In the coming years, the MRI market will generate strong growth from demand in developing countries, reaching $6 billion by 2016 and $8 billion by 2021 with a compound annual growth rate of 5.7%, according to a report from market research firm BCC Research.
Rapid advances in medical diagnostics technology, along with a growing older population, are driving demand for MRI serves along with increasing healthcare access and affordability. Rising socioeconomic forces are also driving demand.
Add to this equation the rising incidence of disease, upcoming replacement opportunities in markets that are now saturated, and first-time sales in emerging regions, and you have a recipe for continued strong growth, the company said. At the same time, the high cost of equipment and increasing market challenges such as regulatory and reimbursement issues will represent a drag on growth.
The North American market for MRI is valued at $2.4 billion in 2016 and expected to exceed $3 billion by 2021, with five-year compound annual growth of 5.4%. Meanwhile, the MRI systems market in the Asia-Pacific region is valued at $1.5 billion for 2016, and it's expected to reach more than $2 billion in 2021.
Emerging countries such as China are building up their healthcare infrastructure, especially in rural areas, said BCC research analyst Himani Singhi Wadhwa. Manufacturers have also focused on growing these markets.
