Magnetic Resonance Imaging Market: By Product Type, By Magnetic Field Strength, By Application, and Region Forecast 2019-2030

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Magnetic Resonance Imaging (MRI) Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Closed, Open), By Magnetic Field Strength (Less than 1.5T, 1.5T, 3.0T, 7.0T), By Application (Oncology, Neurology, Cardiology, Gastroenterology, Musculoskeletal, Others), and Region Forecast 2019-2030

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Magnetic Resonance Imaging Market size was valued at US$ 6.6 billion in 2023 and is poised to grow at a CAGR of 6.0% from 2024-2030. Magnetic Resonance Imaging (MRI) is a non-invasive advanced diagnostic tool for disorders and diseases related to spine lesions, the central nervous system, tumors, soft tissues, and other organs of the body. MRI produces high-quality images of tissues and body organs by applying the magnetic field strength and these images provide information about the human body system. The quality of images produced by MRI depends on the magnetic field strength of the device. High-field strength MRI produce clear images when compared with remaining magnetic resonance imaging devices.

The images produced by magnetic resonance imaging system (MRI) systems give clear information compared with other images such as computed tomography (CT), X-ray, and ultrasound techniques. The magnetic resonance imaging market exhibiting lucrative growth owing to technological advancements such as the innovation of newer MRI devices with high and low magnetic field strengths. Moreover, expanding the application of MRI in various cancer screening and neurological disorders such as Alzheimer's disease and multiple sclerosis, the rise in the number of road accidents leading to orthopedic injuries, and the need for high-resolution scanning techniques for spine and musculoskeletal injuries are expected to bolster the market.

Furthermore, market players are adopting strategies such as acquisitions and mergers, collaborations, and launching of newer devices to garner larger market share. For instance, in July 2012, Aurora Imaging Technology, Inc. inked a distribution agreement with SUMEC Group Corporation for expanding breast MRI in China. In addition, in September 2016, GE Healthcare received market clearance for MAGnetic resonance image Compilation (MAGiC) software, a multi-contrast MRI technique that delivers eight contrasts in a single acquisition in a fraction of the time of conventional imaging.

Key Developments

  • In October 2017, Siemens Heathineers received FDA clearance for Magnetom Terra, a high-field 7T MRI scanner

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Magnetic Resonance Imaging Mri Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

6%

Largest Market

North America

Fastest Growing Market

Asia Pacific

Magnetic Resonance Imaging Mri Market Dynamics

Increase in the global geriatric population, the rise in prevalence of chronic diseases such as neurological, cardiovascular, and other orthopaedic disorders, and technological advancements such as high field strength MRIs are anticipated to fuel the market over the forecast period. Moreover, increase in preference for non-invasive or minimally invasive diagnostic procedures, the rise in awareness about health in developing and developed countries, and the wide range of applications of MRI devices are propelling the market. However, the high cost of the diagnostic procedure, unfavourable reimbursement policies, the rise in competition from cost-effective imaging procedures, and lack of skilled professionals are expected to hinder the growth of market over the forecast years.

Magnetic Resonance Imaging Mri Market Segmentation Analysis

Report Benchmarks

Details

Report Study Period

2024-2030

Market Size in 2023

US$ 6.6 billion

Market CAGR

6%

By Design

  • Open MRI Systems
  • Closed MRI Systems

By Filed Strength

  • Low to midfield strength MRI systems (less than 1.5 Tesla)
  • High field strength MRI systems (1.5-3Tesla)
  • Very high field strength MRI systems (4-6Tesla)
  • Ultra-high field strength MRI systems (7 Tesla and above)

By Application

  • Brain and Neurological MRI System
  • Abdominal MRI System
  • Spine and Musculoskeletal MRI System
  • Vascular MRI System
  • Pelvic MRI System
  • Cardiac MRI System
  • Others

By End User

  • Hospitals
  • Ambulatory Surgical Centers
  • Diagnostic Centers

By Region

  • North America (U.S., Canada)
  • Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
  • Asia-Pacific (China, India, Japan, Australia, Southeast Asia, Rest of Asia Pacific)
  • Latin America (Mexico, Brazil, Argentina, Columbia, Rest of Latin America)
  • Middle East & Africa (GCC, Egypt, Nigeria, South Africa, Rest of Middle East and Africa)

Key Features of the Report

  • The magnetic resonance imaging market report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
  • The report covers in-detail insights about the competitor's overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
  • The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter's Five Force Analysis in addition to recent technology advancements and innovations in the market

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Frequently Asked Questions

The global magnetic resonance imaging market size was valued at US$ 6.6 billion in 2023 and is projected to grow at a CAGR of 6.0% from 2024-2030.

Hitachi Medical Corporation, Siemens Healthineers, Toshiba Medical Systems, GE Healthcare, Koninklijke Philips N.V.

North America is the fastest-growing region for  magnetic resonance imaging (MRI) market

Author image

Author

Muni Kumar Meravath

Muni Kumar Meravath is a seasoned Healthcare Market Research Analyst with over 6 years of experience in the healthc.....

1. Executive Summary
2. Global Magnetic Resonance Imaging (MRI) Market Introduction
2.1. Global Magnetic Resonance Imaging (MRI) Market – Taxonomy
2.2. Global Magnetic Resonance Imaging (MRI) Market – Definitions
2.2.1. By Product Type
2.2.2. By Magnetic Field Strength
2.2.3. By Application
2.2.4. By Region
3. Global Magnetic Resonance Imaging (MRI) Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Global Magnetic Resonance Imaging (MRI) Market Dynamic Factors - Impact Analysis
3.6. Global Magnetic Resonance Imaging (MRI) Market – Competition Landscape
4. Global Magnetic Resonance Imaging (MRI) Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030
4.1. Market Analysis,2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%)
4.3. Market Opportunity Analysis
5. Global Magnetic Resonance Imaging (MRI) Market, By Product Type, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
5.1. Closed
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.3. Market Opportunity Analysis
5.2. Open
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.3. Market Opportunity Analysis
6. Global Magnetic Resonance Imaging (MRI) Market Forecast, By Magnetic Field Strength, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
6.1. Less than 1.5T
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.1.3. Market Opportunity Analysis
6.2. 1.5T
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.2.3. Market Opportunity Analysis
6.3. 3.0T
6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.3.3. Market Opportunity Analysis
6.4. 7.0T
6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
6.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.4.3. Market Opportunity Analysis
7. Global Magnetic Resonance Imaging (MRI) Market, By Application, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.1. Oncology
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.1.3. Market Opportunity Analysis
7.2. Neurology
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.2.3. Market Opportunity Analysis
7.3. Cardiology
7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.3.3. Market Opportunity Analysis
7.4. Gastroenterology
7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.4.3. Market Opportunity Analysis
7.5. Musculoskeletal
7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.5.3. Market Opportunity Analysis
7.6. Others
7.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.6.3. Market Opportunity Analysis
8. Global Magnetic Resonance Imaging (MRI) Market Forecast, By Region, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.1. North America
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.1.3. Market Opportunity Analysis
8.2. Europe
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.2.3. Market Opportunity Analysis
8.3. Asia-Pacific
8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.3.3. Market Opportunity Analysis
8.4. Latin America
8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.4.3. Market Opportunity Analysis
8.5. Middle East and Africa
8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.5.3. Market Opportunity Analysis
8.6. Global Magnetic Resonance Imaging (MRI) Market - Opportunity Analysis Index, By Product Type, Magnetic Field Strength, Application, and Region, 2024 - 2030
9. North America Magnetic Resonance Imaging (MRI) MarketAnalysis,2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
9.1. By Product Type Analysis 2019 - 2023 and Forecast 2024 - 2030by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
9.1.1. Closed
9.1.2. Open
9.2. Magnetic Field Strength Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
9.2.1. Less than 1.5T
9.2.2. 1.5T
9.2.3. 3.0T
9.2.4. 7.0T
9.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
9.3.1. Oncology
9.3.2. Neurology
9.3.3. Cardiology
9.3.4. Gastroenterology
9.3.5. Musculoskeletal
9.3.6. Others
9.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
9.4.1. USA
9.4.2. Canada
9.5. North America Magnetic Resonance Imaging (MRI) Market - Opportunity Analysis Index, By  Product Type, Magnetic Field Strength, Application, and Country, 2024 - 2030
9.6. North America Magnetic Resonance Imaging (MRI) Market Dynamics – Trends
10. Europe Magnetic Resonance Imaging (MRI) Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
10.1. By Product Type Analysis 2019 - 2023 and Forecast 2024 - 2030by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
10.1.1. Closed
10.1.2. Open
10.2. Magnetic Field Strength Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
10.2.1. Less than 1.5T
10.2.2. 1.5T
10.2.3. 3.0T
10.2.4. 7.0T
10.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
10.3.1. Oncology
10.3.2. Neurology
10.3.3. Cardiology
10.3.4. Gastroenterology
10.3.5. Musculoskeletal
10.3.6. Others
10.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
10.4.1. Germany
10.4.2. UK
10.4.3. France
10.4.4. Spain
10.4.5. Italy
10.4.6. Russia
10.4.7. Poland
10.4.8. Rest of Europe
10.5. Europe Magnetic Resonance Imaging (MRI) Market - Opportunity Analysis Index, By  Product Type, Magnetic Field Strength, Application, and Country, 2024 - 2030
10.6. Europe Magnetic Resonance Imaging (MRI) Market Dynamics – Trends
11. Asia-Pacific Magnetic Resonance Imaging (MRI) Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
11.1. By Product Type Analysis 2019 - 2023 and Forecast 2024 - 2030by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
11.1.1. Closed
11.1.2. Open
11.2. Magnetic Field Strength Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.2.1. Less than 1.5T
11.2.2. 1.5T
11.2.3. 3.0T
11.2.4. 7.0T
11.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.3.1. Oncology
11.3.2. Neurology
11.3.3. Cardiology
11.3.4. Gastroenterology
11.3.5. Musculoskeletal
11.3.6. Others
11.4. Country Analysis2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
11.4.1. Japan
11.4.2. China
11.4.3. India
11.4.4. ASEAN
11.4.5. Australia & New Zealand
11.4.6. Rest of Asia-Pacific
11.5. Asia-Pacific Magnetic Resonance Imaging (MRI) Market - Opportunity Analysis Index, By  Product Type, Magnetic Field Strength, Application, and Country, 2024 - 2030
11.6. Asia-Pacific Magnetic Resonance Imaging (MRI) Market Dynamics – Trends
12. Latin America Magnetic Resonance Imaging (MRI) Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
12.1. By Product Type Analysis 2019 - 2023 and Forecast 2024 - 2030by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
12.1.1. Closed
12.1.2. Open
12.2. Magnetic Field Strength Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.2.1. Less than 1.5T
12.2.2. 1.5T
12.2.3. 3.0T
12.2.4. 7.0T
12.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.3.1. Oncology
12.3.2. Neurology
12.3.3. Cardiology
12.3.4. Gastroenterology
12.3.5. Musculoskeletal
12.3.6. Others
12.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
12.4.1. Brazil
12.4.2. Mexico
12.4.3. Argentina
12.4.4. Rest of Latin America
12.5. Latin America Magnetic Resonance Imaging (MRI) Market - Opportunity Analysis Index, By  Product Type, Magnetic Field Strength, Application, and Country, 2024 - 2030
12.6. Latin America Magnetic Resonance Imaging (MRI) Market Dynamics – Trends
13. Middle East and Africa Magnetic Resonance Imaging (MRI) Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
13.1. By Product Type Analysis 2019 - 2023 and Forecast 2024 - 2030by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
13.1.1. Closed
13.1.2. Open
13.2. Magnetic Field Strength Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.2.1. Less than 1.5T
13.2.2. 1.5T
13.2.3. 3.0T
13.2.4. 7.0T
13.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.3.1. Oncology
13.3.2. Neurology
13.3.3. Cardiology
13.3.4. Gastroenterology
13.3.5. Musculoskeletal
13.3.6. Others
13.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
13.4.1. Gulf Cooperation Council (GCC) Countries
13.4.2. Israel
13.4.3. South Africa
13.4.4. Rest of MEA
13.5. MEA Magnetic Resonance Imaging (MRI) Market - Opportunity Analysis Index, By  Product Type, Magnetic Field Strength, Application, and Country, 2024 - 2030
13.6. MEA Magnetic Resonance Imaging (MRI) Market Dynamics – Trends
14. Competition Landscape 
14.1. Strategic Dashboard of Top Market Players
14.2. Company Profiles (Introduction, Financial Analysis, Magnetic Field Strength& Service Offerings, Key Developments, Strategies, and SWOT Analysis)
14.2.1. GE Healthcare
14.2.2. Siemens AG
14.2.3. Toshiba Corporation
14.2.4. Aurora Imaging Technologies, Inc.
14.2.5. Koninklijke Philips N.V.
14.2.6. Esaote SPA
14.2.7. Sanrad Medical Systems Pvt ltd
14.2.8. Fujifilm
14.2.9. Canon Medical Systems Corporation
15. Research Methodology
16. Key Assumptions and Acronyms

Key Market Players

  • GE Healthcare
  • Siemens AG
  • Toshiba Corporation
  • Aurora Imaging Technologies, Inc.
  • Koninklijke Philips N.V.
  • Esaote SPA
  • Sanrad Medical Systems Pvt ltd
  • Fujifilm
  • Canon Medical Systems Corporation

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