MRI Market Size, Growth and Demand Forecast to 2022

The global magnetic resonance imaging (MRI) 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.

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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.

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