Global MRI systems market value to reach $9.2bn by 2020

The value of the worldwide magnetic resonance imaging (MRI) systems market will grow to $9.2 billion (613.7 billion pounds) by 2020, according to a new study from Reportstack.

In 2013, the market was worth $4.1 billion, meaning if the predictions in the report come to fruition, the sector would experience a compound annual growth rate of 11.8 percent.

The study suggests that the growth will be driven by design developments, cost reductions, reimbursement improvements and the rapid uptake of less expensive systems in emerging markets.  

Reportstack focuses on the global coronary stents market the ten major countries areas for the technology, including the US, France, Germany, Italy, Spain and the UK and provides an insight into the competitive landscape of MRI systems.

In addition, the study identifies the unmet needs in the market, while also providing an understanding of the perceptions of the medical profession and the decision-making processes involved in using and evaluating the adoption of different coronary stents.

A senior analyst for GlobalData explained that current economic factors pose the biggest threat to new innovations over the next five years, despite several advances in the capability of MRIs.

"However, many hospitals still uncompromisingly demand advanced MRI systems despite tight budgets, so significant growth opportunities remain," he added.