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October 20, 2016 17:00 ET

Developing Countries Key to MRI Market Expansion, Reports BCC Research

WELLESLEY, MA--(Marketwired - October 20, 2016) - Developing nations focused on investing in their healthcare infrastructure should spur growth in the global market for medical magnetic resonance imaging. BCC Research reveals in its new report that countries such as China, India, Brazil, and the Middle East represent opportunities for growth in the MRI market.

Magnetic resonance imaging (MRI) is a medical imaging technique that magnetism, radio waves, and a computer to produce images of body structures. MRI scans have a wide variety of applications in disease diagnosis ranging from neuroscans to cardiac scans to liver scans.

The market should reach nearly $6.1 billion and $8 billion in 2016 and 2021, respectively, growing at a five-year compound annual growth rate (CAGR) of 5.7%. The North American market for MRI systems should reach $3.1 billion in 2021 and $2.4 billion in 2016, growing at a five-year CAGR of 5.4%. The MRI systems market in the Asia-Pacific region should reach nearly $2.1 billion in 2021, up from $1.5 billion in 2016, growing at a five-year CAGR of 7.3%.

Rapid technology advances in the field of medical diagnostics and the increasing geriatric population, along with increasing healthcare access and affordability are among key market drivers. Other growth factors include continuous product development and technology advancements, a globally aging population, the rising incidence of diseases, upcoming replacement opportunities in saturated markets, and first-time sales in developing/emerging regions. However, the high cost of equipment and increasing market challenges, including regulatory and reimbursement issues, are likely to hamper growth.

Improving socioeconomic conditions in emerging regions and substantial investments by their governments in building and enhancing their healthcare infrastructure have increased demand for medical imaging systems.

"Emerging countries like China, one of the fastest growing-markets, are building up their healthcare infrastructure, especially in rural areas," says BCC Research analyst Himani Singhi. "Also, manufacturers have been focusing on these markets, which are another growth factor. For example, Toshiba has expanded into China, Brazil, Malaysia, South Korea, and Russia in the past few years. First-time sales of products in developing and emerging regions should grow the market, as well. "

Medical Magnetic Resonance Imaging (MRI): Techs and Global Markets (HLC078C) analyzes MRI systems, technologies, and industries by region. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.

About BCC Research

BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. Founded in 1971, BCC Research is a unit of Eli Global, LLC. For more information about BCC Research, please visit Follow BCC Research on Twitter at @BCCResearch.

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