Magnetic Resonance Imaging (MRI) Market: Global Market Analysis, Size, Share & Forecast (2011 - 2017), the market research report by Transparency Market Research provides a comprehensive research on the global magnetic resonance imaging market. According to the report, the global MRI market is expected to grow from USD 3.9 billion in 2011 to USD 4.8 billion in 2017, by observing growth at an estimated CAGR of 3.5% from 2013 to 2019, the forecast period of the report. The report provides close monitoring and in-depth analysis of industry trends in the global MRI market, along with insightful data on market size and market share - of the overall industry at macro level as well as specific categories at the micro level.
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Over the past few years, MRI has become the prominent diagnostic method for imaging tumors, spine lesions, blood vessels and many other medical issues related with the central nervous system. The technology has greatly benefitted and observed significant developments due to the keen interest shown by manufacturers and researchers, in an attempt to make the machines more patient friendly, since its inception in the 1940s.
Currently, the major reasons cited behind the positive growth of magnetic resonance imaging market include rise in world ageing population, the rise in frequency of chronic diseases, and an overall rise in disposable income across various income groups, together which has led to an increase in spending on healthcare.
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The report focuses on three segments - types of MRI machines based on their structure (Open and Closed MRI), types of MRI machines based on field strength (Low-Field, Mid-Field and High-Field) and the geography-wise markets.
In the segment of machines based on field strength, the segment of Low-Field MRI is expected to lose its past glory and observe a decline in its market shares by nearly 9% of its previous market value. This would make the market worth USD 282.4 million by 2017, the end of the report's forecast period.
The market segments of Open and Closed MRI, based on the structure of machines, are estimated to observe growth at a CAGR of 4.8% and 2.5% respectively during the forecast period of the report.
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Geography-wise, the market segment of Americas (North and South America) is currently the lead revenue generator for the Open MRI market from around the globe. During the forecast period too, this region is expected to maintain its lead, amassing nearly 37.3% of the total global shares of the market by 2017, owing to high levels of awareness about benefits of early diagnosis and the rising percentage of ageing population in these regions. The sharp rise in number of patients with chronic diseases in these regions is also a major reason behind the rising demand of these devices in these regions.
However, market growth in the geographic segments of Asia and ROW (Middle East and Africa) is estimated to be the highest during the forecast period, owing to the technological advancements in the field of MRI, rising levels of affordability and rising awareness amongst patients about the benefits of early and proper diagnosis of chronic diseases.