South American open system MRI market likely to grow at a CAGR of 8.3% to reach USD 106 million by 2020

According to a research article published by Wise Guy Reports, the South American open system MRI market is expected to grow at a CAGR of 8.3% to reach USD 106 million by 2020 from USD 71 million in 2015. MRI is substituting CT by virtue of its high sensitivity and use of non-ionizing radiations. Open MRI is more accepted as compared to closed as it does not enclose the patient in a tunnel. Thus, it prevents the patients becoming claustrophobic. The healthcare setup is reforming and becoming more efficient and affordable in countries like Argentina, Brazil, and Chile. The key factors pushing the growth of the market are a rise in geriatric population, an increase in incidences of diseases, rising awareness and importance about early diagnosis of diseases like cancer, better sensitivity than CT, advanced technologies and healthcare facilities, and safety. However, issues such as increasing number of accidents in patients living with implants such as pacemakers, a lack of skilled professionals for performing diagnosis, and expensive advances in technologies may limit growth of the market. The major players of the industry include GE Healthcare, Hitachi Medical Corporation, Philips Healthcare, Siemens Healthcare, and Toshiba Medical Systems.