Design improvements, cost reductions, and reimbursement gains will help advance the global MRI market for the rest of this decade, according to a new report from market research firm GlobalData.
The forecast predicts the worldwide MRI market will more than double from approximately $4.1 billion U.S. (3.6 billion euros) in 2013 to more than $9.2 billion U.S. (8 billion euros) by 2020. The gain would represent a compound annual growth rate (CAGR) of 11.8%.
The study also warns that current economic conditions will remain the greatest threat to new innovation in the next five years, especially in Western Europe, where austerity measures are stalling device purchases in every modality.
In addition, MRI market growth in the U.S. and EU will continue to depend on the replacement of existing systems that are nearing the end of their usefulness.