Magnetic Resonance Imaging (MRI) Equipment Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Magnetic Resonance Imaging (MRI) Equipment Market
The magnetic resonance imaging (MRI) equipment market size was valued at USD 7.41 billion in 2023, and the market is now projected to grow from USD 7.76 billion in 2024 to USD 12.20 billion by 2032, exhibiting a CAGR of 5.8% during the forecast period of 2024-2032.
The global market experienced a terrible effect from COVID-19, as reduced affected person visits to hospitals and clinics for imaging offerings lowered the call for devices. Major agencies also noticed a decline in sales because of reduced global sales in their merchandise.
The market is expanding due to the developing occurrence of continual situations along with cancer, epilepsy, Alzheimer's sickness, and Parkinson's sickness. Initiatives by healthcare groups and primary organizations to elevate cognizance approximately those conditions are anticipated to increase analysis costs many of the populace, driving further marketplace growth.
Major players inside the market are more and more that specialize in technological advancements in MRI scanners, which includes excessive-power scanners like 3T and 7T MRI device. These gadgets, once confined to research settings, at the moment are commonly used in recurring clinical diagnostics, reflecting their developing adoption and utility in medical practice.
Comprehensive Analysis of Magnetic Resonance Imaging (MRI) Equipment Market
The magnetic resonance imaging (MRI) equipment market growth is rising at an exponential rate due to its market segmentation. This marketplace enlargement successfully affords an in-depth local exam thinking about the dominant deliver and demand forces that effect the enterprise. These segmentations are methodically segregated by strength analysis, by application analysis, by end-user analysis. By strength analysis include, less than 1.5T, 1.5T, and more than 1.5T. By application analysis include, musculoskeletal, neurology, cardiology, body imaging, and others. By end-user analysis include hospitals & ASCs and diagnostic centers based on end-users.
The Asia- Pacific region lead the magnetic resonance imaging (MRI) equipment market share by benefitting a market size of USD 3.37 billion in 2023 due to the dominance is because of the growing adoption of superior structures, a robust capability patient base, and rising awareness of superior diagnostics amidst growing persistent issues.
The pinnacle players inside the market play a critical function in the enterprise assuring market growth and placing marketplace requirements. These players include GE Healthcare (U.S.), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers AG (Germany), CANON MEDICAL SYSTEMS CORPORATION (Japan), FUJIFILM Corporation (Japan), ESAOTE SPA (Italy), Time Medical Holding (China), SHENZHEN BASDA MEDICAL APPARATUS CO., LTD. (China), FONAR Corp. (U.S.). These market players provide a level-playing competitive landscape.
In December 2023, Siemens Healthineers AG has launched the MAGNETOM Cima.X, a 3T MRI machine, in Canada, improving its function in the Canadian healthcare market. This gadget affords complete and correct diagnosis abilities, extensively enhancing affected person care and diagnostic effects throughout the country.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 5.8% from 2024-2032
Unit Value (USD Billion)
Segmentation By Strength
Less than 1.5T
1.5T
More than 1.5T
By Application
Musculoskeletal
Neurology
Cardiology
Body Imaging
Others
By End-User
Hospitals & ASCs
Diagnostic Centers
By Region
North America (By Strength, Application, End-User, and Country)
U.S. (By Strength)
Canada (By Strength)
Europe (By Strength, Application, End-User, and Country/Sub-region)
U.K. (By Strength)
Germany (By Strength)
France (By Strength)
Italy (By Strength)
Spain (By Strength)
Scandinavia (By Strength)
Rest of Europe (By Strength)
Asia Pacific (By Strength, Application, End-User, and Country/Sub-region)
China (By Strength)
Japan (By Strength)
India (By Strength)
Australia (By Strength)
Southeast Asia (By Strength)
Rest of Asia Pacific (By Strength)
Latin America (By Strength, Application, End-User, and Country/Sub-region)
Brazil (By Strength)
Mexico (By Strength)
Rest of Latin America (By Strength)
Middle East & Africa (By Strength, Application, End-User, and Country/Sub-region)
GCC (By Strength)
South Africa (By Strength)
Rest of the Middle East & Africa (By Strength)
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Market Trends
- 4. Key Insights
- 4.1. MRI Procedures per year, By Key Countries, 2023
- 4.2. Technological Developments in Magnetic Resonance Imaging
- 4.3. Recent Product Launches, By Key Players
- 4.4. Key Industry Developments
- 4.5. Impact of COVID-19 on the Market
- 5. Global Magnetic Resonance Imaging Equipment Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Market Analysis, Insights and Forecast – By Strength
- 5.1.1. Less than 1.5T
- 5.1.2. 1.5T
- 5.1.3. More than 1.5T
- 5.2. Market Analysis, Insights and Forecast – By Application
- 5.2.1. Musculoskeletal
- 5.2.2. Neurology
- 5.2.3. Cardiology
- 5.2.4. Body Imaging
- 5.2.5. Others
- 5.3. Market Analysis, Insights and Forecast – By End User
- 5.3.1. Hospitals & ASCs
- 5.3.2. Diagnostic Centers
- 5.4. Market Analysis, Insights and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia pacific
- 5.4.4. Latin America
- 5.4.5. Middle East & Africa
- 6. North America Magnetic Resonance Imaging Equipment Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Market Analysis – By Strength
- 6.1.1. Less than 1.5T
- 6.1.2. 1.5T
- 6.1.3. More than 1.5T
- 6.2. Market Analysis – By Application
- 6.2.1. Musculoskeletal
- 6.2.2. Neurology
- 6.2.3. Cardiology
- 6.2.4. Body Imaging
- 6.2.5. Others
- 6.3. Market Analysis – By End User
- 6.3.1. Hospitals & ASCs
- 6.3.2. Diagnostic Centers
- 6.4. Market Analysis – By Country
- 6.4.1. U.S.
- 6.4.1.1. By Strength
- 6.4.2. Canada
- 6.4.2.1. By Strength
- 7. Europe Magnetic Resonance Imaging Equipment Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Market Analysis – By Strength
- 7.1.1. Less than 1.5T
- 7.1.2. 1.5T
- 7.1.3. More than 1.5T
- 7.2. Market Analysis – By Application
- 7.2.1. Musculoskeletal
- 7.2.2. Neurology
- 7.2.3. Cardiology
- 7.2.4. Body Imaging
- 7.2.5. Others
- 7.3. Market Analysis – By End User
- 7.3.1. Hospitals & ASCs
- 7.3.2. Diagnostic Centers
- 7.4. Market Analysis – By Country/ sub-region
- 7.4.1. U.K.
- 7.4.1.1. By Strength
- 7.4.2. Germany
- 7.4.2.1. By Strength
- 7.4.3. France
- 7.4.3.1. By Strength
- 7.4.4. Spain
- 7.4.4.1. By Strength
- 7.4.5. Italy
- 7.4.5.1. By Strength
- 7.4.6. Scandinavia
- 7.4.6.1. By Strength
- 7.4.7. Rest of Europe
- 7.4.7.1. By Strength
- 8. Asia pacific Magnetic Resonance Imaging Equipment Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Market Analysis – By Strength
- 8.1.1. Less than 1.5T
- 8.1.2. 1.5T
- 8.1.3. More than 1.5T
- 8.2. Market Analysis – By Application
- 8.2.1. Musculoskeletal
- 8.2.2. Neurology
- 8.2.3. Cardiology
- 8.2.4. Body Imaging
- 8.2.5. Others
- 8.3. Market Analysis – By End User
- 8.3.1. Hospitals & ASCs
- 8.3.2. Diagnostic Centers
- 8.4. Market Analysis – By Country/ sub-region
- 8.4.1. Japan
- 8.4.1.1. By Strength
- 8.4.2. China
- 8.4.2.1. By Strength
- 8.4.3. India
- 8.4.3.1. By Strength
- 8.4.4. Australia
- 8.4.4.1. By Strength
- 8.4.5. Southeast Asia
- 8.4.5.1. By Strength
- 8.4.6. Rest of Asia Pacific
- 8.4.6.1. By Strength
- 9. Latin America Magnetic Resonance Imaging Equipment Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Market Analysis – By Strength
- 9.1.1. Less than 1.5T
- 9.1.2. 1.5T
- 9.1.3. More than 1.5T
- 9.2. Market Analysis – By Application
- 9.2.1. Musculoskeletal
- 9.2.2. Neurology
- 9.2.3. Cardiology
- 9.2.4. Body Imaging
- 9.2.5. Others
- 9.3. Market Analysis – By End User
- 9.3.1. Hospitals & ASCs
- 9.3.2. Diagnostic Centers
- 9.4. Market Analysis – By Country/ sub-region
- 9.4.1. Brazil
- 9.4.1.1. By Strength
- 9.4.2. Mexico
- 9.4.2.1. By Strength
- 9.4.3. Rest of Latin America
- 9.4.3.1. By Strength
- 10. Middle East & Africa Magnetic Resonance Imaging Equipment Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Market Analysis – By Strength
- 10.1.1. Less than 1.5T
- 10.1.2. 1.5T
- 10.1.3. More than 1.5T
- 10.2. Market Analysis – By Application
- 10.2.1. Musculoskeletal
- 10.2.2. Neurology
- 10.2.3. Cardiology
- 10.2.4. Body Imaging
- 10.2.5. Others
- 10.3. Market Analysis – By End User
- 10.3.1. Hospitals & ASCs
- 10.3.2. Diagnostic Centers
- 10.4. Market Analysis – By Country/ sub-region
- 10.4.1. GCC Countries
- 10.4.1.1. By Strength
- 10.4.2. South Africa
- 10.4.2.1. By Strength
- 10.4.3. Rest of Middle East & Africa
- 10.4.3.1. By Strength
- 11. Competitive Analysis
- 11.1. Global Market Share Analysis (2023)
- 11.2. Company Profiles
- 11.2.1. GE Healthcare
- 11.2.1.1. Overview
- 11.2.1.2. Products & Services
- 11.2.1.3. SWOT Analysis
- 11.2.1.4. Recent Developments
- 11.2.1.5. Strategies
- 11.2.1.6. Financials (Based on Availability)
- 11.2.2. Siemens Healthcare GmbH
- 11.2.2.1. Overview
- 11.2.2.2. Products & Services
- 11.2.2.3. SWOT Analysis
- 11.2.2.4. Recent Developments
- 11.2.2.5. Strategies
- 11.2.2.6. Financials (Based on Availability)
- 11.2.3. Koninklijke Philips N.V.
- 11.2.3.1. Overview
- 11.2.3.2. Products & Services
- 11.2.3.3. SWOT Analysis
- 11.2.3.4. Recent Developments
- 11.2.3.5. Strategies
- 11.2.3.6. Financials (Based on Availability)
- 11.2.4. Canon Inc.
- 11.2.4.1. Overview
- 11.2.4.2. Products & Services
- 11.2.4.3. SWOT Analysis
- 11.2.4.4. Recent Developments
- 11.2.4.5. Strategies
- 11.2.4.6. Financials (Based on Availability)
- 11.2.5. Hitachi, Ltd.
- 11.2.5.1. Overview
- 11.2.5.2. Products & Services
- 11.2.5.3. SWOT Analysis
- 11.2.5.4. Recent Developments
- 11.2.5.5. Strategies
- 11.2.5.6. Financials (Based on Availability)
- 11.2.6. Esaote SpA
- 11.2.6.1. Overview
- 11.2.6.2. Products & Services
- 11.2.6.3. SWOT Analysis
- 11.2.6.4. Recent Developments
- 11.2.6.5. Strategies
- 11.2.6.6. Financials (Based on Availability)
- 11.2.7. Shenzhen Anke High-tech Co., Ltd.
- 11.2.7.1. Overview
- 11.2.7.2. Products & Services
- 11.2.7.3. SWOT Analysis
- 11.2.7.4. Recent Developments
- 11.2.7.5. Strategies
- 11.2.7.6. Financials (Based on Availability)
- 11.2.8. Time Medical Holding
- 11.2.8.1. Overview
- 11.2.8.2. Products & Services
- 11.2.8.3. SWOT Analysis
- 11.2.8.4. Recent Developments
- 11.2.8.5. Strategies
- 11.2.8.6. Financials (Based on Availability)
- 11.2.9. SHENZHEN BASDA MEDICAL APPARATUS CO., LTD.
- 11.2.9.1. Overview
- 11.2.9.2. Products & Services
- 11.2.9.3. SWOT Analysis
- 11.2.9.4. Recent Developments
- 11.2.9.5. Strategies
- 11.2.9.6. Financials (Based on Availability)
- 11.2.10. Fonar Corporation
- 11.2.10.1. Overview
- 11.2.10.2. Products & Services
- 11.2.10.3. SWOT Analysis
- 11.2.10.4. Recent Developments
- 11.2.10.5. Strategies
- 11.2.10.6. Financials (Based on Availability)
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