The global magnetic resonance imaging (MRI) Market size was estimated to be USD 6.12 billion in 2023 and is expected to reach at USD 13.2 billion by 2033 with a CAGR of 7.24% during the forecast period 2023-2033. Growing research & development activities, increasing prevalence of chronic diseases, rising demand for quick & effective diagnostic procedures, surge in technological advancements, growing development of cardiac pacemaker compatible MRI systems, and surge in launch of artificial intelligence-based MRI systems are some of the key factors boosting the market growth.
Surge in launch of artificial intelligence-based MRI systems is predicted to boost the market growth during the forecast period. For instance, in November 2021, Philips has unveiled an AI-powered MR imaging portfolio designed to enhance the effectiveness and sustainability of radiology operations. This portfolio aims to accelerate MR exams, streamline workflows, enhance diagnostic quality, and ensure the efficiency and sustainability of radiology operations.
By Architecture, Closed MRI was the highest revenue-grossing segment in the global magnetic resonance imaging (MRI) Market in 2022 owing to their accurate scan of a higher resolution which uses powerful magnetic fields & high-frequency radio waves to obtain detailed images, rising demand of advanced closed systems by radiologists, and surge in technological advancements. Additionally, Open MRI system is predicted to grow at fastest CAGR during the forecast period owing to the increasing focus on development of wide bore & open MRI systems, growing clinical trial procedures to check the efficiency of the open MRI systems for the diagnosis of diseases in neonates, and surge in launch of advanced systems. For instance, in December 2021, FUJIFILM Healthcare has introduced the Velocity MRI System featuring an open gantry design. This state-of-the-art high-field open MRI system is designed to optimize operations and enhance the overall patient experience.
By Field Strength, Mid field strength was the highest revenue-grossing segment in the global magnetic resonance imaging (MRI) Market in 2022 owing to their cost-effectiveness & higher precision, rising technological advancements, and increasing launch of advanced technologies. Additionally, High field segment is predicted to grow at fastest CAGR during the forecast period owing to the surge in research & development activities to understand the efficiency of high field strength MRI machines in various clinical applications, increasing development of advanced coils to widen the application of 7T MRI machines, and rising approval from the regulatory body. For instance, in November 2020, GE Healthcare has obtained approval from the U.S. FDA for its SIGNA 7.0T MRI scanner. This advanced system is versatile, applicable to both research and clinical environments, and facilitates investigations into various neurologic and musculoskeletal diseases.
By Application, Brain & Neurological was the highest revenue-grossing segment in the global magnetic resonance imaging (MRI) Market in 2022 owing to the quality of scans and superior details as compared to the computerized tomography scans, rising prevalence of traumatic brain injuries, increasing technological advancements, and surge in collaboration within market players and academic institutes. For instance, in February 2022, The Centre of MRI Research, Zuckerman Mind Brain Behavior Institute (ZMMBBI), and PMX, a medical artificial intelligence company, have entered into a collaborative research agreement in the United States. The aim is to enhance the effectiveness of brain diagnosis using MRI technology. Additionally, breast imaging is predicted to grow at fastest CAGR during the forecast period owing to the increasing prevalence of breast cancer, growing demand for identifying risk factors related to the disease and rising technological advancements.
By End-user, Hospitals & clinics was the highest revenue-grossing segment in the global magnetic resonance imaging (MRI) Market in 2022 owing to the surge in number of patients visits to hospitals & clinics for medical care, rising installation of MRI units in the hospitals, growing applications of rapid MRI (rMRI) in trauma & emergency care centers, and increasing government initiatives. For instance, in January 2023, The government of Ontario has allocated over $20 million in operating funds to improve access to diagnostic imaging services and reduce wait times. This investment will support the installation of 27 new magnetic resonance imaging (MRI) machines in hospitals across the province. Additionally, Imaging centers is predicted to grow at fastest CAGR during the forecast period owing to increasing demand for non-invasive diagnosis, rising presence of medical professionals, and growing adoption of MRI in medical service.
North America region is anticipated for the highest revenue share during the forecast period owing to the rising prevalence of chronic diseases, growing demand for imaging analysis, surge in technological innovations, increasing healthcare expenditures, rising demand for advanced diagnostic imaging modalities, and growing launch of advanced MRI systems. For instance, in October 2020, Siemens has introduced the High-V MRI, its smallest and lightest whole-body MRI scanner. This innovative device combines digital technologies with a higher field strength of 0.55-tesla, broadening the range of clinical applications for MRI scanners. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the growing geriatric population, rising demand for advanced imaging modalities, increasing medical tourism industry, presence of skilled healthcare staff, and surge in launch of advanced MRI systems. For instance, in July 2022, At ECR 2022, Canon Medical has introduced the Vantage Fortian, a new MRI system. This advanced system incorporates cutting-edge workflow solutions, image enhancement capabilities, and accelerated scan technology, resulting in reduced MRI procedure times.
Surge in launch of artificial intelligence-based MRI systems is predicted to boost the market growth during the forecast period. For instance, in November 2021, Philips has unveiled an AI-powered MR imaging portfolio designed to enhance the effectiveness and sustainability of radiology operations. This portfolio aims to accelerate MR exams, streamline workflows, enhance diagnostic quality, and ensure the efficiency and sustainability of radiology operations.
By Architecture, Closed MRI was the highest revenue-grossing segment in the global magnetic resonance imaging (MRI) Market in 2022 owing to their accurate scan of a higher resolution which uses powerful magnetic fields & high-frequency radio waves to obtain detailed images, rising demand of advanced closed systems by radiologists, and surge in technological advancements. Additionally, Open MRI system is predicted to grow at fastest CAGR during the forecast period owing to the increasing focus on development of wide bore & open MRI systems, growing clinical trial procedures to check the efficiency of the open MRI systems for the diagnosis of diseases in neonates, and surge in launch of advanced systems. For instance, in December 2021, FUJIFILM Healthcare has introduced the Velocity MRI System featuring an open gantry design. This state-of-the-art high-field open MRI system is designed to optimize operations and enhance the overall patient experience.
By Field Strength, Mid field strength was the highest revenue-grossing segment in the global magnetic resonance imaging (MRI) Market in 2022 owing to their cost-effectiveness & higher precision, rising technological advancements, and increasing launch of advanced technologies. Additionally, High field segment is predicted to grow at fastest CAGR during the forecast period owing to the surge in research & development activities to understand the efficiency of high field strength MRI machines in various clinical applications, increasing development of advanced coils to widen the application of 7T MRI machines, and rising approval from the regulatory body. For instance, in November 2020, GE Healthcare has obtained approval from the U.S. FDA for its SIGNA 7.0T MRI scanner. This advanced system is versatile, applicable to both research and clinical environments, and facilitates investigations into various neurologic and musculoskeletal diseases.
By Application, Brain & Neurological was the highest revenue-grossing segment in the global magnetic resonance imaging (MRI) Market in 2022 owing to the quality of scans and superior details as compared to the computerized tomography scans, rising prevalence of traumatic brain injuries, increasing technological advancements, and surge in collaboration within market players and academic institutes. For instance, in February 2022, The Centre of MRI Research, Zuckerman Mind Brain Behavior Institute (ZMMBBI), and PMX, a medical artificial intelligence company, have entered into a collaborative research agreement in the United States. The aim is to enhance the effectiveness of brain diagnosis using MRI technology. Additionally, breast imaging is predicted to grow at fastest CAGR during the forecast period owing to the increasing prevalence of breast cancer, growing demand for identifying risk factors related to the disease and rising technological advancements.
By End-user, Hospitals & clinics was the highest revenue-grossing segment in the global magnetic resonance imaging (MRI) Market in 2022 owing to the surge in number of patients visits to hospitals & clinics for medical care, rising installation of MRI units in the hospitals, growing applications of rapid MRI (rMRI) in trauma & emergency care centers, and increasing government initiatives. For instance, in January 2023, The government of Ontario has allocated over $20 million in operating funds to improve access to diagnostic imaging services and reduce wait times. This investment will support the installation of 27 new magnetic resonance imaging (MRI) machines in hospitals across the province. Additionally, Imaging centers is predicted to grow at fastest CAGR during the forecast period owing to increasing demand for non-invasive diagnosis, rising presence of medical professionals, and growing adoption of MRI in medical service.
North America region is anticipated for the highest revenue share during the forecast period owing to the rising prevalence of chronic diseases, growing demand for imaging analysis, surge in technological innovations, increasing healthcare expenditures, rising demand for advanced diagnostic imaging modalities, and growing launch of advanced MRI systems. For instance, in October 2020, Siemens has introduced the High-V MRI, its smallest and lightest whole-body MRI scanner. This innovative device combines digital technologies with a higher field strength of 0.55-tesla, broadening the range of clinical applications for MRI scanners. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the growing geriatric population, rising demand for advanced imaging modalities, increasing medical tourism industry, presence of skilled healthcare staff, and surge in launch of advanced MRI systems. For instance, in July 2022, At ECR 2022, Canon Medical has introduced the Vantage Fortian, a new MRI system. This advanced system incorporates cutting-edge workflow solutions, image enhancement capabilities, and accelerated scan technology, resulting in reduced MRI procedure times.
Segmentation: Magnetic Resonance Imaging (MRI) Market Report 2022 - 2033
Magnetic Resonance Imaging (MRI) Market Analysis & Forecast by Architecture 2022 - 2033 (Revenue USD Bn)
- Open MRI System
- Closed MRI Systems
Magnetic Resonance Imaging (MRI) Market Analysis & Forecast by Field Strength 2022 - 2033 (Revenue USD Bn)
- High Field Strength
- Mid Field Strength
- Low Field Strength
Magnetic Resonance Imaging (MRI) Market Analysis & Forecast by Application 2022 - 2033 (Revenue USD Bn)
- Spine & Musculoskeletal
- Breast
- Cardiac
- Vascular
- Brain & Neurological
- Abdominal
- Obstructive Sleep Apnea (OSA)
Magnetic Resonance Imaging (MRI) Market Analysis & Forecast by End-user 2022 - 2033 (Revenue USD Bn)
- Imaging Centres
- Hospitals & Clinics
- Others
Magnetic Resonance Imaging (MRI) Market Analysis & Forecast by Region 2022 - 2033 (Revenue USD Bn)
North America
- U.S.
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Magnetic Resonance Imaging (MRI) Market: Architecture Estimates & Trend Analysis
8. Magnetic Resonance Imaging (MRI) Market: Field Strength Estimates & Trend Analysis
9. Magnetic Resonance Imaging (MRI) Market: Application Estimates & Trend Analysis
10. Magnetic Resonance Imaging (MRI) Market: End-user Estimates & Trend Analysis
11. Regional Market Analysis
12. North America Magnetic Resonance Imaging (MRI) Market
13. Europe Global Magnetic Resonance Imaging (MRI) Market
14. Asia Pacific Global Magnetic Resonance Imaging (MRI) Market
15. Latin America Global Magnetic Resonance Imaging (MRI) Market
16. MEA Global Magnetic Resonance Imaging (MRI) Market
17. Competitor Analysis
18. Company Profiles
Companies Mentioned
- Siemens Healthineers
- Hitachi Ltd.
- GE Healthcare
- FONAR Corp.
- ESAOTE SPA
- General Electric
- Aspect Imaging Ltd.
- Neusoft Corporation
- Toshiba Corporation
- Koninklijke Philips N.V.
- FUJIFILM
- AURORA HEALTHCARE US CORP
- Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | August 2023 |
| Forecast Period | 2022 - 2033 |
| Estimated Market Value ( USD | $ 6.12 Billion |
| Forecasted Market Value ( USD | $ 13.2 Billion |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 13 |
