Global Magnetic Resonance Imaging MRI Equipment Market Overview
The Magnetic Resonance Imaging MRI Equipment Market Size was estimated at 9.26 (USD Billion) in 2022.
The Magnetic Resonance Imaging MRI Equipment Market Industry is expected to grow from 9.69(USD Billion) in 2023 to 14.5 (USD Billion) by 2032. The Magnetic Resonance Imaging MRI Equipment Market CAGR (growth rate) is expected to be around 4.58% during the forecast period (2024 - 2032).
Key Magnetic Resonance Imaging MRI Equipment Market Trends Highlighted
The Global Magnetic Resonance Imaging (MRI) Equipment Market is poised for significant growth, driven by several market trends. Advanced MRI technologies, such as 7T MRI and hybrid PET-MRI systems, are gaining traction due to their superior image quality and ability to detect early abnormalities. The increasing prevalence of chronic diseases and the aging population are also contributing to the demand for MRI equipment.The key market drivers include the need for early and accurate disease diagnosis, rising healthcare expenditure, and government initiatives to improve healthcare infrastructure. Emerging opportunities lie in the development of portable MRI systems and AI-powered image analysis software. The market is witnessing a trend towards the adoption of cloud-based MRI data management systems and remote monitoring solutions.Overall, the MRI Equipment Market is characterized by technological advancements, increasing disease prevalence, and the need for improved healthcare services. By addressing these emerging trends and capturing new opportunities, market players can capitalize on the growing demand for MRI equipment and drive market expansion.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Magnetic Resonance Imaging MRI Equipment Market Drivers
Increasing Prevalence of Chronic Diseases
There is an increasing prevalence of chronic diseases worldwide, such as cancer, cardiovascular diseases, and neurological disorders. This is a result of factors like aging populations, unhealthy lifestyles, and environmental pollution. The rising incidence of these chronic diseases is pushing up the demand for medical imaging procedures, including MRI scans. Magnetic resonance imaging is a non-invasive imaging technique that produces detailed images of the organs and other internal structures of the body.Its use is highly beneficial in the diagnosis and monitoring of chronic diseases. As the demand for MRIs increases, the sales of this equipment will also rise due to the growing need.
Technological Advancements
Technological advancements are the other significant growth drivers for the Magnetic Resonance Imaging MRI Equipment Market Industry. In this case, MRI equipment manufacturers are creating new and advanced systems on a constant basis. The improvements include better image quality, speed of scan, and patient comfort. Thus, recent years have seen the rise of ultra-high-field MRI, which is designed to provide even more precise images as compared to standard or low-field MRI.As a result, the technology is becoming more affordable and accessible for patients, which stimulates the growth of MRI equipment.
Government Initiatives
Government initiatives are also playing a role in driving the growth of the Magnetic Resonance Imaging MRI Equipment Market Industry. Governments around the world are recognizing the importance of early diagnosis and treatment of chronic diseases. As a result, many governments are investing in healthcare infrastructure, including MRI equipment. For example, the Indian government has launched a number of initiatives to promote the adoption of MRI technology in the country.These initiatives are expected to boost the demand for MRI equipment in India in the coming years.
Magnetic Resonance Imaging MRI Equipment Market Segment Insights
Magnetic Resonance Imaging MRI Equipment Market Field Strength Insights
The Global Magnetic Resonance Imaging (MRI) Equipment Market is likely to grow steadily during the forecast period. Several factors, including the increasing occurrence of chronic diseases, the surging demand for minimally invasive diagnostic treatments, and continuous advances in MRI devices, are positively affecting the market. The market is divided with respect to field strength. In 2023, the 1.5 Tesla segment represented a major share of the worldwide revenue and was valued at over $3.5 billion. The factor has facilitated the availability and cost-effectiveness of 1.5 Tesla devices, contributing to the segment’s growth.Over the forecast period, the 3 Tesla market is likely to gain considerable momentum due to the instrument’s superior picture quality and application for modern imaging techniques. Additionally, the ultra-high field segment is projected to propel market expansion in the forthcoming years as the field enables even higher image resolution and better diagnostic functionality. Geographically, North America held a major market portion in 2023 and was followed by Europe and the Asia-Pacific. The Asia-Pacific market is expected to experience the highest expansion, primarily due to the mounting healthcare outlay and increasing requirement for cutting-edge medical imaging technologies.The Global Magnetic Resonance Imaging Equipment Market is controlled by numerous corporate entities, including Siemens Healthineers, GE Healthcare, Philips Healthcare, Hitachi Medical Systems, and Toshiba Medical Systems. The corporations are playing a critical role in the market Equipment Market by providing innovative MRI equipment with advanced features and functionalities to address the shifting demands of organizations and consumers. In conclusion, factors such as the mounting demand for precise and non-invasive diagnostic treatments, advances in MRI devices, and favorable government initiatives will contribute to the market’s sustained expansion during the future period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Magnetic Resonance Imaging MRI Equipment Market Configuration Insights
The Configuration segment of the Magnetic Resonance Imaging MRI Equipment Market is expected to grow at a rapid pace in the next few years. Open MRI systems are expected to be significant market contributors as these are more comfortable and less scary for a patient. Closed MRI systems are the longstanding market leader as the closed design helps in generating high-quality images. Upright MRIs are also gaining popularity, especially for spine and musculoskeletal imaging, as the patient can be scanned while sitting or standing. The Magnetic Resonance Imaging MRI Equipment Market is competitive, and several prominent companies offer different products to cater to the varied needs of care providers.The technology is also constantly developing, and companies invest heavily in research and development to improve the current technology and provide better quality images, reduced scan time, and increased patient comfort.
Magnetic Resonance Imaging MRI Equipment Market Weight Capacity Insights
The Weight Capacity segment of the Global Magnetic Resonance Imaging (MRI) Equipment Market is categorized based on the maximum weight capacity that the MRI system can accommodate. It is further divided into four sub-segments: Less than 200 lbs, 200-300 lbs, 300-400 lbs, and Over 400 lbs. The '200-300 lbs' sub-segment is also expected to witness substantial growth, driven by its increasing adoption in radiology clinics and imaging centers. The '300-400 lbs' sub-segment is expected to show steady growth, primarily due to its use in specialized imaging applications such as bariatric imaging.The 'Over 400 lbs' sub-segment is expected to have a niche market share, catering to the growing demand for high-weight capacity MRI systems for obese patients and research applications.
Magnetic Resonance Imaging MRI Equipment Market Clinical Application Insights
The clinical application segment held the largest share of the Magnetic Resonance Imaging MRI Equipment Market in 2023 and is projected to continue its dominance throughout the forecast period. The segment's growth is attributed to the increasing prevalence of chronic diseases, such as cancer and cardiovascular diseases, which require accurate and non-invasive imaging techniques for diagnosis and monitoring. Among the clinical applications, neuroimaging accounted for the largest revenue share in 2023 and is expected to maintain its lead over the forecast period.This is due to the high demand for MRI scans for neurological disorders, such as stroke, epilepsy, and Alzheimer's disease. Musculoskeletal imaging, cardiovascular imaging, oncology imaging, and gastrointestinal imaging are other key clinical applications that are expected to contribute significantly to the growth of the segment.
Magnetic Resonance Imaging MRI Equipment Market Regional Insights
The regional segmentation of the Global Magnetic Resonance Imaging (MRI) Equipment Market offers valuable insights into the market's performance across different geographical regions. North America dominated the market in 2023, accounting for a significant share of the global revenue. The region's advanced healthcare infrastructure, high prevalence of chronic diseases, and strong government support for medical research contribute to its dominance. Europe is another key market, driven by factors such as increasing healthcare expenditure, aging population, and technological advancements.The Asia-Pacific (APAC) region is expected to witness substantial growth over the forecast period due to rising healthcare awareness, increasing disposable income, and government initiatives to improve healthcare access. South America and the Middle East and Africa (MEA) regions are also expected to contribute to the overall market growth, albeit at a slower pace compared to the other regions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Magnetic Resonance Imaging MRI Equipment Market Key Players And Competitive Insights
The major players in the Magnetic Resonance Imaging MRI Equipment Market industry are consistently focusing on developing advanced technologies to meet the rising demand for high-quality imaging diagnostics. The competitive Magnetic Resonance Imaging MRI Equipment Market landscape encompasses a high penetration of both established and emerging companies that offer a vast range of MRI equipment and solutions. The leading players in the Magnetic Resonance Imaging MRI Equipment Market are working on enhancing their product portfolio, expanding their geographical reach and strengthening their market position through collaboration acquisition and partnership agreements. The Magnetic Resonance Imaging MRI Equipment Market is highly influenced by a growing number of investments in research and development activities and an increasing adoption of artificial intelligence AI and machine learning ML in MRI systems. Further improvements in terms of innovation are expected to shape the overall Magnetic Resonance Imaging MRI Equipment Market landscape.However, as a prominent leader in the Magnetic Resonance Imaging MRI Equipment Market, Siemens Healthineers provides a comprehensive range of MRI systems and solutions designed to meet the diverse needs of healthcare providers. Siemens Healthineers’ long-standing focus on innovation enabled the company to develop a number of cutting-edge technologies, including BioMatrix which facilitates personalized imaging protocols based on patient’s anatomy. Siemens Healthineers’ Magnetic Resonance Imaging MRI Equipment Market offerings include a broad range of software applications and services designed to enhance the performance and productivity of the medical imaging device and further support the efficiency of the workflow. Moreover, with its strong global presence and a high dedication to customer satisfaction, Siemens Healthineers plays a major role in driving advancements in the Magnetic Resonance Imaging MRI Equipment Market and shaping the future of medical imaging.Likewise, as another key player in the Magnetic Resonance Imaging MRI Equipment Market, GE Healthcare offers a broad range of MRI systems and solutions that are designed to meet the changing demands of healthcare facilities. GE Healthcare’s focus on innovation facilitated the development of advanced Magnetic Resonance Imaging MRI Equipment Market technologies and the application of the AIR Recon DL, the deep learning algorithms to reconstruct the images of the MRI system for a higher level of clarity. GE Healthcare’s Software applications and service portfolio offers a broad range of tools to aid clinicians in the analysis of Magnetic Resonance Imaging MRI Equipment Market images, which ease the whole diagnostic process and further the treatment planning. Given the company’s strong global presence and the wide range of product portfolio, GE Healthcare has always been and continues to be shaping the Magnetic Resonance Imaging MRI Equipment Market and advancing innovation while providing healthcare providers with advanced solutions.
Key Companies in the Magnetic Resonance Imaging MRI Equipment Market Include
- Philips Healthcare
- Canon Medical Systems
- Neurologica Corp
- Siemens Healthineers
- Samsung Electronics
- Neusoft Medical Systems
- Mindray Medical International
- Toshiba Medical Systems
- United Imaging Healthcare
- Samsung Medison
- Hitachi Medical Systems
- GE Healthcare
- Shenzhen Anke Hightech
- Esaote
Magnetic Resonance Imaging MRI Equipment Market Industry Developments
The global Magnetic Resonance Imaging (MRI) Equipment market is projected to reach USD 14.5 billion by 2032, exhibiting a CAGR of 4.58% during the forecast period (2024-2032). The increasing prevalence of chronic diseases, technological advancements, and rising healthcare expenditure are driving market growth. Key industry developments include the launch of AI-powered MRI systems, the introduction of ultra-high field MRI scanners, and the growing adoption of mobile MRI units. Strategic collaborations and acquisitions among market players are shaping the competitive landscape.
Magnetic Resonance Imaging MRI Equipment Market Segmentation Insights
- Magnetic Resonance Imaging MRI Equipment Market Field Strength Outlook
- 5 Tesla
- 5 Tesla
- 3 Tesla
- 7 Tesla
- Ultra-high Field (Above 7 Tesla)
- Magnetic Resonance Imaging MRI Equipment Market Configuration Outlook
- Open MRI
- Closed MRI
- Upright MRI
- Magnetic Resonance Imaging MRI Equipment Market Weight Capacity Outlook
- Less than 200 lbs
- 200-300 lbs
- 300-400 lbs
- Over 400 lbs
- Magnetic Resonance Imaging MRI Equipment Market Clinical Application Outlook
- Neuroimaging
- Musculoskeletal Imaging
- Cardiovascular Imaging
- Oncology Imaging
- Gastrointestinal Imaging
- Magnetic Resonance Imaging MRI Equipment Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
9.26(USD Billion) |
| Market Size 2023 |
9.69(USD Billion) |
| Market Size 2032 |
14.5(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.58% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Philips Healthcare, Canon Medical Systems, Neurologica Corp, Siemens Healthineers, Samsung Electronics, Neusoft Medical Systems, Mindray Medical International, Toshiba Medical Systems, United Imaging Healthcare, Samsung Medison, Hitachi Medical Systems, GE Healthcare, Shenzhen Anke Hightech, Esaote |
| Segments Covered |
Field Strength, Configuration, Weight Capacity, Clinical Application, Regional |
| Key Market Opportunities |
AIpowered MRI systems Advanced imaging techniques Portable and mobile MRI systems Growing geriatric population Expansion in emerging markets |
| Key Market Dynamics |
Technological Advancements Growing Diagnostic Applications Increased Prevalence of Chronic Diseases Expanding Healthcare Infrastructure Government Initiatives |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Global MRI Equipment Market is projected to reach a valuation of 9.69 billion USD in 2023.
The Global MRI Equipment Market is estimated to grow at a CAGR of 4.58% from 2024 to 2032.
The Global MRI Equipment Market is projected to reach a valuation of 14.5 billion USD by 2032.
North America is expected to hold the largest market share in the Global MRI Equipment Market throughout the forecast period.
The diagnostic imaging segment is expected to account for the largest share of the Global MRI Equipment Market.
Some of the key competitors in the Global MRI Equipment Market include GE Healthcare, Siemens Healthineers, Philips Healthcare, and Toshiba Medical Systems.
The increasing prevalence of chronic diseases, technological advancements, and rising healthcare expenditure are major factors driving the growth of the Global MRI Equipment Market.
The high cost of MRI equipment and reimbursement issues are some of the challenges faced by the Global MRI Equipment Market.
Expanding applications in emerging markets and technological advancements present opportunities for growth in the Global MRI Equipment Market.
Miniaturization, artificial intelligence, and cloud-based solutions are key trends in the Global MRI Equipment Market.
