MRI Market To Reach $5.24 billion by 2018

Reportlinker.com has announced a new market research report, Advances in Magnetic Resonance Imaging (MRI) Market (2013-2018) - Technology Trend Analysis -- By Architecture, Field Strengths, Technology & Applications in Medical Diagnostics with Market Landscape Analysis -- Estimates up to 2018.

With over 2,000 MRI units produced per year, the global market is valued at $4.13 billion (Q1 2013), and is expected to grow at a CAGR of 4.56% to reach approximately around $5.24 billion by 2018. North America has close to 40% of the market , with Europe coming in second.  Asia is expected to grow at a CAGR of 5.2% over the analysis period, driven by greater spending power, doctor choice and rising incidence of heart disease, cancer and neurological cases. 

Shortage of helium would affect MRI manufacturers. In any case, the price of helium is expected to rise from 2013, and this may lead to development of alternatives for cooling MRI machines.

In the U.S. changes to healthcare have led to  20-25% reimbursement cuts for MRI, with knock on effects for manufacturers, doctors and healthcare payers. However, the industry is expected to grow once market barriers of tight R&D budgets, high costs of MRI scans and alternative cooling systems are resolved.

Source: PRNewswire

2 September 2013