Magnetic Resonance Imaging Systems Devices And Equipment Global Market Report 2024

The magnetic resonance imaging systems devices and equipment market size has grown strongly in recent years. It will grow from $9.4 billion in 2023 to $10.23 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth observed during the historic period can be attributed to several key factors, including advancements in diagnostic imaging technology, the aging population, the need for trauma and emergency care, and the increasing demand for oncology and cancer diagnosis through MRI systems.

The magnetic resonance imaging systems devices and equipment market size is expected to see strong growth in the next few years. It will grow to $13.92 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The expected growth in the forecast period can be attributed to various factors, including the expansion of emerging markets, regulatory support, efforts to reduce radiation exposure, and the increasing emphasis on value-based healthcare. Notable trends anticipated during the forecast period include the adoption of high-field and ultra-high-field MRI technology, the use of MRI in cardiac imaging, musculoskeletal MRI applications, and the development of hybrid imaging techniques that combine MRI with other modalities for more comprehensive diagnostic information.

Changes in lifestyle, technological advancements, and the rising prevalence of chronic diseases are fueling the demand for diagnostic solutions, thereby propelling the growth of the MRI systems market. Magnetic Resonance Imaging (MRI) systems play a crucial role in generating detailed three-dimensional anatomical images of the human body, aiding in diagnosis, disease detection, and treatment monitoring. Growing health concerns are driving the need for medical imaging technologies in healthcare facilities, enabling more accessible and accurate diagnosis. For instance, in India, the establishment of 150,000 health and wellness centers with a budget of $1.8 billion is enhancing healthcare accessibility. Increasing health consciousness and the growing importance of health insurance are significant factors contributing to market expansion.

The primary categories of magnetic resonance imaging devices and equipment encompass closed MRI and open MRI systems. Closed MRI systems, in contrast to open MRI systems, feature a longer design and incorporate a large magnet that both emits and receives signals from the body. They are particularly suitable for capturing images of specific body parts. These MRI systems find applications in various medical fields, including oncology, neurology, cardiology, the diagnosis of inflammatory and infectious diseases, among others. They are typically used in hospitals, imaging centers, and ambulatory surgical centers.

The magnetic resource imaging devices and equipment market research report is one of a series of new reports that provides magnetic resource imaging devices and equipment market statistics, including magnetic resource imaging devices and equipment industry global market size, regional shares, competitors with a magnetic resource imaging devices and equipment market share, detailed magnetic resource imaging devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the magnetic resource imaging devices and equipment industry. This magnetic resource imaging devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The increasing geriatric population is expected to be a driving force behind the growth of the magnetic resonance imaging systems devices and equipment market. The geriatric population, comprising older individuals typically aged 65 and above, has unique healthcare needs that necessitate the use of MRI systems devices and equipment. These devices assist in early diagnosis, personalized treatment, and improved overall health outcomes for the elderly. For instance, a report by the World Health Organization (WHO) published in October 2022 projected that by 2030, one in six individuals globally will be 60 or older. By 2050, the worldwide population of individuals aged 60 and older is expected to reach 2.1 billion, with an additional 426 million people aged 80 or older compared to the current population. Thus, the growing geriatric population is a driving factor for the magnetic resonance imaging systems and equipment market.

Stringent approvals and regulations imposed by government bodies like the US Food and Drug Administration (FDA) are impeding the growth of the magnetic resonance imaging systems, devices, and equipment market. MRI systems manufacturers must adhere to a range of regulations concerning device quality checks, labeling, premarket approval, device investigation, and reporting, in addition to the standard registration process. Due to these rigorous regulations, many manufacturers opt to outsource manufacturing to countries where such regulations are not as stringent. For instance, the European Medicines Agency (EMA) imposed restrictions on the use of certain linear gadolinium agents employed in MRI body scans and suspended authorizations for others due to the discovery of gadolinium deposits in the brain after MRI scans. These recommendations from EMA aim to mitigate potential risks associated with gadolinium brain deposition.

Companies in the magnetic resonance imaging devices and equipment market are increasingly investing in advanced MRI imaging technologies to enhance diagnostics and reduce the need for rescans. Advanced MRI systems, including Multi-Contract MRI scanners and silent MRI scanning technologies, allow radiologists to adjust image contrast after scanning, a capability not offered by conventional imaging systems. In December 2021, Fujifilm Healthcare Americas Corporation, a US-based medical technology company, introduced the velocity MRI System, an advanced high-field open MRI system designed to streamline workflows and enhance the patient experience.

Major companies operating in the magnetic resonance imaging systems devices and equipment market are developing innovative solutions like the Vantage Fortian Magnetic Resonance Imaging (MRI) system to enhance the patient experience, reduce MRI procedure times, and improve image quality. For example, in July 2022, Canon Medical Systems Corporation, a Japan-based medical equipment company, launched the Vantage Fortian MRI system. This system is specifically designed to enhance the patient experience, featuring a mobile interface for remote monitoring and data integration. Additionally, it includes in-room scan assist technology for automatic coil checks and patient positioning corrections. The system also incorporates artificial intelligence (AI) Clear-IQ Engine (AiCE) technology, leveraging deep-learning reconstruction to deliver noise-free images, accelerated scan times, or a combination of both.

Major companies operating in the magnetic resonance imaging systems devices and equipment market include Siemens Healthineers, GE Healthcare, Philips Healthcare, Hitachi Ltd., Canon Medical Systems, Esaote S.p.A, Bruker Corporation, Fonar Corporation, Neusoft Medical Systems Co. Ltd., Time Medical Systems, Aurora Imaging Technology, AllTech Medical Systems, Magnetica, Tomtec Imaging Systems GMBH, Sanrad Medical Systems Pvt. Ltd., Agilent Technologies Inc., Analogic Corporation, Hologic Inc., IMRIS Inc., Innervision Mri, Medinus Co., Medtronic PLC, Millennium Technology Inc., Mindray Medical International Ltd., MR Solutions, Toshiba Corporation, Koninklijke Philips N.V., Hyperfine

Western Europe was the largest region in the global magnetic resource imaging devices and equipment market in 2023. North America was the second-largest region in global magnetic resource imaging devices and equipment market. The regions covered in the magnetic resonance imaging systems devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the magnetic resonance imaging systems devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The magnetic resource imaging devices and equipment market consists of sales of standing or sitting MRI devices. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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