Report: Global MRI market worth 4 billion euros by 2018

A new report by business research firm MarketsandMarkets predicts that the global market for MRI equipment will reach 4 billion euros by 2018, expanding at a compound annual growth rate of 4.6%.

The report, which covers a five-year forecast period starting 2013, valued the global MRI market at 3.13 billion euros in 2012. As of March 2013, the market is expected to be worth $3.2 billion euros.

The report analyzes major technology and market drivers, restraints, and opportunities worldwide. Closed-bore systems with high field strengths dominate the market due to their high clinical significance and higher image resolution, according to the report.

The authors identify technological advancements such as the introduction of MRI-compatible pacemakers and digital broadband scanners, as well as an aging population in developed economies, as drivers of MRI growth.

MRI systems for neurology and brain disorders command the current market, according to the report, but cardiac and breast MRI systems are gaining momentum due to increasing numbers of cardiac and breast cancer cases globally.

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