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

Magnetic Resonance Imaging Market Size, Share & Trends Analysis Report By Field Strength (Mid, High), By Architecture (Open System, Closed System), By End-use (Hospitals, ASCs), By Application, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-1-68038-370-6
  • Number of Pages: 210
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Healthcare

Magnetic Resonance Imaging Market Trends

The global magnetic resonance imaging market size was estimated at USD 6.64 billion in 2023 and is anticipated to grow at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2030. Magnetic resonance imaging (MRI) is a highly effective diagnostic tool for identifying conditions associated with spinal lesions, tumors, as well as strokes affecting blood vessels and the brain. The increasing prevalence of these diseases is expected to play an important role in the market growth. For instance, according to the National Center for Health Statistics, in 2023, almost 1,958,310 new cancer cases and 609,820 cancer deaths are estimated to occur in the U.S. In addition, the growing demand for quick and effective diagnostic procedures is expected to contribute to the adoption of MRI machines. Various countries are installing these machines.

U.S. Magnetic Resonance Imaging Market size and growth rate, 2024 - 2030

As per OECD, in 2021, the number of MRI units installed in the U.S. was 38 per million population. Constant technological advancements, such as the integration of artificial intelligence (AI) in MRI, are further expected to contribute to the overall market growth. For instance, in August 2023, FUJIFILM Healthcare Americas Corporation received U.S. FDA clearance for its 1.5 Tesla MRI system, the ECHELON Synergy. The system utilizes Synergy DLR, a technology developed by Fujifilm that leverages artificial intelligence (AI) for Deep Learning Reconstruction (DLR). This technology enhances image sharpness and accelerates scanning, resulting in improved throughput, image quality, and patient satisfaction. Most of the recent advancements in MRI technology have primarily focused on software improvements.

Furthermore, the introduction of MRI systems that are compatible with cardiac pacemakers is anticipated to drive market expansion within the cardiology segment. MRI manufacturers have continued to innovate with newer technology and AI-based solutions. This helped radiologists to effectively and efficiently understand COVID-19-related diseases and residual symptoms.Magnetic resonance imaging is expected to play a crucial role, as clinicians monitor patient recovery and look for the underlying reasons for long-term COVID-19 symptoms. Despite the growing need for 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) hampered the market growth in 2020.

Moreover, economic setbacks led to the reduced sales of newer machines by end-users, and a halt in logistics & national lockdowns also reduced the production capacity of market leaders. However, the market recovered in the 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 are expected to boost the market growth during the forecast period. Also, the growing development of intraoperative MRI and its usage 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 their usage for various applications are expected to drive market growth during the forecast period. Various recent innovations, such as diffusion and diffusion tensor imaging with tractography, perfusion imaging, neuroimaging techniques including MR spectroscopy, and functional imaging employing the BOLD technique, are anticipated to significantly bolster magnetic resonance imaging market growth in the coming years. Furthermore, the increasing development of intraoperative MRI and its diverse applications in fields like neurosurgery are expected to drive market growth during the forecast period. In addition, diffusion-weighted MR imaging is primarily utilized for the rapid detection of strokes within 30 minutes of onset.

Therefore, ongoing advancements in MRI technology geared towards enhancing its utility across various applications are poised to be a driving force for market growth in the foreseeable future. Despite of various advantages associated with the MRI system, the costs incurred in buying and installing these machines are significant, which, in turn, is impacting the market growth, especially in the developing regions. The average cost of a low- to mid-strength machine is more than USD 1 million. In addition, the increasing requirement of depleting deposits of helium gas for cooling of MRI machines is resulting in increasing wait time and is reducing productivity. Delayed product approval and frequent product recalls, mainly due to stringent regulatory framework, are also majorly impacting the market growth.

Architecture Insights

The closed MRI system segment held the largest share of more than 75.47% in 2023. Closed MRI systems employ strong magnetic fields and high-frequency radio waves to acquire highly detailed images. The enclosed design enables precise selection of image slices and ensures error-free analysis. However, patients undergoing closed MRI scans may experience feelings of claustrophobia and discomfort, often exacerbated by the loud noise generated during the procedure. These issues can potentially lead to less accurate results. In response to these challenges, certain market players are dedicating efforts to developing wide-bore and open MRI systems that are better suited for claustrophobic patients. In addition, some manufacturers of pediatric MRI machines incorporate drawings and cartoons on the MRI machines to help soothe children undergoing scans, making the experience more comfortable for them.

Open MRI systems are expected to grow at the fastest CAGR of 7.7% during the forecast period. This is mainly due to their less enclosed design, which reduces patient anxiety and claustrophobia. Such characteristics make open MRI systems particularly effective for diagnosing neonates. However, closed MRI systems remain the preferred choice for radiologists. Numerous clinical trials are currently underway to assess the efficiency of open MRI systems in diagnosing diseases in neonates. In December 2021, FUJIFILM Healthcare introduced the Velocity MRI System, featuring an open gantry. This advanced and high-field open MRI system is designed to enhance operational efficiency and improve the overall patient experience. Consequently, the ongoing clinical trials and the launch of open MRI systems are expected to drive growth in this segment throughout the forecast period.

Field Strength Insights

MRI machines are categorized based on their field strength, with low-field strength MRI machines having a field strength lower than 1.5T, mid-field MRI machines ranging from 1.5T up to 3T, and high-field MRI machines with a field strength exceeding 3T. The mid-field strength segment held the largest share of 47.70% in 2023 and is projected to undergo substantial growth over the forecast period. Machines with mid-level field strength are favored for their ability to capture high-precision images and are often available at more affordable prices, making them a popular choice among healthcare providers. The high-field segment is expected to experience the fastest growth rate of 7.9% during the forecast period.

Numerous research studies are underway to assess the effectiveness of high-field strength MRI machines across various clinical applications. These advanced machines are being deployed in hospitals and research centers. For example, in May 2023, Researchers at the University of Florida installed a 7 Tesla MRI/MRS preclinical scanner, supported by a generous USD 2 million NIH High-End Instrumentation Award At present, 7T MRI machines find their primary use in brain and knee imaging due to the absence of advanced coils required for other clinical applications. The anticipated development of advanced coils to broaden the scope of applications for 7T MRI machines is expected to be a significant growth driver of this segment during the forecast period.

End-use Insights

The hospital segment held the largest share of 37.87% in 2023 due to the increasing installation of MRI units in hospitals. The growing utilization of rapid MRI (rMRI) in emergency care and trauma centers, as well as the rising number of MRI installations in teaching hospitals, are expected to be significant factors propelling the growth of this segment. The imaging centers segment is anticipated to exhibit the fastest growth rate of around 7.8% during the forecast period. The increasing demand for non-invasive diagnosis is driving the establishment of various independent centers that offer services, such as MRI.

To meet this rising demand, many medical professionals are starting their own facilities that provide affordable MRI services. This trend is contributing to the adoption of MRI in the realm of medical services, and as a result, is expected to drive growth in this segment during the forecast period. The ambulatory care centers segment is also expected to grow at a significant rate. This growth can be attributed to the increasing number of government initiatives aimed at enhancing and expanding the number of ambulatory care centers, particularly to extend healthcare services to rural areas.

Application Insights

MRI systems used for brain and neurological imaging dominated the market in 2023 and captured a share of around 22.96% of the revenue 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 the 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 females than any other cancer.

Global Magnetic Resonance Imaging Market share and size, 2023

Therefore, MRI techniques help provide quantitative information about cancer by identifying the biological and physical properties of tissue. MRI is gaining popularity as the preferred method for spinal and musculoskeletal imaging. It leverages the spin-echo technique to produce high-contrast images that reveal detailed distinctions between the spinal cord and the subarachnoid space. This technique has extensive applications in emergency and trauma care units, enabling comprehensive analysis of internal injuries in soft tissues and the spinal cord. According to data from the Association for Safe International Road Travel, about 20 to 50 million people suffer injuries or become disabled as a result of road accidents every year.

Regional Insights

North America dominated the global market by capturing a share of over 36.74% in 2023. The rising prevalence of chronic diseases in this region, including conditions, such as breast cancer, cardiovascular disorders, and neurological diseases, is driving the demand for advanced imaging analysis. This region is projected to continue its dominance throughout the forecast period. The combination of technological advancements along with the increasing incidence of chronic conditions is expected to stimulate the growth of MRI technology during the forecast period.

Magnetic Resonance Imaging Market Trends, by Region, 2024 - 2030

Asia Pacific is expected to exhibit the fastest growth rate of 7.4% 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.

Key Companies & Market Share Insights

The key players are developing MRI machines with high field strength to increase their adoption and usage in the field of medical imaging. Regional & service portfolio expansions, and mergers & acquisitions are some of the key strategic undertakings adopted by these players. For instance, in April 2023, Siemens Healthineers established a new production line at its Bengaluru facility for the manufacturing of MRI machines.

Key Magnetic Resonance Imaging Companies:

  • GE Healthcare
  • Siemens Healthineers
  • Koninklijke Philips N.V.
  • Canon Medical Systems
  • Hitachi Healthcare
  • Hologic Inc.
  • Bruker Corporation
  • Esaote SPA
  • Fujifilm Holdings Corporation
  • Shimadzu Corporation
  • Aurora Imaging Technologies, Inc.

Magnetic Resonance Imaging Market Report Scope

Report Attribute


Market size value in 2024

USD 7.05 billion

Revenue forecast in 2030

USD 10.29 billion

Growth rate

CAGR of 6.5% from 2024 to 2030

Base year for estimation


Historical data

2018 - 2022

Forecast period

2024 - 2030

Report updated

November 2023

Quantitative units

Revenue in USD million/billion and CAGR from 2024 to 2030

Report coverage

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

Segments covered

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

Regional scope

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

Country scope

U.S.; Canada; UK; Germany; Italy; France; Spain; Sweden; Denmark; Norway; China; India; Japan; Thailand; South Korea; Australia; Mexico; Brazil; Argentina; Saudi Arabia; South Africa; UAE; Kuwait

Key companies profiled

GE Healthcare; Siemens Healthineers; Koninklijke Philips N.V.; Canon Medical Systems; Hitachi Healthcare; Hologic Inc.; Bruker Corp.; Esaote SPA; Fujifilm Holdings Corp.; Shimadzu Corp.; Aurora Imaging Technologies, Inc.

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 Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the magnetic resonance imaging market report 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)

    • Brain and neurological

    • Spine and musculoskeletal

    • Vascular

    • Abdominal

    • Cardiac

    • Breast

    • Other

  • 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

      • Denmark

      • Norway

    • Asia Pacific

      • India

      • China

      • Japan

      • Thailand

      • South Korea

      • Australia

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

      • Kuwait

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