Magnetic Resonance Imaging (MRI) Devices - Market Insights, Competitive Landscape, and Market Forecast - 2032

Magnetic Resonance Imaging (MRI) Devices Market by Field Strength (High-Field MRI Systems (1.5t to 3t), Low-to-Mid-Field MRI Systems (<1.5t), and Very-High-Field MRI Systems (4t And Above), Architecture (Closed MRI Systems, Wide-Bore MRI, and Open MRI Systems), Application (Musculoskeletal, Gastroenterology, Neurology, Oncology, and Others), End-User (Hospitals, Diagnostic Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) is expected to grow at a steady CAGR forecast till 2032 owing to the rising prevalence of various chronic disorders, increasing awareness and early diagnosis, growing technological advancements, and increase in product development activities by key market players across the globe.

The magnetic resonance imaging devices market was valued at USD 8,207.06 million in 2024, growing at a CAGR of 6.54% during the forecast period from 2025 to 2032 to reach USD 13,553.33 million by 2032. The rising prevalence of various chronic disorders, such as cardiovascular diseases, cancer, and neurological conditions, is fueling the demand for precise diagnostic tools like MRI, which offers superior imaging capabilities for soft tissues and organs. Additionally, the increasing awareness and the emphasis on early diagnosis of chronic disease are encouraging patients and healthcare providers to adopt MRI for timely intervention. Furthermore, technological advancements play a crucial role in boosting the MRI market, with innovations such as high-field and open MRI systems, functional MRI (fMRI), and faster scan times improving the accuracy, comfort, and efficiency of the imaging process. Collectively, these factors are expected to expand the demand for magnetic resonance imaging devices globally during the forecast period from 2025 to 2032.

Magnetic Resonance Imaging Devices Market Dynamics:

According to recent data from GLOBOCAN (2024), there were an estimated 20 million new cancer cases worldwide in 2022, with projections indicating a rise to 32.6 million by 2045. Magnetic resonance imaging (MRI) devices play a pivotal role in oncology, offering highly detailed soft tissue images that are crucial for detecting tumors in organs such as the brain, breast, liver, prostate, and pancreas. As the global cancer burden intensifies, there is a surging demand for advanced imaging technologies capable of precisely locating tumors, evaluating their size, and determining disease stage all without exposing patients to ionizing radiation thereby driving the global market growth.

Focusing on neurological cancers, GLOBOCAN (2022) data reveals that the global incidence of brain and central nervous system (CNS) cancers was approximately 322,000 cases, with projections set to increase to 474,000 by 2045. Concurrently, the British Heart Foundation (2024) estimates that there are about 100 million stroke survivors worldwide, including 56 million women and 45 million men. MRI's non-invasive nature and ability to distinguish between normal and abnormal brain tissues make it an essential tool for diagnosing brain tumors, CNS cancers, and other neurological conditions. In stroke diagnosis, diffusion-weighted imaging (DWI) a specialized MRI technique is vital for early identification of ischemic strokes, assessing brain tissue damage, and guiding timely interventions. Early detection through MRI not only facilitates rapid treatment decisions but also minimizes long-term complications, further propelling demand for these devices.

Technological advancements and new product launches continue to strengthen the MRI market. For instance, in March 2021, Hitachi Medical Systems launched two permanent open MRI systems at the European Congress of Radiology, both integrated with the SynergyDrive workflow solution to enhance imaging speed, efficiency, and patient comfort. Such innovations address key clinical needs while improving operational workflows in healthcare facilities.

Despite these advancements, certain challenges could impede market growth. A rising number of product recalls often due to safety concerns or technical malfunctions can undermine user confidence and delay device adoption. Additionally, stringent regulatory requirements for device approval, though essential for patient safety, may slow down the introduction of innovative products to the market.

In conclusion, while increasing cancer incidence, technological innovations, and rising neurological and cardiovascular disease prevalence continue to drive the global MRI devices market, overcoming regulatory hurdles and addressing product reliability issues will be crucial to sustaining long-term growth.

Magnetic Resonance Imaging Devices Market Segment Analysis:

Magnetic Resonance Imaging (MRI) Devices Market by Field Strength (High-Field MRI Systems (1.5t to 3t), Low-to-Mid-Field MRI Systems (<1.5t), and Very-High-Field MRI Systems (4t And Above), Architecture (Closed MRI Systems, Wide-Bore MRI, and Open MRI Systems), Application (Musculoskeletal, Gastroenterology, Neurology, Oncology, and Others), End-User (Hospitals, Diagnostic Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the field strength segment of the global magnetic resonance imaging (MRI) devices market, high-field MRI systems (1.5T to 3T) are projected to hold the largest market share in 2024. These systems are driving overall market growth due to their superior imaging capabilities, making them the preferred choice for a wide range of clinical applications. High-field MRIs offer higher spatial resolution, faster scan times, and enhanced diagnostic accuracy compared to lower-field MRI machines, enabling detailed visualization of fine anatomical structures. This makes them particularly valuable for brain, spine, and cardiovascular imaging, where precise anatomical details are crucial for accurate diagnosis and treatment planning.

One of the significant advantages of high-field MRI systems is their ability to support advanced functional imaging techniques such as functional MRI (fMRI) and diffusion tensor imaging (DTI), both essential for neurological assessments and pre-surgical planning. In oncology, high-field MRIs play a vital role in detecting and monitoring tumors, especially in anatomically challenging areas like the prostate, liver, and pancreas, where early detection significantly impacts patient outcomes. Moreover, the rising prevalence of chronic diseases, increasing demand for early diagnosis, and the growing number of MRI installations in hospitals, diagnostic centers, and research institutions are further fueling the adoption of these systems.

Technological advancements have also contributed to the market expansion of high-field MRI systems. Innovations such as faster acquisition sequences, motion correction technologies, and AI-powered image reconstruction are improving image quality while reducing scan times and patient discomfort. Additionally, the development of open high-field MRI systems addresses the common issue of patient claustrophobia and expands the usability of MRI for pediatric, elderly, and bariatric patients.

For instance, on November 29, 2021, FUJIFILM Healthcare Americas Corporation launched its advanced high-field open MRI system the Velocity MRI System during the 2021 Radiological Society of North America (RSNA) conference. This system is designed to streamline workflow and enhance patient comfort with its unique open gantry, integrated radiofrequency (RF) coils, and advanced reconstruction technologies. Notably, the Synergy Flex coil, the first of its kind in an open, vertical-field MRI scanner, promotes fast and efficient abdominal and orthopedic imaging. Such innovations are pivotal in expanding MRI accessibility while maintaining high diagnostic performance.

Despite these advancements, challenges such as high equipment costs, installation complexities, and strict regulatory requirements for product approvals may pose hurdles to market growth. However, the increasing demand for non-invasive diagnostic imaging, coupled with technological innovations aimed at improving patient comfort and operational efficiency, is expected to generate substantial revenue and propel the growth of the global high-field MRI devices segment throughout the forecast period.

North America is expected to dominate the overall magnetic resonance imaging devices market:

Among all regions, North America is projected to hold the largest share in the global magnetic resonance imaging (MRI) devices market in 2024. This dominance can be attributed to several factors, including the rising prevalence of neurological disorders, cardiovascular diseases, and cancer, coupled with technological advancements, favorable government initiatives, and the strong presence of key market players engaged in strategic activities across the region.

The growing burden of neurological disorders is a significant driver. According to the Alzheimer's Association (2024), approximately 6.9 million Americans aged 65 and older are living with Alzheimer's disease. Similarly, data from the Parkinson's Foundation (2022) indicates that nearly 90,000 people are diagnosed with Parkinson's disease annually in the U.S., with approximately one million Americans living with the condition a figure expected to rise to 1.2 million by 2030. MRI's capability to deliver high-resolution images and advanced functional imaging techniques, such as functional MRI (fMRI) and magnetic resonance spectroscopy (MRS), plays a crucial role in detecting early structural and functional brain changes, thereby aiding in the diagnosis and management of these neurodegenerative diseases.

Cancer prevalence further accelerates the demand for MRI systems in North America. As per GLOBOCAN (2024), the region reported an estimated 2.67 million new cancer cases in 2022, with projections reaching 3.83 million by 2045. For cancers located in complex anatomical areas such as the brain, spinal cord, and pelvis MRI offers superior imaging compared to other modalities, enhancing tumor detection, treatment planning, and monitoring. This increased demand for precise, non-invasive imaging solutions is a key factor propelling the market.

Technological innovation and regulatory approvals also play a pivotal role in market expansion. In January 2024, Siemens Healthineers received FDA clearance for its MAGNETOM Cima.X 3 Tesla (3T) whole-body MRI scanner. This next-generation system features the strongest gradient system ever released for clinical use in whole-body imaging, allowing for faster scan times and enhanced visualization of small anatomical structures. The MAGNETOM Cima.X is designed to address critical imaging challenges, especially in cancer diagnostics, and supports advanced research with features tailored for complex imaging requirements.

Furthermore, the active involvement of key market players in launching new products, forming strategic partnerships, and expanding their regional presence continues to bolster market growth. Government initiatives aimed at improving diagnostic infrastructure and enhancing access to advanced medical technologies further strengthen the region's market position.

In conclusion, the interplay of rising disease prevalence, technological advancements, regulatory support, and strategic industry initiatives is expected to significantly boost the adoption of MRI devices in North America, driving substantial market growth throughout the forecast period.

Magnetic Resonance Imaging Devices Market Key Players:

Some of the key market players operating in the magnetic resonance Imaging devices market include General Electric Company, FUJIFILM Holdings Corporation, Siemens Healthcare GmbH, Koninklijke Philips N.V., Canon Medical Systems Corporation, ESAOTE SPA, Aspect Imaging Ltd., Bruker Corporation, Aurora Healthcare US Corp., FONAR Corp., Neusoft Medical Systems Co., Ltd., Shenzhen Anke High-Tech Co. Ltd., Shenzhen Basda Medical Apparatus Co. Ltd., Time Medical Holding, Hyperfine, Alltech Medical Systems, InnerVision MRI Ltd., Magnetica Limited, IMRIS, Deerfield Imaging, Inc., and others.

Recent Developmental Activities in the Magnetic Resonance Imaging Devices Market:

• In July 2024, FUJIFILM Healthcare Americas Corporation announced the U.S. launch of the APERTO Lucent(TM), a high-performance open 0.4T MRI system. Leveraging Fujifilm's advanced permanent magnet technology, the system features a unique single-pillar design and a wide, laterally moving table, enhancing patient accessibility and comfort. Its open architecture caters to patients with claustrophobia and facilitates a more relaxed imaging experience without compromising image quality.
• In June 2023, Ezra, a healthcare AI startup dedicated to early cancer detection through full-body MRI screening, received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its proprietary AI technology, Ezra Flash. This innovation improves MR image quality, reduces scan times, and lowers MRI costs. Leveraging this breakthrough, Ezra aims to introduce the world's first 30-minute full-body MRI scan, making early cancer detection faster, more affordable, and widely accessible.

Key Takeaways from the Magnetic Resonance Imaging Devices Market Report Study:

• Market size analysis for current magnetic resonance imaging devices size (2024), and market forecast for 8 years (2025 to 2032)
• Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years.
• Key companies dominating the magnetic resonance imaging devices market.
• Various opportunities available for the other competitors in the magnetic resonance imaging devices market space.
• What are the top-performing segments in 2024? How these segments will perform in 2032?
• Which are the top-performing regions and countries in the current magnetic resonance imaging devices market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for magnetic resonance imaging devices market growth in the coming future?

Target Audience Who Can be Benefited from this Magnetic Resonance Imaging Devices Market Report Study:

• Magnetic resonance Imaging devices product providers
• Research organizations and consulting companies
• Magnetic Resonance Imaging Devices-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and traders dealing in magnetic resonance imaging devices
• Various end-users who want to know more about the magnetic resonance imaging devices market and the latest technological developments in the magnetic resonance imaging devices market.

Frequently Asked Questions for the Magnetic Resonance Imaging Devices Market:

1. What are magnetic resonance imaging devices?

• Magnetic Resonance Imaging (MRI) is a medical imaging procedure for viewing images of the internal structures of the body. MRI scanners use strong magnetic fields and radio waves (radiofrequency energy) to generate images.

2. What is the market for magnetic resonance imaging devices?

• The magnetic resonance imaging devices market was valued at USD 8,207.06 million in 2024, growing at a CAGR of 6.54% during the forecast period from 2025 to 2032 to reach USD 13,553.33 million by 2032.

3. What are the drivers for the magnetic resonance imaging devices market?

• The rising prevalence of various chronic disorders, such as cardiovascular diseases, cancer, and neurological conditions, is fueling the demand for precise diagnostic tools like MRI, which offers superior imaging capabilities for soft tissues and organs. Additionally, the increasing awareness and the emphasis on early diagnosis of chronic disease are encouraging patients and healthcare providers to adopt MRI for timely intervention. Furthermore, technological advancements play a crucial role in boosting the MRI market, with innovations such as high-field and open MRI systems, functional MRI (fMRI), and faster scan times improving the accuracy, comfort, and efficiency of the imaging process. Collectively, these factors are expected to expand the demand for magnetic resonance imaging devices globally during the forecast period from 2025 to 2032.

4. Who are the key players operating in the magnetic resonance imaging devices market?

• Some of the key market players operating in the magnetic resonance imaging devices market include General Electric Company, FUJIFILM Holdings Corporation, Siemens Healthcare GmbH, Koninklijke Philips N.V., Canon Medical Systems Corporation, ESAOTE SPA, Aspect Imaging Ltd., Bruker Corporation, Aurora Healthcare US Corp., FONAR Corp., Neusoft Medical Systems Co., Ltd., Shenzhen Anke High-Tech Co. Ltd., Shenzhen Basda Medical Apparatus Co. Ltd., Time Medical Holding, Hyperfine, Alltech Medical Systems, InnerVision MRI Ltd., Magnetica Limited, IMRIS, Deerfield Imaging, Inc., MR Solutions, and others.

5. Which region has the highest share in the magnetic resonance imaging devices market?

• Among all the regions, North America is expected to hold the largest share of the global magnetic resonance imaging devices market in 2024. This can be ascribed to the increasing number of neurological disorders, cardiovascular disease, and cancer, increase in technological advancement, increase in government initiatives, and the presence of key market players engaged in strategic activities across the region are expected to escalate the market of magnetic resonance imaging devices during the forecast period.