GE Healthcare, Siemens Healthcare, Philips Healthcare, Toshiba Medical Systems and Hitachi are the largest players currently operating in MRI scanners market with GE leading the way.

MRI uses the body's magnetic natural magnetic properties to produce detailed images from any part of the body. For imaging purposes the hydrogen nucleus (a single proton) is used because of its abundance in water and fat. Unlike CT or X-ray systems MRI does not release ionizing radiations thereby effectively nullifying device-radiation induced cancer among patients. There are primarily two configurations in MRI scanners available today, the conventional closed MRI which is a cylindrical tube and upright or open MRI scanners that were introduced in the last decade to counter challenges such as imaging of obese individuals and claustrophobia. Closed MRI systems comprise of a long bore in which a patient has to lie to be examined similar to CT systems.

Due to the rising incidence of obesity and claustrophobia over the world the conventional systems may not be applicable. Open MRI systems have been designed to compensate for those people who experience anxiety and claustrophobia in conventional closed MRI systems or are obese and cannot fit inside the aperture of the MRI systems. The most popular permanent or open systems are powered by field strength of 0.3T to o.45T magnets. There are several types of open MRI systems that include the patient lying down or sitting in an upright position. The Fonar Upright MRI system helps reduce white-coat hypertension by allowing ample breathing space and does not enclose the patient. The market for open MRI systems has been on the rise due to their demand from an increasing number of hospitals and clinics over the world.

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The MRI devices available on the market today can be classified according to the strength of the magnets, which directly corresponds to the clarity of imaging and resolution. There are four segments of MRI based on magnetic field strength - low-field (< 0.5T), mid-field (0.5T - 1.5T), high-field (3T) and Ultra high-field (>3T). Thus the higher strength of the magnet, the higher is the resolution. However, this is now partially offset due to advanced software and 3D rendering programs that reconstruct noise-ridden images into crystal clear pictures for diagnostic imaging. The cost of these devices ranges between US$ 600,000 and can reach up to US$ 7.5 million for 7T MRI scanners used in preclinical imaging.

Key players in this market are GE Healthcare, Siemens Healthcare, Philips Healthcare and Toshiba Medical Systems. These companies dominate the market with a combined share of over 85%. GE Healthcare has managed to penetrate every segment in diagnostic imaging from advanced MRI systems to X-ray, ultrasound and CT systems, and thus has been a consistent leader in the MRI systems as well as the overall global diagnostic imaging market. GE has remained the dominant player in the MRI systems market through continuous innovation and reliable service throughout the recent years.

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Emerging applications, geographical expansion and low product launches are expected considering the events that occurred in this market for the last 3 years. Most Asian companies are now targeting new geographies that include developed countries with attractive pricing for MRI devices and unparalleled services as well. At the same time, international players such as GE Healthcare and Siemens are gathering momentum with strategic market penetration in emerging economies such as Brazil, Middle-East, China, India and South East Asia.