Magnetic Resonance Imaging Market Analysis and Opportunities by 2031

The magnetic resonance imaging market size is projected to reach US$ 10.81 billion by 2031 from US$ 7.21 billion in 2023. The market is expected to register a CAGR of 5.2% in 2023–2031. Growing applications of artificial intelligence technologies serve as a key magnetic resonance imaging market trends.

Magnetic Resonance Imaging Market Analysis

The surge in aging populations, increase in the number of people having cancer, technical advancements in the field of healthcare leading to the innovation of new and cutting-edge technologies, and growing awareness regarding the importance of early diagnosis of disease, which helps in early treatment are some factors that are expanding the market growth. An increase in investments leading to the introduction of new products and funded projects for improving MRI technologies in pediatric care are anticipated to augment the market's expansion during the forecast period.

Magnetic Resonance Imaging Market Overview

Magnetic resonance imaging (MRI) is a non-invasive diagnostic imaging system that utilizes strong magnetic fields and radio waves to generate detailed images of the inside of the body. The contrast agents employed in MRI help to differentiate between benign and malignant tumors by the type of lesions produced. As chronic diseases have increased in developed and developing nations, the requirement for medical imaging has grown considerably. According to the GLOBOCAN Report 2020, ~19.29 million new cancer cases have been reported globally, along with 9.95 million reported deaths caused by the disease. As per OECD Health Statistics data, 50,000 MRI systems are installed worldwide, and over 95 million MRI scans are performed yearly globally. In April 2021, Philips participated in an imperative research project to discover a potentially revolutionary use of MRI technology in cardiology.

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Magnetic Resonance Imaging Market: Strategic Insights

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Magnetic Resonance Imaging Market Drivers and Opportunities

Technological Advancements in Magnetic Resonance Imaging Drives the Market Growth

MRI is one of the most flexible diagnostic imaging modalities that can characterize a wide range of parameters in the living subject and provide an exquisite spatial resolution. Several recent technological developments have marked the evolution of MRI techniques over the past few years. Some of the technological advancements include the introduction of open MRI, which facilitates the efficient imaging of individuals who are overweight or claustrophobic. These advances have also improved the imaging equipment's field strength and computing capacity. Because of these characteristics, the equipment's pulse sequences have been improved, resulting in faster imaging timing, higher spatial resolution, and better imaging quality. New and technologically advanced products offered by major market players, such as Siemens' MAGNETOM Terra, the first 7T MRI system authorized for clinical usage, are a few of the technological advancements undertaken by established market players as well as new entrants to improve the quality and efficacy of MRI scans is driving the growth of the market.

Increasing Product Launches to Favor Market Growth

The growing number of product launches, coupled with the increasing adoption of high-strength systems, is one of the key opportunities offered to the players in the market. Technological innovations have led to the development and subsequent marketing of high-strength imaging equipment. In August 2023, Union Minister Dr. Jitendra Singh introduced India’s first indigenously developed, lightweight, ultrafast, affordable, high-field (1.5 Tesla) next-generation MRI scanner in New Delhi. Under the National Biopharma Mission of the Department of Biotechnology, Bengaluru-based startup Voxelgrids Innovations Pvt Ltd has developed a compact MRI Scanner to solve the country's unmet need.

Magnetic Resonance Imaging Market Report Segmentation Analysis

Key segments that contributed to the derivation of the magnetic resonance imaging market analysis are field strength, architecture, application, and end user.

• Based on field strength, the magnetic resonance imaging market is divided into low-field MRI systems, high-field MRI systems, and ultra-high field MRI systems. The high-field MRI systems segment held the largest market share in 2023. In addition, the low-field MRI systems segment is anticipated to register the highest CAGR during the forecast period.
• In terms of architecture, the market is categorized into closed MRI systems, and open MRI systems. The closed MRI systems segment held the largest market share in 2023. In addition, the open MRI systems segment is projected to register the highest CAGR during the forecast period.
• In terms of application, the market is categorized into cardiology, oncology, neurology, gastroenterology, musculoskeletal, others. The neurology segment held the largest market share in 2023. In addition, the musculoskeletal segment is projected to register the highest CAGR during the forecast period.
• Based on end user, the magnetic resonance imaging market is segmented into hospitals, ambulatory surgical centers, and diagnostic centers. The hospitals segment held the largest market share in 2023 and is estimated to register the highest CAGR during the forecast period.

Magnetic Resonance Imaging Market Share Analysis by Geography

The geographic scope of the magnetic resonance imaging market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America has dominated the magnetic resonance imaging market. The increase in the demand for innovative products from biopharmaceutical and magnetic resonance imaging companies, the presence of crucial market players, and extensive R&D conducted by numerous academic and research institutes favor the market’s growth in the region. Moreover, the increasing focus on advanced method incorporation in healthcare and the high volume of imaging procedures because of the increasing prevalence of chronic diseases further stimulate the growth of the market in North America.

Asia Pacific is projected to grow with the highest CAGR in the coming years. Rising adoption of innovative systems, a strong potential patient base, and increasing awareness about advanced diagnostics for growing cases of the disease are some of the factors that are likely to support the market growth in the region.

Magnetic Resonance Imaging Market Regional Insights

The regional trends and factors influencing the Magnetic Resonance Imaging Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Magnetic Resonance Imaging Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Magnetic Resonance Imaging Market Report Scope

Magnetic Resonance Imaging Market Players Density: Understanding Its Impact on Business Dynamics

The Magnetic Resonance Imaging Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Magnetic Resonance Imaging Market are:

1. GE Healthcare
2. Koninklijke Philips NV
3. Siemens AG
4. Canon Medical Systems Corporation
5. Esaote SpA
6. FONAR

Disclaimer: The companies listed above are not ranked in any particular order.

Magnetic Resonance Imaging Market News and Recent Developments

The magnetic resonance imaging market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for biodefense and strategies:

• Siemens Healthineers inaugurated the new manufacturing facility for MRI machines in Bengaluru. The company currently manufactures MAGNETOM Free. Star, a disruptively simple approach to high-quality MRI in India. (Source: Siemens Healthineers, Press Release, 2023)
• FUJIFILM Healthcare Americas Corp. received FDA 510(k) clearance for its new 1.5 Tesla MRI system, the ECHELON Synergy. The system employs Synergy deep learning reconstruction (DLR), Fujifilm’s proprietary DLR technology powered by artificial intelligence, to enhance the sharpness of images and acquire scans faster, contributing to higher throughput, image quality, and patient satisfaction. (Source: FUJIFILM Holdings America Corporation, Press Release, 2023)

Magnetic Resonance Imaging Market Report Coverage and Deliverables

The “Magnetic Resonance Imaging Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles