- Open MRI Systems
- Closed MRI Systems
Magnetic Resonance Imaging Market size was valued at USD 6.2 billion in 2022 and is poised to grow at a CAGR of 6.0% from 2023-2029. 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
Base Year
CAGR
Largest Market
Fastest Growing Market
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.
The magnetic resonance imaging (MRI) market is projected to expand at a CAGR of 6.0% during the forecast period
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, 2018 - 2022 and Forecast, 2023 - 2029 |
4.1. Market Analysis,2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
5.1. Closed |
5.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
6.1. Less than 1.5T |
6.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
7.1. Oncology |
7.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
8.1. North America |
8.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2023 - 2029 |
9. North America Magnetic Resonance Imaging (MRI) MarketAnalysis,2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
9.1. By Product Type Analysis 2018 - 2022 and Forecast 2023 - 2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
9.1.1. Closed |
9.1.2. Open |
9.2. Magnetic Field Strength Analysis 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029by 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, 2023 - 2029 |
9.6. North America Magnetic Resonance Imaging (MRI) Market Dynamics – Trends |
10. Europe Magnetic Resonance Imaging (MRI) Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
10.1. By Product Type Analysis 2018 - 2022 and Forecast 2023 - 2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
10.1.1. Closed |
10.1.2. Open |
10.2. Magnetic Field Strength Analysis 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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, 2023 - 2029 |
10.6. Europe Magnetic Resonance Imaging (MRI) Market Dynamics – Trends |
11. Asia-Pacific Magnetic Resonance Imaging (MRI) Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
11.1. By Product Type Analysis 2018 - 2022 and Forecast 2023 - 2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
11.1.1. Closed |
11.1.2. Open |
11.2. Magnetic Field Strength Analysis 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 Analysis2018 - 2022 and Forecast 2023 - 2029 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, 2023 - 2029 |
11.6. Asia-Pacific Magnetic Resonance Imaging (MRI) Market Dynamics – Trends |
12. Latin America Magnetic Resonance Imaging (MRI) Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
12.1. By Product Type Analysis 2018 - 2022 and Forecast 2023 - 2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
12.1.1. Closed |
12.1.2. Open |
12.2. Magnetic Field Strength Analysis 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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, 2023 - 2029 |
12.6. Latin America Magnetic Resonance Imaging (MRI) Market Dynamics – Trends |
13. Middle East and Africa Magnetic Resonance Imaging (MRI) Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
13.1. By Product Type Analysis 2018 - 2022 and Forecast 2023 - 2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
13.1.1. Closed |
13.1.2. Open |
13.2. Magnetic Field Strength Analysis 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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, 2023 - 2029 |
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 |