MRI Systems Market by Architecture (Open, Closed), Field Strength (Low-to-mid (1.5T, 3T), High & ultra-high (>4T)), Application (Neuro, Spinal, Pelvic, Breast, Cardiology), End User, Unmet Need & Buying Criteria - Global Forecast to 2028

MRI Systems Market by Architecture (Open, Closed), Field Strength (Low-to-mid (1.5T, 3T), High & ultra-high (>4T)), Application (Neuro, Spinal, Pelvic, Breast, Cardiology), End User, Unmet Need & Buying Criteria - Global Forecast to 2028

The global MRI systems market is projected to reach USD 6.6 billion by 2028 from USD 5.2 billion in 2023, at a CAGR of 5.0% from 2023 to 2028. Factors such as growing adoption of MRI systems and rising baby boomer population are responsible for the increasing growth of this market. Increasing research and development activities, government initiatives and rising number of clinical trials also attributes to the growth of MRI systems market.

“The high & very-high-field segment held the largest share of the market in 2022.”

Based on field strength, the MRI systems market is segmented into low-to-mid-field MRI systems, high and very-high-field MRI systems, and ultra-high-field MRI systems. The high & very-high-field MRI systems segment held the largest market share in 2022. The large share of this segment can be attributed to the launch of technologically advancements in MRI modalities and rising use of MRI systems by the end users.

The closed MRI systems segment held the largest share of the market in 2022.

Based on architecture, the MRI systems market is segment into open MRI systems and closed MRI systems. The closed MRI systems segment held the largest market share in 2022. The large share of this segment can be attributed to the increasing use of wide-bore closed MRI systems by the end user facilities and excellent image resolution.

“The brain & neurological application segment is projected to register the highest CAGR of the MRI systems market by application during the forecast period.”

Based on application, the MRI systems market is segmented into brain and neurological MRI, spine and musculoskeletal MRI, pelvic and abdominal MRI, vascular MRI, breast MRI, cardiac MRI , and other applications. The brain & neurological application segment is projected to register the highest CAGR of the MRI systems market from 2023 to 2028. Factors such as increasing use of rising use of hybrid MRI systems applications and rising adoption of AI and analytics in magnetic resonance maging are driving the market growth.

“The market in the Asia Pacific region is expected to witness the highest growth during the forecast period.”

The MRI systems market in the APAC region is expected to register the highest CAGR during the forecast period, primarily due to evolving healthcare infrastructure and increasing focus of major players in the region. The healthcare infrastructure in emerging economies, such as China and India is evolving at a rapid pace, leading to major investments in advanced imaging systems by hospitals and diagnostic centers. These factors are anticipated to fuel the growth of MRI systems market in this region.

A breakdown of the primary participants referred to for this report is provided below:

By Company Type: Tier 1–48%, Tier 2–36%, and Tier 3– 16%

By Designation: Director-level–14%, C-level–10%, and Others–76%

By Region: North America–40%, Europe–32%, Asia Pacific–20%, Latin America-5%, Middle East and Africa-3%

The prominent players in the MRI systems market are Siemens Healthineers (Germany), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), among others.

Research Coverage

This report studies the MRI systems market based on field strength, architecture, application, end user, and region. It also covers the factors affecting market growth, analyzes the various opportunities and challenges in the market, and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micromarkets with respect to their growth trends and forecasts the revenue of the market segments with respect to five main regions (and the respective countries in these regions).

Reasons to Buy the Report

The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall MRI systems market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

This report provides insights on the following pointers:

Analysis of key drivers (growing geriatric population and rising prevalence of associated diseases, increasing demand for early diagnosis, technological advancements in magnetic resonance imaging modalities, and increasing funding investments by public-private organizations), restraints (high cost of MRI systems, incompatibility of MRI systems in some patient populations, unfavourable reimbursement scenario, inadequate supply of helium), opportunities (emerging economies offer high growth potential, increasing establishment of hospitals and diagnostic imaging centers, adoption of AI and analytics in magnetic resonance imaging, increasing establishment of hospitals and diagnostic imaging centers, introduction of hybrid or fusion MRI systems), and challenges (hospital budget cuts, shortage of trained and skilled professionals) influencing the growth of the MRI systems market

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the MRI systems market

Market Development: Comprehensive information about lucrative markets–the report analyses the MRI systems market across varied regions

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the MRI systems market

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Siemens Healthineers (Germany), GE Healthcare (US), and Koninklijke Philips N.V. (Netherlands).