The global MRI market produced $5.4 billion (4.6 billion euros) in revenues in 2015 and will grow at a 5% compound annual growth rate (CAGR) from 2016 to 2022, according to a new report from P&S Market Research.
Increasing geriatric populations and healthcare expenditures are contributing to the growth rate, according to the company. Other factors driving growth include the increasing prevalence of chronic diseases and improving healthcare infrastructure in developing countries, P&S said. Global market growth is being inhibited, however, by stringent regulatory requirements for the approval of MRI devices, the high cost and lack of trained professionals, and the shortage of helium gas deposits, according to the firm.
On a regional basis, the North American region dominated the global MRI market in 2015, P&S said. However, the Asia-Pacific region is expected to produce a 5.8% CAGR from 2016 to 2022, representing the highest regional growth rate. The open MRI market will have the highest growth rate among MRI segments during the forecast period, climbing at a 7.8% CAGR.