MRI Systems Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2024-2032

Market Overview

Report Description

Global MRI Systems Market is valued at US$ 7.6 Billion in 2024, and it is expected to grow US$ 11.7 Billion by 2032 with the CAGR 6.4% from 2024 to 2032.

Scope of Global MRI Systems Market

The Magnetic resonance imaging (MRI) systems are non-invasive diagnostic tools that use strong magnetic fields and radio waves to generate wide images of internal body structures. These systems play an important role in diagnosing a wide variety of medical conditions, including neurological disorders, musculoskeletal injuries, and heart disease. Global MRI Systems Market is experiencing significant growth, which is powered by factors such as increasing prevalence of chronic diseases, technological progress and increasing demand for non-invasive clinical processes.

Furthermore, recent developments in the MRI systems market include progress in imaging technologies, such as the introduction of an ultra-high-field MRI system that offers better signal-to-show ratio and increased image resolution. Additionally, there is a growing trend in the MRI system to improve clinical accuracy and workflow efficiency. Companies are also focusing on expanding their product portfolio and entering new markets through strategic partnership and acquisitions. For example, Siemens Healthineers recently gained a deal to purchase a business part of Novartis's advanced accelerator applications, increasing their abilities in cancer imaging. These innovations and strategic tricks are expected to advance the development of the MRI system market in the coming years.

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Key Players of Global MRI Systems Market Report

Some of the prominent players in the Global MRI Systems Market include Aspect Imaging Ltd., Aurora Healthcare US Corp., Bruker Corporation, Canon Medical Systems Corporation, Esaote S.p.A., FONAR Corporation, FUJIFILM Corporation, GE Healthcare, Hologic Inc., Hyperfine, Inc., InnerVision MRI Ltd., Koninklijke Philips N.V., Magnetica Ltd., Neusoft Medical, Systems Co., Ltd., Shanghai United Imaging Healthcare Co., Ltd., Shenzhen Anke High-Tech Co., Ltd., Shenzhen Basda Medical Apparatus Co., Ltd., Siemens Healthineers, SternMed GmbH, Time Medical Holding Ltd., and Others.

Recent Developments

· In February 2025, Koninklijke Philips N.V. as part of the Dutch National Growth Fund Project Polaris with the Government of Netherlands, this initiative aims to advance radio frequency (RF) technology, which increases accuracy for MRI scan speed and better diagnosis.

· In June 2024, GE Healthcare participated with Cincinnati University, UC Health and Cincinnati Children. The aim of the partnership is to merge MRI technology and clinical results by merging educational research with industry expertise.

· In January 2025, Siemens Healthineers began building a new manufacturing facility dedicated to the clinical imaging portfolio in China.

· In May 2024, Siemens Healthineers opened a new feature in Oxford, which aims to increase production capacity for the MRI system. The purpose of expansion is to develop a stronger solution in MRI cooling technology.

Market Analysis

Rising Prevalence of Chronic Diseases Boost the MRI Systems Market.

The increasing prevalence of chronic diseases contributes significantly to the increasing demand for the MRI system. In the United States alone, the American Cancer Society (ACS) estimated more than 2 million new cancer cases, diagnosed in 2024, with a specific estimate of 2,001,140 new cases. Additionally, the ACS estimated 611,720 cancer deaths in the US for that year. These rising numbers highlight the immediate need for advanced clinical solutions such as MRI to ensure initial detection and effective disease management.

For instance, in 2025, the trend is expected to persist, with cancer incidence and mortality remining high due to factors such as geriatric population, lifestyle changes, and environmental influences. Global prevalence of chronic conditions further emphasizes the importance of MRI systems in the healthcare infrastructure. MRI technology provides non-invasive, crucial for accurate diagnosis, treatment plans, and monitoring cancer, diseases like cardiovascular and neurological disorders. In conclusion, the increasing prevalence of chronic diseases, especially cancer, is an important driver in the expansion of MRI Systems Market.

Technological Advancements in MRI Systems Drives the Market Growth in Forecast Period.

MRI Systems Market continues to develop with significant technological progresses aimed at increasing clinical abilities and patient experience. In 2024, the introduction of high-V MRI systems marked a remarkable development. These systems work on the strength of an area of 0.55T, offer better imaging of metal implants, reduced susceptibility artifacts, and increase pulmonary imaging abilities. Such innovations are beneficial especially for patients with metal transplant or for patients requiring elaborate lung imaging, areas where traditional MRI systems often face challenges.

For instance, in 2025, further progress was made with the integration of AI-operated technologies. Philips introduced SmartSpeed Precise, an AI-powered feature that greatly improves scan speed and clinical image quality in its MRI portfolio. This development not only accelerates the imaging process, but also increases the accuracy of the diagnosis, which facilitates better patient results. Additionally, a cost-effective MRI scanner was formed due to collaboration between Sheffield University and GE Healthcare, making advanced imaging more accessible to local communities and potentially saved life.

Overall, there was adequate technological progress in the MRI system in the period from 2024 to 2025, focusing on imaging quality improvement, scan efficiency and access. These development underlines the continuous development of MRI systems in meeting the increasing demands of modern healthcare.

High Cost and Infrastructural Factors to Limit Adoption of MRI Systems.

MRI machines usually cost millions of dollars, making them a significant investment for hospitals and clinical imaging centers. Refurbished MRI systems also come at a high price, usually starting at US$ 150,000. This capital-intensive investment can prevent small features and clinics from adopting this technique. The cost of annual maintenance and operation for an MRI system can ranging from US$ 20,000 to 40,000 which discourages small providers from purchasing.

Additionally, MRI technology faces the patient's access and relaxed challenges. Many patients, especially children and elderly, experience claustrophobia during scans, motivate healthcare providers to choose for alternative clinical imaging technologies, such as ultrasound and CT scans. These issues can adopt MRI processes and obstruct market growth.

Moreover, insurance companies and government health programs often impose MRI reimbursement, usually a pre authorization is required before the scan is approved. As a result, many healthcare providers prefer more economical imaging options such as CT or ultrasound due to their high reimbursement rates and rapid scan time.

Shortage of Skilled Professionals Hinder the MRI Systems Market Growth.

Lack of skilled professionals today is an important restraining factor in the MRI system market growth. MRI technology requires high trained radiologists, technologists and maintenance personnel to operate complex imaging equipment, ensure accurate diagnosis and regular maintenance. However, many areas are currently struggling with insufficient workforce equipped with necessary technical expertise. For example, the study of a labor market in BioTalent Canada highlighted that the country's extended bio-economy region would require around 65,000 additional skilled workers by 2029 to meet the growing demand. This broader difference between the demand and availability of trained personnel is a sufficient obstacle to widely adopting MRI systems, especially with the aim of expanding or upgrading their clinical imaging capabilities in health facilities.

Similarly, BMJ Open published a report and stated that the density of the total health workforce is estimated to be 29 per 10,000 population but only 16 per 10,000 for trained workers. This MRI system reflects a comprehensive trend of insufficient educational programs and training facilities focused on system operations and maintenance. As a result, healthcare providers often face difficulties in employees and management to MRI units, which not only affects the efficiency of clinical services, but also the quality of patient care. Lack of skilled professionals may lead to prolonged waiting time, reduced advanced imaging technologies and in some cases, preference for alternative clinical methods such as CT or ultrasound, which require less special operation. This labor barrier is estimated to slow down the optimal development trajectory of the market and inhibit the technological progress of clinical imaging services worldwide.

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Geography Analysis

North America

In United States Southbury's diagnostic imaging applied for state approval to buy a second MRI machine due to its current unit at 120% capacity. The aim of the new machine is to increase the scan volume and meet the growing demand.

Siemens Healthineers acquired share of the business of advanced accelerator applications of Novartis for more than 200 million, increasing their PET radiopharmaceutical capabilities in Europe.

Europe

The acquisition of Siemens Healthineers of Novartis's advanced accelerator applications is expected to increase its imaging segment in Europe, especially in cancer diagnosis.

European MRI system drives the market growth imaging technologies is inspired by the growing demand for clinical processes.

Asia Pacific

I-MED Radiology Network in Australia expanded its remote clinical imaging capabilities, improving the scan in underserved areas, linking the MRI machines in regional regions to the "cockpits" operated by experienced technicians.

Adopting remote clinical imaging technologies is addressing a shortage of radiologists in regional and remote communities in Australia.

Latin America

There has been an increase in adoption of MRI system in the Latin American market, which is inspired by progress in imaging technologies and progress in growing health infrastructure.

Companies like GE and Philips have developed compact MRI systems suitable for small health care features in Latin America, which facilitates widespread access to clinical imaging.

Middle East and Africa

The Middle East and Africa MRI market has been experiencing development due to increased chronic disease events and screening mandate funded by the government.

Adopting MRI systems in the region is being supported by initiative aimed at improving healthcare infrastructure and diagnostic capabilities.

What you can gain from Global MRI Systems Market Report

Provides an in-depth analysis of the dynamics of the MRI Systems segment across various regions.

MRI Systems Market research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue US$), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, and Regional and Country Level.

The Global MRI Systems Market report covers extensive analysis of emerging trends and the competitive landscape.

Global MRI Systems Market report helps to identify opportunities in the marketplace.

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Global MRI Systems Market Segmentation

By Filed Strength:

· High & Very-High-Field MRI Systems

· Low-to-Mid-Field MRI Systems

· Ultra-High-Field MRI Systems

By MRI System Type:

· Closed MRI Systems

· Open MRI Systems

By Application:

· Brain & Neurological MRI

· Breast MRI

· Cardiac MRI

· Pelvic & Abdominal MRI

· Spine & Musculoskeletal MRI

· Vascular MRI

· Other Applications

By End-User:

· Ambulatory Surgical Centers

· Hospitals

· Imaging Centers

· Others

By Regional & Country Level:

· North America

o U.S.

o Canada

· Europe

o U.K.

o France

o Germany

o Italy

· Asia Pacific

o China

o Japan

o India

o Southeast Asia

· Latin America

o Brazil

o Mexico

· Middle East and Africa

o GCC

o Africa

o Rest of Middle East and Africa

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