Global Magnetic Resonance Imaging Market Reports Description
Global Magnetic Resonance Imaging Market was USD 7.2 Billion in 2024 and is anticipated to reach USD 15.6 Billion by 2033, at a growth rate of CAGR 6.7% during the period 2024 – 2033.
Magnetic Resonance Imaging (MRI) is a non-invasive medical imaging technique that creates detailed images of the inside of the body using a high magnetic field, radio waves, and computer technology. It produces high-resolution images of tissues, organs, and structures, which help in the diagnosis of a wide range of medical disorders and diseases.
Magnetic Resonance Imaging Market: Growth Factors
Recent developments in MRI technology
Recent technological improvements in MRI have revolutionized the magnetic resonance imaging business by enhancing picture quality, speed, and availability. Increased magnetic field strength, new coil design, and advanced imaging sequences provide higher-resolution images with greater tissue contrast, enabling more precise disease diagnosis and description.
Furthermore, advances in artificial intelligence and machine learning enable quicker picture processing and interpretation, hence improving workflow productivity. Furthermore, combining MRI with other imaging modalities, which include PET and CT, broadens diagnostic capabilities and increases treatment planning accuracy.
Such technical advancements fuel market growth by increasing diagnostic precision, patient outcomes, and overall healthcare efficiency, in addition to generating new research and clinical use opportunities in neuroimaging, cancer, and cardiology.
For example, the latest advances in magnetic resonance imaging (MRI) methods have taken place on the software front, which allows faster contrast scans, considerably easier cardiac imaging procedures, and MR scanning of the lung.
The Food and Drug Administration has approved GE Healthcare’s MAGiC industry’s first multi-contrast MRI approach. MAGiC is a result of collaboration with SyntheticMR AB and allows doctors to learn more than ever before from the standard scan.
Increasing chronic disease
Chronic conditions involving cardiovascular disease, cancer, and neurological disorders are often in demand for ongoing diagnostic imaging to permit proper evaluation and therapy planning. Global Magnetic Resonance Imaging Market, in its ability to form accurate images of soft tissue and organs, plays a significant role in diagnosing, staging, and tracking different conditions.
As the incidence of chronic diseases increases globally due to factors like ageing populations, inactive lifestyles, and environmental factors, so will demand for MRI scans. This increase in demand drives market growth as healthcare facilities invest in better MRI technology to meet diagnostic needs more efficiently.
In addition, ongoing technological improvements in MRI systems, such as higher field strengths and imaging modalities, contribute to market expansion by enhancing diagnostic precision and outcomes for patients. For example, renal disease impacts 10% of the global adult population, with 2 million individuals in developed countries experiencing acute renal injury annually.
In addition, the prevalence of CKD and AKI is on the rise. The course of end-stage renal disease and cardiovascular complications has a significant impact on patients’ outcomes, quality of life, and healthcare resource utilization. Recent developments in functional and quantitative renal magnetic resonance imaging (MRI) techniques show significant potential for overcoming these challenges.Magnetic Resonance Imaging Market: Restraints
High investment
The high upfront expenditure needed for MRI equipment purchase and installation can deter healthcare centers from making or upgrading their imaging facilities. This can slow market growth, particularly in regions with strained finances or poor healthcare infrastructures.
In addition, the exorbitant price of Global Magnetic Resonance Imaging Marketprocedures might deter consumers and medical practitioners from utilizing this imaging technology, consequently reducing demand. In addition, intense competition between MRI manufacturers to develop and differentiate their products might increase research and development costs, which could in turn be passed on to clients, inhibiting market expansion.
Magnetic Resonance Imaging Market: Opportunities
Increased construction of open MRI systems
The advent of open Global Magnetic Resonance Imaging Market has made significant contributions to the magnetic resonance imaging (MRI) market by resolving the limitations of traditional closed MRI scanners. Open MRI systems are offering a more spacious and less confining environment for patients, reducing claustrophobia and anxiety feelings while enhancing patient compliance and comfort.
This advancement has facilitated MRI imaging among a broader group of individuals, such as paediatric patients, elderly, and physically handicapped people. Additionally, open MRI systems provide room for larger people and facilitate the imaging of hard-to-reach areas of the body with closed systems.
Magnetic Resonance Imaging Market: Segmentation Analysis
Global Magnetic Resonance Imaging market is categorized based on product, field strength, application, and geography. On the basis of product, the market is divided into open systems and closed systems. Closed systems led the market in 2023 with a share of 75.5% and is likely to maintain its dominance throughout the forecast period 2025-2034.
Closed systems, such as closed-bore magnetic resonance imaging (MRI) scanners, play a significant role in the MRI sector.
These machines possess several benefits compared to conventional open MRI systems, such as stronger magnetic fields, improved image quality, and reduced noise, which translate into more precise diagnoses. Closed systems also provide a more comfortable and less claustrophobic setting for patients, leading to greater patient satisfaction and compliance.
Closed-bore MRI systems are also more effective in both scan time and throughput, which enables healthcare centers to treat more patients. Furthermore, technological innovation in closed-system technology, encompassing wide-bore designs and new imaging designs, is promoting market growth through addressing specific clinical needs and enhancing the scope of MRI applications for various medical specialities.