The global MRI systems market is projected to reach USD 7.09 billion by 2023 from USD 5.85 billion in 2018, at a CAGR of 3.9% during the forecast period.
Will the emergence of hybrid MRI systems create growth opportunities for players in the magnetic resonance imaging systems market?
Hybrid or fusion imaging systems have played a crucial role in increasing the rate of survival through early diagnosis and therapy for patients with rare diseases. The hybrid MRI technology involves the combination of magnetic resonance imaging with other imaging modalities, such as positron emission tomography (PET) and single-photon emission computerized tomography (SPECT) for better diagnosis. SPECT-MRI and MR-Ultrasound are some of the emerging hybrid magnetic resonance imaging systems.
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Combined PET-MRI systems provide both the anatomical and structural description of MRI simultaneously with the quantitative capabilities of PET. These systems enable the imaging of complex cases, save space, and have an improved workflow. PET-MRI is already used in oncology (showcasing a high potential in early cancer detection and accurate staging), neurology, cardiology, and preclinical imaging. In addition, recent studies suggest that PET-MRI is more useful for the study of brain disorders such as Parkinson’s and Alzheimer’s.
Hence, hybrid magnetic resonance imaging systems (PET-MRI and MRI guided-HIFU) are expected to offer strong growth opportunities for market players in the coming years.
Will the dearth of skilled personnel challenge the growth of the magnetic resonance imaging systems market to a certain extent?
A high degree of technical skill is required to handle advanced and sophisticated MRI systems. With advancements in magnetic resonance imaging systems, technicians are required to apply machine learning to CNNs (convolutional neural networks) and RNNs (recurrent neural networks) for image segmentation (partitioning images into different biologically similar regions and extracting key features) and registration (combining and analyzing multiple images of the same area for better accuracy).
However, globally, there is a dearth of skilled personnel who are capable of handling complex instruments, which may hinder the growth potential of the magnetic resonance imaging systems market to a certain extent. According to the Bureau of Labor Statistics, US, MRI technicians may witness an employment growth of about 14% between 2016 and 2026, and 41,500 new positions will need to be filled during the same period. This translates into approximately 4,150 new job openings (excluding attrition) for MRI technicians every year in the US. However, the current accredited training programs train only a third of the required workforce in the US, creating a huge gap between the demand and supply of MRI technicians in the US.
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