The global MRI systems market is projected to reach USD 7.19 billion by 2021 from USD 5.61 billion in 2016, growing at a CAGR of 5.1 percent from 2016 to 2021, says Markets and Markets. Factors such as rising geriatric population; advancements in MRI techniques such as the development of superconducting (SC) magnets, open architecture, ultra-high-field MRI, and software applications; and the advent of MRI-compatible pacemakers are expected to drive the demand for MRI systems among end users in the forecast period. On the other hand, high cost of MRI systems, depleting helium gas deposits, and declining reimbursement rates for MRI procedures are expected to affect the growth of the MRI systems market during the forecast period. However, emerging markets such as China, India, Brazil, and Middle-East, novel application areas such as detection of multiple sclerosis and breast cancer, and advent of hybrid MRI systems provide new growth opportunities to players in the MRI systems market.
On the basis of geography, North America is expected to account for the largest share of MRI systems market, followed by Asia. Asia will be the fastest-growing region due to the increasing disposable incomes and rising aging population. Europe, on the other hand, is a mature market for MRI systems similar to that of the USA Owing to the Eurozone debt crisis, this region is estimated to register slow growth.