Magnetic Resonance Imaging (MRI) Market By Architecture (Closed System and Open System), By Field Strength (Low Field Strength, Mid Field Strength, and High Field Strength), By Application (Obstructive Sleep Apnea (OSA), Brain & Neurological, Spine & Musculoskeletal, Vascular, Abdominal, Cardiac, Breast, and Other), By End-user (Hospitals, Imaging Centers, Ambulatory Surgical Centers, and Others), Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2025-2034

Report Overview

The Magnetic Resonance Imaging (MRI) Market Size is expected to be worth around US$ 13.5 billion by 2034 from US$ 7.1 billion in 2024, growing at a CAGR of 6.6% during the forecast period 2025 to 2034. North America held a dominant market position, capturing more than a 41.2% share and holds US$ 0.5 Billion market value for the year.

Growing demand for advanced diagnostic imaging solutions is driving expansion in the magnetic resonance imaging (MRI) market. The increasing prevalence of neurological disorders, musculoskeletal conditions, and cardiovascular diseases is fueling the need for high-resolution imaging to enable early disease detection and accurate diagnosis. In November 2023, Koninklijke Philips N.V. introduced the BlueSeal MR Mobile at RSNA 2023, unveiling the world’s first fully sealed, helium-free 1.5T MRI system designed for mobility.

This lightweight and compact solution allows healthcare providers to bring advanced imaging services closer to patients, particularly in underserved and remote areas. The rising adoption of AI-powered MRI systems is enhancing image reconstruction, reducing scan times, and improving workflow efficiency in radiology departments. Increasing integration of functional MRI (fMRI) in neuroscience research and psychiatric evaluations is expanding the applications of MRI beyond conventional diagnostic use.

The growing shift toward portable and point-of-care MRI solutions is addressing the challenges of accessibility and operational costs in smaller healthcare facilities. Rising investments in research and development are driving innovations in high-field and ultra-high-field MRI systems, improving anatomical visualization and diagnostic accuracy. The increasing demand for non-invasive imaging techniques in oncology is boosting the adoption of MRI for tumor detection, staging, and treatment planning.

Expanding applications of cardiac MRI in assessing heart function and detecting ischemic diseases are strengthening the market’s growth trajectory. The growing preference for radiation-free diagnostic methods is encouraging the use of MRI over CT scans in pediatric and pregnant patient populations. Increasing collaborations between imaging technology providers and healthcare institutions are accelerating the development of next-generation MRI scanners with improved energy efficiency and patient comfort.

The expansion of hybrid imaging systems, such as PET-MRI, is enhancing multi-modal diagnostics and precision medicine initiatives. Rising government initiatives and reimbursement support for advanced diagnostic imaging are creating new market opportunities. With continuous technological advancements and expanding clinical applications, the MRI market is expected to experience sustained growth in the coming years.

Key Takeaways

• In 2023, the market for Magnetic Resonance Imaging (MRI) generated a revenue of US$ 7.1 billion, with a CAGR of 6.6%, and is expected to reach US$ 13.5 billion by the year 2033.
• The architecture segment is divided into closed system and open system, with closed system taking the lead in 2023 with a market share of 69.4%.
• Considering field strength, the market is divided into low field strength, mid field strength, and high field strength. Among these, mid field strength held a significant share of 42.7%.
• Furthermore, concerning the application segment, the market is segregated into obstructive sleep apnea (OSA), brain & neurological, spine & musculoskeletal, vascular, abdominal, cardiac, breast, and other. The brain & neurological sector stands out as the dominant player, holding the largest revenue share of 28.6% in the Magnetic Resonance Imaging (MRI) market.
• The end-user segment is segregated into hospitals, imaging centers, ambulatory surgical centers, and others, with the hospitals segment leading the market, holding a revenue share of 58.2%.
• North America led the market by securing a market share of 41.2% in 2023.

Architecture Analysis

The closed system segment led in 2023, claiming a market share of 69.4% owing to the increased demand for enhanced patient safety, controlled environments, and consistent image quality. Closed systems offer the advantage of maintaining a stable environment for the MRI process, reducing the risk of contamination and external interference.

As hospitals and imaging centers focus on improving operational efficiency and patient outcomes, they are anticipated to adopt closed systems to ensure optimal performance and better control during imaging procedures. The growing need for advanced imaging technology in various clinical settings and the rising preference for safer and more reliable diagnostic tools are projected to drive the expansion of the closed system segment in the MRI market.

Field Strength Analysis

The mid field strength held a significant share of 42.7% as healthcare providers seek more affordable alternatives that balance performance and cost. Mid-field strength MRI systems offer a compromise between low-field and high-field strength systems, providing adequate resolution and diagnostic capabilities at a lower cost.

These systems are anticipated to be widely adopted in settings where budget constraints exist, such as smaller clinics and outpatient centers, while still delivering reliable diagnostic results for a wide range of applications. Additionally, improvements in mid-field strength technology are projected to enhance image quality and expand the utilization of these systems in both clinical and research environments.

Application Analysis

The brain & neurological segment had a tremendous growth rate, with a revenue share of 28.6% owing to the rising prevalence of neurological disorders, such as Alzheimer’s disease, Parkinson’s disease, and multiple sclerosis. MRI systems equipped for brain imaging offer high-resolution images that help in the early detection and monitoring of these conditions, providing physicians with accurate diagnostic information.

As awareness about neurological conditions increases and advancements in MRI technology allow for better visualization of brain structures, the demand for specialized brain imaging using MRI is expected to rise. Additionally, the growing emphasis on personalized healthcare and early intervention in neurological diseases will further support the growth of this segment in the MRI market.

End-user Analysis

The hospitals segment grew at a substantial rate, generating a revenue portion of 58.2% due to as healthcare providers continue to invest in advanced imaging technologies to improve patient care and diagnosis accuracy. Hospitals represent a major portion of the MRI market due to their ability to handle complex and diverse patient needs, ranging from emergency services to specialized imaging for various conditions.

The increasing prevalence of chronic diseases and the growing demand for non-invasive diagnostic methods are expected to drive hospitals to invest in MRI systems. Moreover, hospitals are anticipated to prioritize the installation of state-of-the-art MRI machines to remain competitive and meet the rising demand for advanced imaging capabilities. The growth of outpatient services and hospital-based imaging centers will further contribute to the expansion of the MRI market in hospitals.

Key Market Segments

By Architecture

• Closed System
• Open System

By Field Strength

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

By Application

• Obstructive Sleep Apnea (OSA)
• Brain & Neurological
• Spine & Musculoskeletal
• Vascular
• Abdominal
• Cardiac
• Breast
• Other

By End-user

• Hospitals
• Imaging Centers
• Ambulatory Surgical Centers
• Others

Drivers

Increasing Prevalence of Cancer Driving the Magnetic Resonance Imaging (MRI) Market

Increasing cancer prevalence is expected to drive the expansion of the magnetic resonance imaging (MRI) market. In 2023, the National Center for Health Statistics estimated that nearly 1.96 million individuals in the US would be diagnosed with cancer, with over 600,000 deaths expected due to the disease. These figures highlight the growing burden of cancer and the need for continued advancements in treatment, screening, and prevention strategies.

MRI plays a crucial role in early cancer detection, precise tumor localization, and treatment planning, improving patient outcomes. Oncologists rely on high-resolution MRI scans to assess tumor progression and response to therapy. The rising adoption of non-invasive diagnostic techniques is further fueling the demand for advanced imaging solutions.

Patients increasingly prefer MRI over other imaging modalities due to its ability to generate detailed soft tissue contrast without ionizing radiation exposure. The expanding geriatric population, which faces a higher risk of cancer, is expected to accelerate MRI utilization. Healthcare facilities are investing in advanced MRI systems to enhance diagnostic accuracy and streamline cancer screening programs.

Continuous technological advancements, including improved image quality and faster scanning times, are making MRI a preferred choice for cancer diagnostics. Increased funding for cancer research and imaging innovations is further supporting market expansion. As cancer rates continue to rise, the demand for MRI solutions in oncology diagnostics is projected to grow significantly.

Restraints

High Cost of MRI Systems as a Restraint in the Magnetic Resonance Imaging (MRI) Market

Rising MRI system costs are expected to challenge the market’s growth. The purchase and installation of MRI machines require significant capital investment, with high-end 3 Tesla scanners costing between USD 1 million and USD 3 million. Many healthcare facilities, particularly in low-income regions, struggle to afford these expensive imaging solutions.

The additional expenses associated with infrastructure modifications, such as shielding rooms to contain strong magnetic fields, further increase financial strain. Operational costs, including maintenance, power consumption, and specialized staffing, contribute to the overall economic burden. Limited reimbursement policies in some countries make it difficult for hospitals and diagnostic centers to recover MRI-related costs.

Smaller healthcare facilities and independent imaging centers often opt for alternative, lower-cost imaging modalities such as CT or ultrasound. The high cost of MRI technology may limit its accessibility, particularly in rural and underserved regions. Despite its diagnostic advantages, affordability concerns remain a significant barrier to widespread MRI adoption in the healthcare sector.

Opportunities

Integration of AI and Machine Learning as an Opportunity in the Magnetic Resonance Imaging (MRI) Market

Increasing AI and machine learning integration is expected to create new opportunities in the magnetic resonance imaging (MRI) market. In August 2023, FUJIFILM Healthcare Americas Corporation secured FDA approval for its ECHELON Synergy, a 1.5 Tesla MRI scanner equipped with Synergy DLR. This AI-powered deep learning reconstruction technology enhances imaging clarity, accelerates scan times, and improves diagnostic precision, marking a significant step forward in medical imaging.

AI-driven MRI solutions help reduce scan times while maintaining high image quality, improving patient throughput in busy healthcare settings. Machine learning algorithms assist radiologists in detecting abnormalities more efficiently, leading to faster and more accurate diagnoses. Automated image reconstruction and noise reduction technologies are making MRI scans more accessible and cost-effective for healthcare providers.

AI applications in predictive analytics enhance early disease detection and enable personalized treatment planning. Continuous advancements in deep learning models are further expanding the capabilities of MRI technology. With AI-driven automation, radiologists can focus more on complex cases, improving overall diagnostic workflows. As artificial intelligence continues to evolve, its integration with MRI systems is anticipated to transform medical imaging and patient care.

Impact of Macroeconomic / Geopolitical Factors

Macroeconomic and geopolitical factors exert a significant influence on the MRI market. On the positive side, increasing healthcare investments, particularly in emerging economies, drive the demand for advanced diagnostic tools like MRI. Rising healthcare awareness and the need for non-invasive diagnostic methods also boost market growth. Additionally, supportive government policies, such as subsidies and healthcare reforms, encourage the adoption of MRI systems.

However, challenges such as the high cost of MRI machines and maintenance, coupled with economic downturns, can limit healthcare spending. Geopolitical tensions and trade restrictions can disrupt the global supply chain for MRI components, affecting market growth. Despite these challenges, the growing importance of early disease detection and the increasing healthcare budget allocations worldwide ensure that the MRI market remains on a positive growth trajectory.

Latest Trends

Increasing Use in Personalized Medicine Driving the MRI Market

The growing use of magnetic resonance imaging (MRI) in personalized medicine is a recent trend significantly driving the market. High demand for tailored healthcare solutions, especially for diseases like cancer, neurological disorders, and cardiovascular diseases, has led to increased use of MRI in precision diagnostics.

Personalized medicine involves using MRI to identify biomarkers, assess tissue conditions, and guide treatment plans specific to individual patients. This trend is expected to expand further with the integration of AI and machine learning technologies, which are enhancing MRI’s capabilities in personalized treatment planning.

As personalized medicine continues to grow, the MRI market is likely to experience strong demand, contributing to advancements in therapeutic strategies. According to the 2022 annual report from the US Department of Veterans Affairs’ National Center for PTSD, MRI plays a crucial role in precision medicine initiatives, particularly in tailoring PTSD treatments based on individual patient needs.

Regional Analysis

North America is leading the Magnetic Resonance Imaging (MRI) Market

North America dominated the market with the highest revenue share of 41.2% owing to technological advancements and increasing demand for early disease detection. The strengthened partnership between Imagion Biosystems Limited and Siemens Healthineers in June 2023 reinforced the region’s focus on innovation, particularly in cancer imaging.

The planned Phase 2 study of the MagSense HER2 imaging agent marked a critical step in improving the precision of MRI-based cancer diagnostics. Rising prevalence of chronic conditions, including neurological disorders and musculoskeletal diseases, further fueled demand for high-resolution imaging solutions. The adoption of AI-enhanced MRI systems improved diagnostic accuracy and efficiency, reducing scan times and enhancing workflow in healthcare facilities.

Expanding healthcare infrastructure and favorable reimbursement policies encouraged hospitals and imaging centers to invest in state-of-the-art MRI technology. Additionally, increasing research collaborations between medical institutions and imaging technology firms accelerated the development of next-generation MRI solutions, strengthening North America’s position in the global imaging market.

The Asia Pacific region is expected to experience the highest CAGR during the forecast period

Asia Pacific is expected to grow with the fastest CAGR owing to expanding healthcare infrastructure and technological innovations. The launch of Voxelgrids’ next-generation MRI scanner in August 2023 highlighted the region’s focus on affordability and accessibility, addressing gaps in diagnostic imaging availability. Increasing investments in public healthcare systems across China, India, and Southeast Asia are expected to enhance access to high-quality imaging services.

Government initiatives promoting early disease detection and improved diagnostic capabilities are anticipated to support market expansion. Collaborations between regional manufacturers and global medical technology firms are likely to drive cost-effective MRI system development. The growing burden of neurological and cardiovascular diseases is projected to increase the adoption of advanced imaging techniques.

Additionally, rising medical tourism, supported by high-quality yet affordable healthcare services, is expected to boost demand for MRI technology. Continued integration of AI and machine learning into imaging diagnostics is likely to further improve accuracy and efficiency, contributing to the market’s expansion across Asia Pacific.

Key Regions and Countries

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia
  • Netherland
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • New Zealand
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

Key Players Analysis

Key players in the magnetic resonance imaging (MRI) market focus on advancing imaging technology by developing high-field strength scanners and AI-powered diagnostic tools. Companies invest in research and development to enhance image resolution, reduce scan times, and integrate real-time data analytics for improved accuracy.

Strategic collaborations with hospitals and research institutions drive adoption and expand clinical applications in neurology, cardiology, and oncology. Emphasis on portable and open MRI systems increases accessibility and improves patient comfort. Many players also prioritize sustainability by reducing energy consumption and developing cost-effective imaging solutions.

Siemens Healthineers is a leading company in this market, offering innovative MRI systems such as the MAGNETOM Free.Max, which provides high-quality imaging with a compact design. The company focuses on integrating artificial intelligence and advanced coil technology to enhance diagnostic precision. Siemens Healthineers’ commitment to innovation and efficiency establishes it as a key player in the MRI industry.

Recent Developments

• In September 2023, Polarean Imaging plc joined forces with VIDA Diagnostics to accelerate the adoption of xenon 129 MRI technology. This collaboration aims to expand its clinical and research applications, particularly in lung imaging, enhancing diagnostic accuracy in pulmonary disorders.
• In April 2023, Siemens Healthineers launched a new MRI production facility in Bengaluru, India, to boost local manufacturing capacity. The facility will focus on producing the MAGNETOM Free.Star MRI system, aimed at expanding access to advanced imaging solutions in underserved regions.
• In December 2021, FUJIFILM Healthcare unveiled a next-generation MRI system designed with an open gantry configuration to improve patient accessibility and comfort. This high-performance imaging system enhances operational efficiency while delivering precise diagnostic results.

Top Key Players in the Magnetic Resonance Imaging (MRI) Market

• Siemens Healthineers
• Polarean Imaging plc
• Hitachi Healthcare
• GE Healthcare
• FUJIFILM Healthcare
• Esaote SPA
• Canon Medical Systems
• Bruker Corporation

Report Scope