The emerging economies of China and India will be the major growth locations for the Magnetic Resonance Imaging (MRI) industry in coming years, according to a new report by GBI Research. The researchers attribute this to rising awareness, increased affordability, and improved living standards.
The firm’s latest report forecasts China’s MRI Systems market to climb from a value of US $306 million in 2012 to $574 million in 2018, a compound annual growth rate (CAGR) of 9%, while India’s is expected to grow from a value of US $87 million to $148 million during the same period, a CAGR of 8%.
Between 2012 and 2018, the traditionally dominant medical devices markets of US, Japan, and Germany are expected to show less impressive revenue growth, with CAGRs of 6%, 2%, and 6% respectively. MRI systems industry revenue is even expected to drop in the UK, falling at a negative CAGR of 6%.
The number of MRI machines per person across India and China is significantly lower than in many developed countries, but the introduction of alternative, cheaper components is steadily driving down prices and boosting sales. The continued growth of these economies is also boosting standards of health care and raising treatment expectations, further promoting the use of MRI machines.