Demand is growing in China for medical diagnostic services including magnetic resonance imaging (MRI), according to a new analysis by Research and Markets.
The report says that Chinese people's ability to pay for medical services keeps growing with the development of the economy. Meanwhile, the population is aging: in 2015, those aged 65 or older represented 10.5% of China's total population compared to 7.7% in 2005. And the incidence of cancer and other diseases has been rising as a result of the country's serious environmental pollution.
MRI is a medical imaging technique which exerts no radiation on the human body compared with X-ray imaging and radiation imaging technology. Compared with ultrasonic detecting technology, MRI provides a clearer image and more details.
In terms of policies, the Chinese government has issued increasingly stringent regulations for the medical equipment industry, Research and Markets said.
The author of the report estimates that foreign-funded enterprises account for 80% of China's MRI market share. Enterprises engaging in MRI manufacturing in the Chinese market include SSMR, Hangwei GE Medical Systems, China Resources Wandong Medical Equipment, Basda Medical Equipment, Ningbo XinGaoYi Magnets and Shenyang Neusoft Medical Systems.
"In China, with the improvement of the hierarchical medical system and the new rural cooperative medical system, the rural medical market will enjoy rapid development," the research firm said. "With Chinese medical system reform deepening and the updating and replacement of the original imported MRI equipment approaching, MRI manufacturing enterprises will usher in new opportunities."