MRI Technology is a Growing Market

By 2018, the MRI System Market will be worth $5.24 billion, according to a report by MarketsandMarkets.  The research performed on the systems was part of an attempt to showcase the current technology and market impact of existing and emerging magnetic resonance systems. Additionally, the study showed there is huge growth potential in medical imaging for the next five years.

MRI systems are valued for their versatility; they have a wide variety of applications in many types of disease diagnosis, including neuroscans and cardio scans. Commanding the market is closed MRI systems, due to the high clinical value delivered by the systems.

The current MRI industry is producing over 2,000 units per year and is valued at $4.13 billion. With an expected growth of 4.56% per year, the industry is set to reach $5.24 billion by 2018. As of March 2013, North America dominates the market with nearly 40% of the share, followed closely by Europe. Improved spending capability and the inclination of physicians to choose MR imaging over other conventional imaging modalities fuel the demand for MRI systems around the world.

As an MRI technology student, it’s always a relief to know your industry of focus is growing. Though the growing demand is primarily coming from private hospitals, the demand for MRI systems and technicians is growing nonetheless.

For more information on the scope of the report and report results, click here.