MRI Systems Market

The global MRI systems market in terms of revenue was estimated to be worth $5.2 billion in 2023 and is poised to reach $6.6 billion by 2028, growing at a CAGR of 5.0% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Increasing establishment of hospitals, rising use of hybrid MRI systems, and introduction of novel technologies are expected to drive the market during the forecast period. Hybrid MRI systems helps to improve the diagnostic accuracy. Recent technological improvements increases the diagnostic confidence and supports early detection.

Global MRI Systems Market

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e- Estimated; p- Projected

MRI Systems Market: Market Dynamics

Driver: Growing geriatric population and subsequent rise in the associated diseases

Globally, the risk of developing diseases is consistently increasing. According to American Medical Association, by the year 2020 nearly 60% of individuals aged 65 and above in the US will be living with more than one chronic condition. The rapid growth in baby boomer population, the prevalence of age-related complications and  diseases such as CVDs, Alzheimer’s disease, cancer is consistently rising. According to the US Census Bureau’s ‘An Aging World Report 2015’ estimates that, by 2050, the number of people over 65 years will constitute 16.7% of the global population. According to GLOBOCAN 2020, about 18.1 million new cancer cases were estimated to be diagnosed globally in 2020.

Restraint: High cost of MRI systems

MRI machines come in a variety of sizes and magnetic strengths. The average sales price for MRI varies as per the field strength and architecture. The price of 1.5T MRI systems and less is approximately USD 1-2 million. While 1.5T MRI systems with superconducting magnets might cost from USD 1.5–3 million. Similarly, high-field (3T) MRI systems cost approximately USD 2.5–5 million.

The cost of MRI systems increases with their features. The superconducting magnet system in an MRI scanner represents around 30% of the cost of the entire system and costs approximately USD 700,000 per Tesla (T). Additionally, the system requires a separate room and an MRI suite, which can cost USD 3–5 million. In addition, recurrent expenses in the form of maintenance are broadly similar to the purchase cost of these systems that cost around USD 100,000. Due to high costs, the small end user facilities depend on government and private insurance bodies for financing. This factor is also limiting the adoption of MRI systems among several end users with controlled budgets.

Opportunity: Growth opportunities in emerging countries

Developing economies offer high growth opportunities for key players operating in the MRI systems market. Developing economies such as India, China, Brazil, South Korea, Turkey, Russia, and South Africa offers high growth opportunities. For instance, The Indian government has launched the Ayushman Bharat program to provide insurance scheme. The  higher incidence of chronic diseases—such as stroke, cancer, and neurological and cardiovascular diseases—and the higher death rates in these countries show the need for early detection. For instance, as per the GLOBOCAN 2020 data, roughly over 50% of the global cancer population belongs to developing regions. The key market players are adopting various growth strategies to strengthen their foothold in this region. Regulatory bodies in the asia pacific region gas comparatively more friendly and adaptive. Furthermore, the growth in the  emerging economies is accompanied by favourable government and private policies to enhance access to MR imaging, including the provision of reimbursement.

Challenge: Shortage of trained professionals

Hands-on experience and technical skill and are critical to handle advanced and sophisticated MRI systems. However, major healthcare markets (such as the US, the UK, Canada, and Australia) are witnessing a severe shortage of well-trained sonographers. According to the US Bureau of Labor Statistics, the demand for diagnostic medical sonographers is projected to grow 10% from 2021 to 2031, which is faster than the average for all other occupations. As of 2020, in Sao Paulo, Brazil, there were ten radiologists per every 100,000 inhabitants; in the northern part of the country, there were less than three radiologists for every 100,000 inhabitants.

Market Ecosystem

By field strength, the high and very-high-field MRI systems segment accounted for the largest share of the MRI systems industry in 2022.

Based on field strength, the MRI systems market is segmented into low-to-mid-field MRI systems, high and very-high-field MRI systems, and ultra-high-field MRI systems. In 2022, high and very-high-field MRI systems segment accounted for the largest market share. The rising use of advanced instruments supporting accurate diagnosis and availability of systems with better sensitivity is driving the segment growth.

By application, the brain & neurological MRI segment of the MRI systems industry to register significant growth in the near future.

Based on application, the MRI systems market is segmented into brain and neurological MRI, spine and musculoskeletal MRI, pelvic and abdominal MRI, vascular MRI, breast MRI, cardiac MRI, and other applications. The brain and neurological MRI segment of the MRI systems market by application to register the highest growth rate during the forecast period. The major factors responsible for the highest growth rate of this segment are the advanced AI features and rising use of novel equipment that allows precise targeting of internal organs supporting real-time imaging.

By architecture, the closed MRI systems segment held the largest share of the MRI systems industry in 2022.

Based on architecture, the MRI systems market is segmented into open MRI systems and closed MRI systems. The closed MRI systems segment held the largest market share in 2022. The large share of this segment can be attributed to the excellent image quality obtained through the wide-bore MRI systems and new product launched by the key market players.

By end user, the hospitals segment accounted for the largest share of the MRI systems industry in 2022.

Based on end user, the global MRI systems market is segmented into hospitals, diagnostic imaging centers, and other end users. In 2022, hospitals segment accounted for the largest market share. The highest share of this segment is attributed to the rising utilization of advanced MRI systems at the hospitals for accurate diagnosis and increasing awaness for early diagnosis. This is primarily attributed to therecent product launches, the rising adoption advanced systems with improved features in hospitals supporting patient care, and increasing number of imaging procedures performed in hospitals.

By region, Asia Pacific is expected to be the largest region of the MRI systems industry during the forecast period.

Asia Pacific accounted for the largest MRI systems market share in 2022. Factors such as increasing applications in the healthcare sector and favourable funding scenario to promote installations by the end user facilities. Rapid growth in the old age population in the region and establishment of the diagnostic imaging centers are supporting the growth of the market.

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As of 2022, prominent players in the market are Siemens Healthineers (Germany), GE Healthcare (US), and Koninklijke Philips N.V. (Netherlands).

Scope of the MRI Systems Industry:

This report has segmented the global MRI systems market to forecast revenue and analyze trends in each of the following submarkets:

By Field Strength

• Low-to-mid-field MRI Systems
• High & very-high-field MRI Systems
• Ultra-high-field MRI Systems

By Architecture

• Closed MRI Systems
• Open MRI Systems

By Application

• Brain and Neurological MRI
• Spine and Musculoskeletal MRI
• Pelvic and Abdominal MRI
• Vascular MRI
• Breast MRI
• Cardiac MRI
• Other Applications

By End User

• Hospitals
• Diagnostic Imaging Centers
• Other End Users

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East and Africa

Recent Developments MRI Systems Industry

• In 2022, Siemens Healthineers (Germany) launched a new MRI system for mobile use. The Magnetom Viato.Mobile system is equipped with latest advancements and can be used anywhere.
• Siemens Healthineers (Germany) launched a new whole-body MRI scanner Magentom Free Star has AI-based reconstructed algorithms and provides superior image quality
• GE Healthcare (US) introduced a new 3.0T MRI system. SIGNA Hero has features like better image quality, enhanced productivity, and improved patient care.

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