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Muni Kumar Meravath is a seasoned Healthcare Market Research Analyst with over 6 years of experience in the healthc.....
Magnetic Resonance Imaging Market: By Product Type, By Magnetic Field Strength, By Application, and Geography
Magnetic Resonance Imaging Market: By Product Type, By Magnetic Field Strength, By Application, and Geography
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.
Study Period
2024-2030Base Year
2023CAGR
6%Largest Market
North AmericaFastest Growing Market
Asia Pacific
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.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America market growth is driven by an increase in the prevalence of neurological disorders, technological advancements in devices, well-developed healthcare infrastructure. Europe market exhibiting lucrative growth opportunities due to the adoption of newer technologies, rise in prevalence of chronic diseases, growing awareness about early diagnosis, an increase in healthcare expenditure in the region. Asia Pacific market is poised to grow due to increase in medical tourism in China and India, availability of the large patient pool, growing per capita income, an increase in the awareness about healthcare are expected to propel the market. Latin America market driven by the increase in the number of road accidents and sports injuries, adoption of newer technologies, and expansion of businesses into the region. Middle East and Africa market growth attributed to increasing awareness about early-stage disease diagnosis, and rise in prevalence of chronic diseases in the region.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 6.6 billion |
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Market CAGR |
6% |
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By Design |
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By Filed Strength |
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By Application |
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By End User |
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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
| 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
Author
Muni Kumar Meravath is a seasoned Healthcare Market Research Analyst with over 6 years of experience in the healthcare domain, encompassing pharmaceuticals, medical devices, and diagnostics. A graduate in Pharmacy, he possesses a strong foundation in the intricacies of the healthcare sector. He further enhanced his expertise by pursuing an MBA in Pharmaceuticals, equipping him with valuable business acumen. His analytical skills and market insights have contributed to strategic decision-making and enhanced market positioning for various healthcare organizations. Committed to driving innovation and excellence, Muni continues to seek opportunities to improve healthcare delivery through data-driven insights.