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The range of clinical applications performed on magnetic resonance imaging (MRI) scanners is nothing short of astounding, according to Frost & Sullivan.
But with greater functionality also comes the challenge of both scanners and coils being increasingly more expensive.
Analysts said to increase customer base, manufacturers of MRI scanners and coils must target fast-growing markets in diagnostic imaging centers and community hospitals.
Recent analysis from Frost & Sullivan's medical imaging group found that the U.S. MRI scanners and coils markets earned revenues of $1.40B for scanners and $118M for coils in 2005, with estimates to reach $2.9B and $317M, respectively, in 2012.
Analysts said significant advancements in MR angiography, including neurovascular and peripheral vascular studies, have added greater insight into the physiology of blood vessels. Breast, prostate and liver cancer detection and diagnosis are also gaining ground with a range of procedures possible with today's scanners, while MRI coils are being integrated into sophisticated units to image nearly every major body part.
"Welcome to the new MRI, where diagnostic capabilities can image blood vessels, brain fiber tracts and even small cancerous lesions," said Frost & Sullivan research analyst Subha B. Basu. "The industry is also witnessing a fast growth in high field scanners, as well as more consolidation of third-party coil manufacturers."
Although MRI is a mature technology in terms of scientific principles and clinical acceptance, analysts said the selling price of scanners in 2005 was still in the million-dollar range, even for some low-field systems.
The price range for low-field systems was approximately $600,000 to $1M; ultra high-field systems ranged from $1.5M to $2M. According to manufacturers, new scanners sold in 2005 had increased value from previous years because of advancements in coil technology, reduced scan times and greater range of clinical applications.
"Large clinical facilities have a combination of scanners to accommodate the breadth of patient exams," said Basu. "But the high selling prices are still a major deterrent for buying decisions, especially when it’s a first-time buy or upgrading to a more advanced system."
Since trends in selling prices have largely remained the same over the past few years, analysts said another possibility to increasing revenues is targeting high opportunity markets aggressively to increase buyer-base. One of the fastest-growing types of clinical facilities in the U.S. is freestanding diagnostic imaging centers.
With annual increases of nearly 10%, the number of centers totaled more than 6,000 in 2005. These centers serve the multitude of patient referrals and therefore require several types of systems to increase procedural rates and throughput.
Source: Frost & Sullivan.