A new report from New York-based business intelligence provider GBI Research, highlights the emerging economies of China and India as providing the major growth locations for the Magnetic Resonance Imaging (MRI) industry in the coming years.

Factors for this are thought to include a rising awareness, increased affordability and improved living standards.

The report, titled MRI Systems Market to 2018 – Technological advancements, Increasing Number of Applications and Advent of MRI Compatible Pacemakers to Drive Future Growth, forecasts China’s MRI Systems market to climb from a value of $306 million in 2012 to $574 million in 2018, at a Compound Annual Growth Rate (CAGR) of nine percent, while India’s is expected to grow from a value of $87 million to $148 million during the same period, at a CAGR of eight percent.

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 six percent, two percent and six percent respectively. MRI systems industry revenue is even expected to drop in the UK, falling at a negative CAGR of six percent, claims GBI Research.

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 vibrant Asian economies is also boosting standards of healthcare and raising treatment expectations, further promoting the use of MRI machines.

GBI Research predicts the combined MRI systems market revenue for the 12 countries covered in the latest report to hit $6.3 billion by the end of 2018, from $4.4 billion in 2012 – demonstrating a CAGR of five percent.