Magnetic Resonance Imaging Market Size, Share & Trends Analysis Report By Type (Closed MRI Systems, Open MRI Systems), By Field Strength (Low Field Strength (<1.5T), Mid Field Strength (1.5T), High Field Strength (3T and above)), By Application (Neurology, Orthopedics, Cardiology, Oncology, Gastroenterology, Others), By End-User (Hospitals, Imaging Centres, Ambulatory Surgical Centers, Academic & Research Institutes) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2025-2033

Magnetic Resonance Imaging Market Size

The global magnetic resonance imaging (MRI) market size was valued at USD 7.08 billion in 2024 and projected to grow from USD 7.55 billion in 2025 to USD 13.32 billion by 2033, exhibiting a CAGR of 6.52% during the forecast period (2025-2033).

The global magnetic resonance imaging (MRI) market growth is driven by several factors, including the increasing prevalence of chronic diseases such as cancer, neurological disorders, and cardiovascular conditions, necessitating advanced diagnostic tools. Technological advancements, such as integrating artificial intelligence (AI) and machine learning in MRI systems, have enhanced imaging capabilities, reduced scan times, and improved diagnostic accuracy.

Moreover, the rising demand for non-invasive and radiation-free diagnostic procedures has further propelled the adoption of MRI systems. The expansion of healthcare infrastructure in emerging economies and increased healthcare spending also contribute to market growth. However, high costs associated with MRI systems and the need for specialised personnel may pose challenges. Nonetheless, ongoing research and development and strategic collaborations among key industry players are expected to create new opportunities, ensuring the MRI market's robust growth trajectory in the coming years.

Magnetic Resonance Imaging Market Trend

Integration of artificial intelligence in MRI systems

The integration of artificial intelligence (AI) into MRI systems is revolutionising diagnostic imaging by enhancing speed, accuracy, and efficiency. AI-powered image reconstruction algorithms reduce noise and improve resolution, enabling quicker scans without compromising quality.

• For instance, in February 2025, Philips introduced SmartSpeed Precise, an AI-driven technology that accelerates MRI sequences, reducing scan times by up to 50% while enhancing image quality. This innovation extends AI efficiency across Philips' entire MRI portfolio.
• Similarly, Siemens Healthineers' AI-Rad Companion is a suite of AI-powered, cloud-based tools that assist radiologists by automating routine tasks and providing quantitative assessments. This aids in reducing human error and expediting diagnoses.

Beyond image processing, AI facilitates workflow optimisation through automated scheduling, patient positioning, and real-time image quality assurance, improving operational efficiency in busy clinical environments. These advances support personalised medicine by integrating imaging data with patient history and genomics for tailored treatment plans. As radiology departments face increasing demand and staff shortages, AI’s role becomes indispensable in meeting the challenges of modern healthcare.

Magnetic Resonance Imaging Market Driver

Rising prevalence of chronic diseases

The escalating incidence of chronic diseases such as cancer, stroke, neurological disorders, and cardiovascular ailments is a key driver boosting the demand for MRI systems worldwide. MRI’s ability to provide detailed, non-invasive soft-tissue imaging without ionising radiation makes it critical in early disease detection, treatment monitoring, and surgical planning. Neurological diseases, including Alzheimer’s and multiple sclerosis, require precise imaging to track disease progression, making MRI indispensable in neurology and neurosurgery. Additionally, the global rise in stroke cases underscores the importance of advanced MRI techniques such as diffusion-weighted imaging for rapid diagnosis, which can significantly improve patient outcomes.

• For instance, in December 2024, GE Healthcare announced the launch of the SIGNA Artist 3.0T MRI system featuring advanced neuro and oncological imaging capabilities, designed to support earlier disease detection and personalised treatment approaches.

Ageing populations worldwide, especially in developed countries, further fuel demand as chronic conditions become more prevalent. Lifestyle factors such as obesity, smoking, and sedentary behaviour exacerbate these trends, compelling healthcare systems to invest in advanced MRI technologies to manage growing patient loads efficiently.

Market Restraining Factors

High cost of MRI systems and procedures

Despite remarkable technological improvements, MRI systems' high acquisition and operational costs continue to restrain widespread adoption, particularly in resource-limited settings. The price of a state-of-the-art MRI machine can exceed several million dollars, making capital investment prohibitive for many hospitals and clinics, especially in low- and middle-income countries. Beyond procurement, maintenance costs, including periodic servicing, software updates, and specialised cooling system requirements, add to the financial burden.

Operational expenses also encompass the need for highly trained radiologists and MRI technologists, whose shortage in many regions limits the capacity to maximise existing infrastructure. In some cases, long procedure times and the need for patient sedation further reduce scanner availability and increase costs.

Additionally, reimbursement rates for MRI procedures vary widely across countries and insurance plans, often not covering the full cost, discouraging healthcare providers from expanding MRI services. This economic barrier creates disparities in diagnostic imaging access, particularly in rural or underserved populations.

Market Opportunity

Expansion in emerging markets

Emerging markets represent a significant growth opportunity for the global MRI market due to rising healthcare investments, expanding medical infrastructure, and increasing awareness of advanced diagnostic technologies. Governments in countries like India, Brazil, and South Africa are prioritising healthcare modernisation, allocating funds to equip hospitals with advanced imaging systems. In India, the National Health Mission has allocated increased budgets for diagnostic infrastructure, facilitating MRI machine installation in tier-2 and tier-3 cities.

• For example, in February 2024, I-MED Radiology Network in Australia launched a pilot program connecting MRI scanners in regional areas like Rockhampton to centralised "cockpits" operated by experienced technicians. This initiative has expanded to support multiple remote sites, enhancing diagnostic services in underserved communities.

Innovative business models, including mobile MRI units and remote-controlled imaging, enable cost-effective deployment in underserved areas. Tele-radiology initiatives combined with remote MRI imaging technologies improve accessibility in rural and remote regions, mitigating previous geographic limitations.

Regional Insights

North America leads the global MRI market, holding a significant share due to its advanced healthcare infrastructure, high adoption of cutting-edge technologies, and substantial healthcare expenditure. The region's focus on early disease detection and personalised medicine has spurred the demand for high-resolution imaging modalities like MRI. Collaborations between academic institutions, government agencies, and industry players have fostered innovation, leading to AI-integrated MRI systems that enhance diagnostic accuracy and workflow efficiency. Additionally, favourable reimbursement policies and a strong emphasis on preventive healthcare contribute to the region's market dominance. The U.S. remains the largest single market in North America, benefiting from ongoing FDA approvals of innovative MRI technologies and extensive clinical research networks that validate new imaging protocols.

U.S. Magnetic Resonance Imaging Market Trends

• The U.S. market is the largest globally, with a revenue of USD 2.22 billion in 2024, projected to reach USD 3.33 billion by 2033. The country's advanced healthcare system, high adoption of cutting-edge technologies, and significant R&D investments drive market growth. However, challenges such as high procedure costs and reimbursement issues may impact market dynamics. Moreover, increasing AI and machine learning integration in MRI diagnostics is boosting efficiency and accuracy, while regulatory approvals for innovative MRI systems further stimulate market expansion. Collaborations between healthcare providers and technology firms are also accelerating the adoption of next-generation imaging technologies.
• Canada's market for MRI is experiencing steady growth, supported by government initiatives to improve healthcare access and reduce diagnostic wait times. Investments in expanding imaging infrastructure and increasing the number of MRI units per capita are key strategies to meet the rising demand for diagnostic services. Additionally, provincial health authorities are focusing on upgrading existing MRI facilities with advanced systems to improve image quality and reduce scan times. Canada is also witnessing growth in private diagnostic centers that complement public healthcare, expanding patient access to MRI services while addressing capacity constraints.

Asia-Pacific Magnetic Resonance Imaging Market Trends

The Asia-Pacific region is the fastest-growing MRI market, propelled by rising healthcare expenditures, expanding healthcare infrastructure, and increasing awareness of early disease detection. Countries like China, India, and Japan are witnessing rapid adoption of MRI technology, supported by government initiatives, increasing private healthcare investments, and public-private partnerships. Additionally, increasing urbanisation, rising income levels, and expanding insurance coverage further support the region’s market growth. The surge in chronic diseases, coupled with a rapidly ageing population, reinforces demand for advanced diagnostic services, with tele-radiology and remote imaging technologies improving accessibility in rural areas.

• China's MRI industry is rapidly expanding, driven by government initiatives to improve healthcare access and invest in advanced medical technologies. The country's large population, increasing prevalence of chronic diseases, and growing middle class contribute to the rising demand for MRI services. Efforts to develop domestic manufacturing capabilities and reduce reliance on imports also shape the market landscape. Additionally, China’s investments in AI-enhanced MRI diagnostics and mobile imaging units improve healthcare delivery in rural areas. Strategic partnerships between Chinese firms and global technology leaders further accelerate innovation and adoption of cutting-edge MRI systems.
• India's MRI market is projected to grow at a CAGR of 7.9% from 2025 to 2030, reaching USD 405.9 million by 2030. The growth is attributed to increasing healthcare awareness, rising disposable incomes, and government initiatives to improve healthcare infrastructure. The adoption of portable and low-cost MRI systems is expanding access to diagnostic services in rural and underserved areas. Furthermore, digital health platforms and tele-radiology services enhance MRI accessibility and diagnostic turnaround times. The increasing prevalence of lifestyle diseases and government schemes promoting affordable healthcare insurance are key factors propelling market growth.

Europe Magnetic Resonance Imaging Market Trends

Europe holds a substantial share of the MRI market, driven by its well-established healthcare systems, emphasis on quality care, and adoption of advanced diagnostic technologies. Countries like Germany, France, and the UK are at the forefront, with significant investments in healthcare infrastructure, research, and innovation. The region’s focus on patient-centric care has led to the development and adoption of open MRI systems, which enhance patient comfort without compromising image quality. Moreover, government initiatives promoting early diagnosis and preventive care have increased MRI utilisation across various medical specialities. Cross-border healthcare collaborations and European Union funding for medical technology research further accelerate the adoption of innovative MRI solutions. Sustainability and energy efficiency in MRI operations are also growing priorities within European healthcare facilities.

• The UK's market for MRI is evolving, focusing on integrating AI and advanced imaging techniques to enhance diagnostic accuracy. The National Health Service (NHS) is investing in upgrading imaging equipment and expanding access to MRI services, particularly in underserved regions. However, challenges such as workforce shortages and funding constraints may affect the pace of growth. Increasing collaboration with academic institutions drives research in advanced MRI applications, while pilot programs explore AI-assisted diagnostics to reduce radiologist workload. The UK government’s commitment to healthcare digitalisation also supports the broader adoption of innovative MRI technologies.
• Germany's MRI industry is characterised by high adoption rates of advanced imaging technologies and a strong emphasis on research and development. The country's robust healthcare system and presence of leading medical device manufacturers contribute to its significant market share. Continuous investments in healthcare infrastructure and technological advancements are expected to sustain market growth. Germany also focuses on integrating AI-driven image analysis tools and personalised medicine approaches, enhancing the diagnostic value of MRI. Additionally, increasing outpatient diagnostic centers drive demand for compact and efficient MRI systems in community healthcare settings.

Type Insights

Closed MRI systems dominate the market due to their superior image quality and diagnostic capabilities. In 2024, they accounted for approximately 75.6% of the market share. These systems provide high-resolution images for accurate diagnosis, especially in complex neurological and musculoskeletal disorders. Their enclosed design allows for stronger magnetic fields, resulting in better signal-to-noise ratios and faster scan times. Despite concerns about patient comfort, advancements such as wider bores, shorter scan sequences, and noise reduction technologies have mitigated these issues, maintaining their preference in clinical settings. Additionally, hybrid MRI models that combine closed system performance with improved patient comfort are emerging, further solidifying the dominance of closed MRI. This segment also benefits from ongoing R&D focused on portable and ultra-high-field systems, which promise to enhance diagnostic capabilities further.

Field Strength Insights

High field strength MRI systems, particularly those with 3 Tesla (3T) and above, are increasingly favoured for enhanced imaging capabilities. These systems offer improved spatial resolution and faster imaging, crucial for detailed neurological, vascular, and oncological assessments. The need for precise diagnostics in complex conditions and research applications drives the demand for high-field strength MRIs. Their ability to provide clearer images in shorter times enhances patient throughput and diagnostic confidence. Moreover, ultra-high field MRI systems (7 Tesla and beyond) are gaining traction in specialised research institutions and advanced clinical centres, enabling novel insights into brain function and pathology. Technological innovations such as cryogen-free magnets and AI-assisted imaging reconstruction also support the broader adoption of high-field MRI by reducing operational costs and increasing system reliability.

Application Insights

The brain and neurological application segment holds the largest market share, attributed to the rising prevalence of neurological disorders such as Alzheimer's, Parkinson's, and multiple sclerosis. MRI's non-invasive nature and superior soft tissue contrast make it the modality of choice for diagnosing and monitoring these conditions. Advancements like functional MRI (fMRI), diffusion tensor imaging (DTI), and arterial spin labelling (ASL) have expanded their utility in neuroscience research and clinical practice. The increasing ageing population further propels the demand for neurological MRI scans. Besides neurological uses, applications in musculoskeletal imaging, cardiovascular diagnostics, and oncology are also rapidly growing, driven by new contrast agents and imaging sequences that improve visualisation of tissues and lesions. Integration with AI-driven diagnostic tools also enhances the accuracy and speed of image interpretation across applications.

End-User Insights

Hospitals are the primary end users of MRI systems, accounting for the largest market share. Their comprehensive infrastructure and diverse medical specialties necessitate advanced imaging modalities like MRI. Hospitals often serve as referral centers for complex cases, requiring high-end MRI systems for accurate diagnosis and treatment planning. Integrating MRI into emergency departments, surgical suites, and intensive care units underscores its critical role in hospital settings. Moreover, hospitals' ability to invest in cutting-edge technology ensures the adoption of the latest MRI advancements. Additionally, outpatient imaging centers and specialty clinics are increasingly acquiring MRI systems to meet the rising demand for convenient, cost-effective diagnostic services, although hospitals remain dominant due to their scale and multidisciplinary capabilities.

Company Market Share

The global MRI market is highly competitive, with key players focusing on technological advancements, strategic partnerships, and geographic expansion to strengthen their market position.

Siemens Healthineers: Siemens Healthineers holds a significant share in the global market, attributed to its innovative product portfolio and strong global presence. The company focuses on integrating AI and advanced imaging technologies to enhance diagnostic accuracy and efficiency. Its commitment to R&D and strategic collaborations positions it as a leader in the MRI industry.

Latest News:

• In December 2023, Siemens Healthineers announced the availability of the MAGNETOM Cima. X, a 3T MRI system, in Canada. This launch aims to strengthen the company's position in the Canadian healthcare market by offering comprehensive and accurate diagnostic capabilities.

Recent Developments

• November 2024- GE Healthcare launched the SIGNA Champion, a 1.5T wide-bore MRI system designed to improve patient care by integrating advanced AI features that enable faster and more precise scans. This innovation aims to enhance diagnostic confidence and operational efficiency in clinical settings.
• November 2024- Philips expanded its partnership with SyntheticMR to introduce SyMRI 3D, a technology that provides quantitative MRI data for improved diagnosis and treatment planning. This collaboration enhances Philips' imaging product offerings and supports personalised patient care.