Pune, Feb. 13, 2025 (GLOBE NEWSWIRE) -- Magnetic Resonance Imaging Market Size & Growth Analysis:
“According to SNS Insider, The Magnetic Resonance Imaging (MRI) Market size was valued at USD 5.92 billion in 2023 and is projected to reach USD 9.8 billion by 2032, growing at a steady CAGR of 5.78% from 2024 to 2032.”
The growing demand for non-invasive diagnostic solutions, the rising prevalence of chronic conditions, and advancements in MRI technology are key factors contributing to the market's expansion. MRI has become an essential tool in diagnosing neurological, cardiovascular, and musculoskeletal conditions, leading to its widespread adoption in healthcare settings.
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Segmentation Highlights
By Architecture, in 2023, the closed system architecture dominated the MRI market, capturing 75% of the market share.
The closed MRI system is highly sought after due to its superior imaging quality and higher resolution, which are crucial for accurate diagnosis. Its design minimizes external interference, ensuring that the images produced are of the highest clarity and precision. Another factor is the closed environment, providing patients with a more comfortable experience. There is a lesser feeling of claustrophobia since it is equipped with features like wider bore designs and noise reduction technologies. Although open MRIs are picking up in certain regions, closed MRIs continue to dominate the market in terms of proven reliability and performance in handling the diagnostic needs of patients.
By Field Strength, the high field strength segment, specifically MRI systems with 1.5T and above, dominated the market in 2023, accounting for 60% of MRI systems worldwide.
High-field MRI systems, particularly those with a field strength of 1.5T and above, are essential for providing high-resolution images that offer exceptional clarity and detail. These systems are crucial in complex diagnostic procedures, especially for neurological, cardiovascular, and oncological applications, where precise imaging is vital for accurate diagnosis and treatment planning. The requirements for high-quality imaging have increased sharply since the urgency to detect diseases in their early stages and to monitor them further has been on the rise. This has led to a more favorable position of high-field MRI systems, primarily because MRI technology itself continues to improve with new signal processing methods and faster scan times.
By Application, Among the various MRI applications, the brain and neurological segment led the market.
One of the major drivers behind the growth in the MRI market has been the increasing incidence of neurological disorders like Alzheimer's disease, multiple sclerosis, and epilepsy. The capacity of MRI to capture high-resolution images of the brain and nervous system makes it an invaluable tool for diagnosing and monitoring such conditions, thereby providing crucial insight into the need for effective treatment plans. Cardiac and musculoskeletal are also the two segments experiencing growth as MRI technology is critical to diagnosing conditions in the heart and the musculoskeletal areas with higher precision. So the role of MRI in the future continues to increase in both areas due to demand for high-tech diagnostic imaging solutions.
By End-Use, Hospitals continued to dominate the MRI market, holding the largest share.
Due to their great infrastructure and also the capability for handling advanced technologies in imaging, hospitals often will have specific units for MRI suited with highly technical systems for satisfying the requirements for different specialties of neurology, cardiology, and orthopedics. Growth is however still the highest experienced by imaging centers, with main drivers being inpatient service need and cost-competitive diagnostics services. The shift towards outpatient care and the increasing availability of mobile MRI services are expected to fuel the rapid growth of imaging centers in the coming years.
Magnetic Resonance Imaging Market Report Scope
| Report Attributes | Details |
| Market Size in 2023 | US$ 5.92 billion |
| Market Size by 2032 | US$ 9.8 billion |
| CAGR | CAGR of 5.78% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | Advancements in artificial intelligence, rising prevalence of chronic diseases, and enhanced accessibility to healthcare |
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Major Players Analysis Listed in this Report are:
- Siemens Healthineers
- GE Healthcare
- Koninklijke Philips N.V.
- Canon Medical Systems
- Hitachi Healthcare
- Hologic Inc.
- Bruker Corporation
- Esaote SPA
- Fujifilm Holdings Corporation
- Shimadzu Corporation
- Aurora Imaging Technologies Inc.
North America held the largest share of the MRI market in 2023, accounting for 37% of the global market.
The region benefits from advanced healthcare infrastructure, high penetration of advanced MRI technologies, and strong prevalence of neurological, cardiovascular, and musculoskeletal diseases. Increasing demand for diagnostic imaging with technological advancements in MRI systems is bolstering the North American markets to be the top single global player.
The Asia-Pacific region is considered to be the fastest-growing market for MRI. Rapid development in healthcare infrastructure, growing healthcare investments, and the increasing burden of chronic diseases have made it so. China, Japan, and India are countries experiencing tremendous growth in MRI installations. This can be due to improving healthcare policies and more attention given to better medical imaging technologies.
Magnetic Resonance Imaging Market Segmentation
By Architecture
- Closed System
- Open System
By Field Strength
- Low Field Strength
- Mid Field Strength
- High Field Strength
By Application
- Obstructive Sleep Apnea (OSA)
- Brain & Neurological
- Spine & Musculoskeletal
- Vascular
- Abdominal
- Cardiac
- Breast
- Other
By End-use
- Hospitals
- Imaging Centers
- Ambulatory Surgical Centers (ASCs)
- Others
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
- 5.1 Prescription Trends (2023), by Region
- 5.2 Device Volume, by Region (2020-2032)
- 5.3 Healthcare Spending, by Region (Government, Commercial, Private, Out-of-Pocket) (2023)
6. Competitive Landscape
7. Magnetic Resonance Imaging Market by Architecture
8. Magnetic Resonance Imaging Market by Field Strength
9. Magnetic Resonance Imaging Market by Application
10. Magnetic Resonance Imaging Market by End-use
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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