(Photo Courtesy: www.chem.ucla.edu)
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.