Rising Cost of Liquid Helium Thwarts MRI Market Growth

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Advances in magnetic resonance imaging (MRI) technology have further enhanced disease diagnostics. MRI delivers high-quality images of tissues and internal body organs, making it the most preferred diagnostic imaging method used for the central nervous system in particular detecting brain tumours and stroke affected areas of brain and spine lesions.
Notably, such improvements in the technology, together with rising geriatric population, are fuelling growth of the global MRI market. Moreover, technological advancements have widened the scope of MRI applications, which now include neuroscans, cardiac, liver scans and others.

MRI technology's rapid pace of advancement can be attributed to the desire of developers and manufacturers to make it more patient-friendly amidst improving standards of patient satisfaction. For instance, companies are focusing towards research and development of advanced open systems, which have minimum chances of suffocation and higher acceptance among claustrophobic people.

It also helps that physicians are shown to favour the use of modern MRI systems over traditional medical imaging modalities, further improving the chances of research and development activities in the global MRI market, according to a new report from TMR Research.

However, as noted in the same report, rising prices of hospital-grade helium in light of tight supply could hinder the global advances in MRI market. Liquid helium is what helps reduce the temperature of superconducting magnets in MR imaging systems. Severe shortage of liquid helium, TMR Research says, will limit MRI market's growth as it will affect the rate of OEM production.

Developed regions will remain at the forefront of MRI market growth in view of the high acceptance of technologically advanced products in these areas. Nonetheless, TMR Research sees developing regions emerging as the new destinations for key players in the global MRI market. These developing regions will experience phenomenal growth owing to improving healthcare infrastructure and rising disposable income, according to the report, adding that international players will keep their overall market dominance due to their strong foothold and brand name across all major geographies.

North America currently has the largest share in the global MRI market, followed by Europe. Both regions owe their advantage in the global MRI market to a faster rate of technological developments aimed at enhancing diagnostics for the swiftly growing ageing population, TMR Research points out.

Asia Pacific, however, is expected to grow at a leading CAGR over next few years, driven by increasing demand. According to the report, amongst the leading players in the global MRI market are Advanced Imaging Research Inc., Agilent Technologies Inc., Bayer Healthcare Pharmaceuticals, Bruker Biospin GmbH, Hitachi Medical Corporation, and Esaote S.p.A.

Source: Drnewsindustry.com
Image credit: iStock

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Published on : Mon, 16 Dec 2019

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