Magnetic Resonance Imaging (MRI) Systems Market by Design (Close, Open, Portable), Field Strength (Low Field, 3T, 5T, 7T Scanner), Application (Vascular, Brain, Neuro, Breast, Cardiac, Paediatric, Extremity, Whole Body), End User - Global Forecast to 2030

The Magnetic Resonance Imaging (MRI) Systems Market is projected to reach $10.35 billion by 2030, at a CAGR of 6.3% from 2023 to 2030. 

MRI technology has been one of the prime diagnosis tools in medical science. The growth in the aging population and rising prevalence of chronic disorders worldwide have further widened the application of MRI technology. 3D capabilities of MRI systems have been proved useful in performing and planning stereotactic procedures, which need precise co-relation between the surgeon's view and the MR image. The quality of MR images is superior to intraoperative CT images. Other major advantages of MRI, such as the ability to produce images of cross sections or slices of the body and with more detail, especially of the veins, muscles, and other soft tissues, are increasing its adoption. Physicians also recommend MRI to patients in pediatrics due to minimal or no exposure to potentially dangerous radiation. These factors drive the adoption of the MRI systems market in developed and developing countries.

The growth of this market is driven by factors such as rising awareness about the importance of early disease diagnosis, the growing demand for high-field MRI scans, the rising incidence of cardiac, neurological, and oncological disorders, and rising healthcare expenditure. However, the high cost of MRI systems and low reimbursement rates restrains the market’s growth.

Furthermore, the growing penetration of MRI systems in developing economies, the development of zero/low radiation MRI systems, and technological advancements in MRI systems are expected to offer significant market growth opportunities. However, the shortage of skilled professionals for MRI in many developing countries is a major challenge to the market’s growth.

Growing Demand for High-field MRI Scans to Drive Market’s Growth

MRI scanners with high magnetic field strengths are considered high-field MRI scanners. For many years, high-field MRI scanners were typically machines with 1 Tesla and above; however, continuous demand for technological advancement has initiated trials for MRI scanners with 9 to 11 Tesla capacities. Such high-field MRI systems have many advantages over low-field MRI, such as higher signal-to-noise ratio, contrast-to-noise ratio, and higher scanning speed. These systems can also visualize physiological processes and capture exceptionally fine anatomical details. High-field MRI systems are actively used in neurology to enable higher diagnostic accuracy for several disorders. Thus, many physicians prefer high-field MRI scanners for neurological and cardiovascular applications, driving the market’s growth.

Click here to: Get Free Sample Copy of this report

Rising Awareness about the Importance of Early Disease Diagnosis

Early detection of cancer and neurological diseases is crucial for successful treatment. Organizations worldwide are actively focusing on enabling the early detection of cancer and other diseases to increase the survival rates of patients. For instance, the World Health Organization (WHO) has launched various cancer prevention programs in countries such as India, Ireland, and Korea. These programs aim to reduce the number of cancer cases and deaths by improving cancer patients' quality of life and implementing evidence-based strategies for prevention, early detection, diagnosis, and treatment by making the best use of available resources.

Furthermore, the American Cancer Society has released guidelines for cancer screening. The guidelines are issued for almost all types of cancers, such as breast, lung, colorectal, skin, brain, and other types of cancer. The screening advised by the American Cancer Society includes physical examinations and scanning through the imaging technologies such as MRI due to its advantages. These efforts have boosted the growth of the MRI Systems market.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market players between 2021 and 2022. The key players profiled in the magnetic resonance imaging (MRI) systems market report are Aurora Imaging Technology, Inc. (U.S.), Esaote S.p.A (Italy), Fonar Corporation (U.S.), GE Healthcare (U.S.), FUJIFILM Holdings Corporation (Japan), Bruker Corporation (U.S.), Aspect Imaging Ltd. (Israel), Philips Healthcare (Netherlands), Siemens Healthcare (Germany), Toshiba Medical Systems Corporation (Japan), Canon Inc. (Japan), and Hyperfine, Inc. (U.S.).

Key Findings in the Magnetic Resonance Imaging (MRI) Systems Market Study:

Based on Design, the Portable and Handheld MRI Systems Segment is Expected to Register the Fastest Growth Rate during the Forecast Period

The growth of this segment is attributed to the benefits offered by portable and handheld MRI systems, including the non-requirement of a high power supply and quench pipe and ease of installation & movability.

Based on Field Strength, the 3T Scanners Segment is Expected to Account for the Largest Share of the Market

The large market share of this segment is attributed to the benefits offered by 3T MRI scanners, including high scan quality & speed and the ability to pick up more signals from tissues and organs, resulting in sharper, clearer images which make it suitable for the diagnosis of numerous neurological as other chronic disorders.

Based on Application, in 2023, the Neuro Imaging Segment is Expected to Account for the Largest Share of the Market

The largest share of this segment is attributed to the rising number of individuals with neurological disorders globally and the increasing use of MRI for diagnosing brain and spinal cord tumors and vascular irregularities.

Asia-Pacific: Fastest-growing Regional Market

The growth of this regional market is attributed to the increasing geriatric population, the rising prevalence of chronic diseases in developing countries across Asia-Pacific, the increasing healthcare investments in countries such as China and India, and the high preference for MRI images by physicians due to its wide advantages in selecting appropriate diagnosis plan. Furthermore, government initiatives promoting advanced technological systems for accurate diagnosis drive the growth of this regional market.

Scope of the Report:

Magnetic Resonance Imaging (MRI) Systems Market, by Design

• Closed MRI Systems
• Open MRI Systems
• Portable and Handheld MRI Systems

 Magnetic Resonance Imaging (MRI) Systems Market, by Field Strength

• 3T Scanners
• 5T Scanners
• Low-Field (1.2t or less) Scanners
• 7T Scanners

Magnetic Resonance Imaging (MRI) Systems Market, by Application

• Neuro Imaging
• Whole Body Imaging
• Breast Imaging
• Cardiac Imaging
• Vascular Imaging
• Musculoskeletal and Extremity Imaging
• Pediatric Imaging

Magnetic Resonance Imaging (MRI) Systems Market, by End User

• Diagnostic Imaging Centers
• Hospitals
• Other End Users
  (Note: Other End Users include Ambulatory Surgical Centers and Academic Institutes.)

Magnetic Resonance Imaging (MRI) Systems, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • Italy
  • U.K.
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East & Africa

Key questions answered in the report: