The global MRI market is expected to grow at a compound annual growth rate of 5% to reach $6.8 billion in revenue by 2020, according to a new report by MarketsandMarkets.
The MRI market produced $5.1 billion in revenues in 2014; future growth will be driven by factors such as advancements in hardware and software applications, according to the company. On the downside, growth is being held back by the high cost of MRI systems, declining reimbursement rates for MRI procedures, and the shortage of helium gas deposits, MarketsandMarkets said.
North America had the largest share of the MRI market in 2014, followed by Asia. MarketsandMarkets expects both markets to produce single-digit growth rates over the next five years.
New growth opportunities in the MRI market will come from emerging markets such as China, India, Brazil, and the Middle East; novel application areas such as multiple sclerosis and breast cancer; and the advent of hybrid MRI systems, MarketsandMarkets said.
