A study on the global magnetic resonance imaging (MRI) market has been recently added to Transparency Market Research’s database of market reports. Titled “Magnetic Resonance Imaging (MRI) Market: Global Market Analysis, Size, Share & Forecast (2011 - 2017)”, the report indicates that the global MRI market, which valued US$ 3.9 billion in 2011, would observe growth at a CAGR of 3.5% from 2011 to 2017(the forecast period of the report), and end-up valuing US$ 4.8 billion by 2017.
Amongst the various regional market segments of the global magnetic resonance imaging (MRI) market, the region of America is expected conquer nearly 37.3% shares of total global revenues by the end of 2017. Revenue shares of Asia-Pacific are expected to closely follow those of America during this time.
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The report segments the market of MRI equipments on three bases: Categories of MRI equipments according to their structure, categories of MRI equipment according to Magnetic Field Strength, and the major regional markets.
Based on their structure, the magnetic resonance imaging (MRI) equipment market is further categorized as Open MRI and Closed MRI devices. Based on the magnetic field strength of the devices, the market is further categorized as Low-Field, Mid-Field and High-Field devices. The major geographic segments of the market include Americas (North and South America), Europe, Asia-Pacific and the Rest of the world.
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According to the report, the major reasons behind the swift growth of the global magnetic resonance imaging (MRI) market include a significant rise in world’s ageing population, which is estimated to cross 970 million by 2030, and the overall rise in patients with chronic diseases such as diabetes, breast cancer and a variety of heart diseases. MRI aids in the early diagnostics of diseases by virtue of detailed images of human anatomy. The easing economic situations, a constant rise in disposable incomes and the rising awareness about the benefits of early diagnosis in economically developing regions of the world are leading this market towards positive growth.
The market segments of open and closed MRI devices are expected to observe growth at a CAGR of 4.8% and 2.5% respectively during the forecast period of the report.
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In the field-strength wise categorization, the segment of low field magnetic resonance imaging (MRI) is expected to observe a decline of nearly 9% during the forecast period. This would bring the market value of this segment down to US$ 282.4 million in 2017.
Geography-wise, the regions of Americas and Europe currently generate the major chunk of revenues for the entire global market. During the forecast period, however, market in the regional segment of Asia-Pacific is expected to observe growth at the fastest pace. The rising levels of awareness about benefits of early diagnosis and affordability of advanced healthcare services due to the rising economic stability of the population are the chief reasons behind this.
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Americas currently lead the market in terms of revenues generated from the segment of Open MRI devices. During the forecast period too, this region is expected to acquire nearly 37.3% shares of the total global market of this product category due to the high levels of awareness, rising percentage of ageing population, and rising prevalence of chronic diseases in this region.