The global Magnetic Resonance Imaging (MRI) systems market, valued at US$ 14,168.84 million in 2024, is projected to reach US$ 20,333.64 million by 2031, exhibiting a compound annual growth rate (CAGR) of 5.3% from 2025 to 2031.
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Executive Summary and Global Market Analysis:
The MRI market’s expansion is primarily driven by the increasing global incidence of neurological disorders, cancer, and cardiovascular conditions, all of which necessitate advanced imaging for precise diagnosis. Technological advancements are also significant contributors, with the advent of high-field MRI systems and AI-powered image analysis enhancing scan speed and diagnostic accuracy. Furthermore, the development of healthcare infrastructure in emerging economies is improving access to MRI capabilities and fostering greater adoption of these systems. The integration of Artificial Intelligence (AI) is a notable trend, offering improved image interpretation, enhanced clinical efficiency, and streamlined workflow, thereby creating new avenues for market growth.
Despite this robust growth, the MRI market faces certain challenges. The substantial initial cost of MRI machines, coupled with ongoing service and maintenance expenses, poses a significant barrier for healthcare facilities in low-resource settings and smaller institutions. Nevertheless, continuous innovation and persistent demand are expected to continue fueling the growth of the MRI market.
The Magnetic Resonance Imaging (MRI) Systems Market is experiencing significant growth, driven by the increasing prevalence of chronic diseases and continuous technological advancements in MRI technology. In 2024, several key segments contributed to the market’s overall analysis.
Market Segmentation and Dominant Segments (2024):
- By Type: The market is segmented into closed MRI systems and open MRI systems. Closed MRI systems dominated the market in 2024 due to their superior image quality and higher magnetic field strength, making them ideal for complex diagnostics in hospitals and advanced imaging centers.
- By Field Strength: This segment includes low-field, mid-field, and high & ultra-high field MRI systems. Mid-field MRI systems (typically 1.5 – 3T) held the largest share in 2024. These systems strike a balance between performance and cost, making them widely adopted for routine clinical diagnostics due to their reliable imaging capabilities and broad application compatibility.
- By Mobility: The market is categorized into fixed and portable systems. Fixed MRI systems held the largest market share in 2024, attributed to their robust infrastructure, high patient throughput, seamless integration into hospital networks, and ability to support high-field imaging for complex diagnostic needs.
- By Application: Key applications include neurology, oncology, cardiology, orthopedics, gastroenterology, gynecology, and others. Neurology dominated the market in 2024, primarily due to the high prevalence of neurological disorders and the critical need for detailed brain and spine imaging for both clinical diagnosis and research.
- By End User: The market is segmented into hospitals, specialty clinics, diagnostic imaging centers, academic & research institutes, and others. Hospitals held the largest market share in 2024, owing to their extensive infrastructure, highly skilled personnel, and capacity to manage a large volume of patients requiring diverse MRI procedures across various departments like neurology, oncology, and cardiology.
Market Drivers and Opportunities:
- Rising Prevalence of Chronic Diseases: A significant driver for the MRI market is the increasing incidence of chronic diseases, particularly neurological conditions. Accurate and detailed brain imaging is crucial for diagnosing and monitoring these conditions. For instance, the World Health Organization reported in August 2023 that over 1.8 million people globally suffer from multiple sclerosis. The growing awareness and early identification of neurological conditions are leading to more MRI scans for diagnosis or exclusion. Advances in MRI technology are also enabling the detection of subtle abnormalities, further solidifying MRI’s role in managing complex neurological disorders and consistently driving its adoption worldwide.
- Technological Advancements in MRI Systems: Continuous innovation in MRI technology is boosting demand and expanding their clinical value across various healthcare settings. Key advancements include:
- Stronger Magnetic Field Systems: The development of 3T and higher field strength systems provides enhanced image resolution, enabling the visualization of subtle abnormalities, especially in neuroimaging.
- Faster Imaging Sequences: Increased imaging speed improves patient satisfaction by reducing scan times and optimizing patient flow.
- Artificial Intelligence (AI): AI is revolutionizing imaging processing by automating routine tasks, minimizing interpretive errors, and empowering radiologists to make more reliable diagnoses.
- Portable MRI Systems: The emergence of portable MRI opens up advanced imaging possibilities in non-traditional locations such as remote clinics, emergency departments, and intensive care units.
Market leaders and key company profiles
ï‚·Â GE HealthCare
ï‚·Â Siemens Healthineers AG
ï‚·Â FUJIFILM Holdings Corporation
ï‚·Â Canon Inc.
ï‚·Â Koninklijke Philips N.V.
ï‚·Â HYPERFINE, INC.
ï‚·Â Esaote SPA
ï‚·Â Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
Magnetic Resonance Imaging (MRI) Systems Market Report Coverage and Deliverables
The “Magnetic Resonance Imaging (MRI) Systems Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Medical magnetic resonance imaging (MRI) systems market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Medical magnetic resonance imaging (MRI) systems market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed Porter’s Five Forces and SWOT analysis
- Medical magnetic resonance imaging (MRI) systems market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the magnetic resonance imaging (MRI) systems market
- Detailed company profiles
Asia Pacific MRI Systems Market: A High-Growth Opportunity
The Asia Pacific magnetic resonance imaging (MRI) systems market is poised for rapid expansion and is currently the fastest-growing region globally in this sector. This growth is driven by:
- Developing healthcare infrastructure across countries like China, India, and Southeast Asia.
- Rising prevalence of neurological disorders and chronic diseases, increasing demand for non-invasive, precise diagnostic tools such as MRI.
- Technological advancements—including the integration of high-field MRI systems and AI-powered imaging algorithms—which are enhancing diagnostic capabilities throughout the region.
- Government initiatives and rising healthcare spending that aim to improve accessibility to advanced imaging services.
- Expanding middle-class populations and higher disposable income, which support greater healthcare investments and access, particularly in urbanized zones.
While the region shows significant promise, challenges such as high MRI system costs and limited access in rural areas may hinder full-scale adoption. Nonetheless, Asia Pacific presents a robust, modernizing patient base that MRI system manufacturers can strategically target for future growth.
MRI Systems Market Report Coverage
The comprehensive report includes detailed qualitative and quantitative insights across key segments:
- Type, field strength, mobility, application, end user, and geography.
Key Chapters Overview:
- Chapter 2: Key Takeaways and Market Outlook
- Chapter 3: Research Methodology
- Chapter 4: Ecosystem & Porter’s Five Forces Analysis
- Chapter 5: Market Drivers, Challenges, Opportunities & Trend Impact
- Chapter 6: Historic & Forecast Market Revenue (to 2031)
- Chapters 7–9: Regional and Segmental Analysis (incl. APAC, NA, EU, MEA, S&CA)
- Chapter 10: Competitive Heat Map & Benchmarking
- Chapter 11: Industry Landscape—New Developments, M&A, Strategic Initiatives
- Chapter 12: Company Profiles with SWOT, Financials & Key Strategies
- Chapter 13: Appendix and Glossary
Recent Key Developments in the MRI Systems Market
- May 12, 2025: GE Healthcare launched the SIGNA Sprint, a high-performance wide bore 1.5T MRI system, at ISMRM 2025.
- December 5, 2024: GE Healthcare introduced AI-enhanced image processing solutions for its Recon DL MRI platform, featuring deep learning-based image reconstruction for improved quality and workflow efficiency.
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Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights