Magnetic Resonance Imaging Market Size, Share, and Trends 2024 to 2034

Magnetic Resonance Imaging Market Size and Forecast 2024 to 2034

The global magnetic resonance imaging market size is estimated at USD 8.15 billion in 2024 and is anticipated to reach around USD 11.95 billion by 2034, expanding at a CAGR of 3.91% from 2024 to 2034.

Magnetic Resonance Imaging Market Key Takeaways

• By strength, the midfield strength segment reached a 73% market share in 2023.
• By end user, the hospital segment held the largest share in 2023.
• By, the closed MRI system segment has contributed the highest market share in 2023.
• North America has generated a 39% market share in 2023.

U.S. Magnetic Resonance Imaging Market Size and Growth 2024 to 2034

The U.S. magnetic resonance imaging market size is evaluated at USD 2.22 billion in 2024 and is predicted to be worth around USD 3.33 billion by 2034, rising at a CAGR of 4.10% from 2024 to 2034. 

On the basis of geography, the North American region has dominated the market in the past and it will continue to grow well in the coming years. This segment held a larger market share in terms of revenue and it will increase during the forecast period. Increasing cases of chronic diseases like cardiovascular disorders breast cancer, neurological disorders will create more demand for these techniques. Innovations in the technology will also lead to the growth of the market during the forecast period. The adoption of these machines has grown rapidly in the European nations.

Asia Pacific region will also show a significant growth in the coming years as the geriatric population has increased in this region and the need for the advanced imaging has grown. This market will grow well for the nations like China, Japan and India in the coming years. Good mount of growth opportunities will be provided by Japan as the healthcare industry in this nation is growing drastically. The availability of the skilled staff in the healthcare segment will also play a significant role in the growth of the market.

Market Overview

There are many different types of techniques used in the diagnosis of various diseases with the help of imaging. And out of all of these techniques which are available across the world the magnetic resonance imaging technique is extremely common. It helps in detecting, treating as well as managing many different types of critical illnesses. As the number of patients suffering with cancer are predicted to grow during the forecast period the demand for this technology will also increase during the forecast period. Maximum opportunities for the growth of this market will be provided due to an increase in the cases of cancer and the deaths associated with this disease.

Magnetic Resonance Imaging Market Growth Factors

Constant research and development in this field was possible due to an increase in the investments made which has led to the introduction of new products in the market. Growing demand for these techniques has also helped in the growth of the market in the recent years. As the chronic diseases have increased in the developed as well as the developing nations the need for medical imaging has grown drastically. Medical professionals have adopted this technology to a greater extent as it provides better efficiency and also helps in understanding the course of treatment. Different types of health conditions like injuries, abnormalities with the spinal cord, brain few cardiological problems, tumors and cysts can be detected with the help of this technology due to which the need for this technique will increase. 

• The number of products launched in the market have also increased in the recent years
• Availability of the applications that provide higher strength has led to the growth of the market
• Improvement in the quality of the image will also strengthen the market growth
• Increase in the number of chronic diseases will also help in the growth of the market

Market Scope

Market Dynamics

Key Market Drivers 

Increase in the number of technological advancements

• One of the major driving factors which will lead to a significant growth in the market is the technological advancements. The number of open MRI machines launched in the recent years have increased as they provide effective imaging and also reduce the claustrophobic effect of the closed MRI machines. It is extremely suitable for overweight patients due to which this segment will help in the both of the market.
• The vision quality is good as compared to use of another type of machines and the faster timing in acquiring images will also lead to the growth of the market. Market players across the world are engaged in increasing the number of innovative products introduced in the market.

Key Market Challenges

• High cost - The equipment's are expensive due to which the demand for these systems maybe hampered in the coming years. The maintenance and installation of these machines is also expensive and this also happens to be another factor which limits the growth of the market. The sales of the refurbished systems have increased due to the expensive new machines. Hospitals as well as the health care institutions in most of the developing nations are engaged in adopting refurbished machines.

Key Market Opportunities

• Countries like India, Brazil and China are the emerging nations and the other nations in Africa and the Middle East will also provide greater opportunities for the growth of this market in the coming years. Some of the companies operational in the market are increasing their investments made in these nations. 

Architecture Insights

On the basis of architecture, the closed segment is expected to have a larger market share in the coming years. This segment makes use of magnetic fields that are powerful and offer higher frequency of radio waves. These two factors help in obtaining detailed images. The analysis obtained with the help of this type of architecture offers less chances of errors and it also gives a detailed selection of slice. There are chances that the patients feel disturbed due to the presence of loud noise and they may also feel claustrophobic. These are some of the reasons due to which the results could be inaccurate. 

Many market players are constantly engaged on providing open MRI architecture which are extremely suitable for oversized patients and the patients that suffer with claustrophobia. In order to make these machines attractive for the children and to make the experience fun for children some of these machines have cartoons or drawings on them. The amount of anxiety is reduced with the use of open systems and due to which this segment becomes more effective.

Field Strength Insights

On the basis of the strength of the field, the high field segment will expect to have a larger market share in the coming years. Many research studies that were conducted in recent years have seen better efficiency associated with the high field segment. Many manufacturers across the globe are engaged in providing these machines and they are engaged in seeking regulatory approvals.

The midfield strength segment had a larger share in the market in the past as it provides high precision in the images and it is available at affordable prices. The installation of the high field strength machines in the hospitals and other centers across the North American region will also help in the growth of the market during the forecast period. The use of these machines for knee imaging and brain imaging have increased in the recent years due to an increase in the number of problems related to these organs.

Application Insights

On the basis of application, the neurological imaging and brain segment had a larger market share in the past and this will continue to increase in the coming year. Superior quality images produced in these cans as compared to the computerized scans will help in the growth of the market. Apart from the growth of the brain imaging and the neurological imaging the breast imaging segment will also have a good amount of market share in the coming years as the cases of cancer have grown in the recent years period the use of these machines for identifying this disease in the growing number of populations across the world will increase in the coming years.

In the recent years the number of breast cancer cases have increased drastically and the number of deaths caused due to this type of cancer have also increased. The use of MRI techniques for detecting the presence of this type of cancer will increase in the coming years period this happens to be the most preferred method for the musculoskeletal imaging as well as the spinal imaging and this will also help in the growth of the market during the forecast period. The use of high contrast images for various organs have also increase through the use of MRI machines. 

End User Insights

On the basis of the end user the hospital segment will have a larger market share in the coming years period this segment has dominated the market in the past with the highest market share in terms of revenue and it will continue to grow well in the coming years. The number of MRI units used in the hospitals have increased drastically and this will increase more even in the coming years. When it comes to the use of in modern machines in the emergency centers or trauma centers has also increased in the recent years and this will fuel the growth of the market in the coming years.

Apart from the growth of the hospitals segment the imaging center segment will also grow well with the fastest compound annual growth rate in the coming years. As the diagnosis of the noninvasive type have a greater demand in the market the use of these machines will grow in the coming year. The availability of these machines at an affordable cost will also help in the growth of the market. Apart from the growth of the hospitals and the imaging center segment the ambulatory care center segment will also experience go to growth in the coming years period number of initiatives taken by the government across the world will lead to an increased adoption of the MRI machines in this segment.

Magnetic Resonance Imaging Market Top Companies

• GE Healthcare
• Siemens AG
• Toshiba Corporation
• Aurora Imaging Technologies, Inc.
• Koninklijke Philips N.V.
• Esaote SPA
• Sanrad Medical Systems Pvt ltd.
• Fujifilm

Key Market Developments

• In November 2021 - Fujifilm healthcare Americas corporation disclosed its MRI system which is advanced and has a high field which is known as Velocity MRI system. This event took place add the radiological society of North America in 2021. It is the newest MRI scanner which is mainly designed to enhance the experience of the patient.

Segments Covered in the Report

By Architecture

• Closed system
• Open system

By Type

• Conventional
• Bio-based

By Process

• Trans-Esterification
• Direct Esterification 

By Field Strength

• Mid field strength
• Low field strength
• High field strength

By Application

• Obstructive sleep apnea
• Brain and neurological
• Spine and musculoskeletal
• Vascular
• Abdominal
• Cardiac
• Breast
• Others

By End User

• Imaging centers
• Hospitals 
• Ambulatory surgical centers
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)