MRI Systems Market is Expected to Reach $6.6 billion | MarketsandMarkets.

Chicago, Nov. 07, 2023 (GLOBE NEWSWIRE) — MRI Systems market in terms of revenue was estimated to be worth $5.2 billion in 2023 and is poised to reach $6.6 billion by 2028, growing at a CAGR of 5.0% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. Market growth is attributed to the rising use of MRI equipment for oncology applications, rising number of investments, and increasing adoption by the end user facilities.

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MRI Systems Market Scope:

Report Coverage Details
Market Revenue in 2023 $5.2 billion
Estimated Value by 2028 $6.6 billion
Growth Rate Poised to grow at a CAGR of 5.0%
Market Size Available for 2021–2028
Forecast Period 2023–2028
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Field strength, Architecture, Application, End user, and Region
Geographies Covered North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunity Growth opportunities in emerging countries
Key Market Driver Growing geriatric population and subsequent rise in the associated diseases

Based on the field strength, the MRI systems market is segmented into low-to-mid-field MRI systems, high & very-high-field MRI systems, and ultra-high-field MRI systems. The high & very-high field MRI systems segment held the largest share of the MRI systems market by field strength in 2022. The large share of this segment can be attributed to the rising use of equipment for associated diseases and rising awareness regarding early diagnosis.

Based on architecture, the MRI systems market is segmented into closed MRI systems and open MRI systems. The closed MRI systems accounted for the highest share of the MRI systems market by architecture in 2022. The large share of closed MRI segment can be attributed to its significant benefits over open MRI systems and its utilization for the range of patients.

Based on application, the MRI systems market is segmented into brain and neurological MRI, spine and musculoskeletal MRI, pelvic and abdominal MRI, vascular MRI, breast MRI, cardiac MRI, and other applications. Growth in this segment can be attributed to the widening scope of clinical applications and increasing investments in the healthcare sector. Over the last few years, there have been significant technological developments. New advancements, updates, and launch of technologically advanced products in this segment in the last few years are anticipated to drive the market growth.

Based on end user, the MRI systems market is segmented into hospitals, diagnostic imaging centers, and other end users. Growth in this segment can be attributed to the superior technologies and the robust healthcare infrastructure to boost MRI systems industry. Rising geriatric population and growing emphasis on maintaining health and well-being are anticipated to drive the market growth.

Based on region, Asia Pacific accounts for the highest share of the MRI systems market. This is due to strategic initiatives by the market players in the region, growing number of concerns regarding chronic diseases and rising initiatives by the government and private sector. The Asia Pacific region has a higher adoption rate of innovative technologies as compared to other countries, which is a major factor responsible for the large share of the Asia Pacific MRI systems market. The rising incidence of cancer and favourable reimbursement scenario are the other major factors responsible for the growth of the market.

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MRI Systems market major players covered in the report, such as:

  • Siemens Healthineers (Germany)
  • GE Healthcare (US)
  • Koninklijke Philips N.V. (Netherlands)
  • FUJIFILM Corporation (Japan)
  • Canon Inc. (Japan)
  • and Among Others

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This report has segmented the global MRI systems market based on field strength, architecture, application, end user, and region.

Global MRI Systems Market, by Field Strength

  • Low-to-mid-field MRI Systems
  • High & very-high-field MRI Systems
  • Ultra-high-field MRI Systems

Global MRI Systems Market, by Architecture

  • Closed MRI Systems
  • Open MRI Systems

Global MRI Systems Market, by Application

  • Brain and Neurological MRI
  • Spine and Musculoskeletal MRI
  • Pelvic and Abdominal MRI
  • Vascular MRI
  • Breast MRI
  • Cardiac MRI
  • Other Applications
  • Global MRI Systems Market, by End User
  • Hospitals
  • Diagnostic Imaging Centers
  • Other End Users

MRI Systems Market, by region

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa

Recent Developments:

  • In 2022, Siemens Healthineers (Germany) launched a new MRI system for mobile use. The Magnetom Viato.Mobile system is equipped with latest advancements and can be used anywhere.
  • Siemens Healthineers (Germany) launched a new whole-body MRI scanner Magentom Free Star has AI-based reconstructed algorithms and provides superior image quality
  • GE Healthcare (US) introduced a new 3.0T MRI system. SIGNA Hero has features like better image quality, enhanced productivity, and improved patient care.

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MRI Systems Market Key Stakeholders:

  • Senior Management
  • End Users
  • R&D Department
  • Finance/Procurement Department

Report Objectives:

  • To define, describe, and forecast the size of MRI systems market based on field strength, architecture, application, end user, and region
  • To provide detailed information regarding the major factors influencing the growth potential of the global MRI systems market (drivers, restraints, opportunities, challenges, and trends) 
  • To analyze the micro markets with respect to individual growth trends, prospects, and contributions to the global MRI systems market. 
  • To analyze key growth opportunities in the global MRI systems market for key stakeholders and provide details of the competitive landscape for market leaders
  • To forecast the size of market segments and/or subsegments with respect to five major regions, namely, North America (US and Canada), Europe (Germany, France, the UK, Spain, Italy, and the RoE), Asia Pacific (Japan, China, India, Australia, South Korea, and the RoAPAC), Latin America (Brazil, Mexico, RoLA), and Middle East and Africa.
  • To profile the key players in the MRI systems market and comprehensively analyze their market shares and core competencies.
  • To track and analyze the competitive developments undertaken in the global MRI systems market, such as product launches; agreements; expansions; and mergers & acquisitions.

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