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Magnetic Resonance Imaging (MRI) Market

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Magnetic Resonance Imaging (MRI) Market Overview 2022 - 2032

The global magnetic resonance imaging (MRI) market was valued at around US$ 7.9 Bn at the end of 2021. The market is projected to register a 5.2% CAGR and top a valuation of US$ 13.6 Bn by 2032.

“Rising demand for MRI system, increasing adoption rate and recent advancements in MRI technology is expected to uplift the magnetic resonance imaging (MRI) market growth.”

Magnetic resonance imaging (MRI) is a medical procedure, that develops three-dimensional images of the body. The MRI System uses non-invasive imaging technology rather than harmful ionizing radiation to function and investigate the anatomy of the body in both healthy and diseased conditions. It is useful for the early detection, diagnosis, and treatment monitoring of many chronic diseases. Magnetic resonance imaging (MRI) is based on technology that activates and detects alterations in the proton present in the tissue fluid. It is used to identify strokes, cancers, and other spinal abnormalities that damage the brain's blood arteries.



Magnetic Resonance Imaging (MRI) Market Value in 2021

US$ 7.9 Bn

Magnetic Resonance Imaging (MRI) Market Value in 2032

US$ 13.6 Bn

Magnetic Resonance Imaging (MRI) Market CAGR (2022-2032)


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What are the Major Drivers Boosting the Demand for Magnetic Resonance Imaging (MRI) Market?

The quick and efficient diagnostic processes and increasing demands for MRI systems technology are projected to drive the growth of the MRI market.

The key element fuelling this market's growth is the rising prevalence of chronic diseases and the expanding use of diagnostic services. Additionally, the ability of magnetic resonance imaging (MRI) to diagnose various conditions early, such as cardiovascular and orthopaedic significantly boosts the success rates of the therapy, which further promotes its acceptance around the world and speeds up the market's expansion.

The adoption rate is also rising as a result of the ageing population, which is more vulnerable to certain medical problems. Future expansion of the magnetic resonance imaging (MRI) market's growth rate will be facilitated by growing public awareness of the advantages of early diagnosis and the introduction of pacemakers that are MRI-compatible. Additionally, the government initiatives and the rising healthcare industry to improve access to high-quality healthcare facilities are anticipated to drive market expansion.

Which Region Shows Strong Growth Potential in the Magnetic Resonance Imaging (MRI) Market?

The magnetic resonance imaging (MRI) market is broadly divided into seven major regions, North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa.

North America is the leading region in the global magnetic resonance imaging (MRI) market owing to the better awareness among people about health care and the latest advanced healthcare technologies in the region.

Apart from North America, the European magnetic resonance imaging (MRI) market is also expected to display lucrative growth in the projected years. increasing disposable income

The East Asian region is predicted to show lucrative growth owing to the growing geriatric population and rising prevalence of chronic diseases.

Sabyasachi Ghosh
Sabyasachi Ghosh

Principal Consultant

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Who are the Key Players in the Magnetic Resonance Imaging (MRI) Market?

Siemens Healthcare GmbH, Koninklijke Philips N.V., Toshiba cooperation, GE healthcare, Hitachi Medical systems, Esaote SpA, Sanrad Medical Systems Pvt. Ltd, Aurora Imaging Technologies, Inc., Fujifilm Holdings Corporation, Canon Medical Systems Corporation, AllTech Medical Systems.

Scope of Report

Report Attributes


Growth Rate

CAGR of 5.2% 2022-2032

Base Year for Estimation


Historical Data


Forecast Period


Qualitative Units

Revenue in USD Billion, Volume in Units, and CAGR from 2022-2032

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis

Segment Covered

  • Product
  • Field Strength
  • Application
  • End User
  • Region

Region Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

Key Countries Profiled

  • U.S
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K
  • France
  • Spain
  • Italy
  • China
  • Japan
  • South Korea
  • Malaysia
  • Singapore
  • Australia
  • New Zealand
  • GCC
  • South Africa
  • Israel

Key Players

  • Siemens Healthcare GmbH
  • Koninklijke Philips N.V.
  • Toshiba cooperation
  • GE healthcare
  • Hitachi Medical systems
  • Esaote SpA
  • Sanrad Medical Systems Pvt. Ltd
  • Aurora Imaging Technologies,Inc.
  • Fujifilm Holdings Corporation
  • Canon Medical Systems Corporation
  • AllTech Medical Systems


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Key Segments Covered in the Magnetic Resonance Imaging (MRI) Market Report

By Product:

  • Open system
  • Closed system

By Field Strength:

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

By Application:

  • Neurology
  • Cardiology
  • Gastroenterology
  • Musculoskeletal
  • Body Imaging
  • Other Applications

End User:

  • Hospitals
  • Imaging Centers
  • Ambulatory Surgical Centers
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • The Middle East and Africa (MEA)

Frequently Asked Questions

The global magnetic resonance imaging (MRI) market is anticipated to register a CAGR of 5.2% during the forecast period.

The global magnetic resonance imaging (MRI) market is projected to be about US$ 13.6 Bn by the end of year 2032.

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