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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.
Attributes |
Details |
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) |
5.2% |
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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.
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.
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.
Report Attributes |
Details |
Growth Rate |
CAGR of 5.2% 2022-2032 |
Base Year for Estimation |
2021 |
Historical Data |
2012-2021 |
Forecast Period |
2022-2032 |
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 |
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Region Covered |
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Key Countries Profiled |
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Key Players |
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Customization |
Available Upon Request |
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