New applications and an aging population mean the global MRI market is expected to grow from $4 billion in 2011 to $4.76 billion in 2016, according to a new report by Research and Markets.
Driving the growing market are new applications for MRI such as identifying multiple-sclerosis and replacing CT for coronary angiography. Increased use of MRI in developing countries such as India, Brazil and China as well as an aging population in developed nations are also expected to drive much of the growth, according to the report.
The largest share of the MRI market was commanded by closed MRI systems because of their advanced capabilities. Another driving factor was the proliferation of new MRI software that dramatically increases the quality of the MRI image.