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Magnetic Resonance Imaging (MRI) Equipment Market

Magnetic Resonance Imaging (MRI) Equipment Market Insightful Analysis: Trends, Competitor Dynamics, and Opportunities 2025-2033

Magnetic Resonance Imaging (MRI) Equipment Market by Strength (Less than 1.5T, 1.5T, More than 1.5T), by Application (Musculoskeletal, Neurology, Cardiology, Body Imaging, Others), by End-User (Hospitals & ASCs, Diagnostic Centers), by North America (U.S., Canada) Forecast 2026-2034

Feb 11 2025

Base Year: 2025

180 Pages

Magnetic Resonance Imaging (MRI) Equipment Market Insightful Analysis: Trends, Competitor Dynamics, and Opportunities 2025-2033

Key Insights

The Magnetic Resonance Imaging (MRI) Equipment Marketsize was valued at USD 7.08 USD billion in 2023 and is projected to reach USD 10.86 USD billion by 2032, exhibiting a CAGR of 6.3 % during the forecast period. Magnetic Resonance Imaging (MRI) is an advanced technology that generates three-dimensional anatomy images without doing penetrating with tools through the skin or into a natural body opening. MRI is mainly used in disease detection, diagnosis, and also for patient management. The technology behind MRI depends on the principle of electronics detecting and analyzing the direction of the rotation axis of protons found in the water molecules making up the organic tissues. The MRI uses fairly strong magnets, whose field interacts with protons in the body, making them orientate their magnetic field with that of the magnet. Various categories of MRI are involved, and functional Magnetic Resonance Imaging (fMRI) is one of them. This is used to study different parts of the brain and to find out the parts that consume more oxygen; these are activated during every different kind of cognitive task. It aims at improving intelligence in brain organization but may be a new standard to evaluate exceptionality and neurosurgical risk.

Magnetic Resonance Imaging (MRI) Equipment Trends

Growing adoption of AI and machine learning in MRI systems to enhance image quality and reduce scan times.
Increasing use of MRI for early detection and diagnosis of various diseases, including cancer, neurological disorders, and musculoskeletal conditions.
Rising demand for mobile MRI systems for enhanced accessibility and convenience.

Magnetic Resonance Imaging (MRI) Equipment Market Market Size and Forecast (2024-2030) — Magnetic Resonance Imaging (MRI) Equipment Market Company Market Share

Driving Forces: What's Propelling the Magnetic Resonance Imaging (MRI) Equipment Market

Technological advancements and improved image quality: Advances in hardware and software have significantly enhanced the image quality of MRI systems, leading to improved diagnostic capabilities.
Increasing prevalence of chronic diseases: The growing burden of chronic conditions, such as cardiovascular disease and cancer, is driving the demand for accurate and non-invasive diagnostic tools like MRI.
Rising awareness and acceptance of MRI: Increased public awareness about the benefits of MRI and its role in early disease detection is contributing to market growth.

Challenges and Restraints in Magnetic Resonance Imaging (MRI) Equipment Market

High cost of MRI systems: The acquisition and maintenance of MRI equipment continue to be expensive, limiting its accessibility in certain regions and healthcare settings.
Limited reimbursement and insurance coverage: In some healthcare systems, reimbursement for MRI procedures remains limited, which can hinder their utilization.
Accessibility concerns: The large size and complex operation of MRI systems may limit their accessibility in certain settings, such as remote areas or facilities with space constraints.
Technological advancements: Rapid advancements in MRI technology, such as ultra-high-field systems and artificial intelligence (AI)-powered image processing, can lead to increased costs and complexity in equipment procurement and operation.
Competition from other imaging modalities: The emergence of alternative imaging technologies, such as computed tomography (CT) and positron emission tomography (PET), can create competitive pressures on the MRI equipment market.

Emerging Trends in Magnetic Resonance Imaging (MRI) Equipment

Development of ultra-high-field MRI systems: These systems offer superior image quality and improved diagnostic capabilities, enabling the detection of finer details and subtle abnormalities.
Integration of artificial intelligence (AI) and machine learning: AI algorithms are being integrated into MRI systems to enhance image reconstruction, reduce scan times, and improve diagnostic accuracy.
Advancements in contrast agents: New and improved contrast agents are being developed to enhance the visibility of specific anatomical structures or tissues, further improving the diagnostic capabilities of MRI.

Growth Catalysts in Magnetic Resonance Imaging (MRI) Equipment Industry

Government initiatives and funding: Government initiatives and funding programs continue to focus on improving healthcare infrastructure and increasing access to advanced diagnostic imaging technologies, driving the demand for MRI equipment.
Collaboration between industry players: Partnerships and collaborations between MRI manufacturers and research institutions are accelerating innovation and the development of advanced MRI technologies, such as AI-powered features and enhanced workflow capabilities.
Rising demand for personalized medicine: The growing demand for personalized medicine and precision diagnostics is driving the adoption of MRI systems that offer tailored and targeted treatments, leading to improved patient outcomes.

Market Segmentation: Magnetic Resonance Imaging (MRI) Equipment Analysis

By Strength:

Less than 1.5 T
1.5 T
More than 1.5 T

By Application:

Musculoskeletal
Neurology
Cardiology
Body Imaging
Others

By End-User:

Hospitals & ASCs
Diagnostic Centers

Leading Players in the Magnetic Resonance Imaging (MRI) Equipment Market

GENERAL ELECTRIC COMPANY (GE Healthcare) (U.S.)
Siemens Healthineers AG (Germany)
Koninklijke Philips N.V. (Netherlands)
Canon Medical Systems Corporation (Japan)
Hitachi, Ltd. (Japan)
Esaote SpA (Italy)
Time Medical Holding (Hong Kong)
Shenzhen Anke Hi-tech Co., Ltd. (China)
Shenzhen Basda Medical Apparatus Co., Ltd. (China)
Fonar Corporation (U.S.)

Significant Developments in Magnetic Resonance Imaging (MRI) Equipment Sector

In 2022, GE Healthcare introduced the Signa One, a next-generation MRI system powered by advanced AI algorithms, offering faster scans, improved image quality, and personalized patient experiences.
Siemens Healthineers launched the Magnetom Vida, a 3-Tesla MRI system featuring Deep Learning reconstruction algorithms and enhanced workflow capabilities, including automated patient positioning and AI-assisted image analysis.
Philips released the Ingenia Ambition X, an MR system equipped with Compressed SENSE and parallel imaging technologies, reducing scan times while maintaining image quality, improving patient comfort and throughput.

Comprehensive Coverage Magnetic Resonance Imaging (MRI) Equipment Market Report

The comprehensive report on the Magnetic Resonance Imaging (MRI) Equipment market provides detailed insights into:

Market size and growth projections
Industry trends and developments
Driving forces and challenges
Segmentation analysis
Competitive landscape
Key company profiles
SWOT analysis
Porter's Five Forces analysis

Regional Insight

North America: High healthcare expenditure, advanced healthcare infrastructure, and a large installed base of MRI systems contribute to North America's significant share in the MRI equipment market.
Europe: Favorable reimbursement policies, government initiatives for healthcare innovation, and a strong presence of key market players support the growth of the MRI equipment market in Europe.
Asia-Pacific: Rising healthcare spending, increasing awareness about advanced diagnostic technologies, and a growing middle class drive the demand for MRI equipment in the Asia-Pacific region.
Latin America: Limited healthcare infrastructure, lower reimbursement rates, and economic disparities can pose challenges to the adoption of MRI equipment in Latin America.
Middle East & Africa: Government investments in healthcare, expanding private healthcare sectors, and technological advancements contribute to the growing demand for MRI equipment in the Middle East and Africa.

Magnetic Resonance Imaging (MRI) Equipment Market Market Share by Region - Global Geographic Distribution — Magnetic Resonance Imaging (MRI) Equipment Market Regional Market Share

Geographic Coverage of Magnetic Resonance Imaging (MRI) Equipment Market

Higher Coverage

Lower Coverage

No Coverage

Magnetic Resonance Imaging (MRI) Equipment Market REPORT HIGHLIGHTS

Aspects	Details
Study Period	2020-2034
Base Year	2025
Estimated Year	2026
Forecast Period	2026-2034
Historical Period	2020-2025
Growth Rate	CAGR of 6.3% from 2020-2034
Segmentation	By Strength Less than 1.5T 1.5T More than 1.5T By Application Musculoskeletal Neurology Cardiology Body Imaging Others By End-User Hospitals & ASCs Diagnostic Centers By Geography North America U.S. Canada

1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
- 2.1. Introduction
3. Market Dynamics
- 3.1. Introduction
- - 3.2. Market Drivers
  - - 3.2.1. Increasing Prevalence of Chronic Diseases to Fuel Market Growth
- - 3.3. Market Restrains
  - - 3.3.1. High Costs of Systems to Limit Market Growth
- - 3.4. Market Trends
  - - 3.4.1. Increasing Number of Hospitals and ASCs Identified as Significant Market Trend
4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
5. Global Magnetic Resonance Imaging (MRI) Equipment Market Analysis, Insights and Forecast, 2020-2032
- 5.1. Market Analysis, Insights and Forecast - by Strength
  - 5.1.1. Less than 1.5T
  - 5.1.2. 1.5T
  - 5.1.3. More than 1.5T
- 5.2. Market Analysis, Insights and Forecast - by Application
  - 5.2.1. Musculoskeletal
  - 5.2.2. Neurology
  - 5.2.3. Cardiology
  - 5.2.4. Body Imaging
  - 5.2.5. Others
- 5.3. Market Analysis, Insights and Forecast - by End-User
  - 5.3.1. Hospitals & ASCs
  - 5.3.2. Diagnostic Centers
- 5.4. Market Analysis, Insights and Forecast - by Region
  - 5.4.1. North America
6. Competitive Analysis
- 6.1. Global Market Share Analysis 2025
- - 6.2. Company Profiles
  - - 6.2.1 GENERAL ELECTRIC COMPANY (GE Healthcare) (U.S.)
      6.2.1.1. Overview
      6.2.1.2. Products
      6.2.1.3. SWOT Analysis
      6.2.1.4. Recent Developments
      6.2.1.5. Financials (Based on Availability)
    - 6.2.2 Siemens Healthineers AG (Germany)
      6.2.2.1. Overview
      6.2.2.2. Products
      6.2.2.3. SWOT Analysis
      6.2.2.4. Recent Developments
      6.2.2.5. Financials (Based on Availability)
    - 6.2.3 Koninklijke Philips N.V. (Netherlands)
      6.2.3.1. Overview
      6.2.3.2. Products
      6.2.3.3. SWOT Analysis
      6.2.3.4. Recent Developments
      6.2.3.5. Financials (Based on Availability)
    - 6.2.4 Canon Medical Systems Corporation (Japan)
      6.2.4.1. Overview
      6.2.4.2. Products
      6.2.4.3. SWOT Analysis
      6.2.4.4. Recent Developments
      6.2.4.5. Financials (Based on Availability)
    - 6.2.5 Hitachi Ltd. (Japan)
      6.2.5.1. Overview
      6.2.5.2. Products
      6.2.5.3. SWOT Analysis
      6.2.5.4. Recent Developments
      6.2.5.5. Financials (Based on Availability)
    - 6.2.6 Esaote SpA (Italy)
      6.2.6.1. Overview
      6.2.6.2. Products
      6.2.6.3. SWOT Analysis
      6.2.6.4. Recent Developments
      6.2.6.5. Financials (Based on Availability)
    - 6.2.7 Time Medical Holding (Hong Kong)
      6.2.7.1. Overview
      6.2.7.2. Products
      6.2.7.3. SWOT Analysis
      6.2.7.4. Recent Developments
      6.2.7.5. Financials (Based on Availability)
    - 6.2.8 Shenzhen Anke Hi-tech Co. Ltd. (China)
      6.2.8.1. Overview
      6.2.8.2. Products
      6.2.8.3. SWOT Analysis
      6.2.8.4. Recent Developments
      6.2.8.5. Financials (Based on Availability)
    - 6.2.9 Shenzhen Basda Medical Apparatus Co. Ltd. (China)
      6.2.9.1. Overview
      6.2.9.2. Products
      6.2.9.3. SWOT Analysis
      6.2.9.4. Recent Developments
      6.2.9.5. Financials (Based on Availability)
    - 6.2.10 Fonar Corporation (U.S.)
      6.2.10.1. Overview
      6.2.10.2. Products
      6.2.10.3. SWOT Analysis
      6.2.10.4. Recent Developments
      6.2.10.5. Financials (Based on Availability)

List of Figures

Figure 1: Global Magnetic Resonance Imaging (MRI) Equipment Market Revenue Breakdown (USD billion, %) by Region 2025 & 2033
Figure 2: Global Magnetic Resonance Imaging (MRI) Equipment Market Volume Breakdown (K units, %) by Region 2025 & 2033
Figure 3: North America Magnetic Resonance Imaging (MRI) Equipment Market Revenue (USD billion), by Strength 2025 & 2033
Figure 4: North America Magnetic Resonance Imaging (MRI) Equipment Market Volume (K units), by Strength 2025 & 2033
Figure 5: North America Magnetic Resonance Imaging (MRI) Equipment Market Revenue Share (%), by Strength 2025 & 2033
Figure 6: North America Magnetic Resonance Imaging (MRI) Equipment Market Volume Share (%), by Strength 2025 & 2033
Figure 7: North America Magnetic Resonance Imaging (MRI) Equipment Market Revenue (USD billion), by Application 2025 & 2033
Figure 8: North America Magnetic Resonance Imaging (MRI) Equipment Market Volume (K units), by Application 2025 & 2033
Figure 9: North America Magnetic Resonance Imaging (MRI) Equipment Market Revenue Share (%), by Application 2025 & 2033
Figure 10: North America Magnetic Resonance Imaging (MRI) Equipment Market Volume Share (%), by Application 2025 & 2033
Figure 11: North America Magnetic Resonance Imaging (MRI) Equipment Market Revenue (USD billion), by End-User 2025 & 2033
Figure 12: North America Magnetic Resonance Imaging (MRI) Equipment Market Volume (K units), by End-User 2025 & 2033
Figure 13: North America Magnetic Resonance Imaging (MRI) Equipment Market Revenue Share (%), by End-User 2025 & 2033
Figure 14: North America Magnetic Resonance Imaging (MRI) Equipment Market Volume Share (%), by End-User 2025 & 2033
Figure 15: North America Magnetic Resonance Imaging (MRI) Equipment Market Revenue (USD billion), by Country 2025 & 2033
Figure 16: North America Magnetic Resonance Imaging (MRI) Equipment Market Volume (K units), by Country 2025 & 2033
Figure 17: North America Magnetic Resonance Imaging (MRI) Equipment Market Revenue Share (%), by Country 2025 & 2033
Figure 18: North America Magnetic Resonance Imaging (MRI) Equipment Market Volume Share (%), by Country 2025 & 2033

List of Tables

Table 1: Global Magnetic Resonance Imaging (MRI) Equipment Market Revenue USD billion Forecast, by Strength 2020 & 2033
Table 2: Global Magnetic Resonance Imaging (MRI) Equipment Market Volume K units Forecast, by Strength 2020 & 2033
Table 3: Global Magnetic Resonance Imaging (MRI) Equipment Market Revenue USD billion Forecast, by Application 2020 & 2033
Table 4: Global Magnetic Resonance Imaging (MRI) Equipment Market Volume K units Forecast, by Application 2020 & 2033
Table 5: Global Magnetic Resonance Imaging (MRI) Equipment Market Revenue USD billion Forecast, by End-User 2020 & 2033
Table 6: Global Magnetic Resonance Imaging (MRI) Equipment Market Volume K units Forecast, by End-User 2020 & 2033
Table 7: Global Magnetic Resonance Imaging (MRI) Equipment Market Revenue USD billion Forecast, by Region 2020 & 2033
Table 8: Global Magnetic Resonance Imaging (MRI) Equipment Market Volume K units Forecast, by Region 2020 & 2033
Table 9: Global Magnetic Resonance Imaging (MRI) Equipment Market Revenue USD billion Forecast, by Strength 2020 & 2033
Table 10: Global Magnetic Resonance Imaging (MRI) Equipment Market Volume K units Forecast, by Strength 2020 & 2033
Table 11: Global Magnetic Resonance Imaging (MRI) Equipment Market Revenue USD billion Forecast, by Application 2020 & 2033
Table 12: Global Magnetic Resonance Imaging (MRI) Equipment Market Volume K units Forecast, by Application 2020 & 2033
Table 13: Global Magnetic Resonance Imaging (MRI) Equipment Market Revenue USD billion Forecast, by End-User 2020 & 2033
Table 14: Global Magnetic Resonance Imaging (MRI) Equipment Market Volume K units Forecast, by End-User 2020 & 2033
Table 15: Global Magnetic Resonance Imaging (MRI) Equipment Market Revenue USD billion Forecast, by Country 2020 & 2033
Table 16: Global Magnetic Resonance Imaging (MRI) Equipment Market Volume K units Forecast, by Country 2020 & 2033
Table 17: U.S. Magnetic Resonance Imaging (MRI) Equipment Market Revenue (USD billion) Forecast, by Application 2020 & 2033
Table 18: U.S. Magnetic Resonance Imaging (MRI) Equipment Market Volume (K units) Forecast, by Application 2020 & 2033
Table 19: Canada Magnetic Resonance Imaging (MRI) Equipment Market Revenue (USD billion) Forecast, by Application 2020 & 2033
Table 20: Canada Magnetic Resonance Imaging (MRI) Equipment Market Volume (K units) Forecast, by Application 2020 & 2033

Methodology

Step 1 - Identification of Relevant Samples Size from Population Database

Step 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)

Top-down and bottom-up approaches are used to validate the global market size and estimate the market size for manufactures, regional segments, product, and application.

Note*: In applicable scenarios

Step 3 - Data Sources

Primary Research

Web Analytics
Survey Reports
Research Institute
Latest Research Reports
Opinion Leaders

Secondary Research

Annual Reports
White Paper
Latest Press Release
Industry Association
Paid Database
Investor Presentations

Step 4 - Data Triangulation

Involves using different sources of information in order to increase the validity of a study

These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.

Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.

During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence

Additionally, after gathering mixed and scattered data from a wide range of sources, data is triangulated and correlated to come up with estimated figures which are further validated through primary mediums or industry experts, opinion leaders.

Frequently Asked Questions

1. What is the projected Compound Annual Growth Rate (CAGR) of the Magnetic Resonance Imaging (MRI) Equipment Market?

The projected CAGR is approximately 6.3%.

2. Which companies are prominent players in the Magnetic Resonance Imaging (MRI) Equipment Market?

Key companies in the market include GENERAL ELECTRIC COMPANY (GE Healthcare) (U.S.), Siemens Healthineers AG (Germany), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), Hitachi, Ltd. (Japan), Esaote SpA (Italy), Time Medical Holding (Hong Kong), Shenzhen Anke Hi-tech Co., Ltd. (China), Shenzhen Basda Medical Apparatus Co., Ltd. (China), Fonar Corporation (U.S.).

3. What are the main segments of the Magnetic Resonance Imaging (MRI) Equipment Market?

The market segments include Strength, Application, End-User.

4. Can you provide details about the market size?

The market size is estimated to be USD 7.08 USD billion as of 2022.

5. What are some drivers contributing to market growth?

Increasing Prevalence of Chronic Diseases to Fuel Market Growth.

6. What are the notable trends driving market growth?

Increasing Number of Hospitals and ASCs Identified as Significant Market Trend.

7. Are there any restraints impacting market growth?

High Costs of Systems to Limit Market Growth.

8. Can you provide examples of recent developments in the market?

N/A

9. What pricing options are available for accessing the report?

Pricing options include single-user, multi-user, and enterprise licenses priced at USD 4850, USD 5850, and USD 6850 respectively.

10. Is the market size provided in terms of value or volume?

The market size is provided in terms of value, measured in USD billion and volume, measured in K units.

11. Are there any specific market keywords associated with the report?

Yes, the market keyword associated with the report is "Magnetic Resonance Imaging (MRI) Equipment Market," which aids in identifying and referencing the specific market segment covered.

12. How do I determine which pricing option suits my needs best?

The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.

13. Are there any additional resources or data provided in the Magnetic Resonance Imaging (MRI) Equipment Market report?

While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.

14. How can I stay updated on further developments or reports in the Magnetic Resonance Imaging (MRI) Equipment Market?

To stay informed about further developments, trends, and reports in the Magnetic Resonance Imaging (MRI) Equipment Market, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.

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