China and India will prove to be major growth markets for the MRI industry in the coming years, according to a new report from medical intelligence company GBI Research.
GBI's report predicts China's MRI market will grow from $306 million in 2012 to $574 million in 2018 (for a compound annual growth rate, or CAGR, of 9%), while India's market is expected to grow from $87 million to $148 million in the same period (a CAGR of 8%).
In contrast, GBI Research predicts that between 2012 and 2018, traditionally dominant medical devices markets such as the U.S., the U.K., Japan, and Germany will show less revenue growth, with CAGRs of 6%, 6%, 2%, and 6%, respectively.
The number of MRI machines per person across India and China is significantly lower than in many developed countries, but the introduction of alternative, cheaper components is steadily driving down prices and boosting sales, according to GBI Research's report.
