The magnetic resonance imaging (MRI) systems market size is expected to reach US$ 20,333.64 million by 2031 from US$ 14,168.84 million in 2024. The market is estimated to record a CAGR of 5.3% from 2025 to 2031.
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Executive Summary and Global Market Analysis:
Magnetic Resonance Imaging market is rising due to factor such as rising cases of neurological disorders, cancer, and cardiovascular conditions. These chronic diseases need advanced imaging for accurate diagnosis. Technological advancements, such as high-field MRI systems and Al-powered image analysis, are improving scan speed and diagnostic accuracy, driving market expansion. Also, the growth of health infrastructure in developing markets is leading to improved access to MRI capabilities, and MRI adoption. Artificial intelligence is another growth trend allowing for image interpretation with improved clinical efficiency and the ability to improve workflow efficiencies, creating new opportunities for development and growth.
In line with the adoption rate, the global magnetic resonance imaging (MRI) systems market stood at US$ 14,168.84 million in 2024 and is expected to reach US$ 20,333.64 million by 2031. However, the MRI market faces restrictions because of the cost of the MRI machine, along with the ongoing service and maintenance costs, which makes it difficult for low-resource settings and small health facilities to adopt and utilize this modality. Despite the limitations, continued innovation and growing demand is fuelling continued growth of the MRI market.
Magnetic Resonance Imaging (MRI) Systems Market Segmentation Analysis
Key segments that contributed to the derivation of the magnetic resonance imaging (MRI) systems market analysis are type, field strength, mobility, application, and end user.
- By type, the magnetic resonance imaging (MRI) systems market is segmented into closed MRI systems and open MRI systems. The closed MRI systems segment dominated the market in 2024.
- By field strength, the magnetic resonance imaging (MRI) systems market is segmented into low-field MRI systems, mid field MRI systems, and high & ultra-high field MRI systems. The mid field MRI systems segment dominated the market in 2024.
- In mobility, the market is segmented into fixed and portable. The fixed segment held the largest share of the market in 2024.
- By application, the magnetic resonance imaging (MRI) systems market is segmented into neurology, oncology, cardiology, orthopedics, gastroenterology, gynecology, and other. The neurology segment dominated the market in 2024.
- By end user, the market is segmented into hospitals, specialty clinics, diagnostics imaging centers, academic & research institutes, and others. The hospitals segment held the largest share of the market in 2024.
Magnetic Resonance Imaging (MRI) Systems Market Drivers and Opportunities:
Rising Prevalence of Chronic Diseases
A rising incidence of chronic diseases, especially neurological conditions, drives the MRI market. Diseased conditions require an accurate and detailed brain imaging process for diagnosis and monitoring, which hold the utmost importance in neurological care. It can produce high-resolution imaging of the brain and spinal cord without exposing the patient to ionizing radiation.
For instance, according to the data published in August 2023, by the World Health Organization, it is estimated that over 1.8 million people have multiple sclerosis worldwide. Nowadays, with growing awareness about neurological conditions and identification of neurologic conditions at an early stage, patients are being sent for MRI scans to diagnose or exclude such conditions. On the other hand, recent advances in MRI technology are assisting in detecting the slightest abnormalities and consolidating the use of MRI in the management of complex neurological disorders. The consistent demand across the globe has considerably driven the adoption of MRI.
Technological Advancements in MRI Systems
Due to the technological advancement in the MRI system, the demand for such advance MRI systems is increasing. This has increased their clinical value and their usage in various healthcare environments. A primary innovation is the creation of stronger magnetic field systems, e.g., 3T and higher, which provide better image resolution and enable the visualization of subtle abnormalities, particularly in neuroimaging. The increase in speed related to imaging sequences has increased patient satisfaction as scan times are shorter and patient flow is improved. Innovations in the area of artificial intelligence fundamentally change imaging processing through routine task automation, reducing the chance of interpretive errors, and allowing radiologists to make more reliable diagnoses.
The development of portable MRI also opens up advanced imaging in non-traditional locations such as remote clinics, emergency departments and intensive care units. These levels of options and advancements in technology contribute to improved accuracy in diagnostic imaging, increased efficiencies and wider access meaning MRI is now more flexible and valuable as a diagnostic option.
Magnetic Resonance Imaging (MRI) Systems Market Size and Share Analysis
By type, the magnetic resonance imaging (MRI) systems market is segmented into closed MRI systems and open MRI systems. The closed MRI systems segment dominated the market in 2024. Closed systems offer superior image quality and higher magnetic field strength, making them ideal for complex diagnostics in hospitals and advanced imaging centers. Thus, dominating the market.
By field strength, the magnetic resonance imaging (MRI) systems market is segmented into low-field MRI systems, mid field MRI systems, and high & ultra-high field MRI systems. The mid field MRI systems segment dominated the market in 2024. Balancing performance and cost, mid-field systems (typically 1.5 – 3T) are widely used in routine clinical diagnostics due to reliable imaging and broad application compatibility.
In mobility, the market is segmented into fixed and portable. The fixed segment held the largest share of the market in 2024. Fixed systems dominate due to better infrastructure, high throughput, integration into hospital networks, and their ability to support high-field imaging and complex diagnostic needs.
By application, the magnetic resonance imaging (MRI) systems market is segmented into neurology, oncology, cardiology, orthopedics, gastroenterology, gynecology, and other. The neurology segment dominated the market in 2024. High prevalence of neurological disorders and need for detailed brain and spine imaging make neurology the top application for clinical and research use of MRI.
By end user, the market is segmented into hospitals, specialty clinics, ambulatory surgical centers, and diagnostic centers. The hospitals segment held the largest share of the market in 2024. Hospitals represent the leading end users in the magnetic resonance imaging (MRI) systems market due to their extensive infrastructure, skilled personnel, and ability to handle high patient volumes. These facilities perform a wide range of MRI procedures across departments such as neurology, oncology, cardiology and others.
Market leaders and key company profiles
ï‚· GE HealthCare
ï‚· Siemens Healthineers AG
ï‚· FUJIFILM Holdings Corporation
ï‚· Canon Inc.
ï‚· Koninklijke Philips N.V.
ï‚· HYPERFINE, INC.
ï‚· Esaote SPA
ï‚· Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
Magnetic Resonance Imaging (MRI) Systems Market Report Coverage and Deliverables
The “Magnetic Resonance Imaging (MRI) Systems Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Medical magnetic resonance imaging (MRI) systems market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Medical magnetic resonance imaging (MRI) systems market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed Porter’s Five Forces and SWOT analysis
- Medical magnetic resonance imaging (MRI) systems market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the magnetic resonance imaging (MRI) systems market
- Detailed company profiles
The geographical scope of the magnetic resonance imaging (MRI) systems market report is divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. The magnetic resonance imaging (MRI) systems market in Asia Pacific is expected to grow significantly during the forecast period.
The Asia Pacific magnetic resonance imaging (MRI) systems market is segmented into China, Japan, South Korea, India, Australia, New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Taiwan, Bangladesh and Rest of Asia. The market in Asia Pacific is the fastest growing market in the global magnetic resonance imaging market. This is due to developing healthcare infrastructure and rising awareness of sophisticated diagnostic imaging. Increasing neurological disorders and chronic diseases are propelling demand for precise and non-surgical diagnostic tools like MRI. Due to technological advancements (such as the use of high-field MRI systems, the incorporation of Al, etc.) advancement in the diagnostic ability is occurring all over the region. Recently launched government efforts and rising healthcare spending will help to mitigate access to MRI services especially as emerging economies like China and India become more prevalent. As disposable cash increases and the middle class grows, markets across the Asia Pacific regions will expand due to rising urbanization and overall healthcare access. However, roadblocks remain to market growth including high cost and lack of equipment access in rural jurisdictions. Overall the Asia Pacific region provides a large and rapidly modernized patient base for MRI equipment suppliers and manufacturers.
Magnetic Resonance Imaging (MRI) Systems Market News and Key Development:
The magnetic resonance imaging (MRI) systems market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the key developments in the magnetic resonance imaging (MRI) systems market are:
- On May 12, 2025, GE Healthcare unveiled SIGNA Sprint, an ultra-premium wide bore 1.5T high-performance gradient MRI system, at the International Society for Magnetic Resonance in Medicine (ISMRM) 2025.
- On December 5, 2024, GE Healthcare, a US-based multinational medical device manufacturing company, announced the launch of three new advanced deep learning image processing and reconstruction solutions for their Recon DL MRI system. These MRI systems have AI-powered algorithms for enhanced image quality and streamlined workflows.
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Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights
