The global magnetic resonance imaging market size valued $6.2 billion in 2020 and expected to reach $11.8 billion by 2027, at a CAGR of 6.0% during forecast period 2021 to 2027. Magnetic Resonance Imaging (MRI) is a non-invasive advanced diagnostic tool for disorders and diseases related to spine lesions, central nervous system, tumours, 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 the 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 a clear information compared with other images such computed tomography (CT), X-ray, and ultrasound techniques. The magnetic resonance imaging market exhibiting lucrative growth owing to technological advancements such as innovation of newer MRI devices with high and low magnetic field strengths. Moreover, expanding the application of MRI in the various cancers screening and neurological disorders such as Alzheimer’s disease and multiple sclerosis, the rise in a number of road accidents lead to orthopaedic injuries, and 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.