The global MRI systems market to grow at a CAGR of 6% over 2014-2020 to reach USD 7 billion
According to a report published by Research and Markets, the global MRI systems market is expected to reach USD 7 billion in 2020 by growing at a CAGR of 6% over 2014-2020. Among the two types of systems: open and closed, the open systems market growth rate is faster as compared to the closed one. Currently, North America, Europe and South East Asia collectively capture around 80% of the global market. North America captures the top position followed by Europe in terms of market share. India and China are estimated to witness the fastest growth of the market concerned. The key aspects driving the growth of the market include rising number of chronic diseases patients, increasing geriatric population base, advanced technologies, emerging affordability, growing cognizance and availability of healthcare services. However, the number of accidental cases related to the dangerous effects of magnetic field may constrain the growth of the market. Some of the key players of the global MRI market are GE, Hitachi Medical, Philips Healthcare, Siemens Healthcare and Toshiba Medical Systems.