Growing chronic illness prevalence is expected to drive market expansion in the near future at a CAGR of 6.00% during the forecast period 2023 to 2032

Market Research Future (MRFR) has published on the “Global MRI Systems Devices Market”.

The MRI systems devices market is estimated to register a CAGR of 6.00% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global MRI systems devices market - GE Healthcare, Philips Healthcare, Siemens Healthineers, Hitachi Ltd., Canon Medical Systems, Fonar Corporation, Neusoft Medical Systems Co. Ltd., Esaote S.p.A, Bruker Corporation, Time Medical Systems, Magnetica, Tomtec Imaging Systems GMBH, Sanrad Medical Systems Pvt. Ltd., Agilent Technologies Inc., Analogic Corporation, Hologic Inc., IMRIS Inc., Innervision Mri, Medinus Co., Medtronic PLC, Hyperfine, Aurora Imaging Technology, AllTech Medical Systems, Millennium Technology Inc., Mindray Medical International Ltd., MR Solutions, Toshiba Corporation, and Koninklijke Philips N.V.

Market Highlights

The global MRI systems devices market is accounted to register a CAGR of 6.00% during the forecast period and is estimated to reach USD 8.785 billion by 2032.

The aging population and the rise in the prevalence of conditions including brain tumors, prostate cancer, breast cancer, scoliosis, and sclerosis are driving the growth of the MRI systems devices market. In addition, technological advancements including open architecture, high-field MRI, software applications, and superconducting (SC) magnets are drivers driving the market's expansion.

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Segment Analysis

The global MRI systems devices market has been segmented into type, application, and end user.

On the basis of type, the market is segmented into Close MRI and Open MRI. The close MRI segment was attributed to holding the largest market share in 2022. Strong magnetic fields & high-frequency radio waves are used by closed MRI systems to capture incredibly detailed images. The enclosed architecture guarantees error-free analysis and allows for exact image slice selection. However, claustrophobia and discomfort are common side effects of closed MRI scans, which are frequently made worse by the loud noises used throughout the process.

Based on application, the global MRI systems devices market has been segmented into Oncology, Neurology, Cardiology, Inflammatory and Infectious Diseases, and Other Applications. The neurology segment was expected to hold the largest market share in 2022 associated with the rising incidence of neurological and cerebrospinal illnesses. For instance, an estimated 44 million people worldwide suffer from Alzheimer's disease or other related dementias. Another reason fueling this segment's sales growth is the rise in spinal cord injuries.

Based on end user, the global MRI systems devices market has been segmented into Hospitals, Imaging Centers, and Ambulatory Surgical Centers. The hospitals segment was expected to hold the largest market share in 2022 as a result of hospitals installing more and more MRI machines. The increasing number of MRI installations in teaching hospitals and the expanding use of rapid magnetic resonance imaging (rMRI) in trauma and emergency care facilities are anticipated to be major drivers of MRI systems devices market's expansion.

Regional Analysis

The global MRI systems devices market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe MRI systems devices market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The MRI systems devices market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World MRI systems devices market comprises of Middle East, Africa, and Latin America.

The largest market share for MRI systems devices was maintained by the North American regional sector because of the rising incidence of different neurological conditions in the region's countries. An estimated 5.5 million Americans of all ages suffer with Alzheimer's disease. Another aspect predicted to propel market revenue growth is a rise in MRI exams performed in the region's nations.

Moreover, the Europe market has been persistently growing over the forecast period because of the rise in neurological disease prevalence and the existence of major market participants in the region's countries. The Alzheimer's Society estimates that 850,000 people in the UK had dementia in 2019. These elements should therefore support revenue growth in the area as long as there is a continued need for MRIs.

Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period. This region's enhanced healthcare infrastructure, rising chronic illness prevalence, and aging population all contribute to a promising market outlook. Furthermore, it is projected that increasing accident rates in nations like India will increase regional business value throughout the course of the forecast period.

Furthermore, the rest of the world's MRI systems devices market is divided into the Middle East, Africa, and Latin America. Due to the rising number of medical imaging procedures and the development of healthcare infrastructure, such as diagnostics systems, the MRI systems devices market in rest of world is anticipated to grow at a relatively stable rate over the forecast period. Nonetheless, during the projected period, the market's expansion in this area may be propelled by the growing patient awareness and the adoption of sophisticated healthcare systems, which are supported by evolving economic aspects.

Key Findings of the Study

• The global MRI systems devices market is expected to reach USD 8.785 billion by 2032, at a CAGR of 6.00% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market. The aging population, increased prevalence of chronic illnesses, and improved healthcare infrastructure in this region all point to a positive market outlook.


• Based on application, the neurology segment was attributed to holding the largest market in 2022, with an approximate market share of 47%.


• GE Healthcare, Philips Healthcare, Siemens Healthineers, Hitachi Ltd., Canon Medical Systems, Fonar Corporation, Neusoft Medical Systems Co. Ltd., Esaote S.p.A, Bruker Corporation, Time Medical Systems, Magnetica, Tomtec Imaging Systems GMBH, Sanrad Medical Systems Pvt. Ltd., Agilent Technologies Inc., Analogic Corporation, Hologic Inc., IMRIS Inc., Innervision Mri, Medinus Co., Medtronic PLC, Hyperfine, Aurora Imaging Technology, AllTech Medical Systems, Millennium Technology Inc., Mindray Medical International Ltd., MR Solutions, Toshiba Corporation, and Koninklijke Philips N.V.