MRI Systems Market - By Architecture (Open System, Closed System), By Application (Oncology, Neurology, Musculoskeletal, Vascular, Gastroenterology, Cardiology), By Field Strength (Low Field Strength, Mid Field Strength, High Field Strength), End-use & Global Forecast to 2032

MRI Systems Market - By Architecture (Open System, Closed System), By Application (Oncology, Neurology, Musculoskeletal, Vascular, Gastroenterology, Cardiology), By Field Strength (Low Field Strength, Mid Field Strength, High Field Strength), End-use & Global Forecast to 2032

MRI Systems Market Size

Magnetic Resonance Imaging (MRI) Systems Market size reached USD 7 billion in 2022. The industry is speculated to grow at around 5.5% CAGR from 2023 to 2032 driven by the increasing number of accidents in Asia Pacific and other emerging economies.
 

Booming geriatric population in developed as well as developing economies is fueling the market progress. As a result of rising life expectancy and declining birth rates, countries including the U.S., Canada, Japan, India, China, and Brazil are contributing highly to the global senior population, which is poised to offer massive growth opportunities to the market due to their unique healthcare requirements and regular need for specialized services.
 

Shortage of skilled professionals may restrain industry progression

The shortage of competent MRI specialists is a growing problem in the healthcare industry. Since MRI technology is evolving rapidly, there is an increasing demand for skilled personnel for operating MRI systems. One of the reasons for the shortage of qualified MRI professionals is the absence of effective education and training programs in colleges and medical schools due to the rising complexity and high costs of MRI equipment and maintenance. Nonetheless, the supportive expenditure on medical and healthcare awareness, along with student education in several nations is set to help the industry combat the issue.
 

MRI Systems Market Analysis

MRI systems market from closed magnetic is set to reach USD 11 billion by 2032 owing to the evolution of more potent and effective equipment. Manufacturers are continuously attempting to lower noise levels, boost scan rates, and use less power, which is likely to propel segment growth. For instance, in November 2022, Koninklijke Philips N.V, a Dutch medical devices firm, introduced a new fully sealed 1.5T magnet MRI scanner to achieve helium-free MR operations.
 

MRI systems market from mid field strength segment is foreseen to be worth more than USD 5 billion in revenue by 2032. Magnetic field strengths used by mid-field strength MRI systems usually range from 0.5 to 1.5 Tesla. It is used in a range of therapeutic settings, such as oncology, cardiology, orthopedics, and neurology due to its adaptability for medical professionals. Moreover, the versatility of these systems is supporting developments in the capabilities of mid-field strength MRI scans.
 

Based on end-use, the magnetic resonance imaging systems market by hospitals segment is slated to garner over USD 4 billion by 2032, propelled by wide applicability in hospitals for diagnostic and therapeutic purposes to monitor the progression of diseases and the positive results of therapies over time. The information-rich images help professionals in hospitals to evaluate diseases for a large number of patients at a rapid speed compared to traditional forms.
 

MRI systems market from vascular application segment is estimated to witness significant CAGR of 5% over the forecast period. The MRI is a non-invasive diagnostic tool that provides detailed images of blood vessels and blood flow, allowing doctors to diagnose and monitor a variety of vascular conditions. For instance, it can identify a disease named venous thrombosis that causes blood clots in the veins and specify their size and position for determining the best course of action. These benefits are likely to fuel product uptake for vascular applications through 2032.
 

North America magnetic resonance imaging systems market is projected to depict growth at over 5.5% CAGR from 2023 to 2032 attributed to surging emphasis on the development of technologies, especially in the fields of software and image processing. In March 2022, a team of researchers at the University of Waterloo developed a new form of MRI tech that makes cancerous tissues glow in medical images, enabling doctors to detect the illness more accurately.
 

MRI Systems Market Share

• Aurora Imaging Technologies Inc
• GE Healthcare
• Koninklijke Philips N.V
• Siemens AG
• Hitachi Medical Systems
• Sanrad Medical Systems Pvt Ltd
• Toshiba Corporation
• Esaote SpA
• Fonar Corporation
• Neusoft Medical Systems Co.

are top players profiled in the market. These firms majorly are engaging in promising product innovations and business expansion tactics to gain a competitive edge.
 

The magnetic resonance imaging systems market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD Million from 2018 to 2032 for the following segments

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By Architecture

• Open System
• Closed System

By Field Strength

• Low Field Strength
• Mid Field Strength
• High Field Strength

By Application

• Oncology
• Neurology
• Musculoskeletal
• Vascular
• Gastroenterology
• Cardiology
• Other

By End-use

• Hospitals
• Imaging Centers
• Ambulatory Surgical Centers

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Russia
  • Poland
  • Switzerland
  • The Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Thailand
  • Indonesia
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Chile
• Middle East & Africa
  • Saudi Arabia
  • South Africa
  • UAE
  • Israel