The global magnetic resonance imaging market was valued at $5,351.7 million in 2015, and it is expected to grow at a CAGR of 5.0% during 2016-2022. Based on architecture of MRI, the open MRI segment is expected to witness the faster growth at a CAGR of 7.8%, during the forecast period.
The global MRI market is growing at a significant rate, due to increasing healthcare expenditure, and growing geriatric population. The increasing prevalence of chronic diseases and improving healthcare infrastructure in developing countries are also driving the growth of the global magnetic resonance imaging market.
MRI is a non-invasive radiology technique used for the diagnosis, assessment, and treatment of medical conditions. It uses strong magnetic field, radio frequency pulses and a computer to produce detailed image of soft tissues, organs, bones, and other internal body structures. MRI scan is used to examine musculoskeletal injuries, sports injuries, alignments of brain, vascular abnormalities, prostrate problem, female pelvic problem, gastrointestinal tract condition, soft tissue and bone pathology or condition and some of the ear, nose and throat conditions.
The factors, such as stringent regulatory requirements for the approval of MRI devices, high cost and lack of trained professionals, and shortage of helium gas deposits are inhibiting the growth of the global market.
Geographically, North America dominated the global market of MRI in 2015; whereas the Asia-Pacific market is expected to witness the fastest growth, a CAGR of 5.8%, during the forecast period.
Some of the key companies operating in the global MRI market include Siemens AG, Koninklijke Philips N.V., General Electric Company, Hitachi Ltd., Toshiba Corporation, Aurora Imaging Technologies, Inc., and Esaote SpA.
News Courtesy: P&S Market Research