World - Magnetic Resonance Imaging (MRI) Global Market Worth US$4,987 Million by 2016

The report "Magnetic Resonance Imaging (MRI): Advanced Technologies and Global Market (2011 - 2016) studies the global market for magnetic resonance imaging systems by technologies and applications; analyzing the major market drivers, restraints, and opportunities for MRI market in North America, Europe, Asia, and ROW (Rest of the World).

The global MRI market is expected to grow from $3,759 million in 2011 to $4,987 million in 2016 at a CAGR of 5.81% from 2011 to 2016.

The closed MRI systems sub-market commanded the largest share within the MRI market. The high-field MRI Market [ http://www.marketsandmarkets.com/Market-Reports/MRI-advanced-technologies-and-global-market-99.html ] commands the largest share of the overall MRI market in terms of value. The applications of such MRI systems include brain exploration, pulmonary MR angiography, peripheral MR angiography, bone and joint imaging, abdominopelvic imaging, and cardiac imaging.

The increasing aging population in developing countries and rising incidence of diseases are driving the demand from the consumer's side. Besides, the fact that MRI imaging is safe for the providers as well as the patients makes it a preferred modality.

The market of low field MRI will rapidly decrease with a negative CAGR of 2.63% in the coming five years. The market is expected to be replaced with high field MRI that is much more efficient and can produce high resolution images in a shorter time.

North America is the leading market for MRI systems; followed by Europe and Asia. The market is being driven by Europe and Asia. The demand in developed regions is more for replacement purchases.

GE (U.K.), Philips (The Netherlands), and Siemens (Germany) together constitute the largest share; around 80%. Siemens is the leader with 32%. The other players that are rapidly gaining presence in the market are Toshiba (Japan), Hitachi (Japan), and Esoate (Italy).

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