GVR Report cover Magnetic Resonance Imaging (MRI) Market Size, Share & Trends Report

Magnetic Resonance Imaging (MRI) Market Size, Share & Trends Analysis By Architecture, By Field Strength, By Application (Brain & Neurological, Spine & Musculoskeletal), By End-use, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-1-68038-370-6
  • Number of Pages: 210
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2020
  • Industry: Healthcare

Report Overview

The global magnetic resonance imaging (MRI) market size was valued at USD 5.26 billion in 2022 and is anticipated to grow at a CAGR of 6.8% over the forecast period. MRI is an efficient diagnostic machine for identifying diseases related to spine lesions, tumors, and stroke impacting the area of blood vessels and brain. The increasing prevalence of these diseases is expected to play an important role in the market growth. For instance, as per the International Agency for Research on Cancer, in 2020, 19,292,789 new cancer cases were recorded globally. In addition to this the growing demand for quick and effective diagnostic procedures is expected to contribute towards the adoption of MRI machines. Various countries are installing these MRI machines. As per OECD, in 2020 the number of MRI units installed in the U.S. was 34.54 per million population. Furthermore, the integration of artificial intelligence in MRI is also expected to boost the market growth. For instance, in November 2021, Philips announced the launch of an AI-enabled MR imaging portfolio, which is intended to improve the efficiency and sustainability of radiology operations by speeding up MR exams, streamlining workflows, improving diagnostic quality, and ensuring the efficiency and sustainability of radiology operations.

China MRI market size and growth rate, 2023 - 2030

Advancements in diagnostic techniques such as open MRI, visualization software, and superconducting magnets are fueling the growth of the MRI market. The recent advances seen in MRI technology is mainly on the software. Moreover, the development of cardiac pacemaker compatible MRI systems is also expected to propel the market growth in cardiology segment. Furthermore, various paramagnetic contrast agents such as gadolinium-DTPA are used as an intravenous injection to provide sharp, precise, and accurate images within a shorter time frame. These technological advancements in MRI are expected to propel the market growth during the forecast period.

MRI manufacturers have continued to innovate with newer technology and artificial intelligence (AI)-based solutions. This helped radiologist to effectively and efficiently understand COVID-19 related diseases and residual symptoms. MRI is expected to play a crucial role, as clinicians monitor patient recovery and look for the underlying reasons of long-term COVID-19 symptoms. Despite, the growing need of MRI machines in the diagnosis of Covid 19, the reduction in diagnostic screening (a decline of 47.5% was observed in 2020 compared to 2019) has led to the decline of the market in 2020. Moreover, economic setback led to the reduced sales of newer MRI machines by end users, and halt in logistics and national lockdowns, also reduced the production capacity of market leaders. Thus, the market declined in 2020 and recovered by Q2 of 2022.

Various recent advancements such as diffusion and diffusion tensor imaging with tractography, neuroimaging including MR spectroscopy, perfusion imaging and functional imaging using the bold technique is expected to boost the market growth during the forecast period. Also, the growing development of intraoperative MRI and usage of the same in various applications such as neurosurgery is expected to propel the market growth during the forecast period. Moreover, diffusion-weighted MR imaging is mainly used to detect stroke within 30 minutes of its occurrence. Therefore, advancements in MRI machines to enhance its usage for various applications is expected to drive the market growth during the forecast period.

High magnetic frequency MRI systems are gaining pace, therefore, various universities are conducting research or studies on these systems. In February 2018, scientists at the University of Minnesota performed an MRI of the human body using 10.5T MRI machine. This machine is expected to open new avenues in diagnosis of a wide range of diseases such as Alzheimer’s, heart disease, diabetes, and cancer.

Despite of various advantages associated with MRI system, the costs incurred in buying and installing these machines is significant, which in turn is impacting the market growth especially in the developing regions. An average cost of a low to mid strength MRI machine is more than USD 1 million. In addition, increasing requirement of depleting deposits of helium gas for cooling of MRI machine is resulting in increasing wait time and is reducing productivity. Delayed product approval and frequent product recalls mainly due to stringent regulatory framework is also majorly impacting market growth.

Architecture Insights

The closed MRI system segment held the largest market share of more than 75% in 2022. The closed MRI system uses powerful magnetic fields and high-frequency radio waves to obtain detailed images. Closed structure enables getting detailed slice selection and error free analysis.

Patients in the closed MRI may feel claustrophobic and disturbed due to its loud noise. These problems may result in inaccurate results. Some of the market players are focusing on developing wide bore and open MRI systems which are suited for claustrophobic and oversized patients. Some of the manufacturers of pediatric MRI machines even add drawings and cartoons on MRI machines to calm children going inside the scanner.

Open MRI systems are less enclosed which in turn reduces the level of anxiety and claustrophobia in patients. This advantage, in turn, makes an open MRI system effective for diagnosis in neonates. However, closed MRI system is always preferred by the radiologists. Various clinical trials are also being conducted to check the efficiency of the open MRI systems for the diagnosis of diseases in neonates. In December 2021, FUJIFILM Healthcare, launched Velocity MRI System, with its open gantry. This advanced and high-field open MRI system is meant to streamline operations and improve the patient experience. Therefore, ongoing clinical trials and product launches of open MRI systems is expected to boost the segment growth during the forecast period.

Field strength Insights

Mid field strength MRI segment dominated the market with more than 51% share in 2022. Low field strength MRI machines have field strength lower than 1.5T, mid field MRI machine have field strength ranging from1.5T up to 3T, and high field MRI machine has field strength more than 3T. Mid field strength segment held largest share in 2021 and is expected to experience significant growth during the forecast period. These field strength MRI machines helps in capturing image with higher precision and are available in comparatively affordable prices.

The high field segment is expected to experience the fastest growth rate during the forecast period. Various research studies are being conducted to understand the efficiency of high field strength MRI machines in various clinical applications. Some players have already started developing high field MRI machines and are receiving approval from the regulatory body. For instance, In November 2020, GE Healthcare received the U.S. FDA approval for its SIGNA 7.0T magnetic resonance imaging (MRI) scanner, this system can be used for both research and clinical settings to support a wide range of neurologic and musculoskeletal diseases investigations.  Such high field strength MRI machines are installed in very few hospitals and study centers such as Mayo Clinic, Brigham and Women's Hospital, The University of Iowa, and the University of Southern California. Installation of these high field strength MRI machines in the universities is enhancing the study portfolio of the universities. Currently, 7T MRI machines are being studied only for brain and knee imaging due to the lack of advanced coils required for other clinical applications. Development of advanced coils to widen the application of 7T MRI machines is expected to propel the segment growth during the forecast period.

Application Insights

MRI systems used for brain and neurological imaging held the largest market share in 2021 with more than 24% share. This can be attributed to the quality of scans and superior details as compared to the computerized tomography scans. Similarly, the breast imaging segment is expected to grow at a significant rate as the incidence of this cancer is gradually increasing, which has created the demand for identifying risk factors related to the disease. According to Global Cancer Observatory, an estimated 2,261,419 new breast cancer cases were diagnosed in 2020 globally, with about 684,996 deaths occurring due to the disease. It is also said to be highly prevalent in female than any other cancer. Therefore, MRI techniques help in providing quantitative information about cancer by identifying the biological and physical properties of tissue.

Global MRI market share and size, 2022

MRI is rapidly becoming the preferred method for spinal and musculoskeletal imaging. It uses the spin-echo technique to yield sharp contrast images between the spinal cord and subarachnoid space. This technique has wide applications in emergency and trauma care units. Spin-echo technique provides detailed analysis on internal injuries on soft tissues and spinal cord. As per the Association of Safe International Road Travel, around 20–50 million people are injured or disabled due to road accidents annually.

End-use Insights

The hospital segment held the largest share of around 39% in 2022 mainly due to the growing installation of MRI units in the hospitals. Increasing applications of rapid MRI (rMRI) in trauma and emergency care centers and rising number of MRI installments in teaching hospitals is expected to fuel the segment growth.

The imaging centers segment is expected to experience the fastest growth rate during the forecast period. Growing demand for non-invasive diagnosis is leading to the development of various individual centers which can provide services like MRI. To meet this growing demand various medical professionals, start their settings which provide MRI at an affordable cost. This is leading to the adoption of MRI in this medical service, which in turn is expected to propel the segment growth during the forecast period.

The ambulatory care centers segment is also expected to experience significant growth rate during the forecast period. Growing government initiatives to improve and increase the number of ambulatory care centers to increase reach in rural areas is expected to propel the segment growth during the forecast period.

Regional Insights

North America dominated the global market by capturing over 37% of the global MRI market in 2021. Increasing incidence of chronic diseases in this region, which includes breast cancer, cardiovascular disorders, and neurological diseases is creating a demand for imaging analysis. The region is expected to maintain its dominance throughout the forecast period. Technological innovations coupled with the growing incidence of chronic conditions is anticipated to spur the growth of MRI during the forecast period.

MRI Market Trends, by Region, 2023 - 2030

Rapidly growing European countries such as the UK, France, and Germany that have a high per capita income and well-defined healthcare policies are showing increased demand for advanced diagnostic imaging modalities. In addition, constant technological advancement in the region along with large investment made in healthcare research, is expected to propel the segment growth.

Asia Pacific is expected to exhibit to experience the fastest growth during the forecast period due to the increasing geriatric population and growing demand for advanced imaging modalities. Moreover, the growing medical tourism industry in Asian countries is anticipated to augment the advanced medical imaging industry growth during the forecast period. Countries such as India, China, and Japan are creating growth opportunities with rapidly expanding healthcare service industry, presence of skilled healthcare staff, and advanced healthcare facilities and services at a lower cost than developed countries of North America and Europe.

Competitive Insights

The key players are developing MRI machines with high field strength to increase its adoption and usage in the field of medical imaging. Moreover, regional & service portfolio expansions, and merger & acquisitions are key strategic undertakings adopted by these players. For instance, In June 2021, Philips and Akumin Inc., a leading outpatient diagnostic imaging services provider in the United States, have announced a strategic partnership to utilize Philips' new Radiology Operations Command Center across Akumin's outpatient imaging centers and co-create clinical standards for Akumin's MR and CT imaging modalities. Some of the prominent players in the magnetic resonance imaging (MRI) market include:

  • GE Healthcare

  • Siemens Healthineers

  • Toshiba Corporation

  • Aurora Imaging Technologies, Inc.

  • Koninklijke Philips N.V.

  • Esaote SPA

  • Sanrad Medical Systems Pvt ltd

  • Fujifilm

Magnetic Resonance Imaging (MRI) Market Report Scope

Report Attribute


Market size value in 2023

USD 5.73 billion

Revenue forecast in 2030

USD 9.1 billion

Growth rate

CAGR of 6.8% from 2023 to 2030

Base year for estimation


Historical data

2018 - 2020

Forecast period

2023 - 2030

Report updated

June 2023

Quantitative units

Revenue in USD million and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Architecture, field strength, application, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; and MEA

Country scope

U.S.; Canada; UK; Germany; Italy; France ;Spain; Sweden; Russia; The Netherlands; Austria; Belgium; Denmark; Norway; Portugal; Finland; China; India; Japan; Thailand; South Korea; Singapore; Malaysia; Philippines; Taiwan; Indonesia; Mexico; Brazil; Argentina; Colombia; Chile; Saudi Arabia South Africa; UAE; Kuwait; Qatar

Key companies profiled

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

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Global Magnetic Resonance Imaging (MRI) Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global magnetic resonance imaging (MRI) market on the basis of architecture, field strength, application, end-use, and region:

  • Architecture Outlook (Revenue, USD Million, 2018 - 2030)

    • Open system

    • Closed system

  • Field Strength Outlook (Revenue, USD Million, 2018 - 2030)

    • Low Field Strength

    • Mid Field Strength

    • High Field Strength

  • Application Outlook (Revenue, USD Million, 2018 - 2030)

    • Obstructive Sleep Apnea (OSA)

      • Low Field Strength

      • Mid Field Strength

      • High Field Strength

    • Brain and neurological

      • Low Field Strength

      • Mid Field Strength

      • High Field Strength

    • Spine and musculoskeletal

      • Low Field Strength

      • Mid Field Strength

      • High Field Strength

    • Vascular

      • Low Field Strength

      • Mid Field Strength

      • High Field Strength

    • Abdominal

      • Low Field Strength

      • Mid Field Strength

      • High Field Strength

    • Cardiac

      • Low Field Strength

      • Mid Field Strength

      • High Field Strength

    • Breast

      • Low Field Strength

      • Mid Field Strength

      • High Field Strength

    • Other

      • Low Field Strength

      • Mid Field Strength

      • High Field Strength

  • End-Use Outlook (Revenue, USD Million, 2018 - 2030)

    • Hospitals

    • Imaging Centers

    • Ambulatory Surgical Centers

    • Others

  • Regional Outlook (Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • Italy

      • France

      • Spain

      • Sweden

      • Russia

      • Netherlands

      • Austria

      • Belgium

      • Denmark

      • Norway

      • Portugal

      • Finland

    • Asia Pacific

      • India

      • China

      • Japan

      • Thailand

      • South Korea

      • Singapore

      • Malaysia

      • Philippines

      • Taiwan

      • Indonesia

    • Latin America

      • Brazil

      • Mexico

      • Argentina

      • Colombia

      • Chile

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

      • Kuwait

      • Qatar

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