The global MRI market is expected to reach $5.814 billion by the year 2020 with a compound annual growth rate of 4.9% over the period of 2015 to 2020, according to market research firm Meticulous Research. Its report, titled “Magnetic Resonance Imaging (MRI) Systems Market: Global Industry Analysis and Forecast (2015-2020),” analyzes the major drivers, restraints, opportunities, and challenges that have a long and short-term impact on its growth across the globe.
According to the analysis, the growth of the MRI market is primarily attributed to the increasing aging population and growing number of chronic disorders, in addition to the rising awareness about early diagnosis, growing demand for high field scans, and various recent technological advancements in the field.
The low penetration of MRI systems in developing economies such as India and China, rising incidences of cardiac, neurological, and oncological diseases, growing healthcare spending, increased physician preference for MRI, and rising focus of major players provides significant opportunities to invest in this region. However, high costs, reducing reimbursement rates, and lack of sound technologists in many countries hinders the growth of this market to some extent.
For more information, see the in-depth report.
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