Magnetic Resonance Imaging Equipment Market Size to Record 6.3% CAGR over 2023-2030; Technological Innovations in Imaging Techniques to Accelerate Market Growth

The global magnetic resonance imaging equipment market size touched USD 7.08 billion in 2022 and is predicted to reach USD 7.48 billion in 2023. The market is anticipated to touch USD 11.50 billion by 2030, recording a CAGR of 6.3% over 2023-2030.

Fortune Business Insights™ presents this information in its latest report titled “Magnetic Resonance Imaging Equipment Market Size, Share & COVID-19 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 & ASCs and Diagnostic Centers), and Regional Forecast, 2023-2030”.

As far as medical imaging technologies are concerned, magnetic resonance imaging, commonly known as MRI, is one of the most common imaging techniques used in the healthcare sector. In fact, the introduction of this technique is often considered a huge medical breakthrough as it became much easier for medical professionals to diagnose and treat acute diseases. Magnetic resonance imaging equipment can also significantly improve the survival rate of patients suffering from critical diseases by offering detailed images of the affected body part. This feature can help medical professionals as well as patients take proactive measures to bring the disease under control and improve their health. These characteristics will help the market share grow.

Decrease in Production of MRI Systems Decelerated Market Expansion During COVID-19

The COVID-19 outbreak decreased the adoption of magnetic resonance imaging systems as the number of patients visiting hospitals and medical centers declined due to government-imposed lockdowns. Many medical professionals had decided to either postpone or cancel their surgeries and reallocate their healthcare resources toward the treatment of COVID-19-infected patients. Severe supply chain disruptions experienced by the healthcare sector also had a major effect on product sales, thereby decelerating the magnetic resonance imaging equipment market growth.

Technological Innovations in Imaging Techniques to Accelerate Market Growth

A vast variety of medical imaging techniques are used to screen patients for potential life-threatening diseases. Out of these, magnetic resonance imaging systems are quite popular across the healthcare sector as they offer superior imaging properties. They can help surgeons identify abnormalities in different body parts and take appropriate measures to create a robust treatment plan. MRI systems are undergoing technological innovations such as the introduction of an open MRI to treat patients who suffer from claustrophobia or are overweight. These advancements have considerably enhanced the computing power and fielding strength of the imaging machine, thereby driving the market’s development.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/magnetic-resonance-imaging-mri-equipment-market-100087

Competitive Landscape

Companies to Focus on Expanding their Product Portfolios to Strengthen Market Position

The companies that are involved in this industry are taking various steps to expand and strengthen their product portfolios to cater to the diverse medical needs of their customers. Some of these market players include Siemens Healthineers, GE Healthcare, and Philips. There are many small-sized companies in the industry as well who have a strong local presence. These factors are expected to fuel the market’s growth.

Notable Industry Development:

• January 2023 - Imricor Medical Systems, Inc., one of the leading providers of real-time interventional cardiac magnetic resonance (iCMR) ablation solutions, announced its collaboration with GE HealthCare to interface its advantage-MR EP recorder/stimulator and Northstar-MR 3D mapping system with GE HealthCare MRI scanners. The partnership is expected to enable the use of real-time MRI to guide cardiac electrophysiology (EP) ablation procedures. The treatment will utilize Imricor’s catheters and other disposable devices to be performed on the GE HealthCare platform.

List of the Companies Profiled in the Report:

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


• Siemens Healthineers AG (Germany)


• Koninklijke Philips N.V. (Netherlands)


• Canon Medical Systems Corporation (Japan)


• Hitachi, Ltd. (Japan)


• Esaote SpA (Italy)


• Time Medical Holding (Hong Kong)


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


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


• Fonar Corporation (U.S.)

Further Report Findings

• Asia Pacific is expected to hold the largest market share during the forecast period as the region is increasing its dependence on innovative imaging systems. The region also has a large patient pool that will further contribute to the regional market’s growth.


• Europe is estimated to be the second most dominant region in the global market. Some of the top factors contributing to the regional market’s growth include rising healthcare expenditure, rising volume of medical imaging procedures, and use of futuristic systems


• The musculoskeletal segment is predicted to account for a dominant share in the market as the number of procedures to treat these ailments is increasing across the world.

Table of Segmentation