GUIDED FOCUSED ULTRASOUND (MRGFUS) 20
MULTINUCLEAR IMAGING 20
SUSCEPTIBILITY-WEIGHTED IMAGING (SWI) 21
MRI AND CT ATTRIBUTES 21
STRENGTHS/LIMITATIONS OF CT 21
STRENGTHS/LIMITATIONS OF MRI 21
TABLE 5 STRENGTHS/LIMITATIONS OF MRI 22
MRI MARKET STRENGTHS 22
SUPERIOR IMAGING FOR SOME SITUATIONS 22
CONTINUING EVOLUTION OF MORE POWERFUL EQUIPMENT 23
NEW APPLICATIONS FOR EQUIPMENT 23
MARKET CHALLENGES 23
MATURE MARKET IN DEVELOPED NATIONS 23
DIFFERENTIATING PRODUCT CAPABILITIES 23
Unit Capabilities 24
COMPLEX TECHNOLOGY AND LACK OF PERSONNEL 24
LONG SALES AND INSTALLATION CYCLES 24
HIGHER COST THAN OTHER TECHNOLOGIES 24
COMPETITIVE TECHNOLOGIES 25
TABLE 6 ADVANTAGES/DISADVANTAGES OF IMAGING
TECHNOLOGIES 25
FIGURE 1 PERCENT OF MARKET, BY TYPE OF IMAGING, IN THE U.S., 2010 (%) 26

Chapter-4: MRI EQUIPMENT OVERVIEW

CHAPTER FOUR: MRI EQUIPMENT OVERVIEW 27
TYPES OF SYSTEMS 27
TABLE 7 PROJECTED GLOBAL REVENUE, BY SYSTEM TYPE,
     THROUGH 2015 ($ MILLIONS) 27
MRI CONFIGURATIONS 27
FIGURE 2 MARKET SHARE, BY CONFIGURATION, FOR MRI SYSTEMS, 2009 AND 2015 (%) 28
CLOSED MRI SCANNERS 29
OPEN MRI SCANNERS 29
WHOLE-BODY MRI SCANNER 29
LOW- AND MID-FIELD SYSTEMS 30
TABLE 8 PROJECTED GLOBAL REVENUE FOR LOW- AND
     MID-FIELD SYSTEMS, BY CONFIGURATION, THROUGH
     2015 ($ MILLIONS) 31
HIGH-FIELD SYSTEMS 31
TABLE 9 PROJECTED GLOBAL REVENUE FOR HIGH-FIELD SYSTEMS,
     BY CONFIGURATION, THROUGH 2015 ($ MILLIONS) 31
VERY-HIGH-FIELD SYSTEMS 32
BENEFITS OF VERY-HIGH-FIELD SYSTEMS 32
LIMITATIONS OF 3T SCANNERS 32
TABLE 10 PROJECTED GLOBAL RE4VENUE FOR VERY-HIGH-FIELD
      SYSTEMS, BY CONFIGURATION, THROUGH 2015 ($ MILLIONS) 33
ULTRAHIGH-FIELD SYSTEMS 33
TABLE 11 PROJECTED GLOBAL REVENUE FOR ULTRAHIGH-FIELD
      SYSTEMS, BY CONFIGURATION, THROUGH 2015 ($ MILLIONS) 34
SPECIALIZED MAGNET SYSTEMS 34
TABLE 12 PROJECTED GLOBAL REVENUE FOR SPECIALIZED MAGNET
      SYSTEMS, BY AREA OF VISUALIZATION, THROUGH 2015
     ($ MILLIONS) 35
MARKET BY GEOGRAPHIC AREA 35
TABLE 13 PROJECTED PERCENT OF TOTAL MARKET, BY GEOGRAPHIC
      AREA, 2010 AND 2015 (%) 36
REFURBISHING VERSUS NEW COMPONENTS 36
FUTURE FOR USED MRI UNITS 37

Chapter-5: THE GLOBAL MARKET FOR MRI EQUIPMENT

OVERVIEW 38
FIGURE 3 MRI UNITS IN SERVICE, BY COUNTRY, 2007 38
FIGURE 3 (CONTINUED) 39
INDUSTRY CONSOLIDATION 39
TABLE 14 SELECTED ACQUISITIONS, 2004-2010 40
FIGURE 4 GLOBAL MARKET SHARE FOR MRI EQUIPMENT, BY COMPANY, 2009 (%) 41
MARKET LEADERSHIP POSITIONS, BY COUNTRY 41
FIGURE 5 GLOBAL MARKET FOR MRI EQUIPMENT, BY COUNTRY, IN 2009 (%) 42
MARKET OPPORTUNITIES, BY COUNTRY 42
UNITED STATES 42
EUROPEAN UNION 43
JAPAN 43
CHINA 44
INDIA 44
BRAZIL 45

Chapter-6: CURRENT MRI APPLICATIONS

TABLE 15 MRI SCANS, BY TYPE AND COMPANY, 2009 46
DIAGNOSTIC 46
BREAST 47
Recent Study with Future Implications 47
Procedures 48
Strengths/Limitations 48
Equipment Manufacturers 48
NEUROLOGICAL 49
Procedures 49
Strengths/Limitations 49
Equipment Manufacturers 49
CANCER 49
Procedures 50
Strengths/Limitations 50
Equipment Manufacturers 50
MR CHOLANGIOPANCREATOGRAPHY (MRCP) 50
Procedures 50
Strengths/Limitations 51
Equipment Manufacturers 51
CARDIAC 51
Procedures 51
Strengths 51
Limitations 52
Equipment Manufacturers 52
VASCULAR 52
Procedures 52
Strengths/Limitations 53
Equipment Manufacturers 53
MUSCULOSKELETAL 53
Procedures 53
Strengths/Limitations 54
Equipment Manufacturers 54
PROSTATE 54
Procedures 54
Strengths/Limitations 55
Equipment manufacturers 55
SPINE 55
Procedures 55
Strengths/Limitations 56
Equipment Manufacturers 56
INTRAOPERATIVE 56
BREAST 56
TABLE 16 BREAST APPLICATIONS FOR MRI 57
NEUROLOGICAL 57
TABLE 17 NEUROLOGICAL APPLICATIONS FOR MRI 57
CANCER 57
TABLE 18 CANCER APPLICATIONS FOR MRI 58
CARDIAC 58
TABLE 19 CARDIAC APPLICATIONS FOR MRI 58
MUSCULOSKELETAL 59
TABLE 20 MUSCULOSKELETAL APPLICATIONS FOR MRI 59
SPINE 59
TABLE 21 SPINAL APPLICTIONS FOR MRI 59
VASCULAR 60
TABLE 22 VASCULAR APPLICATIONS FOR MRI 60

Chapter-7: REGULATIONS AND REIMBURSEMENT

TABLE 23 SELECTED MRI REGULATORY AGENCIES BY COUNTRY 61
FDA REGULATIONS 61
EU REGULATIONS 62
CANADIAN REGULATIONS 63
JAPANESE REGULATIONS 63
CHINESE REGULATIONS 63
BRAZILIAN REGULATIONS 64
SAFETY ORGANIZATIONS 64
TABLE 24 SELECTED U.S. MRI SAFETY ORGANIZATIONS 64
REIMBURSEMENT ISSUES 64
TABLE 25 REIMBURSEMENT PRACTICES, BY COUNTRY 65
UNITED STATES 65
Deficit Reduction Act (DRA) of 2005 65
Effects of DRA on MRI Industry 66
Healthcare Reform in 2009 66
Implications of Reform on the MRI Market 66
CANADA 67
EUROPEAN UNION 67
JAPAN 68
CHINA 69
INDIA 69
BRAZIL 70

Chapter-8: PATENTS

FIGURE 6 MRI SYSTEMS, BY PATENTS (%) 71
FIGURE 6 (CONTINUED) 72
TABLE 26 MRI PATENTS ISSUED, BY COUNTRY, JANUARY 2000 TO
      MAY 2010 72
LOW- AND MID-FIELD SYSTEMS 72
TABLE 27 PATENTS ISSUED FOR LOW- AND MID-FIELD SYSTEMS
     AND EQUIPMENT, JANUARY 2000 TO MAY 2010 73
PATENTS BY ASSIGNEE 74
TABLE 28 LOW AND MID-FIELD SYSTEMS PATENTS BY ASSIGNEE,
      JANUARY 2000 TO MAY 2010 74
PATENTS BY TECHNOLOGY 74
TABLE 29 LOW- AND MID-FIELD SYSTEM PATENTS BY TECHNOLOGY,
      JANUARY 2000 TO MARCH 2010 75
HIGH-FIELD SYSTEMS 75
TABLE 30 PATENTS ISSUED FOR HIGH-FIELD SYSTEMS, JANUARY 2000
      TO MAY 2010 75
VERY-HIGH-FIELD SYSTEMS 75
TABLE 31 PATENTS ISSUED FOR VERY-HIGH-FIELD MRI SYSTEMS,
      JANUARY 2000 TO MAY 2010 76
PATENTS BY ASSIGNEE 76
PATENTS BY TECHNOLOGY 76
CLOSED MRI SYSTEMS 76
TABLE 32 PATENTS ISSUED FOR CLOSED MRI SYSTEMS, JANUARY 2000
      TO MAY 2010 76
TABLE 32 (CONTINUED) 77
TABLE 32 (CONTINUED) 78
TABLE 33 CLOSED MRI SYSTEM PATENTS BY ASSIGNEE, JANUARY
     2000 TO MAY 2010 78
PATENTS BY TECHNOLOGY 78
TABLE 34 CLOSED MRI SYSTEM PATENTS BY TECHNOLOGY,
      JANUARY 2000-MARCH 2010 79
OPEN MRI SYSTEMS 79
TABLE 35 PATENTS ISSUED FOR OPEN MRI SYSTEMS, JANUARY 2000
     TO MAY 2010 79
TABLE 35 (CONTINUED) 80
TABLE 35 (CONTINUED) 81
PATENTS BY ASSIGNEE 81
TABLE 36 OPEN MRI SYSTEM PATENTS BY ASSIGNEE, JANUARY 2000
      TO MAY 2010 82
PATENTS BY TECHNOLOGY 82
TABLE 37 OPEN MRI SYSTEM PATENTS BY TECHNOLOGY, JANUARY
     2000-MARCH 2010 82
           WHOLE-BODY SYSTEMS 83
TABLE 38 PATENTS ISSUED FOR WHOLE-BODY SYSTEMS,
     JANUARY 2000-MAY 2010 83
PATENTS BY ASSIGNEE 83
TABLE 39 WHOLE BODY SYSTEMS PATENTS BY ASSIGNEE, JANUARY
      2000 TO MAY 2010 84
PATENTS BY TECHNOLOGY 84
TABLE 40 WHOLE BODY SYSTEM PATENTS BY TECHNOLOGY, JANUARY
     2000 TO MARCH 2010 84

Chapter-9: EMERGING TECHNOLOGY AND APPLICATIONS

RESEARCH AND NONCLINICAL TECHNOLOGY 85
DIAGNOSTIC SYSTEMS 85
DYNAMIC CONTRAST-ENHANCED MRI (DCE-MRI) 86
WHOLE-BODY MRI 87
FUNCTIONAL MRI 87
LUNG MRI 87
NEUROLOGICAL APPLICATIONS 87
Perfusion-Weighted Imaging (PWI) 87
Diffusion-Weighted Imaging (DWI) 87
MR Spectroscopy 88
INTEROPERATIVE MRI TECHNOLOGIES 88
BREAST 88
CARDIAC 88
MRI OPERATING ROOM 88

Chapter-10: COMPANY DIRECTORY

MRI SYSTEMS 89
ANALOGIC CORPORATION 89
Business Overview 89
Financials 89
Products 90
AURORA IMAGING TECHNOLOGY, INC. 90
Business Overview 90
Financials 90
Products 90
BRUKER BIOSPIN CORP. 91
Business Overview 91
Financials 92
Products 92
ESAOTE SPA 93
Business Overview 93
Financials 93
Products/Services 93
FONAR CORPORATION 94
Business Overview 94
Financials 94
Products/Services 95
GE HEALTHCARE 95
U.S. Location 95
Business Overview 95
Financials 96
Products/Services 96
HITACHI MEDICAL SYSTEMS AMERICA, INC 97
Business Overview 97
Financial 97
Products/Services 97
HOLOGIC 98
Business Overview 98
Financials 98
Products 99
IMRIS INC. 99
Business Overview 99
Financials 99
Products/Services 100
INNERVISION MRI 100
Business Overview 100
Financials 101
Products 101
MEDINUS 101
Business Overview 102
Financials 102
Products/Services 102
MEDTRONIC 102
Business Overview 102
Financials 103
Products/Services 103
MILLENNIUM TECHNOLOGY, INC 104
Business Overview 104
Financials 104
Products 104
ODIN MEDICAL TECHNOLOGIES (SEE MEDTRONIC) 104
PARAMED MEDICAL SYSTEMS 104
Business Overview 105
Financials 105
Products 105
PHILLIPS HEALTHCARE 105
Business Overview 105
Financials 106
Products/Services 106
SIEMENS MEDICAL SOLUTIONS USA, INC. 107
Business Overview 107
Financials 107
Products/Services 107
TIME MEDICAL 108
Business Overview 108
Financials 109
Products 109
TOSHIBA AMERICA MEDICAL SYSTEMS, INC. 109
Business Overview 109
Financials 110
Products/Services 110
USED MRI: REFURBISHED MRI SCANNERS AND SCANNER UPGRADES 111
ATLANTIS WORLDWIDE 111
BARRINGTON MEDICAL IMAGING, LLC 111
BLOCK IMAGING INTERNATIONAL 111
GENESIS MEDICAL IMAGING 111
ICS MEDICAL SVC 112
INTEGRITY MEDICAL SYSTEMS, INC 112
JDI SOLUTIONS 112
MAGNASERV 112
MEDICAL IMAGING GROUP 113
MONARCH MEDICAL 113
SMIT MOBILE EQUIPMENT B.V. 113
SUNRISE MEDICAL TECHNOLOGY, INC. 113
SOUND IMAGING 114
TOTAL IMAGING CONCEPTS, INC. (TICI) 114
ZETTA MEDICAL TECHNOLOGIES, LLC 114
RF TRANSMITTERS 114
ANALOGIC 114
COIL MANUFACTURERS 115
CAROLINA MEDICAL PARTS 115
DOTY SCIENTIFIC, INC. 115
INVIVO CORP. 115
LMT MEDICAL SYSTEMS GMBH 115
M2M IMAGING CORP. 116
MACHNET BV 116
MAGMEDIX, INC. 116
MEDRAD, INC. 116
MR INSTRUMENTS, INC 117
NORAS MRI PRODUCTS GMBH 117
PULSETEQ LTD. 117
RAPID BIOMEDICAL GMBH 117
RESONATE RESEARCH, INC. 118
SCANMED 118
TESLA ENGINEERING, LTD 118
TORQUAY INSTRUMENTS. LTD 118
XLR IMAGING 119
MRI CONSUMABLES (CONTRAST AGENTS, IMAGING FILM) 119
BRACCO IMAGING SPA 119
FERRANIA SPA 119
LANTHEUS MEDICAL IMAGING 120
BAYER SCHERING PHARMA 120
METPLAS 120
T2 BIOSYSTEMS, INC 120
LIQUID HELIUM AND NITROGEN 121
AIR LIQUIDE U.S.A 121
MATHESON TRI-GAS, INC 121
PRAXAIR 121
MAGNETS 121
AMERICAN MAGNETICS, INC 121
ASTER ENTERPRISES 122
OXFORD INSTRUMENTS, INC. 122

Chapter-11: GLOSSARY