Magnetic Resonance Imaging (MRI) Market Worldwide

Magnetic Resonance Imaging (MRI) Market Regional Insights

The global market was dominated by North America. The rising prevalence of chronic diseases in this region, such as breast cancer, cardiovascular disorders, and neurological diseases, is increasing the demand for imaging analysis. Throughout the forecast period, the region is expected to maintain its dominance. MRI is expected to grow during the forecast period due to technological advancements and an increase in the prevalence of chronic conditions. Rapidly growing European countries with high per capita income and well-defined healthcare policies, such as the United Kingdom, France, and Germany, are seeing an increase in demand for advanced diagnostic imaging modalities. Furthermore, the region's constant technological advancement, as well as large investments in healthcare research, are expected to propel the segment's growth.

Asia Pacific is expected to grow the fastest during the forecast period Because of the growing geriatric population and demand for advanced imaging modalities. Furthermore, the expanding medical tourism industry in Asian countries is expected to boost the growth of the advanced medical imaging industry during the forecast period. Countries such as India, China, and Japan are generating growth opportunities through a rapidly expanding healthcare service industry, the presence of skilled healthcare personnel, and advanced healthcare facilities and services at a lower cost than developed countries in North America and Europe.

FAQs

Global Magnetic Resonance Imaging (MRI) Market size was valued at USD 6.65 billion in 2023 and is poised to grow from USD 7.06 billion in 2024 to USD 11.33 billion by 2032, growing at a CAGR of 6.1% during the forecast period (2025-2032).

Magnetic Resonance Imaging market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Siemens Healthineers (Germany) ', 'GE HealthCare Technologies (United States) ', 'Philips Healthcare (Netherlands) ', 'Canon Medical Systems Corporation (Japan) ', 'Hitachi Medical Systems (Japan) ', 'Fujifilm Holdings Corporation (Japan) ', 'Hologic, Inc. (United States) ', 'Agfa-Gevaert N.V. (Belgium) ', 'Mindray Medical International Limited (China) ', 'Elekta AB (Sweden) ', 'Shimadzu Corporation (Japan) ', 'Samsung Medison (South Korea) ', 'Toshiba Medical Systems Corporation (Japan) ', 'Bruker Corporation (United States) ', 'Medtronic plc (Ireland) ', 'Siui (China) ', 'Neusoft Medical Systems (China)'

Increasing Prevalence of Chronic and Serious Diseases Drive the Market Growth. Due to the increasing prevalence of almost all types of severe and chronic diseases, there has been a consistent high demand for medical imaging in today's current medical scenario. To effectively diagnose, treat, and manage chronic illness, an effective and technologically advanced imaging technique is required. Magnetic resonance imaging technology allows medical professionals to effectively use it as a treatment method due to its superior imaging properties and qualities. Imaging can be used to diagnose a variety of diseases, including brain and spinal cord anomalies, various types of cancers, injuries, certain types of cardiological problems, cysts, and tumours. Almost all of the medical conditions listed above have a high incidence rate worldwide. The increasing introduction of effective and low-cost imaging in emerging markets is expected to boost the global market's growth rate during the forecast period.

One of the key prevailing market trends is the increasing number of product launches in the high strength segment, combined with the rising adoption of these high strength systems. Advances in technology have resulted in the development and subsequent marketing of high-strength imaging equipment. in October 2020, Siemens Healthcare GmbH will launch the Biograph Vision Quadra, a tomography/computed tomography (PET/CT) scanner to develop therapies and procedures to improve health outcomes. Several benefits associated with higher strength equipment, such as improved imaging qualities, are especially beneficial to certain types of imaging, such as vascular imaging. Superior imaging qualities, such as increased image sensitivity and better visualisation of physiological processes, are found in higher strength systems. According to Wainscot Media, Philips will participate in an urgent research project in April 2021 to investigate a potentially revolutionary use of this technology in cardiology.