Magnetic Resonance Imaging (MRI) Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 9.58 Billion |
| Market Size (2029) | USD 12.88 Billion |
| CAGR (2024 - 2029) | 6.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Magnetic Resonance Imaging Market Analysis
The Magnetic Resonance Imaging Market size is estimated at USD 9.58 billion in 2024, and is expected to reach USD 12.88 billion by 2029, growing at a CAGR of 6.10% during the forecast period (2024-2029).
Factors such as the development of hybrid MRI systems, the presence of universal health coverage in regions like North America, Europe, and parts of Asia, and increased usage in emerging markets due to rising disease rates are driving market expansion. For instance, in March 2023, Children's Minnesota became one of the first North American health systems to launch a pediatric hybrid intraoperative MRI suite with both moving-scanner and moving-patient MRI technology in the same surgical space.
The use of multimodality imaging, especially with integrated PET/CT and commercialized PET/MRI systems, is becoming increasingly important. This trend is anticipated to contribute significantly to market growth. For instance, a study published by the Journal of Nuclear Medicine in December 2023 highlighted how hybrid PET/MRI can offer a more thorough understanding of brain pathology linked to cognitive decline, aiding in Alzheimer's disease diagnosis. Such research underscores the potential of hybrid imaging systems to enhance diagnostics and drive market expansion.
One major factor driving growth in the MRI market during the forecast period is the widespread availability of universal health coverage in many countries worldwide. This coverage reduces the financial burden on individuals for medical procedures like MRI scans, encouraging regular testing and treatment. For instance, 80%-90% of citizens in the United States are covered by programs like Medicare, Medicaid, and SCHIP, while in Canada, Medicare provides health insurance.
Additionally, the adoption and advancement of MRI technology in emerging markets are increasing through the establishment of new facilities across different countries. For instance, in August 2023, India launched one of the first domestically developed, lightweight, high-field (1.5 Tesla), affordable, ultrafast MRI scanners in New Delhi. Under the National Biopharma Mission, this initiative addresses the country's healthcare needs. The development of MRI tailored to the emerging markets' requirements is likely to boost the adoption of the technology and enhance overall market growth.
Thus, owing to the abovementioned factors, such as increasing advancements in MRI and insurance coverage, the market is expected to project significant growth during the forecast period. However, due to the high cost of the MRI systems and associated procedures coupled with the decreasing availability of helium, the growth of the MRI market is expected to be hampered.
Magnetic Resonance Imaging (MRI) Market Trends
The Oncology Segment in Application is Expected to Hold a Significant Market Share Over the Forecast Period
MRI, an imaging test, detects tumors or cancerous cells and identifies signs of metastasis, where cancer spreads from its origin to other body parts. The MRI system uses powerful magnets and radio waves to make detailed, computer-generated cross-section pictures of the body, which doctors later use to diagnose cancerous cells/tissue. The growing burden of cancer and developments in the field, coupled with the launch of MRI products, are propelling the market segment's growth.
Cancer ranks among the most widespread chronic diseases worldwide. MRI, including surgeries and radiation therapies, is pivotal in cancer detection and treatment planning. For instance, in June 2023, the National Health Service (NHS) conducted urgent cancer checks for more than 261 thousand individuals in the United Kingdom. A record-breaking 335 thousand individuals commenced cancer treatments between July 2022 and June 2023 as compared to previous years. As global cancer diagnoses rise, the demand for MRI systems is set to surge, propelling market growth.
Furthermore, the increasing focus on cancer radiation therapy research is also contributing to the growth of this market segment. For instance, in January 2022, researchers at the Sylvester Comprehensive Cancer Center at the University of Miami developed a technique for MRI-guided radiation therapy using machine learning. This technique allows for real-time monitoring of glioblastoma treatment response by combining daily MRI with radiation. It provides physicians with high-resolution images to track the tumor's progress and understand how the cancer is reacting to treatment. Positive outcomes from such studies may lead to the adoption of new cancer treatments, driving growth in this market segment.
Thus, the rising incidence of cancer and advancements in MRI technology are significantly driving the growth of the MRI market. The increasing adoption of MRI systems for cancer detection and treatment planning and ongoing research in MRI-guided therapies underscores the market's potential for continued expansion.
North America is Expected to Dominate the Magnetic Resonance Imaging Market Over the Forecast Period
North America dominates the MRI market. It is expected to show a similar trend during the forecast period, owing to the region's high prevalence of chronic diseases, the presence of a universal healthcare system in the United States and Canada, and new product launches and approvals.
The growing disease burden in the region contributes to the market's growth. For instance, the American Cancer Society estimated that 2 million new cases would be reported in the United States in 2024. Of these, 0.23 million lung cancer cases, 0.31 million breast cancer cases, and 0.30 million prostate cancer cases were expected to be reported in 2024.
Similarly, according to Canadian Cancer Statistics, published in November 2023, it was estimated that 239 thousands of Canadians were diagnosed with cancer in 2023. It was also reported that lung, breast, colorectal, and prostate cancers are expected to remain the most commonly diagnosed cancers, accounting for 46% of all diagnoses in 2023 in the country. Such a high burden of cancer creates the need for MRI scans for proper diagnosis and treatments. Thus, it is expected to drive the growth of the market in the region.
Furthermore, research institutions' development of new products is also driving market growth in the region. For example, research published by Ohio State University in January 2024 highlighted the impact of real-time magnetic resonance (MR) imaging during gene therapy in the nervous system. This technology is crucial for optimizing the effectiveness, safety, and efficiency of delivering gene therapy to the nervous system. Over the next 3 to 5 years, real-time MRI for gene therapy delivery is expected to become more widely used as more sites acquire the necessary infrastructure and expertise.
Moreover, the adoption of new and advanced MRI systems by end-users in the region is expected to further boost market growth. For instance, in June 2023, Moffitt McKinley Hospital introduced intraoperative Magnetic Resonance Imaging (MRI). This technology, integrated into the hospital's operations, provides surgeons with a cutting-edge tool during complex surgeries. Traditional imaging methods like ultrasounds and CT scanners may lack the resolution needed to precisely locate tumors and understand their detailed physical characteristics. The adoption of such products is driving market growth in the region.
Therefore, owing to the factors mentioned above, such as product development and adoption, the North American region is expected to hold a major market share in the global magnetic resonance imaging market during the forecast period.
Magnetic Resonance Imaging Industry Overview
The global magnetic resonance imaging market is semi-consolidated with several major players. In terms of market share, some major players currently dominate the market. With technological advancements and quality service provisions, mid-size to smaller companies are increasing their market presence by introducing new products at lower prices. Companies like Siemens Healthineers, GE Healthcare, Canon Medical Systems, and Philips Healthcare hold a significant market share in the global magnetic resonance imaging market.
Magnetic Resonance Imaging (MRI) Market Leaders
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Siemens Healthcare GmbH
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Canon Medical Systems Corporation
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GE Healthcare
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Fujifilm Holdings Corporation
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Koninklijke Philips N.V.
*Disclaimer: Major Players sorted in no particular order
Magnetic Resonance Imaging Market News
- In February 2024, Ezra, a healthcare Artificial Intelligence (AI) firm specializing in enhancing MRI imaging and early cancer detection, disclosed a successful funding round, securing USD 21 million. The fresh capital injection is earmarked to propel Ezra's expansion, targeting a presence in 20 cities and 50 locations throughout North America by the end of 2024. Additionally, the funding will bolster the adoption of Ezra's AI technology among prominent imaging centers and healthcare professionals.
- In June 2023, Philips collaborated with Belarsan to enhance hyperpolarized Xenon MRI for patients with respiratory conditions. By integrating the Philips MR 7700 multi-nuclei MRI scanner with Polarsan's XENOVIEW hyperpolarized Xenon contrast agent, this innovative solution may offer clinicians clearer visibility of patients' lungs and enable precise measurement of lung ventilation.
Magnetic Resonance Imaging (MRI) Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Introduction of Hybrid MRI Systems
- 4.2.2 Availability of Universal Health Coverage in North America, Europe, and Several Asian Countries
- 4.2.3 Increasing Adoption in Emerging Markets
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4.3 Market Restraints
- 4.3.1 High Cost of MRI Systems
- 4.3.2 Declining Helium Availability
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
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5.1 By Architecture
- 5.1.1 Closed MRI Systems
- 5.1.2 Open MRI Systems
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5.2 By Field Strength
- 5.2.1 Low Field MRI Systems
- 5.2.2 High Field MRI Systems
- 5.2.3 Very High Field MRI Systems and Ultra-high MRI Systems
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5.3 By Application
- 5.3.1 Oncology
- 5.3.2 Neurology
- 5.3.3 Cardiology
- 5.3.4 Gastroenterology
- 5.3.5 Musculoskeletal
- 5.3.6 Other Applications
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5.4 Geography
- 5.4.1 North America
- 5.4.1.1 United States
- 5.4.1.2 Canada
- 5.4.1.3 Mexico
- 5.4.2 Europe
- 5.4.2.1 Germany
- 5.4.2.2 United Kingdom
- 5.4.2.3 France
- 5.4.2.4 Italy
- 5.4.2.5 Spain
- 5.4.2.6 Rest of Europe
- 5.4.3 Asia-Pacific
- 5.4.3.1 China
- 5.4.3.2 Japan
- 5.4.3.3 India
- 5.4.3.4 Australia
- 5.4.3.5 South Korea
- 5.4.3.6 Rest of Asia-Pacific
- 5.4.4 Middle East and Africa
- 5.4.4.1 GCC
- 5.4.4.2 South Africa
- 5.4.4.3 Rest of Middle East and Africa
- 5.4.5 South America
- 5.4.5.1 Brazil
- 5.4.5.2 Argentina
- 5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Aurora Healthcare US Corp
- 6.1.2 Canon Medical Systems Corporation
- 6.1.3 Shenzhen Anke High-tech Co. Ltd
- 6.1.4 Esaote SpA
- 6.1.5 GE Healthcare
- 6.1.6 Fujifilm Holdings Corporation
- 6.1.7 Koninklijke Philips NV
- 6.1.8 Neusoft Medical Systems Co. Ltd
- 6.1.9 Fonar Corporation
- 6.1.10 Siemens Healthcare GmbH
- 6.1.11 Bruker Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Magnetic Resonance Imaging Industry Segmentation
As per the scope of the report, magnetic resonance imaging is a medical imaging technique used in radiology to produce pictures of the anatomy and the body's physiological processes. These pictures are further used to diagnose and detect the presence of abnormalities in the body.
The magnetic resonance imaging market is segmented by architecture, field strength, application, and geography. By architecture, the market is segmented into closed MRI systems and open MRI systems. The market is segmented by field strength into low-field MRI systems, high-field MRI systems, very high-field MRI systems, and ultra-high MRI systems. By application, the market is segmented into oncology, neurology, cardiology, gastroenterology, musculoskeletal, and other applications. The market is segmented by geography into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value in USD for the above segments.
| By Architecture | Closed MRI Systems | |
| Open MRI Systems | ||
| By Field Strength | Low Field MRI Systems | |
| High Field MRI Systems | ||
| Very High Field MRI Systems and Ultra-high MRI Systems | ||
| By Application | Oncology | |
| Neurology | ||
| Cardiology | ||
| Gastroenterology | ||
| Musculoskeletal | ||
| Other Applications | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Middle East and Africa | GCC |
| South Africa | ||
| Rest of Middle East and Africa | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Magnetic Resonance Imaging (MRI) Market Research FAQs
How big is the Magnetic Resonance Imaging Market?
The Magnetic Resonance Imaging Market size is expected to reach USD 9.58 billion in 2024 and grow at a CAGR of 6.10% to reach USD 12.88 billion by 2029.
What is the current Magnetic Resonance Imaging Market size?
In 2024, the Magnetic Resonance Imaging Market size is expected to reach USD 9.58 billion.
Who are the key players in Magnetic Resonance Imaging Market?
Siemens Healthcare GmbH, Canon Medical Systems Corporation, GE Healthcare, Fujifilm Holdings Corporation and Koninklijke Philips N.V. are the major companies operating in the Magnetic Resonance Imaging Market.
Which is the fastest growing region in Magnetic Resonance Imaging Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Magnetic Resonance Imaging Market?
In 2024, the North America accounts for the largest market share in Magnetic Resonance Imaging Market.
What years does this Magnetic Resonance Imaging Market cover, and what was the market size in 2023?
In 2023, the Magnetic Resonance Imaging Market size was estimated at USD 9.00 billion. The report covers the Magnetic Resonance Imaging Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Magnetic Resonance Imaging Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key factors driving the adoption of open Magnetic Resonance Imaging (MRI) systems compared to traditional closed systems?
The key factors driving the adoption of open Magnetic Resonance Imaging (MRI) systems compared to traditional closed systems are a) Patient comfort c) Reduced claustrophobia & suitability for specific patient needs
MRI Industry Report
The Magnetic Resonance Imaging (MRI) market is experiencing robust growth, fueled by heightened health concerns and an escalating demand for sophisticated diagnostic tools in healthcare. Advancements by MRI companies in multi-contrast and silent scanning technologies are enhancing patient comfort and image accuracy, making MRI an indispensable tool for diagnosing a gamut of conditions across oncology, neurology, cardiology, among others. The market's segmentation, notably by field strength and system architecture, caters to a broad range of clinical needs, with high-field systems for their imaging precision and open systems preferred for pediatric and claustrophobic patients. The integration of multimodality imaging, such as PET/MRI systems, and ongoing research in cancer radiation therapy, offer significant growth potential. Despite challenges like high costs and helium supply constraints, the sector's outlook remains positive due to continuous innovation and the growing necessity for advanced diagnostics. Statistics for the MRI market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. MRI analysis includes a market forecast outlook to and historical overview. Get a sample of this industry analysis as a free report PDF download.
