Medical Magnets Market Report 2026

The medical magnets market size has grown strongly in recent years. It will grow from $1.78 billion in 2025 to $1.93 billion in 2026 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to increasing adoption of MRI systems, growing prevalence of neurological disorders, rising investments in diagnostic infrastructure, expansion of magnetic therapy usage and growing production of high-performance magnets.

The medical magnets market size is expected to see strong growth in the next few years. It will grow to $2.62 billion in 2030 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to increasing demand for minimally invasive diagnostics, growing r&d in magnetic drug delivery, rising adoption of TMS devices, expansion of hyperthermia cancer treatment applications and growing dental applications using precision magnets. Major trends in the forecast period include technological advancements in high-field MRI magnet systems, innovations in tms coil and magnet designs, development of lightweight and high-strength magnets, research and development in magnetic hyperthermia therapy, and technological advancements in portable and compact magnetic devices.

The growing number of magnetic resonance imaging (MRI) scans is expected to drive the expansion of the medical magnets market in the coming years. Magnetic resonance imaging (MRI) scans are non-invasive diagnostic procedures that utilize strong magnets and radio waves to generate detailed images of organs and tissues within the body. The increase in MRI scan volumes is largely attributed to the expanding global geriatric population, which has a higher incidence of chronic conditions requiring detailed, non-invasive soft tissue imaging for accurate diagnosis and effective treatment planning. Medical magnets play a critical role in MRI scans by producing the strong and stable magnetic fields necessary to create high-quality images of internal body structures. They enhance diagnostic precision and imaging performance by enabling high-resolution visualization of soft tissues without exposure to ionizing radiation. For example, in December 2024, according to NHS England, a UK-based publicly funded healthcare system, the number of MRI scans conducted in England rose from 361,705 in August 2023 to 365,270 in August 2024, with the rolling 12-month total from September 2023 to August 2024 reaching 4,504,615 scans. Therefore, the increasing adoption of MRI in diagnostic and therapeutic applications is contributing to the growth of the medical magnets market.

The rising prevalence of chronic diseases is also expected to propel the growth of the medical magnets market going forward. Chronic diseases are long-term health conditions that typically progress gradually over time, such as diabetes, cardiovascular diseases, and arthritis, and often require continuous medical care and lifestyle management to control symptoms and reduce complications. The growing incidence of chronic diseases is largely driven by unhealthy lifestyle factors, including poor dietary habits, physical inactivity, and smoking, which increase the risk of conditions such as diabetes, heart disease, and obesity. Medical magnets support chronic disease management by enabling targeted therapeutic applications and diagnostic imaging, assisting in symptom monitoring and long-term care. They improve patient outcomes by offering non-invasive treatment options and enhancing the effectiveness of ongoing medical interventions. For instance, in June 2024, according to the National Health Service, a UK-based government department, 3,615,330 individuals registered with a general practitioner (GP) were diagnosed with non-diabetic hyperglycemia or pre-diabetes in 2023, representing an 18% increase from 3,065,825 cases in 2022. Therefore, the increasing prevalence of chronic diseases is driving the expansion of the medical magnets market.

Major companies operating in the medical magnets market are concentrating on the development of advanced technologies, such as helium-efficient MRI magnet systems, to lower operational costs and enhance sustainability while preserving imaging performance. Helium-efficient MRI magnet technologies involve next-generation superconducting magnet designs that require minimal or no liquid helium by using sealed or cryogen-free cooling systems, thereby reducing resource usage, operating expenses, and environmental impact while maintaining high-quality imaging output. For example, in February 2025, GE Healthcare Technologies Inc., a US-based medical technology company, introduced the Freelium sealed magnet platform. This platform features a helium-free design that uses less than 1% of the helium needed by conventional MRI magnets, integrates intelligent sensor technology for remote monitoring and automated magnet recovery, and offers a permanent helium enclosure to support sustainability. Additional features include compatibility with AI-enabled imaging solutions and a design optimized for deployment in locations with limited helium availability, enabling wider adoption of high-performance MRI systems. This launch marks a notable advancement in MRI technology by combining environmental efficiency, operational dependability, and high-quality diagnostic performance.

Major companies operating in the medical magnets market are Hitachi Ltd., Siemens Healthineers AG, Koninklijke Philips N.V., GE HealthCare Technologies Inc., Shin-Etsu Chemical Co. Ltd., Canon Medical Systems Corporation, Neo Performance Materials Inc., Ningbo Tongchuang Magnetic Materials Co. Ltd., Stereotaxis Inc., MagnetsTek LLC, SM Magnetics Inc., Zhejiang Zhaobao Magnet Group Co. Ltd., Bunting-DuBois Magnetics, I.M.A. Industria Macchine Automatiche S.p.A., Magnetica Limited, VACUUMSCHMELZE GmbH & Co. KG, Newland Magnetics Europe Ltd., Noveon Magnetics Inc., Goudsmit Magnetics Group B.V., MainRich Magnetics Co. Ltd.

North America was the largest region in the medical magnets market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical magnets market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the medical magnets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

Tariffs are impacting the medical magnets market by increasing costs of imported rare earth materials, superconducting alloys, copper coils, and precision electronic components used in imaging and therapeutic devices. hospitals and diagnostic imaging centers in north america and europe are most affected due to reliance on imported magnet assemblies, while asia-pacific faces higher manufacturing input costs. these tariffs are raising equipment procurement costs and extending replacement cycles. however, they are also encouraging localized magnet manufacturing, alternative material research, and regional supply chain diversification to improve long-term availability.

Medical magnets are therapeutic or diagnostic devices that utilize static or dynamic magnetic fields for healthcare applications. Their main function is to aid in pain management, enhance circulation, or support medical imaging and rehabilitation by affecting biological tissues and physiological processes. They are widely used in wearable therapeutic products, physical therapy treatments, and selected medical devices.

The key product types of medical magnets include high-performance magnets, lower-performance magnets, superconducting magnets, and electromagnets. High-performance magnets are engineered to deliver strong magnetic fields for precise imaging, stimulation, and therapeutic applications. Materials include neodymium-iron-boron, ferrite, samarium-cobalt, and others. Technologies include permanent magnet systems, electromagnetic systems, superconducting magnets, and hybrid designs. Applications include MRI, transcranial magnetic stimulation, magnetic therapy, drug delivery, and dentistry, across hospitals, imaging centers, neurology centers, research institutes, and rehabilitation facilities.

The medical magnets market consists of sales of therapeutic magnetic devices, magnetic implants, magnetic resonance imaging (MRI) system magnets, magnetic surgical instruments, and magnetic components. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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