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Magnetic Resonance Imaging (MRI) Equipment Market Size, Share & Industry Analysis, By Strength (Less than 1.5T, 1.5T, and More than 1.5T), By Application (Musculoskeletal, Neurology, Cardiology, Body Imaging, and Others), By End-User (Hospitals & ASCs and Diagnostic Centers), and Regional Forecast, 2024-2032

Last Updated: July 01, 2024 | Format: PDF | Report ID: FBI100087

 

KEY MARKET INSIGHTS

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The global magnetic resonance imaging (MRI) equipment market size was valued at USD 7.41 billion in 2023. The market is projected to grow from USD 7.76 billion in 2024 to USD 12.20 billion by 2032, exhibiting a CAGR of 5.8% during the forecast period. Asia Pacific dominated the global market with a share of 45.48% in 2023.


Magnetic resonance imaging (MRI) equipment is one of the most common diagnostic imaging techniques used in several healthcare settings, including hospitals and clinics, among others. The equipment uses strong magnetic fields and radio waves to produce detailed images of the body's insides. The rising prevalence of various chronic conditions, such as cancer and neurological disorders, among others, along with an increasing number of trauma cases, is leading to growing demand for the equipment globally.



  • According to a 2022 article published by the Parkinson’s Foundation, there are around 1.0 million people in the U.S. living with Parkinson’s disease, and nearly 90,000 people are diagnosed with the condition each year.


The robust focus of key players in developing and introducing technologically advanced products to cater to the rising global demand among healthcare providers and patient populations also contributes to the growing magnetic resonance imaging (MRI) equipment market size.


The COVID-19 impact on the global market was negative, lowering the demand for the device owing to reduced patient visits to hospitals and clinics for imaging services. Major companies also witnessed a decline in revenues due to reduced sales of the products globally.


Magnetic Resonance Imaging (MRI) Equipment Market Trends


Shifting Preference Toward High-Strength MRI Scanners Drives Market Expansion


The rising focus of the major players operating in the market is leading to growing technological advancements in MRI scanners, such as high-strength scanners. Conventional MRI scanning has been using 1.5T magnetic resonance imaging (MRI) equipment; however, with the advent of technology in recent years, 3T MRI equipment, or even higher, such as the 7T MRI equipment, is being utilized.


These high-field and ultra-high-field MRI devices are commonly used in routine clinical diagnostics. Earlier, much of this high-strength MRI equipment was confined to research settings only.



  • In February 2020, the Food and Drug Administration (FDA) granted 510(k) clearance to Hyperfine Research’s bedside MRI system, a portable point-of-care device controlled using a wireless tablet such as Apple iPad.


The higher field strength of the MRI equipment enables the production of cross-sectional images of the knee and the head and is meant for patients who weigh more than 66 lbs. These devices have wide-range applications, such as those for diagnosing. This is due to the fact that MRI equipment enhances the imaging process by revealing the functional and anatomical details, which are otherwise not visible at the lower strengths.


The aforementioned benefits associated with stronger field strength magnetic resonance imaging (MRI) equipment have caused the shift from lower tesla to a comparatively higher tesla such as 7T and 3T.


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Magnetic Resonance Imaging (MRI) Equipment Market Growth Factors


Rising Prevalence of Chronic Conditions and Diagnosis Among the Population to Enhance Market Growth


The growing prevalence of chronic conditions, such as cancer and various neurological disorders, including epilepsy, Alzheimer’s disease, and Parkinson’s disease, among others, drives market expansion. The rising initiatives by healthcare organizations, major companies, and others to increase awareness regarding these conditions are expected to fuel the diagnosis rate among the population.



  • According to a 2023 report published by the Alzheimer's Association, more than 6 million Americans are living with Alzheimer’s Disease in the U.S.


The rising diagnosis rate among the population and the improvement of healthcare infrastructure in emerging countries such as China, India, Brazil, and others is owed to increasing healthcare expenditure, favoring the adoption of these devices.


The increasing adoption and the advantages of magnetic resonance imaging (MRI) equipment over other diagnostic imaging equipment are expected to boost the global magnetic resonance imaging (MRI) equipment market growth during the forecast period.


RESTRAINING FACTORS


High Costs Associated with the Systems to Hamper Market Growth


One of the major limitations of magnetic resonance imaging (MRI) equipment is the high costs associated with the installation and maintenance of magnetic resonance imaging (MRI) equipment. Installation and proper care of these systems often require complex infrastructure and incur various related costs, which many medical institutions cannot undertake.


The higher cost of MRI scanners compared to other diagnostic imaging equipment, such as CT scans and others, and the longer time taken to complete the scan are some of the factors expected to hinder the adoption of these devices in the emerging countries in the market. The higher costs associated with these devices include maintenance and repair, energy, administration, and others.



  • For instance, according to a 2023 article published by Health Images, the average time taken by the Computed Tomography (CT) Scanner is around 10-15 minutes, whereas the MRI scanner can take upto an hour or longer.


Thus, the high cost of these systems can prompt hospitals and diagnostic centers in developing countries to purchase refurbished systems to meet their imaging needs. The refurbished systems are available at a substantially lower cost than a new system. Hospitals and other healthcare institutions in developing countries often opt for these systems due to their cost-effectiveness. Another critical limitation is the voluntary recall of many imaging systems due to human error, which might trigger a decline in market growth.


Magnetic Resonance Imaging (MRI) Equipment Market Segmentation Analysis


By Strength Analysis


Increasing Number of Product Launches with 1.5T Strength Led to the Dominance of the Segment 


Based on strength, the market is segmented into less than 1.5T, 1.5T, and more than 1.5T.


The 1.5T segment dominated the magnetic resonance imaging market in 2023. The dominance is due to the rising number of installed bases of MRI machines with 1.5T strength owing to its efficiency and wide range of brand and model options based on affordability, quality, and other factors. The rising focus of the key players on introducing products with 1.5T strength is another major factor contributing to the segment's growth.


The segment with more than 1.5T is expected to grow at the highest CAGR during the forecast period. The rising technological advancements by key players are leading to the development of stronger magnetic resonance imaging (MRI) equipment, enabling greater efficiency and quality of the scans performed.


The less than 1.5T segment is expected to account for a smaller market share during the forecast period due to the use of refurbished systems in this segment and the lower adoption of common strength systems.


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By Application Analysis


Growing Number of Musculoskeletal Procedures Among the Population Led to the Dominance of Musculoskeletal Segment


Based on application, the market is segmented into musculoskeletal, neurology, cardiology, body imaging, and others.


The musculoskeletal segment dominated the market in 2023. The segment’s dominance can be attributed to several factors, such as the rising number of musculoskeletal injuries among the population, increasing imaging procedures, and the increasing prevalence of various musculoskeletal conditions among the population.



  • According to 2022 statistics published by the World Health Organization (WHO), approximately 1.7 billion people have musculoskeletal conditions worldwide.


The neurology segment is expected to be the second most dominant segment in the market over the forecast period. The rising focus of the companies operating in the market on developing and introducing technologically advanced products with improved capabilities to diagnose neurological disorders compared to other imaging procedures is a significant factor contributing to the segment's growth.



  • According to the European Magnetic Resonance Forum (EMRF) estimates, more than 50% of the MRI procedures are conducted on the brain and spine.


The cardiology and body imaging segments are anticipated to grow at a comparatively lower CAGR despite the increasing usage of these imaging techniques in events, such as the detailed imaging of a beating heart. Increasing application areas, such as molecular imaging, are expected to boost the growth of the others segment during the forecast period.


By End-User Analysis


Increasing Number of Equipment Installed in Hospitals & ASCs Globally Led to Dominance of the Hospitals & ASCs Segment


The market is segmented into hospitals & ASCs and diagnostic centers based on end-users.


The hospital & ASCs segment accounted for the largest magnetic resonance imaging (MRI) equipment market share in 2023. One of the critical factors helping this segment dominate is the large installation base of these systems in these settings. The increasing number of hospitals and ASCs in developed and emerging countries is another crucial factor favoring the segment's growth.



  • According to OECD statistics published in 2021, the total diagnostic screenings performed in U.S. hospitals using the MRI system were around 19.1 million in 2021.


The diagnostic centers segment is anticipated to grow at a considerable growth rate during the forecast period. The rising number of diagnostic imaging centers in emerging countries such as China and India, among others, and the growing number of procedures in the setting are some major factors contributing to the segment’s growth.


REGIONAL INSIGHTS


Based on geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.


Asia Pacific Magnetic Resonance Imaging Equipment Market Size, 2023 (USD Billion)

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Asia Pacific was valued at USD 3.37 billion in 2023 and dominated the market. The dominance is due to the increasing adoption of advanced systems, a strong potential patient base, and rising awareness regarding advanced diagnostics due to the growing prevalence of chronic disorders.


Also, the increasing number of healthcare settings in the regional countries is another major factor supporting the rising adoption of the devices in the market.



  • According to a 2024 blog published by Rentech Digital, there are approximately 893 medical diagnostic imaging centers in Australia.


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North America is expected to grow at a steady rate during the forecast period. Some factors contributing to the region’s growth include the increasing adoption of high-strength and expensive imaging systems, substantial healthcare expenditure and infrastructure, and a high volume of imaging procedures due to the rising prevalence of chronic diseases. Such factors, coupled with a significant patient population, awareness about new advances in diagnostics, and the presence of major medical imaging companies, will contribute to the region’s dominance in the global market.



  • According to 2022 data published by the Organization for Economic Co-operation and Development (OECD), it was reported that approximately 38 magnetic resonance imaging units are available per 1,000,000 patients in hospitals & ASCs in the U.S.


Europe is expected to grow at a considerable growth rate during the forecast period. Some of the reasons for the regional market’s dominance include the increasing volume of medical imaging procedures, growing healthcare expenditure, and adoption of technologically advanced systems.


The market in Latin America is estimated to register a comparatively steady CAGR over the forecast period due to the increasing development of healthcare infrastructure, such as diagnostics systems and a growing number of medical imaging procedures.


The Middle East & Africa is projected to capture a smaller market share and register a lower CAGR since the market is still nascent. However, the increasing adoption of advanced healthcare systems backed by rising patient awareness and developing economic parameters can drive the market’s growth in this region during the forecast period.


List of Key Companies in Magnetic Resonance Imaging (MRI) Equipment Market


Robust Focus of the Key Players to Strengthen their Product Portfolio to Favor Market Growth 


The global market is consolidated with a few prominent players operating in the market and having a wide product portfolio. GE Healthcare, Siemens Healthineers AG, and Koninklijke Philips N.V. are the prominent players in the market, accounting for a majority of the market share. The robust R&D focus of these companies to strengthen their product portfolio with technologically advanced products is a significant factor supporting the growing market shares of these companies globally.


Also, the rising number of collaborations and partnerships among universities and other companies is another crucial factor favoring the growing brand presence globally.



  • In November 2023, GE Healthcare collaborated with The University of Wisconsin School of Medicine and Public Health at UW–Madison to expand the existing scope beyond medical imaging to the introduction of new digital technologies and disease-focused solutions.


CANON MEDICAL SYSTEMS CORPORATION, FUJIFILM Corporation, and ESAOTE SPA are a few other players operating in the global market. The rising efforts of these companies to expand their geographical presence to developed countries and strengthen their product portfolio are some of the factors contributing to their growing market shares.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • December 2023 – Siemens Healthineers AG announced the availability of the MAGNETOM Cima.X, a 3 T MRI system, in Canada. The launch has strengthened the company’s position in the Canadian healthcare market by offering comprehensive and accurate diagnosis capabilities that transform patient care.

  • November 2023 – Koninklijke Philips N.V. expanded the partnership agreement with SyntheticMR, which aims to introduce SyMRI 3D. The development would further expand the company’s imaging product offering.

  • November 2023 – GE Healthcare launched a 1.5T wide bore Magnetic Resonance Imaging (MRI) system, SIGNA Champion. The system is designed to improve the standard of care for patients by integrating advanced AI and innovative features that enable faster and more precise MRI scans.

  • August 2023 – FUJIFILM Corporation launched a new 1.5Tesla MRI system, ECHELON Synergy, integrated with deep learning reconstruction technology. This advanced technology will enhance the image quality and patient satisfaction.

  • April 2023 – Canon Medical Systems Corporation launched an AI-automated MRI planning solution to accelerate MRI planning time. The system utilizes machine learning and deep learning to improve diagnostic imaging of prostate, liver, and whole spine examinations.


REPORT COVERAGE


An Infographic Representation of Magnetic Resonance Imaging (MRI) Equipment Market

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The global market research report provides a detailed market analysis. It focuses on key aspects, such as market size, forecast, market segmentation based on strength, application, and end-user, and competitive landscape. It also gives an overview of technological developments, region-wise installed base imaging systems for 2023, and distributor analysis for significant companies. Besides, the report offers insights into the latest market trends, market statistics, and key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the market's growth in recent years.


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Report Scope & Segmentation



















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 5.8% from 2024-2032



Unit



Value (USD Billion)



Segmentation



By Strength



  • Less than 1.5T

  • 1.5T

  • More than 1.5T



By Application



  • Musculoskeletal

  • Neurology

  • Cardiology

  • Body Imaging

  • Others



By End-User



  • Hospitals & ASCs

  • Diagnostic Centers



By Region



  • North America (By Strength, Application, End-User, and Country)


    • U.S. (By Strength)

    • Canada (By Strength)


  • Europe (By Strength, Application, End-User, and Country/Sub-region)


    • U.K. (By Strength)

    • Germany (By Strength)

    • France (By Strength)

    • Italy (By Strength)

    • Spain (By Strength)

    • Scandinavia (By Strength)

    • Rest of Europe (By Strength)


  • Asia Pacific (By Strength, Application, End-User, and Country/Sub-region)


    • China (By Strength)

    • Japan (By Strength)

    • India (By Strength)

    • Australia (By Strength)

    • Southeast Asia (By Strength)

    • Rest of Asia Pacific (By Strength)


  • Latin America (By Strength, Application, End-User, and Country/Sub-region)


    • Brazil (By Strength)

    • Mexico (By Strength)

    • Rest of Latin America (By Strength)


  • Middle East & Africa (By Strength, Application, End-User, and Country/Sub-region)


    • GCC (By Strength)

    • South Africa (By Strength)

    • Rest of the Middle East & Africa (By Strength)




 





Frequently Asked Questions

Fortune Business Insights says that the global market was valued at USD 7.41 billion in 2023 and is projected to reach USD 12.20 billion by 2032.

In 2023, the Asia Pacific market value stood at USD 3.37 billion.

The market will exhibit a steady CAGR of 5.8% during the forecast period of 2024-2032.

The 1.5 T segment is expected to be the leading segment in this market during the forecast period.

The key driving factors of the market include the rising prevalence of chronic diseases, increasing demand for imaging technologies, favorable health reimbursement policies, and launch of technologically advanced products.

GE Healthcare, Siemens, and Phillips are the leading players in the global market.

Asia Pacific dominated the market share in 2023.

Launch of technologically advanced products addressing the critical unmet needs of the market, such as pediatric imaging and lung imaging, are driving the product’s adoption.

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