Magnetic Resonance Imaging (MRI) Equipment Market

Magnetic Resonance Imaging (MRI) Equipment Market Synopsis

The Global Magnetic Resonance Imaging (MRI) Equipment Market was valued at USD 8.6 billion in 2023 and is expected to grow from USD 9.0 billion in 2024 to USD 14.3 billion by 2033, reflecting a CAGR of 5.4% over the forecast period.

The Magnetic Resonance Imaging (MRI) equipment market revolves around companies responsible for inventing, making and spreading MRI scanners useful in medicine. MRI equipment produces detailed pictures of organs and tissues using strong magnets and radio waves which are very important for spotting conditions like tumors, brain disorders, muscle and bone injuries and illnesses of the heart and blood vessels. More chronic conditions, the desire for simple imaging tests, better MRI systems (with stronger magnets, shorter scanning periods and higher quality) and a surge in healthcare investment in emerging nations are moving the market forward.

Magnetic Resonance Imaging (MRI) Equipment Market Driver Analysis

Growing Demand for Non-Invasive Diagnostic Tools

MRI (Magnetic Resonance Imaging) creates detailed images that do not use radiation, so it is a safe and reliable way to diagnose many medical problems. Rather than X-rays or CT scans which depend on radiation, MRI uses magnetic fields and radiofrequency waves to display clear images of inside the body. Because of this, MRI is commonly recommended for several uses, especially for children, pregnant women (in some cases) and individuals who need regular observation. MRI provides clear images of soft parts of the body, including the brain, spinal cord, joints and internal organs which helps doctors find accurate diagnoses and plan treatments. Because it is gentle and very safe, ultrasound is being used more often in modern medicine.

Magnetic Resonance Imaging (MRI) Equipment Market Restraint Analysis

Lack of Skilled Technicians and Radiologists

Optimal use and correct diagnosis of radiology equipment are impaired in certain regions, mainly in low- and middle-income countries, because of limited skilled experts and radiologists. MRI machines must be installed and looked after properly and those who operate and read the images must have the right training and knowledge. If enough skilled professionals are not available, however well-equipped a health facility may be, it can still fail to provide strong and reliable diagnostic support. As a result of this skill shortage, it can take more time to diagnose, scans can be read incorrectly and technological imaging equipment may not be used as often which all end up affecting patient outcomes and the performance of healthcare systems.

Magnetic Resonance Imaging (MRI) Equipment Market Opportunity Analysis

Increased Use in Research and Neurological Studies

Magnetic Resonance Imaging (MRI) is being used more often in brain mapping and functional MRI (fMRI), mainly in neuroscience, psychology and neurology. Functional MRI (fMRI) detects shifts in blood flow to identify which parts of the brain are involved in various activities or when stimulated. By means of it, researchers can learn a lot about disorders like epilepsy, Alzheimer's disease and depression and also plan risky operations in the brain. By using fMRI, memory, language, emotion and the way our senses work can be studied in research related to the mind.

Magnetic Resonance Imaging (MRI) Equipment Market Trend Analysis

Rising Demand for Outpatient Imaging Services

The rise in both private and public diagnostic centers is helping to boost the MRI equipment market. These medical imaging centers which are frequently found in cities and suburbs, make advanced scans accessible to patients beyond just hospitals. The increase in outpatient care, need for quicker results and desire for less waiting have all helped cause this trend. Because they are not connected to a hospital, standalone centers can more easily add modern imaging technologies such as high-field MRI machines, to bring in more patients and referring physicians. Because of this, more people can benefit from MRI services and this also relieves the workload on hospital-based imaging teams, boosting the efficiency of healthcare delivery.

Magnetic Resonance Imaging (MRI) Equipment Market Segment Analysis

The Magnetic Resonance Imaging (MRI) Equipment Market is segmented on the basis of Strength, Application, and End-User.

By Strength

o   Less than 1.5T

o   1.5T

o   More than 1.5T

By Application

o   Neurology

o   Body Imaging

o   Musculoskeletal

o   Cardiology

o   Other Applications

By End-User

o   Hospitals & ASCs

o   Diagnostic Centers

By Region

o   North America (U.S., Canada, Mexico)

o   Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)

o   Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)

o   Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)

o   Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)

o   South America (Brazil, Argentina, Rest of SA)

By Strength, 1.5T Segment is Expected to Dominate the Market During the Forecast Period

The strengths discussed in this research study, the 1.5T segment is expected to account for the largest market share of magnetic resonance imaging (MRI) equipment market in the forecast period. 1.5 Tesla MRI scanners can handle a variety of diagnostic procedures such as those for the brain, bones and heart. Most clinical tasks can be done well with their resolution and they also cost much less to buy and maintain than stronger magnets like 3T or 7T. The installation of trained personnel and developed procedures on 1.5T scanners are other reasons for their superiority in numerous healthcare markets.

By Application, the Musculoskeletal Segment is Expected to Held the Largest Share

The musculoskeletal segment is likely to dominate the market. The reason for it is mainly because medical imaging is widely used for bones, joints, muscles, ligaments and soft tissues. MRI is good for seeing sports injuries, arthritis, problems with the spine and other issues with muscles and bones because it offers clear soft tissue imaging and does not use radiation. More cases of musculoskeletal disorders, an older population and people being more aware of early diagnosis are increasing demand for testing.

By End-User, the Automotive & Transportation Segment is Expected to Held the Largest Share

By end-user, the hospital segment is expected to hold the largest share of the MRI equipment market during the forecast period. The main reason hospitals are used for advanced imaging is that they are well equipped, staffed by trained experts and have space to serve many patients. Because they can spend more money on advanced equipment, hospitals are usually able to conduct complicated MRI scans.

Magnetic Resonance Imaging (MRI) Equipment Market Regional Insights

Asia Pacific is Expected to Dominate the Market Over the Forecast period 

Asia Pacific is expected to dominate the MRI equipment market over the forecast period, driven by several key factors. Healthcare infrastructure in the region is expanding fast, mainly in China, India, Japan and South Korea, as both the public and private sectors are investing significantly in new facilities. More cases of chronic diseases, a better understanding of why early diagnosis is important and a larger group of people in the middle class with healthcare access are adding to the demand for MRI. Also, a larger number of patients and better reimbursement policies in different countries make more people accept these treatments. Better technology, homegrown papers and international companies working in the region contribute to the rise of its market share.

Recent Development

In December 2023, Siemens Healthineers AG announced the launch of the MAGNETOM Cima.X, a 3T MRI system, in Canada. This introduction has enhanced the company's presence in the Canadian healthcare market by providing advanced diagnostic capabilities that support more accurate and comprehensive patient care.

In November 2023, Koninklijke Philips N.V. expanded its partnership agreement with SyntheticMR to support the introduction of SyMRI 3D. This development is expected to enhance Philips' imaging product portfolio by adding advanced, multidimensional MRI capabilities.

Active Key Players in the Magnetic Resonance Imaging (MRI) Equipment Market

o   Canon Medical Systems

o   Philips Healthcare

o   Neurologica Corp

o   Neusoft Medical Systems

o   Toshiba Medical Systems

o   Hitachi Medical Systems

o   Samsung Medison

o   United Imaging Healthcare

o   GE Healthcare

o   Mindray Medical International

o   Samsung Electronics

o   Siemens Healthineers

o   Other Key Players

Global Magnetic Resonance Imaging (MRI) Equipment Market Scope