"Designing Growth Strategies is in our DNA"
The global magnetic resonance imaging equipment market size was valued at USD 7.08 billion in 2022 and is projected to grow from USD 7.48 billion in 2023 to USD 11.50 billion by 2030, exhibiting a CAGR of 6.3% during the forecast period.
In terms of imaging techniques globally, Magnetic Resonance Imaging (MRI) is one of the most common diagnostic imaging techniques used. It is often considered indispensable in diagnosing, treating, and managing various critical illnesses. The development of this system is regarded as a massive milestone in medical imaging as the procedure is non-invasive, potentially harmless, and produces detailed images of the human body’s abnormalities. The use of imaging systems for diagnosis is increasing at a notable rate as the number of cancer and trauma cases is rising globally.
For example, as per the National Cancer Institute, by 2040, it is projected that the number of new cancer cases will increase by 29.5 million, and the number of cancer-related deaths will rise to 16.4 million per year. Therefore, such an increase in the number suggests that using magnetic resonance imaging equipment as an imaging modality is projected to create growth opportunities for the market.
Significant Decline in MRI Equipment Production amid COVID-19 Hindered Market Growth Opportunities
The emergence of the COVID-19 pandemic impeded the magnetic resonance imaging equipment market growth due to a notable decrease in the production of these equipment. Key players operating in the market recorded a significant decline in their revenues due to the pandemic. The reallocation of healthcare resources, declining patient visits, disruptions in supply chains, and other major factors impacted the sales of these imaging systems, especially during the first half of 2020. Additionally, delayed purchase of magnetic resonance imaging equipment and reconsideration of investment decisions due to widespread financial instability slowed the magnetic resonance equipment market growth during this period.
However, these systems were used for the primary detection of the COVID-19 infection, thus triggering a high demand for scans during the pandemic. However, the production of these imaging systems was affected due to government-enforced regulations and lockdowns. The major market players witnessed a significant decline in revenue generated during 2020.
Moreover, during Q3-Q4 2021, there was a significant increase in patient visits to diagnostic centers and hospitals due to the relaxation in regulations imposed by governments. This factor led to a higher demand for magnetic resonance imaging equipment globally in 2021. Thus, the growth in equipment production was observed during this year, which increased the revenues of key companies in the market. The revenue generated by Koninklijke Philips N.V. in H1 2021 increased by 3.6% compared to the revenue in H1 2020. Therefore, the resumption of services positively impacted the demand for magnetic resonance imaging equipment in 2021.
Request a Free sample to learn more about this report.
Increasing Product Launches and Adoption of High Strength Equipment to Augment Market Growth
The increasing number of product launches, coupled with the rising adoption of high-strength systems, is one of the key trends prevailing in the market. Technological advancements have led to the development and subsequent marketing of high-strength imaging equipment. In July 2022, CANON MEDICAL SYSTEMS CORPORATION launched the Vantage Fortian MRI System at the European Congress of Radiology (ECR) 2022. The new system featured innovative workflow solutions, image enhancement, and accelerated scan technology that reduces the time required for imaging procedures.
Several advantages associated with higher strength equipment, such as better imaging qualities, are particularly beneficial to certain forms of imaging such as vascular imaging. The higher strength systems have superior imaging qualities such as increased image sensitivity and better visualization of physiological processes. For instance, as per Wainscot Media, in April 2021, Philips participated in an imperative research project to explore a potentially revolutionary use of this technology in cardiology.
Increasing Prevalence of Chronic Diseases to Fuel Market Growth
There has been a consistently strong demand for medical imaging technologies in the current modern medical scenario due to increasing prevalence of different types of severe and chronic diseases. An effective and technologically advanced imaging technique is required to diagnose, treat, and manage chronic illnesses. Due to its superior imaging properties, magnetic resonance imaging equipment enables medical professionals to effectively use it as a means of treatment.
Imaging can be used for several disease indications, such as anomalies in the brain & spinal cord, various types of cancers, injuries, heart-related problems, cysts, and tumors. Almost all of the above-mentioned medical conditions have exhibited a strong growth in their occurrence globally. In the emerging markets, the increasing introduction of effective and low-cost imaging methods is expected to boost the growth of the global market during the forecast period.
According to an article published by the National Library of Medicine, in June 2022, it was estimated that in the U.S., there were some 1.91 million cases of cancer and 0.60 million cancer deaths. For instance, breast cancer, one of the most prevalent forms of cancer across the world, can be efficiently imaged with magnetic resonance imaging equipment. This equipment also enables the imaging of areas affected by stroke, a common neurological disorder. According to data published by the National Institute of Health (NIH), in January 2022, an estimated 795,000 individuals in the U.S. suffer from a stroke every year. At the same time, the increasing scope and application areas of this imaging technique are also boosting their adoption and propelling the magnetic resonance imaging market growth.
Technological Advancements to Drive Market Growth
A key driving factor that is expected to contribute substantially to the growth of the global market is the increasing technological advancements in imaging equipment. Some of these advancements include the launch of open MRI, which aids in the effective medical imaging of claustrophobic and overweight patients. These advances have also improved the field strength and computing power of the imaging equipment. These factors have led to faster imaging timing, better imaging quality, and higher spatial resolution due to enhancement in the equipment’s pulse sequences.
New and technologically advanced products from key market players such as Siemens’ MAGNETOM Terra, the first-ever 7T MRI system approved for clinical use, have also driven the market growth. These ultra-high-field systems are primarily concentrated in the developed markets of North America and Europe. According to an article published by the Kennedy Krieger Institute (KKI) in 2021, there were a total of 80 7T MRI systems installed around the world. The above product launches and need for cutting-edge medical imaging solutions are anticipated to boost the demand for these systems and fuel the global magnetic resonance imaging equipment market share.
High Costs of Systems to Limit Market Growth
Despite the increasing demand for technologically advanced imaging systems for the efficient management and treatment of chronic diseases, certain critical limitations are restricting the growth of the global market. One of these limitations is the high costs associated with the installation and maintenance of MRI equipment. Installation and proper care of these systems often require complex infrastructure and incur various associated costs, which many medical institutions cannot undertake. A significant number of installations of the magnetic resonance imaging equipment is located across countries in emerging markets, such as Asia Pacific.
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.
To know how our report can help streamline your business, Speak to Analyst
1.5 T Segment Dominated Global Market Owing to Strong Installed Base
The market is segmented into less than 1.5 T, 1.5 T, and more than 1.5 T based on strength.
The 1.5 T segment is predicted to dominate the market share during the forecast period. The dominance of these systems is primarily due to their strong installed base. Several key market players, such as GE Healthcare, Siemens, and Phillips have a strong product portfolio devoted to the imaging systems of this strength. Many companies have unveiled product offerings with diverse application areas. For instance, in November 2021, CANON MEDICAL SYSTEMS CORPORATION launched a 1.5 T MRI system with advanced productivity to expand its product portfolio in the market. Thus, this segment will dominate the global market in terms of volume and hold the largest share in terms of value.
The more than 1.5 T segment is also anticipated to account for the highest CAGR due to the increasing adoption of high-strength imaging systems. It has superior imaging qualities such as higher spatial resolution. In terms of the market share held with respect to volume and value, the India market seems to be dominated by the 1.5 T and the more than 1.5 T segments.
The less than 1.5 T 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 lower adoption of common strength systems.
MRI Equipment to Find Robust Use in Musculoskeletal Applications with Rising Number of Procedures
The market is segmented into musculoskeletal, neurology, cardiology, body imaging, and others in terms of application.
The musculoskeletal segment is expected to dominate the market over the forecast period due to the rising number of procedures, which has increased the usage of magnetic resonance imaging equipment. This device also has strong efficacy in soft tissue imaging, further fueling its demand.
The neurology segment is expected to be the second most dominant segment in the market over the forecast period due to increasing incidence of neurological diseases globally and usage of this imaging technique to screen medical complications, such as strokes. For instance, according to the World Health Organization (WHO), 15 million people across the world annually suffer from strokes, and it is more common in people above 40 years.
These two segments are expected to dominate the market. 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.
Availability of Complex Infrastructure to Boost Product Installation Across Hospitals
The market is segmented into hospitals & ASCs and diagnostic centers based on end-user.
The hospital & ASCs segment is expected to hold the largest share of the market. One of the critical factors helping this segment dominate is the large installation base of these systems. This is attributed to the fact that hospitals are the only institutions that can provide the complex infrastructure needed to install and run these systems.
The diagnostic centers segment is anticipated to be the second most dominant one as in multiple countries, such as India, many imaging examinations are conducted in these facilities.
Asia Pacific Magnetic Resonance Imaging Equipment Market Size, 2022 (USD billion)
To get more information on the regional analysis of this market, Request a Free sample
Based on geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Asia Pacific is estimated to hold the largest market share, with the region's revenue standing at USD 3.24 billion in 2022. The market is recording the highest CAGR as compared to all other regions. The critical factors contributing to the region's dominance in the market are increasing adoption of advanced systems, strong potential patient base, and rising awareness regarding advanced diagnostics due to the growing prevalence of chronic disorders. According to the Organization for Economic Co-operation and Development (OECD), the number of MRI systems in Japan per 1 million people was 111.5, making Japan one of the largest markets in terms of the total number of installations globally.
North America holds a significant share in the global market. Some of the factors contributing to the region’s growth include the increasing adoption of high-strength and expensive imaging systems, substantial healthcare expenditure & infrastructure, and 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 presence of major medical imaging companies will contribute to the region’s dominance in the global market.
Europe is the second most dominant market. 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 increasing development of healthcare infrastructure such as diagnostics systems and growing number of medical imaging procedures.
To know how our report can help streamline your business, Speak to Analyst
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 the rising patient awareness and developing economic parameters can drive the market’s growth in this region during the forecast period.
Substantial and Diversified Portfolio of MRI Equipment to Help Companies Maintain Market Dominance
In terms of the competitive landscape, this industry reflects a classical monopolistic market scenario, consisting of a wide range of established and emerging players. The established companies have a robust revenue position and diverse product portfolio comprising MRI systems of varying strengths and application areas. They also have a strong foothold in the key growth regions; some of these established players include GE Healthcare, Siemens Healthineers, and Philips. In November 2022, GE HealthCare announced the launch of SIGNA Experience, a platform of four synergistic technologies, such as SIGNA One, Artificial Intelligence (AI), workflow solutions, and AIR coils, to ensure that the best magnetic resonance imaging is available to physicians, technologists, and patients.
Further, the market also has small-sized companies that have limited number of offerings in their product portfolio, especially in terms of imaging systems of higher strengths such as 7.0 T. These companies possess a strong domestic presence - for instance Shenzhen Anke Hi-tech Co., Ltd. and Shenzhen Basda Medical Apparatus Co., Ltd., which are based in China. These factors are expected to increase their market share over the forecast period.
An Infographic Representation of Magnetic Resonance Imaging (MRI) Equipment Market
To get information on various segments, share your queries with us
The global market research report provides a detailed market analysis. It focuses on key aspects, such as market size & market forecast, critical regions from 2019-2030, cost of procedure (key countries), and procedures conducted per year (key countries). It also gives an overview of technological developments, region-wise installed base imaging system for 2021, 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.
CAGR of 6.3% from 2023-2030
Value (USD billion)
By Strength, Application, End-User, and Geography
The magnetic resonance imaging equipment market was valued at USD 7.08 billion in 2022 and is projected to reach USD 11.50 billion by 2030.
In 2022, the Asia Pacific market value stood at USD 3.24 billion.
The magnetic resonance imaging equipment market will exhibit a steady 6.3% CAGR during the forecast period of 2023-2030.
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 2022.
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.
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- UGlobal hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry