MRI systems market value to double by $9.2 billion by 2020

The global Magnetic Resonance Imaging (MRI) systems market will more than double in value from approximately $4.1 billion in 2013 to over $9.2 billion by 2020, representing a Compound Annual Growth Rate (CAGR) of 11.8% according to GlobalData


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The company's latest report states that this impressive growth will be driven by continual design developments, cost reductions, reimbursement improvements and the rapid uptake of less expensive MRI systems in emerging markets.

However, Mr Rob Littlefield, GlobalData's senior analyst covering medical devices, says current economic factors remain the greatest threat to new innovation in the next five years, despite numerous advancements in MRI system capability.

Mr Littlefield explains, "This is especially true in western Europe, where economic austerity measures are stalling device purchases of every category. However, many hospitals still uncompromisingly demand advanced MRI systems despite tight budgets, so significant growth opportunities remain."

"Healthcare providers are calling on manufacturers to develop both cheaper and better technology, meaning suppliers' success will depend on the development of MRI solutions offering improvements in cost, efficiency and workflow, while also enhancing clinical diagnostics," he adds.

GlobalData's report also finds that market growth for MRI systems in the US and EU will continue to be heavily dependent on the replacement of existing systems that are nearing the end of their lifetime.


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