Image: The Ingenia MRI scanner (Photo courtesy of Royal Philips).
A new report forecasts that the market for Magnetic Resonance Imaging (MRI) Systems of various kinds, different field strengths, and for various applications, should reach USD 7.19 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 5.1% from 2016 to 2021.
The 183-page report lists increasing aging of the population, and innovation such as new MRI techniques, ultra-high-field MRI systems, open architecture and new software applications as some of the factors driving demand between 2016 and 2021. Growth is expected to be hindered by the expense of such systems, a lack of helium MRI cooling gas, and less reimbursement for MRI procedures.
The report was prepared by MarketsandMarkets (Dallas, TX, USA) analysts. Growth will also come from the market for MRI systems in China, India, Brazil, the Middle East, and other emerging markets. Hybrid MRI systems, specialized applications of MRI for multiple sclerosis for example also provide opportunities for growth.
According to the report the market share for closed MRI systems and very-high-field MRI systems will grow the fastest. When segmenting the market according to application, brain and neurological MR imaging has the largest market share. The other major application share is held by spine and musculoskeletal MRI systems. The report also segments the market according to regions. In 2016, the North America should capture the largest market share. The fastest growing MRI systems market is Asia. Europe, a mature market, will register slow growth for MRI systems.