MRI Market to Grow at 6.2% CAGR by 2030

Increase in the demand of Magnetic Resonance Imaging (MRI) technology in the end user industries owing to its efficiency in detecting diseases has been very crucial for the MRI Market growth.

The Global Magnetic Resonance Imaging (MRI) is valued at $7.55 billion in 2022, and is expected to reach $12.19 billion by 2030, with a CAGR of 6.2% during the forecast period, 2022-2030, according to a new research report by Next Move Strategy Consulting.

The increasing prevalence of chronic diseases such as heart attacks, stroke, cancers, chronic obstructive pulmonary disease, asthma, and diabetes are causing premature deaths in low- and middle-income countries. Some of these diseases can be cured using minimally invasive surgeries (MIS). These surgeries are performed after undergoing several diagnoses of the human body by using MRI system, which in turn driving the growth of the MRI market.

On the contrary, high cost of MRI systems and procedures along with declining reimbursement rates for MRI procedures are the factors restraining the growth of the market during the forecast period. However, the manufactures of MRI systems have responded to these concerns, and are developing more cost effective, light weight and portable products. Also, the growing use of MRI systems for the detection of multiple sclerosis and metastasis in cancer are will be the key factor benefiting the Magnetic Resonance Imaging (MRI) market growth.

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The report provides a detailed segmentation of global MRI market on the basis of product type, field strength, application, end-user and geography. On the basis of product type, the report divides the market into open MRI and closed MRI. Based on field strength, the market is classified into less than 1.5T, 1.5T to 3T and 3T & more MRI. By application, the report categorized the market into brain and neurological, spine and musculoskeletal, vascular, abdominal, cardiac, breast and others. Based on end-user, the report classifies the market into hospitals, imaging centers, ambulatory surgical centers and others. Geographically, the report further segments the global MRI market into North America, Europe, Asia-Pacific, and RoW.

Browse key industry insights from the report MRI Market by Product Type (open MRI and closed MRI), by Field Strength (less than 1.5T, 1.5T to 3T, and 3T and More MRI), by Application (Brain and Neurological, Spine and Musculoskeletal, Vascular, Abdominal, Cardiac, Breast, and Others), and by End Users (Hospitals, Imaging Centers, Ambulatory Surgical Centers, and Others)- Global Opportunity Analysis and Industry Forecast, 2022 – 2030”in detail along with the table of contents:

According to the report, the leading market players in the manufacturing of magnetic resonance imaging (MRI) systems for hospitals and other end user industries are Siemens Healthineers AG, Koninklijke Philips N.V., Shenzhen Basda Medical Apparatus Co. Ltd, United Imagining Healthcare Co., Ltd, Canon Medical Systems Corporation (Formerly known as Toshiba), Fujifilm Holdings Corporation, Time Medical Holding, Onex Corporation (Carestream Health), Esaote SpA, Shenzhen Anke Hi-tech Co.Ltd, General Electric Company (GE Healthcare), Bruker, Neusoft Medical Systems, Fonar Corporation and Aspect Imaging and many others.

Key Insights from the Magnetic Resonance Imaging (MRI) Market Report:

  • The information related to key drivers, restraints, and opportunities and their impact on the MRI market is provided in the report.

  • Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

  • The market share of the players in the global MRI market along with their competitive analysis.

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