Magnetic Resonance Imaging (MRI) Devices Market Size, Share, Trends, Growth and Forecast 2032

Magnetic Resonance Imaging (MRI) Devices Industry Prospective:

The global magnetic resonance imaging (MRI) devices market size was evaluated at $7.45 billion in 2023 and is slated to hit $12.25 billion by the end of 2032, with a CAGR of nearly 6% between 2024 and 2032

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Magnetic Resonance Imaging (MRI) Devices Market: Overview

Magnetic resonance imaging (MRI) is a noninvasive medical imaging method that uses strong magnetic fields and radio waves to create detailed pictures of tissues and organs of the human body. Reportedly, the significance of MRI can be attributed to its ability to output high-resolution images without using ionizing radiation, thereby differentiating it from CT scans and X-rays.

Key Insights

• As per the analysis shared by our research analyst, the global magnetic resonance imaging (MRI) devices market is projected to expand annually at the annual growth rate of around 6% over the forecast timespan (2024-2032)
• In terms of revenue, the global magnetic resonance imaging (MRI) devices market size was evaluated at nearly $7.45 billion in 2023 and is expected to reach $12.25 billion by 2032.
• The global magnetic resonance imaging (MRI) devices market is anticipated to grow rapidly over the forecast timeline owing to the surging occurrence of chronic ailments, including neurological disease, cancer, musculoskeletal disorders, and heart disorders.
• In terms of product type, the closed MRI segment is slated to register the highest CAGR over the forecast period.
• Based on field strength, the high-field MRI segment is predicted to contribute majorly towards the global industry surge in the ensuing years.
• On the basis of application, the neurological imaging segment is expected to record highest gains over 2024-2032.
• Based on end-user, the  hospitals segment is predicted to contribute majorly towards global industry surge in the ensuing years.
• Region-wise, the North American magnetic resonance imaging (MRI) devices industry is projected to register the fastest CAGR during the assessment timespan.

Magnetic Resonance Imaging (MRI) Devices Market: Growth Factors

Escalating cases of chronic disorders can prop up the global market surge over 2024-2032

Surging occurrence of chronic ailments, including neurological disease, cancer, musculoskeletal disorders, and heart disorders, is likely to prop up the global magnetic resonance imaging (MRI) devices market. Furthermore, technological breakthroughs in MRI systems, including higher field strength tools, enhanced image quality, rapid scan period, and improved diagnostic abilities, will bolster the growth of the market globally.

In addition, a rise in the clinical applications of MRI is expected to embellish the expansion of the market across the globe. Moreover, an increase in the aging populace prone to chronic diseases has led to enhanced requirements for diagnostic imaging methods such as MRI, thereby spearheading the growth of the market globally. An increment in healthcare spending in developed nations and emerging countries is anticipated to proliferate the size of the market surge in the years ahead.  

Magnetic Resonance Imaging (MRI) Devices Market: Restraints

Humungous costs of MRI tools can restrict the global industry expansion in the coming eight years

Surging prices of MRI systems, along with growing maintenance charges, are projected to restrict the expansion of the global magnetic resonance imaging (MRI) devices industry. Apart from this, incompatibility with non-MRI equipment and unfavorable compensation policies can restrict the growth of the industry globally.

Magnetic Resonance Imaging (MRI) Devices Market: Opportunities

High need for non-invasive & non-radiating imaging procedures to create new facets of growth for the global market

Humungous demand for noninvasive imaging methods that do not involve ionizing radiation has made them a first choice over other imaging modes for pregnant women and children, thereby creating a plethora of avenues for the global magnetic resonance imaging (MRI) devices market. Integration of machine learning and AI has helped automate image analysis, enhance diagnostic accuracy, and improve MRI scan interpretation. All these aforementioned aspects will steer the expansion of the global market.

Magnetic Resonance Imaging (MRI) Devices Market: Challenges

Lack of access to experts in the imaging domain to obstruct the global industry surge by 2032

Low availability of skilled personnel and technological complexities are some of the key aspects that can challenge the expansion of the global magnetic resonance imaging (MRI) devices industry. Moreover, contraindications associated with strong magnetic fields utilized in MRI can inhibit the use of MRI devices in some patients, thereby impeding the global industry surge.

Magnetic Resonance Imaging (MRI) Devices Market: Report Scope

Magnetic Resonance Imaging (MRI) Devices Market: Segmentation

The global magnetic resonance imaging (MRI) devices market is divided into product type, field strength, application, end-user, and region.                                               

In terms of product type, the magnetic resonance imaging devices market across the globe is segmented into closed MRI and open MRI segments. The closed MRI segment, which accrued nearly two-thirds of the global market earnings in 2023, is set to register the fastest CAGR from 2024 to 2032 as a result of high image quality and wide range of clinical applications in musculoskeletal, neurology, oncology, and cardiology.  

Based on field strength, the global magnetic resonance imaging devices industry is sectored into low-field MRI, ultra-high field MRI, and high-field MRI segments. Furthermore, the high-field MRI systems segment accounted sizably towards the global industry size in 2023. It is expected to lead the global industry in the next couple of years owing to the excellent image quality and the massive use of MRI in medical applications such as Alzheimer’s and epilepsy.   

On the basis of application, the magnetic resonance imaging devices market globally is divided into neurological imaging, cardiovascular imaging, oncological imaging, and musculoskeletal imaging sectors. Moreover, the neurological imaging segment, which contributed about half of the market share in 2023, is likely to record the highest gains over the analysis period. The major growth of the segment can be the outcome of various factors such as the rising occurrence of neurological disorders, high imaging capabilities, and MRI technological breakthroughs.

In terms of end-user, the magnetic resonance imaging devices industry across the globe is segmented into ambulatory surgical units, hospitals, and diagnostic imaging units segments. The hospitals segment, which led the segmental growth in 2023, is anticipated to make major contributions towards the global industry in the coming eight years with comprehensive health care services offered by hospitals & clinics. Reportedly, hospitals serve a pool of many patients, thereby generating massive demand for diagnostic imaging services such as MRI.

Magnetic Resonance Imaging (MRI) Devices Market: Regional Insights

Asia-Pacific is expected to maintain a key position in the global market over the forecast period

Asia-Pacific, which accounted for approximately 66% of the global magnetic resonance imaging (MRI) devices market size in 2023, is expected to dominate the global market during the forecasting years. Apart from this, the regional market progress in the next seven years can be attributed to swift economic development, surging occurrence of chronic ailments, and supportive government initiatives. A surge in healthcare expenditure will bolster the regional market expansion.

The North American magnetic resonance imaging (MRI) devices industry is set to record the highest CAGR in the predicted timeline. The swift progress of the industry in the region can be credited to rising cases of trauma and cancer in countries such as the U.S. Moreover, the surging incidence of chronic disorders and technological breakthroughs will propel the industry growth in the region.

Key Developments

• In July 2022, Canon Medical introduced a new MRI system featuring new workflow solutions, image improvement, and accelerated scanning techniques.

Magnetic Resonance Imaging (MRI) Devices Market: Competitive Space

The global magnetic resonance imaging (MRI) devices market profiles key players such as:

• Hitachi Healthcare
• GE Healthcare
• Fonar Corporation
• Bruker Corporation
• Philips Healthcare
• Siemens Healthineers
• Canon Medical Systems
• Neusoft Medical Systems Co. Ltd.
• Fujifilm Holdings Corporation
• Esaote SpA.

The global magnetic resonance imaging (MRI) devices market is segmented as follows:

By Product Type

• Closed MRI
• Open MRI

By Field Strength

• Low-Field MRI
• Ultra-High Field MRI
• High-Field MRI

By Application

• Neurological Imaging
• Cardiovascular Imaging
• Oncological Imaging
• Musculoskeletal Imaging

By End-User

• Ambulatory Surgical Units
•  Hospitals
• Diagnostic Imaging Units

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa