MRI market projected to reach $7.5B by 2025
The global MRI market is expected to grow to $7.5 billion by 2025, according to recent projections, up from $5.9 billion in 2017.
The research synthesized data from the World Health Organization, National Cancer Institute, Public Health England, the Australian government and Health Protection Agency, among other entities, to reach its final number. It estimated a compound annual growth rate (CAGR) within the market of 3.8 percent from 2018 to 2025.
Open MRI systems are expected to grow at the fastest CAGR during the forecast period—more so than closed MRI machines, which increase the risk of claustrophobia and can be limiting for patients of certain shapes and sizes, the report stated. As for applications, the musculoskeletal segment of the MRI market will likely grow the quickest, followed by other applications like open cardiology, oncology, gastroenterology and neurology.
The report also explored the high costs of MRI systems and scans, which can pose a threat to quality healthcare access. According to Medicare pricing data from 2015, the average price of an MRI scan in the U.S. can cost as much as $2,611, driven by the high cost of capital equipment as well as system setup costs incurred by private hospitals.
Read the full synthesis here.
After graduating from Indiana University-Bloomington with a bachelor’s in journalism, Anicka joined TriMed’s Chicago team in 2017 covering cardiology. Close to her heart is long-form journalism, Pilot G-2 pens, dark chocolate and her dog Harper Lee.