Magnetic Resonance Imaging (MRI) Market Report

Magnetic Resonance Imaging (MRI) Market Analysis By Architecture (Open And Closed), By Field Strength (Low, Medium, High), By Application (Brain & Neurological, Spine & Musculoskeletal, Vascular, Abdominal & Pelvic, Cardiac, Breast), And Segment Forecasts, 2018 - 2025

  • Published Date: Jan, 2017
  • Base Year for Estimate: 2015
  • Report ID: GVR-1-68038-370-6
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2015
  • Number of Pages: 90

Industry Insights

The global magnetic resonance imaging (MRI) market size was valued at USD 3.2 billion in 2015. This technique is preferred as a diagnostic tool for diseases and disorders related to central nervous system, tumors, spine lesions, stroke affected area in brain and blood vessels. Rising incidences of these conditions is pushing the market growth. In addition, the growing geriatric population and rising number of chronic diseases, increasing demand for minimally invasive or non-invasive diagnostic procedures are some other prime drivers of the growth of the MRIs.

In addition, advancement in scanning techniques such as open systems, software upgrades, and superconducting magnets is driving the growth. Also, the development of MRI which are compatible with cardiac pacemakers is propelling the demand for these instruments. Furthermore, the paramagnetic contrast agent, gadolinium-DTPA, is used as intravenous injection to give sharp, accurate and precise images within 20 minutes to one-hour duration. Considering all the above mentioned technical advancements, adoption of these system is rapidly increasing.

China magnetic resonance imaging market by field strength, 2014 - 2025 (USD Million)

China magnetic resonance imaging market

On the other hand, high cost associated with these devices, maintenance and servicing is challenging the market growth. In addition, requirement of depleting deposits of helium gas which is used for cooling of machine results in increased waiting time and reduced productivity. In addition, stringent regulatory framework resulting in delayed product approval is augmenting the degree of growth challenges.

Product Insights

Based on architecture the products are classified as closed and open type. The closed types of instrument segment accounted for the largest market share in 2015. However, closed systems have very low acceptance by patients having claustrophobia and also it possesses chances of suffocation. Thus, companies are focusing on research to develop advanced open systems which have more acceptance by patients having claustrophobia. As a result, many new open system products are expected to enter into the market during the forecast period.

Mid field strength devices are preferred over high strength devices owing to affordable cost, moderate scanning speed and resolution. Thus, the segment accounted for the largest revenue share in 2015.

Application Insights

The use of this technique is expected to dominate the modern medical diagnosis for diverse biomedical applications across the globe. Anatomical and physiological scanning capabilities of MRI system enable its application in imaging various organs that include abdomen, pelvis, brain, spine, heart, breast and musculoskeletal structure.

Global magnetic resonance imaging market, by application, 2015

Global magnetic resonance imaging market


Lack of effective alternative scanning tool for imaging neural and brain disorder to assist in accurate diagnosis is propelling the demand for MRI systems and is expected to further augment the growth of the market during the forecast period. On the other hand, breast and cardiac imaging is observed growing at a slow pace since x-ray and ultrasound techniques are the first line imaging tools for these application segments.  


Regional Insights

North America dominated the market with the largest revenue share in 2015. This region is technologically advanced and has a variety of imaging systems commercially available which are used in diagnosis. In addition, favorable reimbursement policies and insurance coverage enable patients to undergo early diagnosis which is required in chronic diseases. Thus, demand for these systems is high in the region.

Asia Pacific is expected to exhibit the highest growth in the near future due to increasing geriatric population and thereby rise in the demand for imaging modalities is expected in the near future. Furthermore, the booming medical tourism industry in Asian countries is anticipated to augment the industry growth in the near future. Countries such as India, China, and Japan are creating growth opportunties with rapidly expanding medical toursim industry, presence of skilled healthcare staff and advanced healthcare facilities and services at cheaper cost than developed countries of North America and Europe.

Competitive Insights

Major players competing in the industry include but are not limited to Siemens AG; Koninklijke Philips N.V.; GE Healthcare; Hitachi Medical Systems. These companies hold a remarkable position in the global market mainly due to their strong geographic reach. Some other players operating in the market include Toshiba Corporation; Aurora Imaging Technologies, Inc.; Esaote SpA; Sanrad Medical Systems Pvt. Ltd Inc.

Report Scope



Base year for estimation


Actual estimates/Historical data

2014 - 2015

Forecast period

2016 - 2025

Market representation

Revenue in USD Million and CAGR from 2016 to 2025

Regional scope

North America, Europe, Asia Pacific, Latin America, & MEA

Country scope

U.S., Canada, UK, Germany, China, Japan, Brazil, Mexico, & South Africa

Report coverage          

Revenue, company share, competitive landscape, growth factors, trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific market information, which is not currently within the scope of the report, we will provide it to you as a part of customization

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the latest trends and opportunities in each of the sub-segments from 2014 to 2025. For this study, Grand View Research has segmented the magnetic resonance imaging market based on architecture, field strength, application and region:

  • Architecture Outlook (Revenue, USD Million; 2014 - 2025)

    • Closed System

    • Open System

  • Field strength Outlook (Revenue, USD Million; 2014 - 2025)

    • Low

    • Mid

    • High

  • Application Outlook (Revenue, USD Million; 2014 - 2025)

    • Brain & Neurological

    • Spine & Musculoskeletal

    • Vascular

    • Abdominal & Pelvic

    • Cardiac

    • Breast

    • Others

  • Regional Outlook (Revenue, USD Million; 2014 - 2025)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • UK

    • Asia Pacific

      • China

      • Japan

    • Latin America

      • Mexico

      • Brazil

    • MEA

      • South Africa

Key questions answered by the report
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