Magnetic Resonance Imaging (MRI) Equipment Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

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)