MRI System Market

MRI System Market Study by Open and Closed Architecture for Hospitals, Academics & Research Institutes, Ambulatory Surgical Centers, and Diagnostic Centers from 2024 to 2034

Analysis of MRI System Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

MRI System Market Outlook (2024 to 2034)

The global MRI system market size is estimated to be valued at US$ 10,491.7 million in 2024. The market is projected to register a healthy CAGR of 6.5% to accumulate a total of US$ 19,640.8 million in market revenue by 2034.

A surging rate of diseases drives the market growth. In 2023, for instance, the National Center for Health Statistics estimated that around 1,958,310 new cancer cases have emerged in the United States. Out of these, 609,820 cancer deaths were spotted.

The rising requirement for fast and effective diagnostic procedures is predicted to increase the adoption of MRI machines. As a result, several countries are installing MRI systems in healthcare centers.

Top Drivers that Spark Growth in the MRI System Market

  • Growing demand for MRI systems to effectively diagnose multiple health conditions, like orthopedic and cardiovascular disorders, in early development stages. These systems help boost the success rate of therapy, consequently promoting acceptance of MRI systems.
  • Increasing government initiatives and the booming healthcare sector are coupling to improve the access of masses to high-quality healthcare facilities.
  • A widespread increase in the rate of diseases like spinal lesions, strokes, and tumors is raising the significance of MRI systems, which are used to identify conditions linked with these diseases.
  • Disruptive technologies, like the integration of artificial intelligence (AI) in MRI systems, are contributing to progress in the market. In August 2023, for instance, FUJIFILM Healthcare Americas Corporation gained the United States FDA clearance for ECHELON Synergy, a 1.5 Tesla MRI system. The system deploys Synergy DLR, which harnesses artificial intelligence (AI) for effective Deep Learning Reconstruction (DLR).
Report Attributes Details
Estimated Market Value (2024E) US$ 10,491.7 million
Forecasted Market Value (2034F) US$ 19,640.8 million
Projected Growth Rate (2024 to 2034) 6.5%CAGR
Open Architecture Type Growth Rate (2024 to 2034) 6.4% CAGR
Hospital Segment Growth Rate (2024 to 2034) 6.4% CAGR
North America Market Share (2024) 31.3%
East Asia Market Share (2024) 38.7%
Key Companies Profiled in the MRI System Industry Report
  • GE Healthcare
  • Siemens Healthineers
  • Koninklijke Philips N.V.
  • Esaote SPA
  • Fujifilm Holdings Corporation
  • Shimadzu Corporation
  • Aurora Imaging Technologies, Inc.
  • Canon Medical Systems
  • Hitachi Healthcare
  • Hologic Inc.
  • Bruker Corporation
  • Others

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Which Trends Guide the Future of the MRI System Market?

“Technological Innovations to Increase Attractiveness of MRI Systems”

Breakthrough innovations in MRI technology like diffusion tensor imaging with neuroimaging and tractography, such as MR spectroscopy, functional imaging, and perfusion imaging. Additionally, increasing advancements in intraoperative MRI and its applications, like in neurosurgery, are predicted to increase the market growth. As a result, rising advancements in MRI technology focused on enhancing its utility throughout different applications are expected to propel market growth.

“Booming Demand for MRI Scans Among Geriatric Patients”

MRI system sales are increasing due to surging elderly patients, which is driven by reduced death rates and increasing life expectancy. According to the World Population Prospects 2022 report, people aged 65+ are expected to increase to 16% in 2050. This population base observes a more complex manifestation of diseases than the younger generation. Consequently, it increases the demand for innovative technologies to screen and treat patients.

MRI technology effectively characterizes many musculoskeletal diseases and detect invasion or tumors in soft tissue. As a result, healthcare providers are obtaining high-tech radiological imagers to meet geriatric patients’ requirements for intensive medical care.

Which Challenges Restrict Growth of the MRI System Market?

“High Costs Associated with Purchase and Installation Constrains Market Growth”

The MRI systems are expensive to buy and install, thus restricting their uptake in developing countries. Additionally, rising demand to discard helium gas deposits for effective cooling off of MRI machines is leading to increased wait times and reduced productivity. Thus lowering its consumption among end users. Furthermore, frequent product recalls and delayed product approval, primarily owing to strict regulatory framework, are adversely affecting the market growth.

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Region-wise Insights

Which Region Cuts a Larger Share in the MRI System Market?

“East Asia is Predicted to Occupy a 38.7% Share in the Global Market”

The East Asia MRI system industry boasts of a highly competitive market for MRI systems, thanks to the increasing count of players in the regional market. In 2024, the market is estimated to value US$ 4,055 million. With a projected CAGR of 7.7%, the East Asia market is forecast to attain US$ 8,481 million by 2034.

The regional growth is propelled by the rising geriatric population and surging demand for better, more efficient, and advanced imaging modalities. Further, the region is observing a boom in the tourism industry, which is reflected positively in the MRI system industry. Opportunities for key players emerge as the healthcare service sector expands, skilled healthcare staff increases, and advanced medical facilities and services rise in the region. In line with this, the availability of cost-effective healthcare services in East Asia, in comparison to developed countries, is also promoting market expansion.

How is North America Performing on a Global Scale?

“North America is Projected to Record a CAGR of 5.6% through 2034”

North America MRI system market is expected to grab a value share of 31.3% in 2024. The regional market is estimated to reach US$ 3,286 million in 2024. Expanding at a CAGR of 5.6%, the region is forecast to reach US$ 5,640 million by 2034.

The prevalence of chronic disorders like breast cancer, neurological diseases, and cardiovascular disorders is propelling the regional market. Breakthrough innovations, as well as the rising frequency of chronic disorders, are creating significant prospects for MRI systems.

Country-wise Insights

Which Country is Experiencing Rapid Growth?

“China is Observing Faster Growth Rate of 8.2% through 2034”

The China MRI system market is expected to acquire a value share of 67.1% in 2024. The market is estimated to reach US$ 2,722 million in 2024. Over the forecast period, the market in China is predicted to register a CAGR of 8.2% to accumulate US$ 6,003 million by 2034.

The market is expected to rise on account of increasing applications in the healthcare sector. Favorable funding to encourage installations by end-user facilities is also compelling market growth. Additionally, robust increases in the geriatric population, as well as diagnostic imaging centers, are contributing to market growth.

Which Country in North America Occupies Massive Market Share?

“The United States Possesses a Prominent Value Share of North America Market”

The United States is predicted to acquire a share of 97% in 2024. The market is estimated to account for US$ 3,186.9 million in 2024. By 2034, the United States market is forecast to achieve US$ 5,462.3 million, expanding at a CAGR of 5.5%.

The market is expected to be driven by increasing technological developments in MRI systems. Further, the rising prevalence of chronic diseases is increasing the count of radiological scans as physicians recommend diagnosis at an early stage. Thus raising the demand for an effective MRI.

What is the Growth Scope of Japan in the Next 10 Years?

“Japan is Projected to Register a 6.4% CAGR through 2034”

The MRI system market in Japan is estimated to accumulate US$ 1,132 million in 2024. By 2034, the market is forecast to gain US$ 2,103 million, recording a CAGR of 6.4% through this period.

The emerging trend of home healthcare is predicted to propel market growth. Apart from this, surging investments by government bodies in the healthcare sector are expected to favor sales of MRI systems in Japan. Growing awareness about the benefits of early diagnosis is anticipated to propel market growth.

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Segment-wise Insights

Which Strength Type Captures Prominent Market Share?

“1.5T Occupies a Commanding Share of 46.5%”

The 1.5T segment is estimated to attain US$ 4,875.4 million in 2024. By 2034, the segment is forecast to reach US$ 9,096.2 million, recording a CAGR of 6.4% through 2034. End users prefer machines with mid-level field strength as they capture high-precision images and are usually available at cost-effective prices. Thus increasing its popularity among healthcare providers.

Which End User Occupies a Leading Share in the MRI Systems Market?

“Hospitals Acquire a Larger Market Share of 42.8%”

The hospital segment is estimated to attain US$ 4,489.4 million in 2024. The segment is forecast to reach US$ 8,337.5 million by 2034, recording a CAGR of 6.4% through 2034. The segment is driven by the surging installation rate of MRI units in hospitals. Surging use of rapid MRI (rMRI) in trauma as well as emergency care centers, along with an increasing count of MRI installations in teaching hospitals, are propelling the segment’s growth.

Competitive Landscape

Key players in the MRI system market include GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Esaote SPA, Fujifilm Holdings Corporation, Shimadzu Corporation, Aurora Imaging Technologies, Inc., Canon Medical Systems, Hitachi Healthcare, Hologic Inc., Bruker Corporation, and Others.

Market players are manufacturing high-field MRI machines to raise their adoption and use in the medical imaging domain. Mergers and acquisitions are expected to augment market development. Players are also considering expansion of their portfolio across different services.

Firms in the radiological imaging sector are working in association with academic institutions and healthcare organizations to create cutting-edge products. For increased growth, market players are concentrating on research and development activities of MRI systems.

Recent Developments in the MRI System Market

  • Siemens Healthineers, in April 2023, launched a new production line for the development of MRI machines at its Bengaluru facility.
  • Philips introduced an AI-powered MRI portfolio in November 2021. With this launch, the company aims to widen its product portfolio in imaging systems.
  • Philips formed a partnership with the Walt Disney Company (EMEA) in March 2021. The partnership intends to test the influence of custom-made animation, such as specially-made Disney stories. This development allows staff and patients to personalize their environment to develop a relaxing environment.

Segmentation of MRI System Market Research

  • By Strength Type :

    • <0.5T
    • 1.5T
    • 3T
    • >3T
  • By Architecture Type :

    • Open
    • Close
  • By End User :

    • Hospitals
    • Academics and Research Institute
    • Ambulatory Surgical Centers
    • Diagnostic Centers
  • By Region :

    • North America
    • Europe
    • Latin America
    • East Asia
    • South Asia and Oceania
    • The Middle East and Africa

- FAQs -

What was the Value of the MRI System Market in 2019?

The global MRI system market was worth US$ 7,636.3 million in 2019.

What is the Sales Outlook for the MRI System in 2024?

The sales outlook for the MRI system is likely to be valued at US$ 10,491.7 million in 2024.

What is the Demand Forecast for the MRI system for the decade?

Demand for MRI systems is likely to reach a market value of US$ 19,640.8 million by the end of 2034.

What is the Growth Projection for the MRI System Market?

The MRI system market is projected to rise at a CAGR of 6.5% through 2034.

At What Rate Is the Market in East Asia Predicted to Grow?

The East Asia market for MRI systems is forecast to expand at a CAGR of 7.7% through 2034.

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