Magnetic Resonance Imaging Market To Reach $10.29 Billion By 2030

Magnetic Resonance Imaging Market Growth & Trends

The global magnetic resonance imaging market size is expected to reach USD 10.29 billion by 2030, registering a CAGR of 6.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growing prevalence of chronic diseases and increasing demand for early diagnostic techniques are the factors expected to drive the market growth. In addition, the growing adoption of less invasive procedures is contributing to the market growth. Moreover, the growing number of clinical trials to understand the effectiveness and efficiency of MRI machines in various clinical applications is expected to boost market growth. End-users, such as research institutes and universities, are actively conducting studies to assess the effectiveness of high-field strength MRI devices, including those with field strengths of 7T, 10T, and 10.5T.

The increasing number of research investigations will contribute to unveiling the potential uses and benefits of high-field MRI machines for a wide range of both preclinical and clinical applications. Technological advancements are further expected to boost the industry growth. The introduction of new software has resulted in quicker scanning and streamlined imaging workflows. Recent progress has facilitated the creation of multi-contrast and cardiac MRI, enhancing imaging capabilities. Software updates provide users with the opportunity to enhance their systems and improve workflow efficiency. As an illustration, in November 2021, Philips unveiled an AI-enabled MR imaging portfolio designed to enhance radiology operations' efficiency and sustainability. This portfolio accelerates MR exams, simplifies workflows, enhances diagnostic quality, and ensures the overall efficiency and sustainability of radiology operations.

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Magnetic Resonance Imaging Market Report Highlights

• The adoption of advanced imaging technologies is augmenting the growth of the global market

• The open system segment is anticipated to be the fastest-growing segment during the forecast period due to its efficiency in accommodating all sizes of patients without feeling claustrophobic

• MRI for neurological and brain disorders dominated the market due to the growing number of neurological conditions and increasing demand for less invasive diagnostic procedures

• The high-field MRI segment is expected to experience the fastest growth rate due to its efficiency in providing detailed images for diagnosis

• Imaging centers are expected to exhibit the highest growth rate during the forecast period. Government initiatives to improve primary care are one of the major factors impacting the segment growth

• In 2023, North America dominated the global market with the largest revenue share owing to continuous research and adoption of advanced techniques in the region

• Asia Pacific is anticipated to grow at the fastest growth rate from 2024 to 2030 due to the growing number of clinical studies in the region for high-field MRI machines

Magnetic Resonance Imaging Market Segmentation

Grand View Research has segmented the global magnetic resonance imaging market based on architecture, field strength, application, end-use, and region:

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

• Open system

• Closed system

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

• Low Field Strength

• Mid Field Strength

• High Field Strength

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

• Obstructive Sleep Apnea (OSA)

• Brain and neurological

• Spine and musculoskeletal

• Vascular

• Abdominal

• Cardiac

• Breast

• Other

MRI End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals

• Imaging Centers

• Ambulatory Surgical Centers

• Others

MRI 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

List of Key Players in Magnetic Resonance Imaging Market

• 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.