Driven by the constant introduction of advanced imaging technologies, the global MRI market is expected to reach $5.6 billion U.S. (5.3 billion euros) in revenue by 2025, according to a report by market research firm Grand View Research.
Rapid growth is also being driven by the increasing prevalence of chronic diseases, the rising number of road accidents leading to injuries and complications, and the need for high-resolution scanning techniques for musculoskeletal and spine injuries, Grand View said. On the downside, growth is being challenged by the high cost of scanners, the requirements of qualified professionals to operate the devices, and the prolonged lifespan of the systems, according to the firm.
While the market for closed MRI systems accounted for the largest market share in 2015, open systems are expected to be the fastest growing segment from 2016 to 2025, Grand View said. In addition, MRI for neural and brain disorders dominated the market because there isn't an alternative scanning tool, according to the firm.
In other findings, North America dominated the global market with the largest revenue share in 2015. However, Grand View projects that the Asia-Pacific sector will yield the fastest growth rate through 2025, driven by China and the rapidly increasing medical tourism industry.
