Global Magnetic Resonance Imaging (MRI) Systems Market to Grow at 3.8% During 2024-2032, Propelled by Continual Technological Advancements

July 19, 2021 | Healthcare

According to the latest report by IMARC Group, titled "Magnetic Resonance Imaging (MRI) Systems Market Report by Architecture (Closed System, Open System), Field Strength (Low Field Strength, Mid Field Strength, High Field Strength), Application (Oncology, Neurology, Cardiology, Gastroenterology, Musculoskeletal, and Others), End Use (Hospitals, Imaging Centers, Ambulatory Surgical Centers, and Others), Technology (MR Angiogram, MR Venogram, Functional MRI, MR Spectroscopy, and Others), and Region 2024-2032," the global magnetic resonance imaging (MRI) systems market size reached US$ 7.8 Billion in 2023. Magnetic Resonance Imaging (MRI) involves the use of a non-invasive imaging technology that utilizes a magnetic field and computer-generated radio waves to offer detailed, high-definition and three-dimensional (3D) images of the organs and tissues in the patient’s body. This imaging technique is widely utilized for diagnosing numerous health conditions by examining the bones, brain, breasts, heart, internal organs and spine of individuals. This can also be combined with positron emission tomography (PET) and computed tomography (CT) scans to aid professionals in understanding the complexities of several health disorders.

Global Magnetic Resonance Imaging (MRI) Systems Market Trends:

The global market is majorly driven by the rising prevalence of chronic diseases across the globe. With the increasing preference for highly precise and accurate diagnostic services in the healthcare sector, there has been a considerable rise in the adoption of MRI systems. These systems aid in diagnosing numerous medical conditions at a very early stage. The growing awareness regarding the importance of early diagnosis and the numerous associated advantages is creating a positive outlook for the market. Moreover, the growing geriatric population on the global level are also contributing to the market growth since they are more susceptible to develop several medical ailments. The market is further driven by continual technological advancements in imaging equipment. For instance, several players have now introduced MRI systems with superconducting magnets that are compatible with cardiac pacemakers, which is expected to provide an impetus to the market growth. Some of the other factors contributing to the market growth include the advent of 3D and 4D imaging systems and continual developments in the healthcare infrastructure. On account of these factors, the market is expected to grow at a CAGR of 3.8% during 2024-2032.

Market Summary:

  • On the basis of the architecture, the market has been divided into closed system and open system.
  • Based on the field strength, the market has been classified into low field strength, mid field strength and high field strength.
  • On the basis of the application, the market has been segmented into oncology, neurology, cardiology, gastroenterology, musculoskeletal, and others.
  • Based on the end use, the market has been categorized into hospitals, imaging centers, ambulatory surgical centers and others.
  • On the basis of the technology, the market has been divided into MR angiogram, MR venogram, functional MRI, MR spectroscopy and others.
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Aspect Imaging, Aurora Imaging Technology, Bruker, Canon Medical Systems, Esaote S.P.A, Fonar Corporation, GE Healthcare, Hitachi, Koninklijke Philips NV, Neusoft Medical Systems, Shenzhen Mindray Bio-Medical Electronics Co., Ltd. and Siemens Healthineers.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Architecture, Field Strength, Application, End use, Technology, Region
Region Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Aspect Imaging, Aurora Imaging Technology, Bruker, Canon Medical Systems, Esaote S.P.A, Fonar Corporation, GE Healthcare, Hitachi, Koninklijke Philips NV, Neusoft Medical Systems, Shenzhen Mindray Bio-Medical Electronics Co., Ltd. and Siemens Healthineers
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Global Magnetic Resonance Imaging (MRI) Systems Market to Grow at 3.8% During 2024-2032, Propelled by Continual Technological Advancements
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