Magnetic Resonance Imaging Market Worth $9.0 Billion By 2030

The global magnetic resonance imaging market size was valued at USD 4.8 billion in 2021 and is expected to reach USD 9.0 billion by 2030, registering a CAGR of 7.1% from 2022 to 2030. MRI is an efficient diagnostic system implemented to identify ailments associated with tumors, spine abnormalities, and strokes that affect the brain and blood vessels. The growth in the incidences of chronic diseases and the rising demand for early diagnostics are driving the growth of the market.

Asia Pacific is anticipated to witness the fastest growth rate in the forecast period. This is attributable to the growing geriatric population and increasing demand for exceptional imaging modalities. Additionally, the emerging medical tourism industry in different countries in the region is expected to boost the development of the medical imaging industry in the forthcoming years. Economies including China, India, and Japan are creating various opportunities with a continually expanding healthcare service industry, advanced healthcare services at a lower cost, and the presence of staff with healthcare expertise.

The key vendors in the global MRI market are launching systems with high field strength to accelerate their adoption in the medical imaging sector. Moreover, growth strategies including service portfolio expansion, regional expansion, and mergers & acquisitions are being increasingly adopted by these players. For instance, in June 2021, Philips announced a strategic partnership with Akumin Inc., a key provider of diagnostic imaging services for outpatients in the U.S. The partnership was aimed at leveraging Philips' newly launched Radiology Operations Command Center throughout Akumin's outpatient imaging centers and jointly developing clinical standards for CT and MR imaging modalities.

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Magnetic Resonance Imaging Market Report Highlights

• Based on architecture, the open system segment is anticipated to exhibit the fastest growth rate from 2022 to 2030, owing to its capability to accommodate oversized patients and is also suited for patients that have a feeling of claustrophobia in closed systems

• Based on application, the brain & neurological segment led the market, mainly due to the rising number of neurological ailments and proliferating need for non-invasive diagnostic procedures

• The high field strength segment is estimated to experience the fastest growth rate, owing to its effectiveness in attaining detailed images in diagnosis

• Based on end-use, the imaging centers segment is projected to depict the fastest CAGR during the forecast period. The growth in government initiatives for enhancing primary care is one of the significant factors fueling the segment growth

• Asia Pacific is likely to expand at the fastest CAGR. This is attributable to the growing number of clinical research studies in high-field strength MRI systems

Magnetic Resonance Imaging Market Report Segments

Magnetic Resonance Imaging Architecture Outlook (Revenue, USD Million, 2018 - 2030)
    • Open system
    • Closed system

Magnetic Resonance Imaging Field Strength Outlook (Revenue, USD Million, 2018 - 2030)
    • Low Field Strength
    • Mid Field Strength
    • High Field Strength

Magnetic Resonance Imaging Application Outlook (Revenue, USD Million, 2018 - 2030)
    • Obstructive Sleep Apnea (OSA)
        • Low Field Strength
        • Mid Field Strength
        • High Field Strength
    • Brain and neurological
        • Low Field Strength
        • Mid Field Strength
        • High Field Strength
    • Spine and musculoskeletal
        • Low Field Strength
        • Mid Field Strength
        • High Field Strength
    • Vascular
        • Low Field Strength
        • Mid Field Strength
        • High Field Strength
    • Abdominal
        • Low Field Strength
        • Mid Field Strength
        • High Field Strength
    • Cardiac
        • Low Field Strength
        • Mid Field Strength
        • High Field Strength
    • Breast
        • Low Field Strength
        • Mid Field Strength
        • High Field Strength
    • Other
        • Low Field Strength
        • Mid Field Strength
        • High Field Strength

Magnetic Resonance Imaging End-use Outlook (Revenue, USD Million, 2018 - 2030)
    • Hospitals
    • Imaging Centers
    • Ambulatory Surgical Centers
    • Others

Magnetic Resonance Imaging Regional Outlook (Revenue, USD Million, 2018 - 2030)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
        • Italy
        • France
        • Spain
        • Sweden
        • Russia
        • Netherlands
        • Austria
        • Belgium
        • Denmark
        • Norway
        • Portugal
        • Finland
    • Asia Pacific
        • India
        • China
        • Japan
        • Thailand
        • South Korea
        • Singapore
        • Malaysia
        • Philippines
        • Taiwan
        • Indonesia
    • Latin America
        • Brazil
        • Mexico
        • Argentina
        • Colombia
        • Chile
    • Middle East & Africa
        • South Africa
        • Saudi Arabia
        • UAE
        • Kuwait
        • Qatar

List of Key Players in Magnetic Resonance Imaging Market
    • GE Healthcare
    • Siemens AG
    • Toshiba Corporation
    • Aurora Imaging Technologies, Inc.
    • Koninklijke Philips N.V.
    • Esaote SPA
    • Sanrad Medical Systems Pvt ltd
    • Fujifilm