Global Magnetic Resonance Imaging Market Size Likely to Grow at a CAGR of 6.7% By 2033

Global Magnetic Resonance Imaging Market size was valued at USD 7.2 Billion in 2024 and is expected to reach USD 15.6 Billion by 2033, at a CAGR of 6.7% during the forecast period 2024 – 2033.

Magnetic Resonance Imaging Market: Overview

Magnetic Resonance Imaging (MRI) is a noninvasive medical imaging method that produces detailed pictures of the body’s interior architecture. It uses a high magnetic field and radio waves to provide extremely clear pictures of tissues, organs, and other structures.

During an MRI scan, the patient lies within a big, cylindrical scanner while the magnetic field aligns the hydrogen atoms in the body. Radiofrequency pulses are subsequently administered, causing these atoms to generate signals that may be detected by the MRI machine’s sensors.

High-field MRI systems are becoming increasingly popular owing to their superior picture quality and diagnostic accuracy, particularly in neurology and cancer.

Furthermore, there is a growing emphasis on creating MRI-compatible interventional and surgical equipment, allowing for less invasive operations guided by real-time imaging. The third provision of sophisticated MRI methods that include functional MRI (fMRI) and diffusion tensor imaging (DTI) are becoming more widely used to examine brain function and connections.

Additionally, there is a tendency towards the integration of artificial intelligence (AI) and machine learning algorithms into MRI structures, allowing for quicker image capture, reconstruction, and interpretation.

Furthermore, there is a greater emphasis on patient comfort and enjoyment, resulting in developments like as wide-bore and open MRI systems. In general, these developments demonstrate a determined effort to improve imaging quality and broaden therapeutic uses.

By product, the closed systems segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. Closed MRI systems dominate the MRI industry because of their higher picture quality, low noise levels, and capacity to accommodate a wide spectrum of patients, making them the favored option for diagnostic imaging.

By field strength, the midfield strength segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. Mid-field strength magnetic resonance imaging (MRI) systems are propelling the market because they strike a compromise between imaging quality and cost-effectiveness, making them appropriate for a wide variety of clinical uses.

By application, the brain and neurological segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. Brain and neurological diseases demand regular diagnostic imaging, which drives the MRI industry. MRI’s enhanced ability to see soft tissues and detect anomalies makes it essential for diagnosing and monitoring neurological illnesses.

North America dominates the MRI market owing to improved healthcare infrastructure, advances in technology, high healthcare spending, large market demand, and the existence of prominent industry players.

Hitachi Ltd. is a worldwide company that operates in the fields of information technology, electronic devices, electrical systems, social infrastructure, manufacturing equipment, and construction machines.

Report Scope

CMI has comprehensively analyzed the Global Magnetic Resonance Imaging market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict an depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Global Magnetic Resonance Imaging industry.

The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.

List of the prominent players in the Magnetic Resonance Imaging Market:

• Siemens Healthineers
• GE Healthcare
• Philips Healthcare
• Canon Medical Systems Corporation
• Hitachi Medical Systems
• Hologic Inc.
• Esaote SpA
• Fonar Corporation
• Neusoft Medical Systems Co. Ltd.
• United Imaging Healthcare Co. Ltd.
• Time Medical Systems
• Aurora Imaging Technology Inc.
• Bruker Corporation
• Aspect Imaging Ltd.
• Mediso Medical Imaging Systems
• MR Solutions Ltd.
• IMRIS, Deerfield Imaging
• MR Instruments Inc.
• Paramed Medical Systems
• Shenzhen Basda Medical Apparatus Co. Ltd.
• Others

The Magnetic Resonance Imaging Market is segmented as follows:

By Product

• Open system
• Closed system

By Field Strength

• Low Field Strength
• Mid Field Strength
• High Field Strength

By Application

• Brain and neurological
• Spine and musculoskeletal
• Vascular
• Abdominal
• Cardiac
• Breast
• Others

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America