Magnetic Resonance Imaging Market Size to Rake USD 13.6 Bn by 2030

Published Date : 25 May 2023

The global magnetic resonance imaging market size surpassed at USD 9.33 billion in 2022 and it is expected to rake around USD 13.6 billion by 2030, poised to grow at a CAGR of 4.82% during the forecast period 2022 to 2030.

An advanced diagnostic technique called magnetic resonance imaging (MRI) is used to provide finely detailed images of the body's organs and tissues. Without harming anyone or using any ionizing radiation, it can produce 3D photographs of a subject or patient being studied. There are open and closed MRI system options. Because open MRI systems are less contained, patients experience less fear and claustrophobia. Open MRI devices are therefore useful for diagnosing newborns. Due to their greater magnetic fields, closed MRI systems may produce pictures that are both high-quality and detailed. However, during scans, they can be noisy.

Market Growth:

A rise in investments made, which resulted in the introduction of new items to the market, made it possible to conduct ongoing research and development in this area. The market has recently grown as a result of increasing demand for these techniques. The necessity for medical imaging has significantly expanded as chronic diseases have become more prevalent in both industrialized and developing countries. This technology has been embraced more by medical practitioners since it improves efficiency and aids in understanding the course of treatment. With the use of this technology, a variety of medical ailments, including injuries, abnormalities with the spinal cord, brain anomalies, a few cardiological issues, tumors, and cysts, can be recognized, increasing the need for this method. Recent years have seen an increase in the number of products introduced to the market. The market has expanded as a result of the accessibility of stronger apps. Larger market growth will result from image quality improvements. Additionally assisting the market's expansion is the rise in chronic disorders.

Regional Analysis:

Geographically speaking, the North American region has historically led the industry and will do so again in the upcoming years. In terms of revenue, this market segment commanded a higher share, and it will grow over the forecast period. More people will need these procedures as the prevalence of chronic diseases like cardiovascular problems, breast cancer, and neurological disorders rises. The market will expand throughout the forecast period as a result of technological advancements. In the countries of Europe, the use of these devices has increased quickly. In the upcoming years, the Asia Pacific area will also experience considerable expansion due to the region's growing senior population and increased need for advanced imaging. In the upcoming years, this industry will expand favorably in countries like China, Japan, and India. Japan will offer a good amount of growth potential because its healthcare sector is expanding rapidly. The availability of competent workers in the healthcare industry will be a key factor in the market's expansion.

Magnetic Resonance Imaging Market Report Scope:

Report Coverage Details
Market Revenue in 2023 USD 9.78 Billion
Projected Forecast Revenue in 2030 USD 13.6 Billion
Growth Rate from 2022 to 2030 CAGR of 4.82%
Largest Market North America
Base Year 2022
Forecast Period 2022 to 2030
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Market Dynamics:

Market Drivers: The growing amount of technological developments

The development of technology is one of the main elements that will cause the industry to expand significantly. Since they offer accurate imaging and lessen the confining feel of closed MRI machines, the number of open MRI machines introduced in recent years has increased. Due to the fact that it is ideally suited for patients who are overweight, both markets will benefit from this category. The market will expand because of the high visual quality compared to using other types of devices and the quicker image acquisition time. Market participants from around the world are working to increase the quantity of cutting-edge items available on the market.

During the analysis timeframe, improvements in magnetic resonance imaging systems should have a beneficial impact on industry growth. Recent MRI technological developments have made it possible to perform contrast scans more quickly and have substantially streamlined the imaging process. It is now possible to obtain multi-contrast MRI images using a newly built MRI machine. As a result, the availability of these improved MRI systems will increase, promoting industrial growth.

Market Restraints: Due to the high cost of equipment

The market for these systems may be hampered in the upcoming years due to the high cost of the equipment. These devices are also expensive to install and maintain, which is another factor that restricts market expansion. Because new machines are so expensive, refurbished systems are selling better. In most developing countries, hospitals and other healthcare facilities are actively pursuing the adoption of reconditioned equipment.

Market Opportunities:

Using the magnetic field of the scanner to produce images of the body's internal organs and structures, magnetic resonance imaging (MRI) is a sophisticated method of medical image diagnosis. Compared to previous approaches, real-time dynamic MRI offers pictures of soft tissues with better contrast and higher resolution. Consequently, MRI is useful for imaging the brain, heart, and muscular tissues. Superconducting magnets, open MRI, visualization software, and other improvements in diagnostic methods are boosting demand. During the forecast period, the market is also likely to grow due to the demand for technologically sophisticated imaging equipment among hospitals and imaging diagnostic facilities. To increase their market share, market participants are delivering cutting-edge items. The first 7T MRI scanner ever to receive clinical use approval in both Europe and the United States is available from Siemens under the name MAGNETOM Terra.

Agriculture Insights:

The closed category is anticipated to have a bigger market share in the upcoming years based on architecture. Strong magnetic fields are used in this section to produce radio waves with a higher frequency. These two elements facilitate the creation of detailed images. This form of architecture's analysis provides fewer opportunities for errors and also provides a precise slice selection. There is a potential that the patients would feel disturbed and possibly claustrophobic owing to the loud noise. These are a few of the factors that could lead to inaccurate results. Numerous industry companies are continually working to offer open MRI architecture, which is well suited for claustrophobic and large patients. Some of these machines feature cartoons or images on them to appeal to youngsters and make the experience enjoyable for them. With the usage of open systems, the level of worry is decreased, increasing the effectiveness of this sector.

Field Strength Insights:

The high field segment will anticipate having a greater market share in the upcoming years based on the field's strength. The high field section was found to have higher efficiency in many recent research tests that were undertaken. These machines are produced by numerous manufacturers all over the world, and they are actively looking for regulatory permits. Due to its excellent image precision and competitive pricing, the midfield strength segment once held a bigger portion of the market. During the projection period, the market will also rise as a result of the installation of high-field strength equipment in hospitals and other facilities throughout North America.

Application Insights:

The neurological imaging and brain category historically has a bigger market share based on application, and this will continue to grow in the upcoming year. The higher image quality these cans provide compared to automated scans will aid in the market's expansion. In addition to the growth of brain imaging and neurological imaging, the breast imaging market will also have a sizable market share in the years to come. This is because, as cancer cases have increased recently, more people will use these devices to detect the disease in an increasing number of populations around the world.

End-User Insights:

The hospital segment, which now holds the biggest market share in terms of revenue, will have a higher market share based on end users in the upcoming years. This segment has long dominated the market and is expected to keep expanding strongly. The number of MRI machines utilized in hospitals has dramatically increased, and this number will continue to rise in the upcoming years. In recent years, the usage of contemporary equipment in trauma or emergency facilities has also expanded, and this will support market expansion in the years to come. The imaging center segment will grow strongly in the next years, outpacing the growth of the hospitals segment and growing at the fastest compound annual growth rate. The utilization of these devices will increase in the upcoming year as there is a higher market need for noninvasive diagnosis. The market will develop in part because these machines are available for a reasonable price.

Recent Development:

  • In November 2016, Hitachi and Ningbo Jansen NMR Technology have a contract in place for the joint development of a high-performance MRI magnet and its sub-segment. The MRI business of Hitachi will grow as a result of this collaboration.
  • In March 2018, a collaborative deal was struck between Philips and Hologic Inc. Through the combination of diagnostic products from Philips and Hologic, integrated solutions were intended to be made available to professionals. This partnership will promote business expansion.

Major Key Players:

  • GE Healthcare
  • Siemens AG
  • Toshiba Corporation
  • Aurora Imaging Technologies, Inc.
  • Koninklijke Philips N.V.
  • Esaote SPA
  • Sanrad Medical Systems Pvt ltd
  • Fujifilm

Market Segmentation:

By Architecture

  • Closed system
  • Open system

By Type

  • Conventional
  • Bio-based

By Process

  • Trans-Esterification
  • Direct Esterification 

By Field Strength

  • Mid field strength
  • Low field strength
  • High field strength

By Application

  • Obstructive sleep apnea
  • Brain and neurological
  • Spine and musculoskeletal
  • Vascular
  • Abdominal
  • Cardiac
  • Breast
  • Others

By End User

  • Imaging centers
  • Hospitals 
  • Ambulatory surgical centers
  • Others

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