Magnetic Resonance Imaging (MRI) Equipment Market to Grow at a CAGR of 6.4% During the Forecast Period; Rising Incidence of Chronic Illnesses to Bolster Market Growth

The global magnetic resonance imaging (MRI) equipment market size was valued at USD 8.15 billion in 2025. The market is projected to grow from USD 8.57 billion in 2026 to USD 14.03 billion by 2034, exhibiting a CAGR of 6.4% during the forecast period.

Fortune Business Insights™ presents this information in its report titled, “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, General Body Imaging, and Others), By Design (Closed MRI Systems, Open MRI Systems, and Dedicated/Extremity MRI Systems), By End-user (Hospitals & ASCs, Diagnostic Imaging Centers, Academic & Research Institutes, and Others), and Regional Forecast, 2026-2034”.

Magnetic Resonance Imaging (MRI) equipment ranks among the most widely utilized diagnostic imaging modalities across healthcare facilities such as hospitals and clinics. They operate using powerful magnetic fields and radio waves to generate high-resolution images of internal organs and tissues. The increasing incidence of chronic illnesses including cancer and neurological conditions, coupled with a surge in trauma incidents, is fueling the global demand for this equipment.

Hyperfine, Inc. through its Launch of Next-Gen Portable MRI to Accelerate Point-of-Care Brain Imaging in Europe

Hyperfine, Inc. launched its next-gen Swoop portable MRI (Model 2) in July 2026, in Europe post CE and UKCA clearance. Powered by Optive AI, it delivers major gains in image quality and workflow for point-of-care brain imaging, with UniHA listing enabling adoption in French public hospitals.

Growing Healthcare Spending in Emerging Nations to Drive Market Growth

Rising cases of chronic conditions including cancer, epilepsy, Alzheimer’s, and Parkinson’s, along with awareness initiatives, are increasing diagnosis rates and driving magnetic resonance imaging (MRI) equipment market growth. Moreover, growing healthcare spending and improving infrastructure in emerging markets including China, India, and Brazil further boost adoption. At the same time, MRI’s advantages over other imaging modalities are expected to propel growth during the forecast period.

However, the high price point linked to installation and maintenance of Magnetic Resonance Imaging (MRI) equipment hampers market growth.

Key Players to Focus on Extensive Portfolios and Collaborations to Strengthen Market Share

The MRI equipment market is consolidated, with a few major players accounting for a majority of the share. Their dominance is driven by extensive product portfolios and strong R&D focus on technologically advanced systems. Growth is further supported by increasing collaborations between universities and industry to expand beyond conventional imaging into digital technologies and disease-focused solutions, along with strategic efforts to expand geographical presence in developed markets and strengthen product portfolios.

Notable Industry Development

• May 2026: Shanghai United Imaging Healthcare Co., Ltd at ISRM 2026, showcased 5T uMR Jupiter, the first whole-body 5T MRI with 8-channel multi-transmit, and 3T uMR Ultra for dynamic whole-body imaging with 100mT/m gradients and an AI platform for motion visualization, plus sustainable gradient tech.

List of Key Companies Profiled in the Report

• GE Healthcare (U.S.)
• Koninklijke Philips N.V. (Netherlands)
• Siemens Healthineers AG (Germany)
• CANON MEDICAL SYSTEMS CORPORATION (Japan)
• FUJIFILM Holdings Corporation (Japan)
• ESAOTE SPA (Italy)
• Time Medical Holding (China)
• FONAR Corp. (U.S.)
• Neusoft Medical Systems Co., Ltd. (China)
• Medonica Co. LTD (South Korea)

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

Further Report Findings

• Asia Pacific region led the market with the highest magnetic resonance imaging (MRI) equipment market share. This leadership is attributed to growing adoption of advanced systems, a large potential patient pool, and increased awareness of advanced diagnostics and rising chronic disease prevalence. Additionally, the expanding number of healthcare facilities across the region is further driving device adoption.
• Europe holds the second-largest share of the MRI equipment market, driven by a rising number of medical imaging procedures, increased healthcare spending, and the adoption of technologically advanced systems.

Table of Segmentation