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Magnetic Resonance Imaging Equipment Market Size, Share & COVID19 Impact Analysis, By Strength (Less than 1.5 T, 1.5 T, and More than 1.5 T), By Application (Musculoskeletal, Neurology, Cardiology, Body Imaging, and Others), By End-User (Hospitals, Ambulatory Surgical Centers, and Diagnostic Centers), and Regional Forecast, 2021-2028

Region : Global | Format: PDF | Report ID: FBI100087



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The global magnetic resonance imaging equipment market size was USD 7.55 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with the market witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global MRI equipment market exhibited a lower growth of 4.3% in 2020 compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 7.94 billion in 2021 to USD 12.25 billion in 2028 at a CAGR of 6.4% in the 2021-2028 period. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

In terms of imaging techniques globally, magnetic resonance imaging is one of the most common imaging techniques used. It is often considered indispensable in terms of diagnosis, treatment, and management of various critical illnesses. The development this system is considered 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 number of cancer and trauma cases is increasing, and, in those cases, the use of such imaging systems for diagnosis is increasingly used. For example, as per 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 to 16.4 million per year. Therefore, such an increase in the number suggests using MRI as an imaging technique, augmenting the market growth.

Effects of COVID-19: Pandemic has Surged the Demand for these Equipment

Midst the foremost used COVID-19 screening options, imaging is preferred by most healthcare professionals, as it provides a primary diagnosis in a short time. MRI has been used comprehensively to study COVID-19 and its effect on different patients in each demography. Enhancement in radiology imaging techniques has allowed the industry to build smaller and portable low-magnetic-field equipment. People with underlying disease conditions can face more serious complications due to the pandemic. Therefore, this leads to an increase in the adoption of imaging systems during the pandemic. For instance, in 2020, Hyperfine Research announced that the company had received clearance from the US FDA for the portable MRI technology, the Swoop device. Some of the trends present in the MRI equipment market include the increasing adoption of high-strength systems, which enable even further detailed imaging. The global market for this equipment is projected to exhibit steady growth but may experience a decline due to the COVID-19 pandemic.


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Increasing Product Launches and Adoption of High Strength Equipment to Augment Growth

The increasing number of product launches in the high strength segments, coupled with the rising adoption of these systems of high strengths, is one of the key prevailing trends in the market. Technological advancements have led to the development and subsequent marketing of high-strength imaging equipment. For instance, in September 2020, Boston Scientific announced the European launch of the WaveWriter Alpha portfolio, which consists of four MRI conditional, Bluetooth-enabled implantable pulse generators (IPGs) that offers expanded personalization on the basis of patient needs, and includes rechargeable and non-rechargeable options, and access to waveforms to cover multiple are of pain.

The rise in the adoption is the advantages associated with higher strength equipment, such as better imaging qualities, and is 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, in February 2018, scientists at the University of Minnesota scanned the world’s first-ever 10.5-T image. Additionally, 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 and Serious Diseases to Fuel Growth for the Market

There has been a consistently strong demand for medical imaging in the current modern medical scenario due to the increasing prevalence of almost all types of severe and chronic diseases. An effective and technologically advanced imaging technique is required for the effective diagnosis, treatment, and management of chronic illness. Due to its superior imaging properties and qualities, magnetic resonance imaging technology enables medical professionals to effectively use it as a means of treatment. It can be used the imaging for several disease indications such as anomalies in the brain and spinal cord, various types of cancers, injuries, certain types of cardiological problems, cysts, and tumors. Almost all of the above-mentioned medical conditions have exhibited a strong instance of incidence globally. In the emerging markets, the increasing introduction of effective and low-cost imaging is expected to boost the growth of the global market during the forecast period.

In 2020, according to World Health Organization (WHO), the leading cause of death worldwide was cancer which accounts for nearly 10 million deaths, and new cases of cancer will be diagnosed in that same year. For instance, breast cancer, one of the most prevalent forms of cancer worldwide, can be efficiently imaged with MRI equipment. This equipment also enables the efficient imaging of areas affected by strokes, a common neurological event. According to the Centers for Disease Control and Prevention (CDC), as of January 2020, an estimated 795,000 individuals in the U.S. suffer from strokes every year. At the same time, the increasing scope and application areas of this imaging technique are also boosting their adoption and, subsequently, propelling the MRI equipment market growth.

Technological Advancements to Drive the Market

Another 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 the technological advancements include the launches of open MRI, which aids in the effective medical imaging of claustrophobic and overweight patients. The technological advances also involve improvements in field strength and computing power of the imaging equipment. These have led to faster imaging timings, better imaging quality, and higher spatial resolution due to advances in the equipment’s pulse sequences. New and technologically advanced products from key market players such as Siemens’ product offering of 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. Estimates published in 2020 by Elsevier stated that the number of 7T imaging systems in the world exceeds 70, with more installations expected in the forecast period. The above product launches and the need for cutting-edge medical imaging are further anticipated to boost the demand for these systems and fuel global magnetic resonance imaging equipment market growth. 


High Costs of Equipment Coupled with Other Limitations 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 the significant factors limiting the market's development is the higher costs associated with the installation and maintenance of imaging equipment. Installation and proper maintenance of these systems often require complex infrastructure and associated costs, which many medical institutions can often not undertake or provide. A significant number of the installed base of the MRO systems is located across countries in the emerging market, such as the Asia Pacific.

These lead hospitals and diagnostics centers in these regions to purchase refurbished MRI systems to meet their imaging needs. The refurbished systems are available at a substantially lower cost than installing a newer system. Hospitals and other healthcare institutions in developing countries often opt for these systems due to their cost-effectiveness. At the same time, another critical limitation is the voluntary product recalls of a number of imaging systems due to reasons such as human error. It has also adversely impacted the market growth.


By Strength Analysis

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Owing to Strong Installed Base of Magnetic Resonance Imaging Equipment, 1.5 T Segment to Dominate Global Market

The global market is segmented into less than 1.5 T, 1.5 T, and more than 1.5 T based on strength.

The dominance of the 1.5 T segment is primarily due to the strong installed base worldwide of these systems. Several key market players such as GE Healthcare, Siemens, and Phillips have a strong product portfolio devoted to the imaging systems of this strength. They also possess product offerings with diverse application areas. This segment dominated the global market in terms of volume and is one of the highest shareholders in terms of value.

The more than 1.5T segment is also anticipated to account for the highest CAGR due to the increasing adoption of high-strength imaging systems. They have superior imaging qualities, such as higher spatial resolution. For instance, in terms of volume and value share, the Indian market seems to be dominated by the 1.5T and the more than 1.5 T segments. The less than 1.5 T segment is expected to account for a lower market share in the forecast period due to refurbished systems in this segment and the lower adoption of common strength systems.

By Application Analysis

Substantial Procedural Volumes Attributable to Musculoskeletal Application to Aid Dominance of the Segment

The market is segmented into musculoskeletal, neurology, cardiology, body imaging, and others in terms of application.

The musculoskeletal segment is expected to dominate in the forecast period due to the large procedural volumes devoted to this application and the strong efficacy of MRI in soft tissue imaging. The neurology segment is expected to be the second most dominant segment in the forecast period because of the increasing usage of this imaging technique for imaging strokes. These two segments are expected to dominate the market because, in the 2015 estimate published by the European Magnetic Resonance Forum (EMRF), more than 50% of the MR imaging procedures belonged to the brain and spine in the parts of these two above-mentioned segments.

The cardiology and the body imaging segments are anticipated to grow at comparatively lower CAGR despite the increasing usage of these imaging techniques in certain cardiological events, such as the detailed imaging of the 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

Rising Installed Base of Magnetic Resonance Imaging Equipment at Hospitals to Enable Dominance of the Segment in Market

The market is segmented into hospitals, ambulatory surgical centers, and diagnostic centers for the end-user.

One of the critical factors for the dominance of the hospitals segment is a large installed base of these systems. This is primarily because hospitals are the only institutions that can provide the complex infrastructure needed to install and run these systems. The diagnostic center's segment is anticipated to be the second most dominant segment because, in multiple regions such as India, a significant number of imaging examinations are conducted in these facilities.

The ambulatory surgical centers segment is estimated to grow at a comparatively lower CAGR due to the relatively smaller installed base and the presence of such facilities in specific regions only.


North America Magnetic Resonance Imaging Equipment Market Size, 2020 (USD Billion)

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On the basis of region, the market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

In terms of regional share, North America was one of the largest markets, with the region's revenue standing at USD 1.57 billion in 2020. Some of the characteristics contributing to the region’s dominance include the increasing adoption of high-strength and expensive imaging systems, substantial healthcare expenditure and infrastructure, and high imaging procedural volume due to the rising prevalence of chronic diseases. Such factors, coupled with a significant patient population, awareness towards new advances in diagnostics, and major medical imaging companies, contribute to the region’s dominance in the global market. According to the Organization for Economic Co-operation and Development (OECD), the number of MRI systems in the U.S. per 1 million people was 39, making the U.S. one of the largest markets in terms of the installed base.

The market in Europe is the second most dominant market globally. Some of the reasons for the European market’s dominance include the increasing volume of medical imaging procedures in the region, the strong healthcare expenditure, and the adoption of technologically advanced systems.

The market in the Asia Pacific is estimated to register the highest CAGR compared to all the regions. The critical reasons for the region's high growth rate are the increasing adoption of advanced systems, a strong potential patient base, and the rising awareness regarding advanced diagnostics due to the increasing prevalence of severe disorders.

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The market in Latin America is estimated to register a comparatively steady CAGR in the forecast period backed by the increasing developments of the healthcare infrastructure such as diagnostics systems and the growing procedure volumes of medical imaging. The Middle East & Africa is projected to register a smaller market share and CAGR since the market is still nascent. But, the increasing adoption of advanced healthcare systems stoked by the rising patient awareness and developing economic parameters can drive the growth in this region during the forecast period.


Substantial and Diversified Portfolio of Magnetic Resonance Imaging Equipment to Help Companies Maintain Dominance

In terms of the competitive landscape, this market reflects a classical monopolistic market scenario, consisting of a wide and varied range of players: established and emerging. The established companies have a robust revenue position and a diverse product portfolio comprising MRI systems of varying strengths and application areas. These companies also have a strong foothold in the key growth regions, and some of these established players include GE Healthcare, Siemens Healthineers, and Philips. For instance, GE Healthcare has an important range of imaging systems called the SIGNA, which has systems of the strengths of 1.5 T and 3.0 T.

Also, the competitive scene has companies of a comparatively smaller size with a 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 such as Shenzhen Anke Hi-tech Co., Ltd., and Shenzhen Basda Medical Apparatus Co., Ltd. in China. They are expected to increase their market share in the forecast period.


  • GENERAL ELECTRIC COMPANY (GE Healthcare) (Boston, U.S.)

  • Siemens Healthineers AG (Munich, Germany)

  • Koninklijke Philips N.V. (Amsterdam, Netherlands)

  • Canon Medical Systems Corporation (Tochigi, Japan)

  • Hitachi, Ltd. (Tokyo, Japan)

  • Esaote SpA (Genova, Italy)

  • Time Medical Holding (Shatin, Hong Kong)

  • Shenzhen Anke Hi-tech Co., Ltd. (Shenzhen, China)

  • Shenzhen Basda Medical Apparatus Co., Ltd. (Shenzhen, China)

  • Fonar Corporation (New York, U.S.)


  • May 2020 – The U.S. FDA announced that the 510(k) clearance was granted to Synaptive Medical's product offering of Evry. It is a point-of-care head magnetic resonance imaging system developed to provide immediate access to diagnostic imaging for individuals requiring emergency care, especially for complications arising from COVID-19 and other neurological conditions such as ischemic stroke, neurological damage, or potential head trauma.

  • February 2020 – The U.S. FDA announced that the 510(k) clearance was granted to the world’s first-ever bedside MRI, a product offering of Hyperfine Research, Inc.


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

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The global magnetic resonance imaging equipment market report provides a detailed analysis of the market. It focuses on key aspects such as market size & forecast (in volume) – critical region – 2017-2028, cost of procedure (key countries), procedures per year (key countries), an overview of technological developments, region-wise installed base imaging system – 2020, and distributor analysis – significant companies. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.

 Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD billion)


By Strength; By Application; By End User; and By Geography

By Strength

  • Less than 1.5 T

  • 1.5 T

  • More than 1.5 T

By Application

  • Musculoskeletal

  • Neurology

  • Cardiology

  • Body Imaging

  • Others

By End-User

  • Hospitals

  • Ambulatory Surgical Centers

  • Diagnostic Centers

By Geography

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

    • U.S. (By Strength)

    • Canada (By Strength)

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

    • U.K. (By Strength)

    • Germany (By Strength)

    • France (By Strength)

    • Italy (By Strength)

    • Spain (By Strength)

    • Rest of Europe (By Strength)

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

    • 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, By Application, By End-User, and By Country)

    • Brazil (By Strength)

    • Mexico (By Strength)

    • Rest of Latin America (By Strength)

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

    • GCC (By Strength)

    • South Africa (By Strength)

    • Rest of MEA (By Strength)

Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 7.55 billion in 2020 and is projected to reach USD 12.25 billion by 2028.

In 2020, the market value stood at USD 7.55 billion.

Growing at a CAGR of 6.4%, the market will exhibit steady growth in the forecast period (2021-2028).

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

The rising prevalence of chronic diseases, increased demand for imaging, favorable health reimbursement, and launches of technologically advanced products are driving the market.

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

Asia Pacific dominated the market share in 2020.

Launches of technologically advanced products addressing the critical unmet needs of the market, such as pediatric imaging and lung imaging, are driving the adoption of magnetic resonance imaging equipment.

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Magnetic Resonance Imaging (MRI) Equipment Market Size, Share and Global Industry Trend Forecast till 2026
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