MRI Market to Grow with a CAGR of 5.25% through 2029
Growing Prevalence of Chronic
Diseases and Emerging Applications in Research and Clinical Trials are factors
driving the Global MRI Market in the
forecast period 2025-2029.
According to TechSci Research report, “MRI Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2029”,
the Global MRI Market stood at USD 5.25 Billion in 2023 and is anticipated to
grow with a CAGR of 5.25% in the forecast period, 2025-2029. The global MRI (Magnetic Resonance Imaging) market
is experiencing significant growth, driven by various factors that are
reshaping the healthcare landscape worldwide. MRI technology has become
indispensable in diagnostic imaging, enabling detailed and accurate
visualization of internal body structures without the use of ionizing
radiation. This non-invasive imaging technique is crucial for diagnosing a wide
range of medical conditions, from neurological disorders to musculoskeletal
injuries, cardiovascular diseases, and cancer.
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and an in-depth TOC on "Global MRI Market”
MRI's versatility and ability to
provide detailed anatomical and functional imaging are driving its adoption in
research and clinical trials. MRI is increasingly used in drug development,
neuroscience studies, and personalized medicine initiatives, expanding its
market beyond diagnostic imaging. The trend towards outpatient care and the
establishment of specialized imaging centers are also contributing to the
growth of the MRI market. Imaging centers equipped with advanced MRI systems
offer convenient access to diagnostic services, reducing wait times and easing
the burden on hospitals.
Reimbursement policies and
government initiatives supporting the adoption of advanced imaging technologies
like MRI have a significant impact on market growth. Healthcare reforms aimed
at improving access to healthcare services and reducing diagnostic costs
encourage healthcare facilities to invest in MRI equipment, thereby driving
market expansion.
Global MRI market is segmented into field of strength, type,
architecture, application, end user and region, and company.
Based on Architecture, Open MRI
Systems emerged as the dominant segment in the global market for MRI in 2023.
Open MRI systems are designed with a more spacious and less confining structure
compared to traditional closed MRI machines. This design helps reduce feelings
of claustrophobia and anxiety among patients, making the imaging process more
comfortable and tolerable, especially for pediatric and claustrophobic
patients. As patient-centered care gains importance in healthcare, the enhanced
comfort provided by Open MRI systems appeals to both patients and healthcare
providers. Open MRI systems have a wider bore (the tunnel-like opening where
the patient lies) compared to closed systems. This larger bore diameter
accommodates larger patients or those with physical limitations better than
traditional closed systems, ensuring a more inclusive and accessible imaging
experience for diverse patient populations. Open MRI systems offer greater
accessibility for patients with mobility issues, such as those in wheelchairs
or with limited mobility. The open design facilitates easier positioning of
patients and allows medical staff to perform imaging procedures more
efficiently. This improved workflow can lead to higher patient throughput and
enhanced overall productivity in imaging centers. The open architecture of Open
MRI systems enables imaging in various positions, including standing or
sitting. This flexibility is beneficial for specialized imaging studies that
require different patient positions to assess certain conditions more
accurately, such as orthopedic evaluations or functional MRI studies. Over the
years, Open MRI systems have undergone significant technological advancements,
improving image quality and diagnostic capabilities. Modern Open MRI systems
offer comparable image quality to closed systems, making them suitable for a
wide range of diagnostic applications while retaining the benefits of an open
design. As healthcare trends shift towards outpatient care and imaging centers,
there is an increasing demand for MRI systems that can cater to diverse patient
needs efficiently. Open MRI systems, with their patient-friendly design and
enhanced accessibility, are well-suited for outpatient settings, contributing
to their growing market dominance.
Based on region, North America is the fastest-growing region during the
forecast period. North
America, particularly the United States, has been at the forefront of medical
technology innovation. The region has a strong healthcare infrastructure with a
high level of adoption of advanced imaging technologies like MRI. In 2023,
North America likely experienced a surge in demand for MRI due to continuous
technological advancements, such as higher field strength magnets, faster
imaging techniques, and improved software algorithms. These innovations enhance
diagnostic capabilities and drive the growth of the MRI market in the region.
Major companies operating in Global MRI Market are:
- GE Healthcare Technologies, Inc.
- Aurora Imaging Technologies, Inc.
- Sanrad Medical Systems Pvt ltd.
- Aspect Imaging
- Esaote SpA
- Fonar Corporation
- Hitachi Ltd
- Neusoft Medical Systems Co. Ltd
- Koninklijke Philips NV
- Siemens Healthcare GmbH
- Canon Medical Systems Corporation
- Mindray Medical International Limited
- Hologic, Inc.
- Nordion Inc.
- United Imaging Healthcare Co., Ltd
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“The global MRI market is
propelled by a convergence of factors, including technological innovations,
changing demographics, increasing disease burden, and evolving healthcare
policies. As MRI technology continues to evolve and become more sophisticated,
its role in modern medicine will expand, driving further growth and development
within the global MRI market.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“MRI Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, Segmented By Field Strength
(High-Field MRI Systems (1.5t MRI Systems, 3t MRI Systems), Low-To-Mid-Field
MRI Systems (<1.5t), Very-High-Field MRI Systems (4t and Above)), By Type
(Fixed, Mobile), By Architecture (Closed MRI Systems, Open MRI Systems), By
Application (Brain and Neurological, Oncology, Spine and Musculoskeletal,
Abdominal, Cardiac, Others), By End User (Hospitals, Imaging Centers,
Ambulatory Surgical Centers, Others), By Region and Competition, 2019-2029F”, has evaluated the future
growth potential of Global MRI Market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision-makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the Global MRI Market.
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