Magnetic Resonance Imaging (MRI) Market

Magnetic Resonance Imaging (MRI) Market Summary

The global magnetic resonance imaging (MRI) market continues to expand steadily, supported by the increasing prevalence of chronic and neurological disorders, technological advancements, and growing demand for non-invasive diagnostic solutions. MRI remains one of the most accurate and radiation-free imaging modalities, driving its adoption across multiple medical specialties worldwide.

Global MRI Market Highlights

• Market Value (2024) US$ 7.8 Bn – Established baseline reflecting strong demand for advanced diagnostic imaging.
• Forecast Period 2025–2034 – Consistent growth driven by innovation and expanding healthcare access.
• Expected CAGR 5.8% – Moderate annual growth rate.
• Forecast Value (2034) US$ 14.7 Bn – Market poised for solid expansion with high-field and AI-integrated MRI systems.

Expert Insights and Strategic Outlook

The global magnetic resonance imaging (MRI) market is demonstrating sustained progress, largely due to the rising incidence of chronic diseases such as cancer, cardiovascular disorders, and neurological conditions including Alzheimer’s and Parkinson’s disease. Increasing preference for radiation-free, non-invasive imaging is driving adoption among healthcare providers worldwide.

Technological innovation is reshaping the MRI landscape. The introduction of 3T and 7T MRI scanners, along with advancements in AI-assisted imaging, has enhanced image clarity, reduced scan times, and broadened the diagnostic scope. Furthermore, open MRI systems designed for greater patient comfort are helping providers address patient anxiety and claustrophobia, leading to improved scan completion rates.

Leading manufacturers such as Siemens Healthineers, GE HealthCare, and Philips are investing heavily in AI-powered software, portable MRI scanners, and workflow automation solutions. Strategic collaborations with hospitals and academic institutions continue to strengthen their market positions. At the same time, mid-tier and regional players are driving affordability and accessibility in emerging economies through compact, low-cost MRI systems.

As the global healthcare industry shifts toward precision medicine and patient-centric care, MRI technology remains a cornerstone in early diagnosis, disease monitoring, and treatment planning. The integration of AI and deep learning in MRI image reconstruction and diagnostics will play a critical role in enhancing efficiency, accuracy, and cost-effectiveness in the coming decade.

Market Overview

Global Magnetic Resonance Imaging Market by Type

Magnetic Resonance Imaging (MRI) is a non-invasive medical imaging technique that uses strong magnetic fields and radio waves to produce detailed images of organs, tissues, and the skeletal system. It is widely utilized across neurology, musculoskeletal, cardiovascular, and oncology applications.

With an aging population and the increasing burden of degenerative diseases, MRI systems are becoming indispensable for early and precise diagnosis. The demand for faster, patient-friendly, and high-resolution imaging systems continues to rise globally.

Recent years have seen remarkable technological improvements such as

• Functional MRI (fMRI) for mapping brain activity.
• Diffusion tensor imaging (DTI) for nerve tract visualization.
• Hybrid imaging integrating MRI with PET or CT modalities.
• AI-enabled MRI reconstruction, which reduces scan time by up to 40% while preserving accuracy.

These advancements collectively enhance workflow efficiency, improve diagnostic precision, and lower operational costs — ensuring MRI’s continued relevance in advanced healthcare diagnostics.

Key Market Drivers

Rising Prevalence of Chronic and Neurological Disorders to Drive MRI Market Growth

The increasing incidence of neurological and chronic diseases is one of the primary factors propelling MRI demand. Neurological disorders such as Alzheimer’s, Parkinson’s, stroke, and epilepsy require precise imaging for accurate diagnosis and disease monitoring.

According to the World Health Organization (WHO), more than 6.8 million people die annually due to neurological disorders, including stroke and Alzheimer’s disease. MRI’s superior soft-tissue contrast and radiation-free imaging make it a preferred diagnostic tool across these conditions.

Additionally, MRI plays a pivotal role in oncology, enabling tumor detection, staging, and treatment monitoring — particularly for brain, prostate, and liver cancers. As chronic disease burden grows globally, MRI systems will continue to gain traction across both mature and developing healthcare markets.

Technological Advancements and AI Integration Propelling MRI Market Expansion

High-field MRI scanners such as 3T and 7T, along with innovations like diffusion-weighted imaging and spectroscopy, have significantly enhanced diagnostic accuracy.

AI integration is revolutionizing MRI workflows — from image reconstruction and noise reduction to automated anomaly detection. Studies have shown that AI-assisted MRI can cut scan times by nearly 40%, improving patient throughput and reducing operational costs.

Moreover, portable and compact MRI systems are expanding access in rural and outpatient settings. With leading firms investing in AI, magnet design, and digital health integration, MRI technology is poised to remain the gold standard in advanced medical imaging.

Open MRI Segment Dominating Global MRI Market

Open MRI systems are emerging as a leading segment due to their patient-centric design and enhanced comfort. Unlike traditional closed-bore systems, open MRI configurations minimize claustrophobia and accommodate patients of all sizes, including obese, pediatric, and elderly individuals.

The National Institutes of Health (NIH) reported that approximately 13% of patients experience moderate to severe claustrophobia during conventional MRI scans — an issue addressed effectively by open MRI systems.

With continued innovations in magnet technology and imaging software, open MRI systems are now delivering image quality comparable to closed systems. As hospitals and imaging centers prioritize patient satisfaction, open MRI adoption is expected to surge in the coming decade.

Regional Outlook

Global MRI Market – Regional Analysis

North America dominates the global MRI market, supported by advanced healthcare infrastructure, favorable reimbursement policies, and high adoption rates of innovative imaging platforms.

The United States leads the region with over 111 MRI scans per 1,000 people annually, one of the highest rates globally (OECD data). Widespread use in neurology, orthopedics, and oncology, coupled with AI-based advancements, ensures continued growth.

Canada also contributes significantly through government funding and investments in new imaging centers. Partnerships between healthcare providers, universities, and technology developers — such as Siemens Healthineers’ collaboration with Cardiff University — are driving further innovation.

Given its strong research ecosystem, high disease prevalence, and early technology adoption, North America will remain the dominant region in the global MRI landscape through 2034.

Competitive Landscape

Leading companies in the global MRI market are focusing on R&D investment, AI-enabled imaging, and system miniaturization to strengthen their market presence. Strategic partnerships with academic and healthcare institutions are also supporting product innovation and market expansion.

Prominent Companies Operating in the Global Market

• GE HealthCare

• Siemens Healthineers

• Koninklijke Philips N.V.

• Canon Medical Systems

• Hitachi Healthcare

• Hologic Inc.

• Bruker Corporation

• Esaote S.p.A.

• Fujifilm Holdings Corporation

• Shimadzu Corporation

• Aurora Imaging Technologies, Inc.

• Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

• Neusoft Medical Systems Co., Ltd.

• Toshiba Medical Systems Corporation

Each company has been profiled based on its business overview, product portfolio, strategic developments, financial performance, and global footprint.

Key Developments in the Market

• March 2025 Polarean Imaging plc expanded its Xenon MRI platform through a partnership with VIDA Diagnostics to support pharma-sponsored research applications.
• October 2023 Siemens Healthineers and Cardiff University formed a strategic partnership focused on brain imaging and precision diagnostics, enhancing research in next-generation MRI technologies.

Magnetic Resonance Imaging Market Snapshot

Segmentation Overview

By Type

• Open MRI System
• Closed MRI System

By Strength

• Low-to-Mid Field MRI (Below 1.5T)
• High Field MRI (1.5T – 3.0T)
• Very High Field MRI (4.0T–5.0T)
• Ultra-High Field MRI (6.0T and above)

By Application

• Musculoskeletal (MSK)/Spine
• Orthopedic
• Head and Neck
• Neurology
• Cardiovascular
• Abdominal and Prostate
• Others (Breast, etc.)

By End User

• Hospitals
• Ambulatory Surgical Centers
• Diagnostic Imaging Centers
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa