MRI Systems Market - Global Market Share, Trends, Analysis and Forecast, 2023-2032
The global MRI systems market was estimated to be US$ 6.88 Billion in 2022 and is expected grow at a CAGR of 4.1% between 2023 to 2032.
Magnetic Resonance Imaging (MRI) is a diagnostic imaging technology that uses strong magnetic fields and radio waves to produce detailed images of internal organs, tissues, and bones. Unlike X-rays and CT scans, MRI does not use ionizing radiation, making it a safer option for many diagnostic exams.
MRI systems are typically used for a wide range of applications, including the evaluation of brain and spinal cord injuries, the detection of tumors and other anomalies, and the monitoring of certain medical conditions such as multiple sclerosis. The images produced by MRI systems are highly detailed and provide a clear view of the anatomy, making it an essential tool for medical diagnosis and treatment.
MRI Systems Market Drivers
Growing demand for non-invasive diagnostic techniques is driving market growth
Magnetic Resonance Imaging (MRI) systems are becoming increasingly popular due to the growing demand for non-invasive diagnostic techniques. The rise in chronic diseases, such as cardiovascular disease, cancer, and neurological disorders, has led to an increased demand for early and accurate diagnosis.
MRI systems are often used to diagnose and monitor these types of conditions, as they provide a non-invasive means of visualizing internal structures and identifying potential abnormalities. The demand for MRI systems is also driven by the need for earlier detection and treatment of these conditions, as well as the growing demand for non-invasive diagnostic techniques in general.
The expansion of healthcare infrastructure in emerging economies is also driving the demand for MRI systems. As healthcare systems in these countries improve, the demand for advanced diagnostic tools such as MRI systems is expected to increase. This trend is expected to continue in the coming years as healthcare spending continues to rise in emerging economies.
The use of MRI systems in interventional procedures, such as biopsy and ablation, is also expected to grow, due to the high-resolution images produced by these systems, which allow physicians to perform these procedures with greater accuracy and precision. In summary, the growing demand for non-invasive imaging techniques and the rising prevalence of chronic diseases are driving the demand for MRI systems in the global healthcare market.
Field Strength segmentation of Global MRI Systems Market
High-field MRI systems (1.5T to 3T) hold the largest market share
On the basis of field strength, the market is segmented into High-field MRI systems (1.5T to 3T), Low-to-mid-field MRI systems (<1.5T), and Very-high-field MRI systems (4T and above).
Among these, the High-field MRI systems have the largest market share because they offer a good balance of imaging quality, cost, and accessibility. They provide high-resolution images, good signal-to-noise ratios, and short scan times, making them suitable for a wide range of diagnostic and therapeutic applications.
Furthermore, the high magnetic field strength enables the use of specialized sequences and contrast agents, which can provide unique and valuable information about the patient's anatomy and physiology.
Very-high-field MRI systems have the fastest market growth rate due to their superior imaging capabilities compared to low-to-mid-field and high-field MRI systems. The high magnetic field strength provides higher signal intensity and improved spatial resolution, enabling the visualization of fine details and anatomical structures.
Furthermore, the high magnetic field strength also enables the use of advanced imaging techniques such as ultra-high resolution imaging, quantitative imaging, and functional MRI. The improved imaging quality and capabilities of very-high-field MRI systems make them well suited for specialized applications, such as neuroimaging, cardiovascular imaging, and musculoskeletal imaging, which are increasingly in demand as the healthcare industry shifts towards personalized medicine.
Architect segmentation of Global MRI Systems Market
Wide bore MRI architect segment is the fastest growing
On the basis of architect the market is segmented into Closed MRI systems, Standard bore MRI, Wide bore MRI, and Open MRI systems.
Among these, the closed MRI system segment is the largest in terms of architecture due to its higher demand in the market. This is because closed MRI systems offer improved image quality and a more comfortable patient experience compared to other MRI systems. With their compact design, closed MRI systems are ideal for medical facilities with limited space. Additionally, closed MRI systems have a stronger magnetic field, which results in clearer and more detailed images compared to open MRI systems.
In terms of growth rate, the wide bore MRI system segment is the fastest growing. This is because wide bore MRI systems are designed to provide a more comfortable and spacious patient experience, which is particularly important for patients who experience anxiety or claustrophobia during an MRI scan. Wide bore MRI systems have a larger diameter, which allows patients to lie more comfortably during the scan.
Additionally, the larger bore size also provides improved access to the patient, making it easier for healthcare professionals to perform procedures and perform scans of larger patients. The growing demand for improved patient comfort is driving the growth of the wide bore MRI system segment.
Regional trends of the Global MRI Systems Market
North America dominated the global MRI systems market
Geographically, the global MRI systems market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
Following are some of the major trends in these regions –
North America holds a dominant position in the global MRI systems market, with a large presence of leading healthcare providers, advanced healthcare infrastructure, and high disposable incomes contributing to the high demand for MRI systems in the region. The US is the largest market for MRI systems in North America, driven by a high demand for advanced medical imaging technologies and a large aging population that requires medical imaging services.
Europe is also a significant market for MRI systems, with countries such as Germany, the UK, and France leading the market. The region has a well-established healthcare infrastructure and a high demand for advanced medical technologies, contributing to the growth of the MRI systems market.
The Asia-Pacific region is expected to grow at a significant rate due to the increasing demand for medical imaging technologies and the growth of the healthcare industry in the region. The growing economy and increasing disposable incomes, especially in countries such as India and China, have led to an increase in healthcare expenditure, further driving the demand for MRI systems in the region.
Key players and market strategies:
The global MRI systems market is highly competitive, and companies are adopting various strategies to maintain their position in the market. One of the key strategies adopted by companies is the development and launch of new and advanced MRI systems.
Companies are investing heavily in research and development to produce MRI systems with faster scan speeds, improved imaging quality, and enhanced patient comfort. These advanced MRI systems are designed to meet the growing demand for medical imaging technologies and to improve patient outcomes.
Another key strategy adopted by companies is partnerships and collaborations with healthcare providers and academic institutions. These collaborations allow companies to access new markets, enhance their product portfolios, and share expertise and resources.
In addition, companies are also expanding their distribution networks to reach more customers and increase their market share. Mergers and acquisitions are also being used as a growth strategy, allowing companies to expand their product portfolios and increase their market presence.
Some of the biggest companies operating in the global MRI systems market are Fonar Corporation, GE Healthcare, Hitachi Medical Corporation, Hologic Inc., Neusoft Medical Systems Co., Ltd., Philips Healthcare, Shimadzu Corporation, Siemens Healthineers, Toshiba Medical Systems Corporation, and many more.
Global MRI Systems Market Segmentation:
By Strength:
- High-field MRI systems (1.5T to 3T)
- 1.5T MRI systems
- 3T MRI systems
- Low-to-mid-field MRI systems (<1.5T)
- Very-high-field MRI systems (4T and above)
By Architect:
- Closed MRI systems
- Standard bore MRI
- Wide bore MRI
- Open MRI systems
By Application:
- Oncology
- Neurology
- Cardiology
- Gastroenterology
- Musculoskeletal
- Other applications
By End Use:
- Hospitals
- Imaging Centers
- Ambulatory Surgical Centers
- Others
By Region
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
- Introduction
- Research Objectives
- Report Assumptions
- Research Methodology
- Abbreviations
- Preface
- Market Definition
- Report Scope and Market Segmentation
- Research Highlights
- Market Synopsis: Global MRI System Market
- Global MRI System Market Qualitative Analysis
- Trends
- Market trends
- Technology Trends
- PESTLE Analysis (For 3 prominent countries)
- Market Influencers
- Driving Forces
- Hindering Forces
- Opportunities
- Trends
- Global MRI System Market Analysis and Forecast, by Architecture
- Overview and definitions
- Key segment analysis
- Global MRI System Market Estimates (US$ Mn), by Architecture, 2019 – 2032
- Closed MRI Systems
- Open MRI Systems
- Global MRI System Market Analysis and Forecast, by Field Strength
- Overview and definitions
- Key segment analysis
- Global MRI System Market Estimates (US$ Mn), by Field Strength, 2019 – 2032
- Low Field MRI Systems
- High Field MRI Systems
- Very High Field MRI Systems and Ultra-high MRI Systems
- Global MRI System Market Analysis and Forecast, by Application
- Overview and definitions
- Key segment analysis
- Global MRI System Market Estimates (US$ Mn), by Application, 2019 – 2032
- Oncology
- Neurology
- Cardiology
- Gastroenterology
- Musculoskeletal
- Other Applications
- Global MRI System Market Analysis and Forecast, by End Use Industry
- Overview and definitions
- Key segment analysis
- Global MRI System Market Estimates (US$ Mn), by End Use Industry, 2019 – 2032
- Hospitals
- Imaging Centers
- Ambulatory Surgical Centers
- Others
- Global MRI System Market Analysis and Forecast, by Region
- Overview and definitions
- Key segment analysis
- Global MRI System Market Estimates (US$ Mn), by Region, 2019 – 2032
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America MRI System Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- North America MRI System Market Estimates (US$ Mn), by Architecture, 2019 – 2032
- Closed MRI Systems
- Open MRI Systems
- North America MRI System Market Estimates (US$ Mn), by Field Strength, 2019 – 2032
- Low Field MRI Systems
- High Field MRI Systems
- Very High Field MRI Systems and Ultra-high MRI Systems
- North America MRI System Market Estimates (US$ Mn), by Application, 2019 – 2032
- Oncology
- Neurology
- Cardiology
- Gastroenterology
- Musculoskeletal
- Other Applications
- North America MRI System Market Estimates (US$ Mn), by End Use Industry, 2019 – 2032
- Hospitals
- Imaging Centers
- Ambulatory Surgical Centers
- Others
- North America MRI System Market Estimates (US$ Mn), Country, 2019 – 2032
- United States
- Canada
- Rest of North America
- Europe MRI System Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Europe MRI System Market Estimates (US$ Mn), by Architecture, 2019 – 2032
- Closed MRI Systems
- Open MRI Systems
- Europe MRI System Market Estimates (US$ Mn), by Field Strength, 2019 – 2032
- Low Field MRI Systems
- High Field MRI Systems
- Very High Field MRI Systems and Ultra-high MRI Systems
- Europe MRI System Market Estimates (US$ Mn), by Application, 2019 – 2032
- Oncology
- Neurology
- Cardiology
- Gastroenterology
- Musculoskeletal
- Other Applications
- Europe MRI System Market Estimates (US$ Mn), by End Use Industry, 2019 – 2032
- Hospitals
- Imaging Centers
- Ambulatory Surgical Centers
- Others
- Europe MRI System Market Estimates (US$ Mn), Country, 2019 – 2032
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific MRI System Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Asia Pacific MRI System Market Estimates (US$ Mn), by Architecture, 2019 – 2032
- Closed MRI Systems
- Open MRI Systems
- Asia Pacific MRI System Market Estimates (US$ Mn), by Field Strength, 2019 – 2032
- Low Field MRI Systems
- High Field MRI Systems
- Very High Field MRI Systems and Ultra-high MRI Systems
- Asia Pacific MRI System Market Estimates (US$ Mn), by Application, 2019 – 2032
- Oncology
- Neurology
- Cardiology
- Gastroenterology
- Musculoskeletal
- Other Applications
- Asia Pacific MRI System Market Estimates (US$ Mn), by End Use Industry, 2019 – 2032
- Hospitals
- Imaging Centers
- Ambulatory Surgical Centers
- Others
- Asia Pacific MRI System Market Estimates (US$ Mn), Country, 2019 – 2032
- Japan
- India
- China
- South Korea
- Australia
- Rest of Asia Pacific
- Middle East & Africa MRI System Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Middle East & Africa MRI System Market Estimates (US$ Mn), by Architecture, 2019 – 2032
- Closed MRI Systems
- Open MRI Systems
- Middle East & Africa MRI System Market Estimates (US$ Mn), by Field Strength, 2019 – 2032
- Low Field MRI Systems
- High Field MRI Systems
- Very High Field MRI Systems and Ultra-high MRI Systems
- Middle East & Africa MRI System Market Estimates (US$ Mn), by Application, 2019 – 2032
- Oncology
- Neurology
- Cardiology
- Gastroenterology
- Musculoskeletal
- Other Applications
- Middle East & Africa MRI System Market Estimates (US$ Mn), by End Use Industry, 2019 – 2032
- Hospitals
- Imaging Centers
- Ambulatory Surgical Centers
- Others
- Middle East & Africa MRI System Market Estimates (US$ Mn), Country, 2019 – 2032
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East
- South America MRI System Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- South America MRI System Market Estimates (US$ Mn), by Architecture, 2019 – 2032
- Closed MRI Systems
- Open MRI Systems
- South America MRI System Market Estimates (US$ Mn), by Field Strength, 2019 – 2032
- Low Field MRI Systems
- High Field MRI Systems
- Very High Field MRI Systems and Ultra-high MRI Systems
- South America MRI System Market Estimates (US$ Mn), by Application, 2019 – 2032
- Oncology
- Neurology
- Cardiology
- Gastroenterology
- Musculoskeletal
- Other Applications
- South America MRI System Market Estimates (US$ Mn), by End Use Industry, 2019 – 2032
- Hospitals
- Imaging Centers
- Ambulatory Surgical Centers
- Others
- South America MRI System Market Estimates (US$ Mn), Country, 2019 – 2032
- Brazil
- Rest of South America
- Competition Analysis – MRI System Market
- Market Composition
- Market Share Analysis (%), by Supplier (2022)
- Company Profiles
- GE Healthcare
- Business overview
- Geographic presence
- Product portfolio
- Financial facts
- Relevant news and strategic view
- Siemens Healthcare GmbH
- Koninklijke Philips N.V.
- Canon Medical Systems Corporation
- Fujifilm Holdings Corporation
- Shenzhen Anke High-tech Co., Ltd
- Esaote SpA
- Neusoft Medical Systems Co. Ltd
- Fonar Corporation
- Aurora Imaging Technology
- Aspect Imaging
- Hitachi Medical Systems
- AllTech Medical Systems
- GE Healthcare
- Conclusion & Recommendations
Frequently asked questions about this report
What is the MRI systems market growth?
The MRI systems market is expected grow at a CAGR of 4.1% between 2023 to 2032.
How big is MRI systems market?
The MRI systems market was estimated to be US$ 6.88 Billion in 2022.
What are the driving factors in the MRI systems market?
Key factors that are driving the MRI systems market growth include growing demand for non-invasive diagnostic techniques in general and expansion of healthcare infrastructure in emerging economies.
Which country is the largest MRI systems market?
The US is the largest market for MRI systems in North America.
Which region will lead the global MRI systems market?
North America region will lead the global MRI systems market. North America holds a dominant position in the global MRI systems market, with a large presence of leading healthcare providers, and high disposable incomes contributing to the high demand for MRI systems in the region.
Which field strength segment has the largest market share for MRI systems?
The High-field MRI systems have the largest market share because they offer a good balance of imaging quality, cost, and accessibility.
Which architect segment is the fastest-growing in the MRI systems market?
The wide bore MRI is the fastest-growing architect segment in the MRI systems market. The growing demand for improved patient comfort is driving the growth of the wide bore MRI system segment.
Who are the leading companies in the global MRI systems market?
Fonar Corporation, GE Healthcare, Hitachi Medical Corporation, Hologic Inc., Neusoft Medical Systems Co., Ltd., Philips Healthcare, Shimadzu Corporation, Siemens Healthineers, Toshiba Medical Systems Corporation, among others are the leading companies in the global MRI systems market.