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Report
Magnetic Resonance Imaging (MRI) Equipment - A Global Market Overview
Market Report I 2024-11-06 I 307 Pages I Industry Experts
Magnetic Resonance Imaging (MRI) Equipment Market Trends and Outlook
Magnetic Resonance Imaging (MRI) is a non-invasive imaging device to create detailed three-dimensional(3D) images of internal organs and tissues. MRI devices use powerful magnetic fields and radio waves to visualize soft tissues such as the brain, spinal cord, muscles, and joints, assisting in diagnosing tumors, inflammation, neurological disorders, and musculoskeletal problems. The main MRI categories include Low-to-Mid-Field MRI systems (<1.5T to 3T), commonly used for routine diagnostics in clinical settings due to their affordability and adaptability. High and very high-field MRI Systems (3T to 7T) are preferred for high-resolution imaging in advanced fields like neurology and oncology, fueled by imaging technological advancements. Ultra-high-field MRI systems (>7T) is an advanced MRI technology that offers greater detail in images for complex research purposes.
MRI systems are essential in modern healthcare for their precision and safety over ionizing radiation methods. Nonetheless, their use can be limited for patients with metallic implants, as these can disrupt the magnetic fields, and for patients who are suffering from severe claustrophobia, who may feel anxious in the enclosed space of the MRI machine. Despite these limitations, the benefits of MRI in providing high-quality diagnostic information make it an essential tool in contemporary medical practice. The global Magnetic Resonance Imaging (MRI) Equipment market is estimated to be valued at US$7.6 billion in 2024 and is projected to grow to US$10.8 billion by 2030, with a CAGR of 6% during the analysis period 2024-2030.
The Magnetic Resonance Imaging (MRI) Equipment market growth is propelled by the rising incidence of chronic illnesses, such as cancer, neurological conditions, and cardiovascular diseases, which require sophisticated imaging methods for precise diagnosis and treatment tracking. MRI devices are essential for their capability to deliver detailed, high-resolution images without ionizing radiation methods and make them specifically valuable for soft tissue evaluation in fields like neurology and oncology. Growing healthcare awareness and the adoption of advanced MRI technologies, including high & very high-field MRI systems (>3T to 7T) and ultra-high-field MRI systems (>7T), improve imaging accuracy and drive market expansion. Investments in healthcare infrastructure, particularly in developing countries, enhance the availability of MRI technology, further bolstered by innovations like open MRI systems that address comfort concerns for patients with claustrophobia.
Magnetic Resonance Imaging (MRI) Equipment Regional Market Analysis
North America dominates the global MRI equipment market, capturing a 41.9% share in 2024, driven by the increased prevalence of chronic diseases such as cancer, cardiovascular disorders, and neurological conditions. The region benefits from advanced healthcare infrastructure, early diagnosis practices, and robust support for medical research, supported by government funding and health insurance coverage. In this region, advanced MRI technologies, including multi-modality systems, are widely adopted in hospitals and specialized centers despite challenges like claustrophobia and implant interference. Meanwhile, Asia-Pacific is projected to be the fastest-growing market with a CAGR of 7% during the analysis period 2024-2030, fueled by an increasing geriatric population, growing demand for advanced imaging modalities, and robust healthcare service expansion in countries like China, Japan, and India, along with a thriving medical tourism industry that attracts patients seeking advanced diagnostic services at competitive prices.
Magnetic Resonance Imaging (MRI) Equipment Market Analysis by Architecture
The Closed MRI systems segment is the largest market for Magnetic Resonance Imaging (MRI) equipment, cornering an estimated share of 71.8% in 2024, due to its use of robust magnetic fields and high-frequency radio waves, which produce detailed images and enable precise slice selection. Despite challenges such as claustrophobia and loud noise during scans affecting patient experience and resulting in accuracy issues, closed MRI systems remain the preferred choice for radiologists due to their superior image quality. On the other hand, the Open MRI systems segment is projected to record the fastest CAGR of 6.5% during the forecast period 2024-2030, driven by the development of wide-bore and open MRI systems aimed at reducing anxiety, especially for claustrophobic patients and children. This market growth is further fueled by their less confined design, which alleviates patient anxiety, particularly in neonates, and is supported by ongoing clinical trials and new product launches that expand their applications.
Magnetic Resonance Imaging (MRI) Equipment Market Analysis by Field Strength
The global MRI equipment market, based on field strength, is led by the low-to-mid-field MRI systems (<1.5T to 3T) segment, projected to hold a 71.2% share in 2024. This dominance is attributed to their affordability, accessibility, and versatility for routine diagnostic imaging for various clinical applications. These MRI systems are preferred for general hospitals and smaller clinics operating with budget constraints. Conversely, the high & very-high-field MRI systems (>3T to 7T) segment is expected to be the fastest-growing market, with a 7.1% CAGR during the 2024-2030 analysis period. This growth is driven by the increasing demand for high-resolution imaging, especially in neurology and oncology, and technological advancements that improve image quality and patient comfort, making these high-field systems more viable in clinical settings.
Magnetic Resonance Imaging (MRI) Equipment Market Analysis by Application
The Brain and Neurology segment accounted for 23.7% of the market share in 2024, making it the dominant application segment in the MRI equipment market. This dominance is driven by technological advancements that improve the diagnosis of neurological disorders and the superior image quality offered by MRI over computerized tomography (CT) scanners. As the prevalence of conditions like Alzheimer's, Parkinson's, and multiple sclerosis diseases rises, the Brain and Neurology segment is anticipated to sustain its lead throughout the forecast period. Conversely, the Breast imaging application segment is projected to register the fastest CAGR of 7.3% during the forecast period 2024-2030, propelled by the increasing occurrence of breast cancer, superior imaging quality of MRI, and MRI technological advancements. Furthermore, heightened awareness, enhanced screening initiatives, and increased healthcare spending are boosting the market growth.
Magnetic Resonance Imaging (MRI) Equipment Market Analysis by End-User
In 2024, the hospital segment captured the largest share of the MRI equipment market, representing 54.9% of the end-user market. This dominance is influenced by the installation of MRI systems and the growing use of rapid MRI (rMRI) in emergency and trauma care and teaching hospitals. Furthermore, hospitals get the advantage of incorporating advanced imaging technologies into their patient care, which improves diagnostic capabilities and treatment planning. Meanwhile, the Diagnostic Imaging Centers segment is expected to experience the fastest-growing market with a CAGR of 6.6% during the forecast period, driven by the increasing number of diagnostic imaging centers in emerging countries and the increasing demand for non-invasive diagnostic methods. The growth of independent centers providing affordable MRI services is also aiding this segment's growth.
Magnetic Resonance Imaging (MRI) Equipment Market Report Scope
This global report on 3D Metrology analyzes the market based on offering, hardware, application and end-use sector. In addition to providing profiles of major companies operating in this space, the latest corporate and industrial developments have been covered to offer a clear panorama of how and where the market is progressing.
Key Metrics
Historical Period: 2021-2023
Base Year: 2023
Forecast Period: 2024-2030
Units: Value market in US$
Companies Mentioned: 10+
Magnetic Resonance Imaging (MRI) Equipment Market by Geographic Region
North America (The United States, Canada, and Mexico)
Europe (Germany, France, United Kingdom, Italy, Spain, and Rest of Europe)
Asia-Pacific (Japan, China, India, South Korea, and Rest of Asia-Pacific)
South America (Brazil, Argentina, and Rest of South America)
Rest of World
Magnetic Resonance Imaging (MRI) Equipment Market by Architecture
Closed MRI systems
Open MRI systems
Magnetic Resonance Imaging (MRI) Equipment Market by Field Strength
Low-to-Mid-Field MRI Systems (<1.5T to 3T)
High & Very-High-Field MRI Systems (>3T to 7T)
Ultra-High-Field MRI Systems (>7T)
Magnetic Resonance Imaging (MRI) Equipment Market by Application
Brain and Neurology
Spine and Musculoskeletal
Breast
Cardiology
Vascular
Abdominal
Other Applications (Including Inflammatory & Infectious Diseases, Gastroenterology, Obstructive Sleep Apnea (OSA), Body Imaging, and others)
Magnetic Resonance Imaging (MRI) Equipment Market by End-User
Hospitals
Diagnostic Imaging Centers
Other End-Users (Including Research Institutions, Specialty Clinics, and Ambulatory Surgical Centers)
PART A: GLOBAL MARKET PERSPECTIVE
1. INTRODUCTION
- Product Outline
- Magnetic Resonance Imaging (MRI) Equipment Defined
- Magnetic Resonance Imaging (MRI) Equipment Architectures
o Closed MRI systems
o Open MRI systems
- Magnetic Resonance Imaging (MRI) Equipment Field Strengths
o Low-to-Mid-Field MRI Systems (<1.5T to 3T)
o High & Very-High-Field MRI Systems (>3T to 7T)
o Ultra-High-Field MRI Systems (>7T)
- Magnetic Resonance Imaging (MRI) Equipment Applications
o Brain and Neurology
o Spine and Musculoskeletal
o Breast
o Cardiology
o Vascular
o Abdominal
o Other Applications (Including Inflammatory & Infectious Diseases, Gastroenterology, Obstructive Sleep Apnea (OSA), Body Imaging, and others)
- Magnetic Resonance Imaging (MRI) Equipment End-Users
o Hospitals
o Diagnostic Imaging Centers
o Other End-Users (Including Research Institutions, Specialty Clinics, and Ambulatory Surgical Centers)
2. Key Market Trends
3. Key Global Players
- Alltech Medical Systems, LLC
- Aurora Healthcare US Corp.
- Bruker Corporation
- Canon Medical Systems Corporation
- Esaote SpA
- FONAR Corp.
- Fujifilm Holdings Corporation
- GE Healthcare
- Koninklijke Philips N.V.
- Neusoft Medical Systems Co., Ltd.
- Sanrad Medical Systems Pvt Ltd
- Shimadzu Corporation
- Siemens Healthineers AG
- Time Medical Holding
4. Key Business & Product Trends
5. Global Market Overview
- Global Magnetic Resonance Imaging (MRI) Equipment Market Overview by Architecture
o Magnetic Resonance Imaging (MRI) Equipment Architecture Market Overview by Global Region
- Closed MRI systems
- Open MRI systems
- Global Magnetic Resonance Imaging (MRI) Equipment Market Overview by Field Strength
o Magnetic Resonance Imaging (MRI) Equipment Field Strength Market Overview by Global Region
- Low-to-Mid-Field MRI Systems (<1.5T to 3T)
- High & Very-High-Field MRI Systems (>3T to 7T)
- Ultra-High-Field MRI Systems (>7T)
- Global Magnetic Resonance Imaging (MRI) Equipment Market Overview by Application
o Magnetic Resonance Imaging (MRI) Equipment Application Market Overview by Global Region
- Brain and Neurology
- Spine and Musculoskeletal
- Breast
- Cardiology
- Vascular
- Abdominal
- Other Applications
- Global Magnetic Resonance Imaging (MRI) Equipment Market Overview by End-User
o Magnetic Resonance Imaging (MRI) Equipment End-User Market Overview by Global Region
- Hospitals
- Diagnostic Imaging Centers
- Other End-Users
PART B: REGIONAL MARKET PERSPECTIVE
Global Magnetic Resonance Imaging (MRI) Equipment Market Overview by Geographic Region
REGIONAL MARKET OVERVIEW
6. North America
- North American Magnetic Resonance Imaging (MRI) Equipment Market Overview by Geographic Region
- North American Magnetic Resonance Imaging (MRI) Equipment Market Overview by Architecture
- North American Magnetic Resonance Imaging (MRI) Equipment Market Overview by Field Strength
- North American Magnetic Resonance Imaging (MRI) Equipment Market Overview by Application
- North American Magnetic Resonance Imaging (MRI) Equipment Market Overview by End-User
- Country-wise Analysis of North American Magnetic Resonance Imaging (MRI) Equipment Market
o The United States
- United States Magnetic Resonance Imaging (MRI) Equipment Market Overview by Architecture
- United States Magnetic Resonance Imaging (MRI) Equipment Market Overview by Field Strength
- United States Magnetic Resonance Imaging (MRI) Equipment Market Overview by Application
- United States Magnetic Resonance Imaging (MRI) Equipment Market Overview by End-User
o Canada
- Canadian Magnetic Resonance Imaging (MRI) Equipment Market Overview by Architecture
- Canadian Magnetic Resonance Imaging (MRI) Equipment Market Overview by Field Strength
- Canadian Magnetic Resonance Imaging (MRI) Equipment Market Overview by Application
- Canadian Magnetic Resonance Imaging (MRI) Equipment Market Overview by End-User
o Mexico
- Mexican Magnetic Resonance Imaging (MRI) Equipment Market Overview by Architecture
- Mexican Magnetic Resonance Imaging (MRI) Equipment Market Overview by Field Strength
- Mexican Magnetic Resonance Imaging (MRI) Equipment Market Overview by Application
- Mexican Magnetic Resonance Imaging (MRI) Equipment Market Overview by End-User
7. Europe
- European Magnetic Resonance Imaging (MRI) Equipment Market Overview by Geographic Region
- European Magnetic Resonance Imaging (MRI) Equipment Market Overview by Architecture
- European Magnetic Resonance Imaging (MRI) Equipment Market Overview by Field Strength
- European Magnetic Resonance Imaging (MRI) Equipment Market Overview by Application
- European Magnetic Resonance Imaging (MRI) Equipment Market Overview by End-User
- Country-wise Analysis of European Magnetic Resonance Imaging (MRI) Equipment Market
o Germany
- German Magnetic Resonance Imaging (MRI) Equipment Market Overview by Architecture
- German Magnetic Resonance Imaging (MRI) Equipment Market Overview by Field Strength
- German Magnetic Resonance Imaging (MRI) Equipment Market Overview by Application
- German Magnetic Resonance Imaging (MRI) Equipment Market Overview by End-User
o France
- French Magnetic Resonance Imaging (MRI) Equipment Market Overview by Architecture
- French Magnetic Resonance Imaging (MRI) Equipment Market Overview by Field Strength
- French Magnetic Resonance Imaging (MRI) Equipment Market Overview by Application
- French Magnetic Resonance Imaging (MRI) Equipment Market Overview by End-User
o The United Kingdom
- United Kingdom Magnetic Resonance Imaging (MRI) Equipment Market Overview by Architecture
- United Kingdom Magnetic Resonance Imaging (MRI) Equipment Market Overview by Field Strength
- United Kingdom Magnetic Resonance Imaging (MRI) Equipment Market Overview by Application
- United Kingdom Magnetic Resonance Imaging (MRI) Equipment Market Overview by End-User
o Italy
- Italian Magnetic Resonance Imaging (MRI) Equipment Market Overview by Architecture
- Italian Magnetic Resonance Imaging (MRI) Equipment Market Overview by Field Strength
- Italian Magnetic Resonance Imaging (MRI) Equipment Market Overview by Application
- Italian Magnetic Resonance Imaging (MRI) Equipment Market Overview by End-User
o Spain
- Spanish Magnetic Resonance Imaging (MRI) Equipment Market Overview by Architecture
- Spanish Magnetic Resonance Imaging (MRI) Equipment Market Overview by Field Strength
- Spanish Magnetic Resonance Imaging (MRI) Equipment Market Overview by Application
- Spanish Magnetic Resonance Imaging (MRI) Equipment Market Overview by End-User
o Rest of Europe
- Rest of Europe Magnetic Resonance Imaging (MRI) Equipment Market Overview by Architecture
- Rest of Europe Magnetic Resonance Imaging (MRI) Equipment Market Overview by Field Strength
- Rest of Europe Magnetic Resonance Imaging (MRI) Equipment Market Overview by Application
- Rest of Europe Magnetic Resonance Imaging (MRI) Equipment Market Overview by End-User
8. Asia-Pacific
- Asia-Pacific Magnetic Resonance Imaging (MRI) Equipment Market Overview by Geographic Region
- Asia-Pacific Magnetic Resonance Imaging (MRI) Equipment Market Overview by Architecture
- Asia-Pacific Magnetic Resonance Imaging (MRI) Equipment Market Overview by Field Strength
- Asia-Pacific Magnetic Resonance Imaging (MRI) Equipment Market Overview by Application
- Asia-Pacific Magnetic Resonance Imaging (MRI) Equipment Market Overview by End-User
- Country-wise Analysis of Asia-Pacific Magnetic Resonance Imaging (MRI) Equipment Market
o Japan
- Japanese Magnetic Resonance Imaging (MRI) Equipment Market Overview by Architecture
- Japanese Magnetic Resonance Imaging (MRI) Equipment Market Overview by Field Strength
- Japanese Magnetic Resonance Imaging (MRI) Equipment Market Overview by Application
- Japanese Magnetic Resonance Imaging (MRI) Equipment Market Overview by End-User
o China
- Chinese Magnetic Resonance Imaging (MRI) Equipment Market Overview by Architecture
- Chinese Magnetic Resonance Imaging (MRI) Equipment Market Overview by Field Strength
- Chinese Magnetic Resonance Imaging (MRI) Equipment Market Overview by Application
- Chinese Magnetic Resonance Imaging (MRI) Equipment Market Overview by End-User
o India
- Indian Magnetic Resonance Imaging (MRI) Equipment Market Overview by Architecture
- Indian Magnetic Resonance Imaging (MRI) Equipment Market Overview by Field Strength
- Indian Magnetic Resonance Imaging (MRI) Equipment Market Overview by Application
- Indian Magnetic Resonance Imaging (MRI) Equipment Market Overview by End-User
o South Korea
- South Korean Magnetic Resonance Imaging (MRI) Equipment Market Overview by Architecture
- South Korean Magnetic Resonance Imaging (MRI) Equipment Market Overview by Field Strength
- South Korean Magnetic Resonance Imaging (MRI) Equipment Market Overview by Application
- South Korean Magnetic Resonance Imaging (MRI) Equipment Market Overview by End-User
o Rest of Asia-Pacific
- Rest of Asia-Pacific Magnetic Resonance Imaging (MRI) Equipment Market Overview by Architecture
- Rest of Asia-Pacific Magnetic Resonance Imaging (MRI) Equipment Market Overview by Field Strength
- Rest of Asia-Pacific Magnetic Resonance Imaging (MRI) Equipment Market Overview by Application
- Rest of Asia-Pacific Magnetic Resonance Imaging (MRI) Equipment Market Overview by End-User
9. South America
- South American Magnetic Resonance Imaging (MRI) Equipment Market Overview by Geographic Region
- South American Magnetic Resonance Imaging (MRI) Equipment Market Overview by Architecture
- South American Magnetic Resonance Imaging (MRI) Equipment Market Overview by Field Strength
- South American Magnetic Resonance Imaging (MRI) Equipment Market Overview by Application
- South American Magnetic Resonance Imaging (MRI) Equipment Market Overview by End-User
- Country-wise Analysis of Asia-Pacific Magnetic Resonance Imaging (MRI) Equipment Market
o Brazil
- Brazilian Magnetic Resonance Imaging (MRI) Equipment Market Overview by Architecture
- Brazilian Magnetic Resonance Imaging (MRI) Equipment Market Overview by Field Strength
- Brazilian Magnetic Resonance Imaging (MRI) Equipment Market Overview by Application
- Brazilian Magnetic Resonance Imaging (MRI) Equipment Market Overview by End-User
o Argentina
- Argentine Magnetic Resonance Imaging (MRI) Equipment Market Overview by Architecture
- Argentine Magnetic Resonance Imaging (MRI) Equipment Market Overview by Field Strength
- Argentine Magnetic Resonance Imaging (MRI) Equipment Market Overview by Application
- Argentine Magnetic Resonance Imaging (MRI) Equipment Market Overview by End-User
o Rest of South America
- Rest of South American Magnetic Resonance Imaging (MRI) Equipment Market Overview by Architecture
- Rest of South American Magnetic Resonance Imaging (MRI) Equipment Market Overview by Field Strength
- Rest of South American Magnetic Resonance Imaging (MRI) Equipment Market Overview by Application
- Rest of South American Magnetic Resonance Imaging (MRI) Equipment Market Overview by End-User
10. Rest of World
- Rest of World Magnetic Resonance Imaging (MRI) Equipment Market Overview by Architecture
- Rest of World Magnetic Resonance Imaging (MRI) Equipment Market Overview by Field Strength
- Rest of World Magnetic Resonance Imaging (MRI) Equipment Market Overview by Application
- Rest of World Magnetic Resonance Imaging (MRI) Equipment Market Overview by End-User
PART C: GUIDE TO THE INDUSTRY
PART D: ANNEXURE
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