Magnetic Resonance Imaging Systems Market Analysis

Global Magnetic Resonance Imaging (MRI) Systems Market Overview

Magnetic Resonance Imaging (MRI) Market Size was valued at USD 7.03 Billion in 2023. The Magnetic Resonance Imaging (MRI) industry is projected to grow from USD 7.50 Billion in 2024 to USD 11.69 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.1% during the forecast period (2024 - 2032). The demand for Applications of the MRI method has multiplied and Population growth and growing per capita earnings for individuals. These are just a few market drivers driving the Magnetic Resonance Imaging (MRI) Systems market. 

Source: Secondary and Primary Research, MRFR Database and Analyst Review

Magnetic Resonance Imaging (MRI) Systems Market Trends

• Increased Product Launches, Prevalence of Chronic and Serious Diseases, and Use of High Strength Equipment will boost the market growth

Due to the rising frequency of practically all forms of severe and chronic disorders, there has been a continual high need for medical imaging in the modern medical environment. An effective and technologically sophisticated imaging technology is needed to diagnose, treat, and manage chronic disease. Medical practitioners may efficiently employ magnetic resonance imaging technology as a kind of therapy because of its exceptional imaging capabilities and features. Imaging may be used to diagnose various diseases, including abnormalities in the brain and spinal cord, different malignancies, wounds, specific types of cardiological issues, cysts, and tumors. Nearly all of the aforementioned medical problems have shown a significant incidence. During the forecast period, the growing use of efficient and affordable imaging in emerging regions will accelerate the growth rate of the worldwide Magnetic Resonance Imaging (MRI) Systems market.

According to GLOBOCAN2020, there will likely be 10.3 million cancer deaths and 19.3 million new disease cases in 2020. In 2018, there were 9.5 million fatalities and slightly over 17 million cases, respectively. For instance, MRI technology can effectively scan breast cancer, one of the world's most common types of cancer. This technology also makes it possible to image stroke-affected regions effectively. Strokes are a common neurological occurrence. As of January 2020, the Centers for Disease Control and Prevention (CDC) estimates that 795,000 Americans experience a stroke yearly. Thus, this factor drives the Magnetic Resonance Imaging (MRI) Systems market CAGR.

The rising technical improvements in imaging equipment are a key driving factor that is anticipated to significantly contribute to the growth of the worldwide Magnetic Resonance Imaging (MRI) Systems market. Launches of open MRI, which provide successful medical imaging of claustrophobic and overweight patients, are among the technical achievements. Enhancements to imaging equipment's computational power and field strength are also a result of technological advancements. Due to improvements in the equipment's pulse sequences, these characteristics have resulted in quicker imaging timings, greater imaging quality, and higher spatial resolution. The market's expansion has also been fueled by introduction of cutting-edge products from major industry players, such as Siemens' MAGNETOM Terra, the first 7T MRI system to get clinical use approval. The developed markets of North America and Europe hold most of the market share for these ultra-high-field systems. Elsevier estimates that more than 70 7T imaging systems are installed worldwide, with further installations anticipated throughout the projected period. It is also projected that the product above releases and the desire for cutting-edge medical imaging would increase demand for these systems and propel the expansion of the worldwide magnetic resonance imaging equipment market. Thus, it is anticipated that this aspect will accelerate Magnetic Resonance Imaging (MRI) Systems market revenue globally.

Magnetic Resonance Imaging (MRI) Systems Market Segment Insights

Magnetic Resonance Imaging (MRI) Systems Type Insights

Based on Type, the Magnetic Resonance Imaging (MRI) Systems market segmentation includes Open MRI and Close MRI. The Close MRI segment held the majority share in 2022 in the Magnetic Resonance Imaging (MRI) Systems market data. The closed MRI system employs strong magnetic fields and high-frequency radio waves to produce precise pictures. A closed structure permits accurate analysis and precise slice selection. Due to its tremendous loudness, closed MRI patients may experience claustrophobia and other disturbances. Results might need to be corrected as a result of these issues.

Figure 1: Magnetic Resonance Imaging (MRI) Systems Market, by Type, 2023 & 2032 (USD Billion)Source: Secondary and Primary Research, MRFR Database and Analyst Review

Magnetic Resonance Imaging (MRI) Systems Field strength Insights

Based on Field strength, the Magnetic Resonance Imaging (MRI) Systems market segmentation includes High-Field MRI Systems. The High-Field MRI Systems market category led market growth in 2022 and is anticipated to develop at the fastest rate from 2024 to 2032. In 2021, the sector with the highest revenue share was brain & neurology. The development of Functional Magnetic Resonance Brain Imaging (FMRI) has aided in attempts to comprehend the neurophysiology of both acute and persistent pain in the brain. In vivo brain MRI's noninvasive structural and functional network mapping has been used to identify therapeutic targets, specify expressive brain areas that should be preserved, understand disease processes and treatments, and identify predictive biomarkers. Quantitative brain metrics may now be produced for illness diagnosis, prognosis, and therapy thanks to technical improvements in brain MRI systems.

Magnetic Resonance Imaging (MRI) Systems Applications Insights

The Magnetic Resonance Imaging (MRI) Systems market segmentation, based on Applications, includes Brain and Neurological MRI. The Brain MRI segment dominated the Magnetic Resonance Imaging (MRI) Systems market revenue in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. In 2021, the sector with the highest revenue share was brain & neurology. The development of Functional Magnetic Resonance Brain Imaging (FMRI) has aided in attempts to comprehend the neurophysiology of both acute and persistent pain in the brain. In vivo brain MRI's noninvasive structural and functional network mapping has been used to identify therapeutic targets, specify expressive brain areas that should be preserved, understand disease processes and treatments, and identify predictive biomarkers. Quantitative brain metrics may now be produced for illness diagnosis, prognosis, and therapy thanks to technical improvements in brain MRI systems.

Magnetic Resonance Imaging (MRI) Systems End-user Insights

Based on End-user, the Magnetic Resonance Imaging (MRI) Systems market data includes Hospitals & Clinics. The Hospitals segment dominated the Magnetic Resonance Imaging (MRI) Systems market revenue in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. Due to the hospitals' increasing use of MRI equipment. Rapid MRI (rMRI) applications in trauma and emergency care facilities are predicted to expand, as is the number of MRI installations in teaching hospitals.

Magnetic Resonance Imaging (MRI) Systems Regional Insights

Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study according to region. With a share of around 45.80% and a market size of USD 1.46 billion in 2022, the Asia Pacific Magnetic Resonance Imaging (MRI) Systems market is anticipated to rise at a substantial CAGR throughout the research period. Compared to other regions, the market is rising at the fastest CAGR. The essential factors contributing to the region's market domination include the region's strong patient base, expanding awareness of sophisticated diagnostics due to the rising occurrence of serious illnesses, and the region's increasing use of advanced technologies. Japan is one of the largest markets in terms of the installed base internationally, with 111.5 MRI systems per million population, according to the Organization for Economic Co-operation and Development (OECD). Further, the China Magnetic Resonance Imaging (MRI) Systems market held the largest market share. The India Magnetic Resonance Imaging (MRI) Systems market was the fastest growing market in the region.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: MAGNETIC RESONANCE IMAGING (MRI) SYSTEMS MARKET SHARE BY REGION 2022 (%) Source: Secondary and Primary Research, MRFR Database and Analyst Review

North America led the market by controlling more than 29% of the worldwide MRI market in 2021. Imaging analysis is in demand due to the region's rising prevalence of chronic illnesses, including breast cancer, cardiovascular problems, and neurological conditions. Throughout the projection period, the area is anticipated to continue to dominate. During the projected period, technological advancements, along with an increase in the prevalence of chronic illnesses, are expected to fuel MRI growth.

Europe Magnetic Resonance Imaging (MRI) Systems market held the third largest share in the market. The need for improved diagnostic imaging modalities is rising in rapidly developing European nations like the UK, France, and Germany, with high per capita incomes and clearly defined healthcare systems. Additionally, the region's ongoing technological development and significant expenditures in healthcare research are anticipated to fuel the segment's rise. Moreover, the UK Magnetic Resonance Imaging (MRI) Systems market held the largest market share. The Germany Magnetic Resonance Imaging (MRI) Systems market was the fastest-growing market in the region.

Magnetic Resonance Imaging (MRI) Systems Key Market Players & Competitive Insights

Major industry companies are investing a lot of money in R&D to expand their product offerings, which will spur further market expansion for Magnetic Resonance Imaging (MRI) Systems industry. With significant industry changes, including new product launches, mergers and acquisitions, contractual agreements, higher investments, and collaboration with other organizations, market developments are also undertaking various strategic activities to expand their presence. To grow and remain in a market that is becoming more and more competitive, Magnetic Resonance Imaging (MRI) Systems industry competitors must provide affordable products.

Manufacturing locally to cut operational costs is one of the main business methods producers use in the Magnetic Resonance Imaging (MRI) Systems industry to benefit customers and increase the market sector. The Magnetic Resonance Imaging (MRI) Systems industry has recently given medicine some of the most important advantages. The Magnetic Resonance Imaging (MRI) Systems market major players such as Nestle, JM Smucker Company, The Kraft Heinz Company and Starbucks Magnetic Resonance Imaging (MRI) Systems Company.

A manufacturer of medical supplies, Canon Medical Systems Corporation, is situated in Tawara, Tochigi, Japan. Formerly known as Toshiba Medical, this Toshiba subsidiary was a forerunner in the development of X-ray tubes in Japan in 1914. MRI and spiral CT are among the products offered by Canon Medical Systems. Canon Medical introduced the Vantage Fortian in July 2022. With the help of the new MRI system's creative workflow strategies, picture enhancement, and rapid scan technologies, MRI operations may be completed faster. It offers a mobile interface that enables remote monitoring, smooth data integration, and in-room scan assistance technology that instantly verifies coils and adjusts patient position.

Personal Health (formerly Philips Consumer Electronics, Philips Domestic Appliances, and Personal Care), Connected Care, and Diagnosis & Treatment are the three core divisions of Philips (formerly Philips Medical Systems). The Dutch conglomerate Koninklijke Philips N.V. (translated as "Royal Philips") was established in Eindhoven in 1891. To broaden its offering of imaging systems, Koninklijke Philips N.V. introduced an AI-enabled MR portfolio of smart diagnostic devices at the Radiological Society of North America (RSNA) 2021.

Key Companies in the Magnetic Resonance Imaging (MRI) Systems market include

• Hitachi

• Siemens AG

• Canon Medical Systems

• GE Healthcare

• Philips

• Toshiba Corporation

• Xingaoyi

• Aurora Imaging Technologies Inc.

Magnetic Resonance Imaging (MRI) Systems Industry Developments

December 2021:To increase its position in the field of radiation planning, CANON MEDICAL SYSTEMS CORPORATION collaborated with Spectronic Medical's MRI Planner software.

September 2022:One of the country's first locally produced MRI machines was introduced by the Inter-University Accelerator Centre (IUAC) in New Delhi. The MRI system for a full-body clinical scan uses a 1.5 Tesla superconducting MRI magnet system developed by IUAC.

Magnetic Resonance Imaging (MRI) Systems Market Segmentation

Magnetic Resonance Imaging (MRI) Systems Type Outlook 

• 
  

  Open MRI

  
  


• 
  

  Close MRI

  
  

Magnetic Resonance Imaging (MRI) Systems Field Strength Outlook 

• 
  

  High-Field MRI Systems

  
  

Magnetic Resonance Imaging (MRI) Systems Disease Application Outlook 

• 
  

  Brain

  
  


• 
  

  Neurological MRI

  
  

Magnetic Resonance Imaging (MRI) Systems End-User Outlook 

• 
  

  Hospitals

  
  


• 
  

  Clinics

  
  

Magnetic Resonance Imaging (MRI) Systems Regional Outlook 

• 
  

  North America

  
  

• 
  

  US

  
  


• 
  

  Canada

  
  

• 
  

  Europe

  
  

• 
  

  Germany

  
  


• 
  

  France

  
  


• 
  

  UK

  
  


• 
  

  Italy

  
  


• 
  

  Spain

  
  


• 
  

  Rest of Europe

  
  

• 
  

  Asia-Pacific

  
  
  
  
  • 
    

    China

    
    
  
  
  • 
    

    Japan

    
    
  
  
  • 
    

    India

    
    
  
  
  • 
    

    Australia

    
    
  
  
  • 
    

    South Korea

    
    
  
  
  • 
    

    Australia

    
    
  
  
  • 
    

    Rest of Asia-Pacific

    
    
  
  
  
  


• 
  

  Rest of the World

  
  
  
  
  • 
    

    Middle East

    
    
  
  
  • 
    

    Africa

    
    
  
  
  • 
    

    Latin America