Magnetic Resonance Imaging (MRI) Market Size, Share, By Product Type (Less than 0.5T MRI, 5T MRI, and 3T MRI), By Application Type (Orthopedic, Spine, Neurology, Cardiovascular, Head and Neck, Abdominal and Prostate, and Others (Breast, Vascular, Muscles, and Brain)), By Strength Type (Low-Field MRI, Mid-Field MRI, and High-Field MRI), By End-Users (Hospitals, Ambulatory Surgical Centers, and Diagnostic Imaging Centers), and By Region - Trends, Analysis, and Forecast till 2034

Report Code: PMI37419 | Publish Date: March 2024 | No. of Pages: 175

Global Magnetic Resonance Imaging MRI Overview

Magnetic Resonance Imaging (MRI) market size was valued at USD 6.7 Billion in 2024 and is expected to reach USD 12.0 Billion by 2034, growing at a CAGR of 6.6%

Magnetic Resonance Imaging, or MRI, is a medical imaging method called MRI that produces three-dimensional pictures of the human body and is highly efficient for discovering underlying medical conditions. It can be especially useful to recognize conditions related to blood vessels and the brain, in addition to disorders of the spine, malignancy, and stroke. Organ or nerve device issues are treated with this scanning method. The two main varieties of MRI scanners are closed and open.

Increases in these medical procedures are going to have an effect on market growth. Furthermore, the adoption of magnetic resonance imaging is due to a growing need for quick and efficient methods of diagnosis.

Magnetic Resonance Imaging (MRI) Market Report

Global Magnetic Resonance Imaging MRI Dynamics

Key Drivers of Target Market:

Rising Incidence of Chronic Diseases

  • Technological imaging techniques like MRI, or magnetic resonance imaging, Report Phrase are growing increasingly vital example the prevalence of long-term diseases, including cancer, neurological conditions, and heart disease, keeps rising.
  • High-resolution images are made available by magnetic resonance (MR) imaging and are essential for rapid diagnosis as well as effective planning of therapy.

Restrains:

High Cost of MRI Equipment and Procedures

  • Cost for MRI machines can range from one million dollars to $3 million per device, indicating these devices interest an important expenditure on capital. Furthermore, close institutions' utilization of MRI equipment is limited by their substantial operating costs and upkeep needs.

Limited Accessibility in Developing Regions

  • Most countries with low or middle incomes continue to lack sufficient healthcare facilities as developed imaging methods like the use of magnetic resonance imaging, or MRI, remain common. The growth of the market in these parts is hampered by costly initial setup expenses & an absence of competent employees to operate and upkeep these gadgets.

Opportunities:

Technological Advancements in MRI

  • MR devices have been enhanced primarily a consequence of constant advances in technology that provide bigger quality of images, shorter scan instances, and greater comfort for patients.
  • Competition is increasing, particularly for autonomous testing and research facilities, as a consequence of the arrival of modern equipment like 3T and 7T MRI scanners that utilize greater electromagnetic fields to generate higher-quality pictures. These innovations allow companies to create cutting-edge systems and satisfy the expanding need for image services with better precision.

Global Magnetic Resonance Imaging MRI Segmentation

The market is segmented based on Product Type, Application Type, Strength Type, End-Users, and Region.

Product Type Insights:

  • Less than 0.5T MRI: The various equipment in the electromagnetic resonance imaging (MRI) industry are classified based on Tesla's (T) magnetic field intensity. Low-field MRI (magnetic resonance imaging) structures, which function with energy lower than 0.5T, are used in certain orthopedic imaging scenarios when high resolution is not required. The main advantage of these kinds of systems is the fact that they cost less money to set up and maintain.
  • 5T MRI: As it can provide a better ratio of signal to noise and higher resolution images than Tesla's lower-end devices, the 5-tones MRI industry is expanding. This technological breakthrough represents a significant advancement in the field of healthcare imaging and will improve diagnostic abilities in numerous clinical sectors, including neuroscience or cancer.
  • 3T MRI: The marketplace for MRIs is growing rapidly because to advances in technology & a rise in demand for simple diagnostic techniques. The 3T MRI is one of those advances; it employs a magnetic field power of three Tesla to generate pictures with good decision and diagnosis power. The 1.5T tradition. This makes finding differences in various medical scenarios very useful.

Application Type Insights:

  • Orthopedic: The marketplace for MRIs in orthopedic surgery has risen substantially due to advances in imaging technology and the rising incidence of musculoskeletal disorders. An accurate evaluation and treatment plan are crucial in orthopedic care, and a magnetic resonance imaging (MRI) offers an unambiguous, simple picture of the cartilage, ligaments, and other delicate tissue.
  • Spine: The increase in spine diseases and advances in MRI technology are driving expansion in the marketplace of spine MRI scans. The need for sophisticated imaging capabilities in healthcare facilities is rising as they contribute to better outcomes for patients and testing.
  • Neurology: The market for imaging breasts utilizing MRI, or magnetic resonance imaging, is creating as a result of improvements in the technology used for MRI and increasing interest in early detection of breast cancer. Enhanced imaging capabilities are crucial for early diagnosis and treatment plan as they enable more precise detection and characterization of cancers of the breast.
  • Cardiovascular: Since vascular diseases have grown more prevalent and non-invasive diagnostic techniques have a more demand, the market for MRI (magnetic resonance imaging) for arterial imaging is expanding rapidly. An effective diagnosis as well as treatment planning are made easier by the thorough image of the vessels provided by improved magnetic resonance imaging (MRI).
  • Head and Neck: Due to advances in generation which improve the quality of images and diagnostic precision, the demand for MRI, or magnetic resonance imaging, of muscle is increasing. The rising incidence of orthopedic issues and the need of simple diagnostic techniques in medical care contribute to this growth.
  • Abdominal and Prostate: The marketplace for MRI, or magnetic resonance imaging, is growing as a result brain a growing need for improved diagnostic imaging techniques, particularly for neurologic application such as brain scans. These high-decision pictures assist with accurate detection and monitoring numerous psychological issues, enhancing patient outcomes as well as therapy approaches.
  • Others: The marketplace for MRI, or magnetic resonance imaging, is fueled by its broad spectrum of uses in the field of orthopedics neurology, heart disease, and scanning diseases of the head, neck, stomach, and the prostate, amongst other fields of medicine. Every specialty gains by MRI's imaging abilities, which enable precise analysis as well as successful planning of treatment by enabling unique views of the soft tissues.
  • Breast: The rising prevalence of cancer in women and advances in technology that enhance diagnostic accuracy have contributed to the rapid growth of the breast scan part of the MRI industry. These developments allow more tailored options for therapy and earlier detection that has pushed up demands from consumers and medical professionals both.
  • Vascular: Concerning cardiovascular images, the MRI industry is focused on sophisticated methods for viewing blood arteries and identify illnesses like blockage and aneurysm. The growing need for non-invasive tests that provide thorough insights into vascular health is driving the field's development.
  • Muscles: If everything is considered, the demand for MRIs is flourishing because of advances in imaging equipment and an increasing inclination for simple methods of diagnosis. As it involves assessing ailments, injuries, and abnormalities in structure, MRI is especially helpful in imaging soft tissues like muscle. It enhances patient care and treatment plans.
  • Brain: The marketplace for MRI, or magnetic resonance imaging, for brain scans has grown quickly as a consequence of advances in technology and a growing demand for simple methods of diagnosis. These improvements improve the general quality and clarity of these images, and helps identification and treatment of neurological conditions.

Strength Type Insights:

  • Low-Field MRI: The technology's affordability and accessibility, the low-field MRI zone is expanding and boosting the accessibility of MRI equipment in smaller medical facilities and rural areas. These structures usually show features at magnetic strengths of less than 1.5 Tesla, enabling adequate imagery for particular projects but additionally decreasing patient anxiety and improving discomfort.
  • Mid-Field MRI: MR imaging systems operating at fields strengths usually ranging from 0.five to 1.5 T are included within the mid-field MRI market. These structures mix design, cost-effectiveness, but patient comfort, resulting in designs suitable for an array of health care uses and, at the exact same time, economical for small medical centers.
  • High-Field MRI: The growing popularity of 1.5T and 3T MRI structures, which offer superior image quality as well as quicker scan durations than lower-field systems, defines the high-field MRI industry. Advances in technology, an increasing demand for targeted diagnosis, and an increasing number of persistent diseases which demand thorough imaging for effective therapy are driving this development.

End-Users Insights:

  • Hospitals: The greater requirement of imaging services for medical care, especially for criminal justice amenities, has pushed the market for MRI scans. By using cutting-edge MRI methods, these organizations may be able to recognize individuals with greater speed and accuracy, which will enhance treatment and results.
  • Ambulatory Surgical Centers: The increasing demand for advanced medical imaging at ambulatory surgery centers (ASCs), that provide readily available and affordable medical services, is driving the demand for electromagnetic resonance imaging (MRI). ASCs utilize MRI technology to enhance overall productivity, improve the treatment of patients, and enhance its diagnostic abilities.
  • Diagnostic Imaging Centers: The increasing need for simple imaging services for medical purposes, particularly among diagnostic scanning facilities, is propelling the magnetic resonance imaging (MRI) market's significant growth.

Regional Insights:

  • North America: This target market is driven by advances in imaging technology, an increase in the number of cases of persistent diseases, and a growing preference towards simple methods of diagnosis. Additionally, the region's significant expenditures on technology development, along with its excellent healthcare system, promote market growth.
  • Asia Pacific: Magnetic resonance imaging is expanding quickly in the Asia-Pacific region because of increasing spending on healthcare, a rise in the number of individuals with persistent illnesses, and a rising need for advanced medical devices. Significant factors include developments in MRI equipment, as well as the development of medical facilities in countries like China and India.
  • Europe: Europe continues to grow due to rising rates of chronic diseases and a growing demand for advanced diagnostic instruments in the medical field. The creation of superior MRI technology and federal investments in medical facilities are the main drivers of the market's expansion.
  • Latin America: Expansion is occurring in Latin America due to the increased spending by the region's healthcare system and the growing need for sophisticated diagnostic tools. Government initiatives and a heightened awareness of the importance of recognizing illnesses promptly are the main factors driving this growth.
  • Middle East and Africa: The Middle East and Africa are expanding rapidly as a consequence of rising spending on healthcare and increasing demand from consumers for tools for diagnosis. The rising incidence of persistent diseases and government efforts to fortify the healthcare system are factors that contribute to the region's capability to benefit from MRI treatments.

Magnetic Resonance Imaging (MRI) Market Report Scope:

Attribute

Details

Market Size 2024

USD 6.7 Billion 

Projected Market Size 2034

USD 12.0 Billion

CAGR Growth Rate

6.6%

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 to 2034

Market Segmentation

By Product Type - Less than 0.5T MRI, 5T MRI, and 3T MRI

By Application Type - Orthopedic, Spine, Neurology, Cardiovascular, Head and Neck, Abdominal and Prostate, and Others, Breast, Vascular, Muscles, and Brain.

By Strength Type - Low-Field MRI, Mid-Field MRI, and High-Field MRI

By End-Users - Hospitals, Ambulatory Surgical Centers, and Diagnostic Imaging Centers.

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study segmented the target market report based on Product Type, Application Type, Strength Type, End-Users, and Region.

Segmentation:

By Product Type:

  • Less than 0.5T MRI
  • 5T MRI
  • 3T MRI

By Application Type:

  • Orthopedic
  • Spine
  • Neurology
  • Cardiovascular
  • Head and Neck
  • Abdominal and Prostate
  • Others
  • Breast
  • Vascular
  • Muscles
  • Brain

By Strength Type:

  • Low-Field MRI
  • Mid-Field MRI
  • High-Field MRI

By End-Users:

  • Hospitals
  • Ambulatory Surgical Centers
  • Diagnostic Imaging Centers.

By Region:

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

Global Magnetic Resonance Imaging MRI Key Players

The key players operating in the Magnetic Resonance Imaging (MRI) Market include General Electric Corp., Koninklijke Philips N.V., Siemens AG., Canon Medical Systems Corp., Esaote SpA, FONAR Corp., Hitachi Ltd., Aspect Imaging Ltd. NeuSOFT Technologies Inc., Time Medical Holding Ltd., Aurora Imaging Technologies, Inc., Fujifilm Holdings Corporation, Bruker Corporation, and Hologic Inc.

Magnetic Resonance Imaging (MRI) Market Players

Global Magnetic Resonance Imaging MRI Company Profile

  • General Electric Corp.*
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Koninklijke Philips N.V.
  • Siemens AG.
  • Canon Medical Systems Corp.
  • Esaote SpA.
  • FONAR Corp.
  • Hitachi Ltd.
  • Aspect Imaging Ltd.
  • NeuSOFT Technologies Inc.
  • Time Medical Holding Ltd.
  • Aurora Imaging Technologies, Inc.
  • Fujifilm Holdings Corporation
  • Bruker Corporation
  • Hologic Inc.

“*” marked represents similar segmentation in other categories in the respective section.

Recent Developments:

  • In October 2023, Siemens Healthineers and Cardiff University Have collaborated to develop new-age medical technologies, particularly in vitro diagnostics and imaging. This partnership builds upon a decade-lengthy collaboration in medical laboratory diagnostics and targets to force advancements in imaging research and precision diagnostics. Cardiff University Brain Research Imaging Centre (CUBRIC) is on the core of this partnership, which brings together Siemens Healthineers magnetic resonance (MR) technology and Cardiff's renowned proficiency in brain mapping & medical innovation.
  • In June 2023, Imagion Bio systems Limited has announced an extension of its collaboration agreement with Siemens Healthineers, with a focus on collaborating in the United States through Siemens Medical Solutions USA. As a part of this prolonged collaboration, Imagion is planning to undertake a multi-web website online Phase 2 study for the MagSense HER2 imaging agent.

FAQs

Magnetic Resonance Imaging (MRI) Market Size was valued at USD 6.7 Billion in 2024 and is expected to reach USD 12.0 Billion by 2034 growing at a CAGR of 6.6%

The Magnetic Resonance Imaging (MRI) Market is segmented into Product Type, Application Type, Strength Type, End-Users, and Region.

Factors driving the market include the rising incidence of chronic diseases.

The Magnetic Resonance Imaging (MRI) Market's restraints include high cost of MRI equipment and procedures and limited accessibility in developing regions.

The Magnetic Resonance Imaging (MRI) Market is segmented by region North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. North America is expected to dominate the Market.

The key players operating in the Magnetic Resonance Imaging (MRI) Market include General Electric Corp., Koninklijke Philips N.V., Siemens AG., Canon Medical Systems Corp., Esaote SpA, FONAR Corp., Hitachi Ltd., Aspect Imaging Ltd. NeuSOFT Technologies Inc., Time Medical Holding Ltd., Aurora Imaging Technologies, Inc., Fujifilm Holdings Corporation, Bruker Corporation, and Hologic Inc.