Magnetic Resonance Imaging (MRI) Systems Market (2023-2030)
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.
- Published
- Feb 2023
- Pages
- 230
- Format
- PDF + Excel
- Report ID
- MRHC - 104800
- Base year
- 2022
- 2030 · FORECAST
- $10.35B
- 2030
- $10.35B
- CAGR 2023–2030
- 6.3%
2022 baseline · 2023–2030 forecast at 6.3% CAGR · hover a bar for the value
Key highlights
Based on Design, the Portable and Handheld MRI Systems Segment is Expected to Register the Fastest Growth Rate during the Forecast Period
Based on Field Strength, the 3T Scanners Segment is Expected to Account for the Largest Share of the Market
Based on Application, in 2023, the Neuro Imaging Segment is Expected to Account for the Largest Share of the Market
Asia-Pacific: Fastest-growing Regional Market
Report summary
| Particulars | Details |
|---|---|
| Base Year | 2022 |
| Estimated Year | 2023 |
| Forecast Period | 2023–2030 |
| Market Size (2030) | USD 10.35 billion |
| CAGR (2023–2030) | 6.3% |
| Format | PDF, Excel & Cloud Portal · 230 pages |
| Segments Covered | By Design: Closed MRI Systems, Open MRI Systems, Portable and Handheld MRI Systems · By Field Strength: 3T Scanners, 5T Scanners, Low-Field (1.2t or less) Scanners, 7T Scanners · By Application: Neuro Imaging, Whole Body Imaging, Breast Imaging, Cardiac Imaging, Vascular Imaging, Musculoskeletal and Extremity Imaging, Pediatric Imaging · By End User: Diagnostic Imaging Centers, Hospitals, Other End Users |
| Countries Covered | North America (Canada), Europe (Germany, France, Italy, U.K., Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific) |
| Key Companies | Aurora Imaging Technology, Inc., Fonar Corporation, Bruker Corporation, Aspect Imaging Ltd., Toshiba Medical Systems Corporation, Canon Inc., Hyperfine, Inc. |
Report overview
Segments covered: design, field strength, application, end user. Regions: North America, Europe, Asia-Pacific.
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.
Report infographic
-Systems-Market.webp)
Market dynamics
1 factors across 1 forceRising 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.
Table of contents
12 chapters · 95 sections · 230 pages · click to expandSegmental analysis
| Segment | Largest share (2023) | Fastest growth (2023–2030) |
|---|---|---|
| By Design | — | Portable and Handheld MRI Systems Segment is Expected to |
| By Field Strength | 3T Scanners | — |
| By Application | Neuro Imaging | — |
By 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.
By 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.
By Application
- 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.
Geographic analysis
Asia-Pacific
Fastest growthThe 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. Asia-Pacific: Fastest-growing Regional Market
Competitive landscape
- Aurora Imaging Technology, Inc.
- Fonar Corporation
- Bruker Corporation
- Aspect Imaging Ltd.
- Toshiba Medical Systems Corporation
- Canon Inc.
- Hyperfine, Inc.
Frequently asked questions
This study offers a detailed assessment of the magnetic resonance imaging (MRI) systems market and analyzes the market sizes & forecasts based on design, system type, and application. This report also involves the value analysis of various segments and subsegments of the magnetic resonance imaging (MRI) systems market at the regional and country levels.
Cite this report
Meticulous Research. (2023). Magnetic Resonance Imaging (MRI) Systems Market - Global Opportunity Analysis and Industry Forecast (2023-2030) (Report No. MRHC - 104800). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/magnetic-resonance-imaging-systems-market-5484