Magnetic Resonance Imaging Systems Market Size, Share, Analysis, Forecasts, 2032

Magnetic Resonance Imaging Systems Industry Perspective:

The global magnetic resonance imaging systems market size accrued earnings worth approximately USD 5.49 Billion in 2023 and is predicted to gain revenue of about USD 13.15 Billion by 2032, is set to record a CAGR of nearly 11.72% over the period from 2024 to 2032. 

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The report covers forecast and analysis for the magnetic resonance imaging systems market on a global and regional level. The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD Million). The study includes drivers and restraints for the magnetic resonance imaging systems market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the magnetic resonance imaging systems market on a global as well as regional level.

Magnetic Resonance Imaging Systems Market: Overview

Magnetic Resonance Imaging (MRI) systems are advanced medical imaging devices that use powerful magnets, radio waves, and a computer to generate detailed images of the inside of the body. Unlike X-rays or CT scans, MRI does not use ionizing radiation, making it a safer option for repeated imaging. These systems are highly effective in visualizing soft tissues, such as the brain, spinal cord, muscles, and organs, allowing healthcare professionals to diagnose and monitor a wide range of conditions, from tumors and brain disorders to joint injuries and heart diseases. MRI systems are essential tools in modern medicine, providing non-invasive, high-resolution images that help in precise diagnosis and treatment planning.

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In order to give the users of this report a comprehensive view on the magnetic resonance imaging systems market we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate and general attractiveness.

The report provides company market share analysis in order to give a broader overview of the key players in the magnetic resonance imaging systems market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launch, agreements, partnerships, collaborations & joint ventures, research & development, regional expansion of major participants involved in the magnetic resonance imaging systems market on global and regional basis.

The study provides a crucial view on the magnetic resonance imaging systems by segmenting the market based on architecture, field strength, and region. All the segments of magnetic resonance imaging systems market have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

Magnetic resonance imaging (MRI) is widely used in radiology for imaging of anatomical structures and physiological processes of the body. Strong magnetic fields, radio waves and magnetic field gradients are used by MRI systems use to generate images of body structures and organs. MRI does not use ionizing radiation or X-rays unlike PET scans, CT or CAT scans. MRI is based on principle of nuclear magnetic resonance (NMR).

Magnetic Resonance Imaging Systems Market: Growth Factors

The increased penetration of the magnetic resonance imaging systems is mainly due to the technological advancements, detection of new helium deposits, increasing geriatric population base, increasing awareness and focus on early diagnosis, increasing demand for high field MRI systems with high image quality over low field systems. Increasing investment on R&D, new product launches are other factors driving the market growth. However, high cost of MRI systems may hamper the market growth.

Magnetic Resonance Imaging Systems Market: Segmentation

Based on field strength market is segmented into MRI system with very high field, high field, and low to mid field. High-field MRI systems segment held largest market share in 2018. Large share of this segment is attributed to better image quality and thus wide preference by physicians. Very high field MRI systems will register fastest growth over the forecast period due new product launches with CE mark and FDA approval. Systems with field strength <1.5T are considered low-to-mid field whereas very high field MRI systems typically range from 4T and above. Field strength for high-field MRI systems ranges between 1.5T to 3T.

Based on architecture market is segmented into open and closed MRI systems. Largest market share was held by closed MRI systems in 2023. This large share is attributed to higher image quality due to high field strength. Closed systems are further sub segmented into wide bore and standard bore MRI systems. Wide bore segment is expected to grow rapidly in the years to come as they can accommodate larger patients. 

Magnetic Resonance Imaging Systems Market: Regional Insights

Asia Pacific dominated the market with large number of MRI installations. This is due to increasing FDI, increasing disposable income, increasing investments by hospitals and diagnostic centers for infrastructural development to offer with best in class facilities to its customers. North America held the second largest market share mainly due to the emphasis placed on presence of major manufacturers, availability of funds, increasing awareness, infrastructural development etc. European market was another important regional market for MRI systems. Middle East and Africa region will experience slower growth in the years to come. Latin America is projected to witness moderate growth for magnetic resonance imaging systems market during the forecast period.

Magnetic Resonance Imaging Systems Market: Report Scope

Magnetic Resonance Imaging Systems Market: Competitive Space 

• Hitachi
• Canon Medical Systems
• Philips
• Siemens Healthineers
• GE Healthcare

The report segment of global magnetic resonance imaging systems market as follows:

Global Magnetic Resonance Imaging Systems Market: By Field Strength

• Low to mid field MRI systems (<1.5T)
• High field MRI systems (1.5T to 3T)
• Very high field MRI systems (4T and above)

Global Magnetic Resonance Imaging Systems Market: By Architecture

• Open MRI systems
• Closed MRI systems
  • Standard bore MRI
  • Wide bore MRI

Global Magnetic Resonance Imaging Systems Market: By Region

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa