Magnetic Resonance Imaging (MRI) Systems Market 2015 - Global Forecast to 2020

Aug 06, 2015, 12:10 ET from Research and Markets

DUBLIN, Aug. 06, 2015 /PRNewswire/ --

Research and Markets ( has announced the addition of the "Magnetic Resonance Imaging (MRI) Systems Market by Architecture, Field Strength & Application - Global Forecast to 2020" report to their offering.

The magnetic resonance imaging system market is expected to grow at a single-digit CAGR of 5.0% to reach $6,802.7 million by 2020 from $5,093.0 million in 2014.

Major factors propelling market growth are the rising aging population, rising awareness about early diagnosis, and technological advancements such as superconducting (SC) magnets, open architecture, high-field MRI, and software applications. However, high cost of this system, declining reimbursement rates for MRI procedures, and shortage of helium gas deposits are restricting the growth of this market.

On the basis of architecture, the market is broadly segmented into closed and open magnetic resonance imaging system. On the basis of field strength, the market is segmented into low-to-mid-field MRI, high-field MRI, very-high-filed MRI, and ultra-high-filed MRI. In 2014, the high-field MRI segment accounted for the largest share of the market.

On the basis of applications, the magnetic resonance imaging system market is segmented into spine and musculoskeletal MRI, brain and neurology MRI, vascular MRI, pelvic and abdominal MRI, breast MRI, and cardiac MRI. Brain and neurology MRI is the fastest-growing segment of the market owing to the rising aging population and rising awareness about early diagnosis.

Geographically, this market is dominated by North America, followed by Asia. Asia is expected to be the fastest-growing region during the forecast period.

Key players operating in the magnetic resonance imaging system market are GE Healthcare (U.K.), Hitachi Medical Corporation (Japan), Philips Healthcare (Netherlands), Siemens Healthcare (Germany), and Toshiba Medical Systems (Japan).

Companies Mentioned

- Aurora Imaging Technology, Inc.
- Esaote S.P.A
- Fonar Corporation
- GE Healthcare
- Hitachi Medical Corporation
- IMRIS, Inc.
- Neusoft Medical Systems Co., Ltd. (Neusoft Medical)
- Philips Healthcare
- Siemens Healthcare
- Toshiba Medical Systems Corporation (Part of Toshiba Corporation)

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SOURCE Research and Markets