Magnetic Resonance Imaging Market

Market Definition

The market involves the development, production, distribution, and utilization of MRI systems and related technologies. 

The market encompasses various product types such as closed MRI, open MRI, and extremity MRI systems, along with associated software and services. The report outlines the primary market drivers and an in-depth analysis of the emerging trends and regulatory frameworks shaping the industry.

Magnetic Resonance Imaging Market Overview

The global magnetic resonance imaging market size was valued at USD 7.24 billion in 2024 and is projected to grow from USD 7.66 billion in 2025 to USD 11.64 billion by 2032, exhibiting a CAGR of 6.07% over the forecast period. 

This growth is attributed to the increasing demand for accurate, non-invasive diagnostic tools in healthcare applications such as neurology, cardiology, oncology, and musculoskeletal imaging. Rising awareness of early disease detection and the clinical advantages of MRI over conventional imaging methods is driving its adoption across hospitals, diagnostic centers, and research institutions.

Major companies operating in the magnetic resonance imaging industry are GE HealthCare, Siemens Healthcare Private Limited, FUJIFILM Corporation, Koninklijke Philips N.V., Esaote SPA, Hologic, Inc, CANON MEDICAL SYSTEMS CORPORATION, AURORA HEALTHCARE US CORP, FONAR Corp, Shanghai United Imaging Healthcare Co., LTD, SternMed GmbH, Time Medical Holding, Neusoft Medical Systems Co., Ltd., Aspect Imaging Ltd., and Bruker.

The growing chronic disease burden, aging population, and rising healthcare spending has further accelerated the adoption of advanced imaging. Additionally, continuous innovations in MRI systems, such as portable, helium-free, and AI-integrated scanners are enhancing imaging capabilities, operational efficiency, and patient comfort, creating substantial growth opportunities for manufacturers and technology providers.

• In March 2025, AIIMS New Delhi and SAMEER (Society for Applied Microwave Electronics Engineering & Research) signed an MoU to advance indigenous MRI technology under the IMRI National Mission. The collaboration focuses on developing and clinically validating high-field and low-field MRI systems, supporting India’s goal of self-reliance in medical imaging.

Key Highlights

1. The magnetic resonance imaging market size was valued at USD 7.24 billion in 2024.
2. The market is projected to grow at a CAGR of 6.07% from 2025 to 2032.
3. North America held a market share of 34.07% in 2024, with a valuation of USD 2.47 billion.
4. The open systems segment garnered USD 4.49 billion in revenue in 2024.
5. The high & very high segment is expected to reach USD 4.48 billion by 2032.
6. The vascular segment is anticipated to witness the fastest CAGR of 6.32% during the forecast period.
7. The hospitals segment garnered USD 2.70 billion in revenue in 2024.
8. The market in Asia Pacific is anticipated to grow at a CAGR of 6.96% during the forecast period.

Market Driver

Rising Prevalence of Chronic and Neurological Diseases

The rising prevalence of chronic and neurological diseases is driving the market growth. This is primarily fueled by the need for accurate, non-invasive diagnostic tools to detect and monitor chronic diseases such as cancer, stroke, multiple sclerosis, and Alzheimer’s. 

As healthcare systems confront the increasing burden of these diseases, there is a strong emphasis on early diagnosis and personalized treatment planning, which rely on advanced imaging technologies like MRI. 

This technology offers exceptional soft-tissue contrast and detailed visualization that is essential in diagnosing neurological disorders, assessing tumor progression, and guiding interventions in cardiovascular and musculoskeletal conditions. 

Additionally, aging populations are witnessing more prevalent chronic conditions, which is aiding the demand for MRI scans, particularly in developed healthcare markets and emerging economies.

• In September 2023, Polarean, Imaging partnered with VIDA Diagnostics, Inc. to advance the use of xenon-129 MRI for lung imaging. The collaboration aims to streamline workflows, support clinical trials, and expand access to non-invasive, radiation-free lung imaging for chronic lung disease patients.

Market Challenge

Lengthy Scan Times and Patient Discomfort

One of the major challenges in the magnetic resonance imaging (MRI) market is the lengthy scan times and associated patient discomfort, particularly in traditional closed-bore MRI systems. Patients are often required to lie still in a confined space for 30 to 60 minutes, which can be distressing for individuals with claustrophobia, anxiety, chronic pain, or limited mobility. 

The loud operational noise produced by MRI machines further adds to the discomfort, especially for pediatric and elderly patients. These factors not only affect patient compliance but also lead to motion artifacts and incomplete scans, reducing diagnostic accuracy and increasing the need for repeat imaging. In some cases, sedation or anesthesia becomes necessary, raising procedural risks and healthcare costs.

To overcome this challenge, manufacturers are developing advanced MRI technologies that significantly reduce scan times through parallel imaging, compressed sensing, and deep learning-based image reconstruction. These methods accelerate image acquisition while maintaining high image quality. 

In addition, the adoption of open and wide-bore MRI systems, along with patient-friendly designs featuring ambient lighting, visual entertainment, and noise reduction features, has greatly improved patient comfort. These innovations are helping healthcare providers deliver faster, more comfortable MRI experiences while maintaining diagnostic precision and operational efficiency.

• In June 2023, GE HealthCare received FDA clearance for Sonic DL, an AI-powered MRI technology that speeds up cardiac imaging by up to 12 times. This innovation improves patient comfort and diagnostic efficiency by reducing scan times and motion artifacts. It also enhances accessibility for patients with arrhythmias and severe heart conditions by minimizing the need for breath-holding during scans.

Market Trend

Integration of Artificial Intelligence (AI) in MRI Systems

Artificial intelligence (AI) is transforming the diagnostic imaging landscape by enhancing both the speed and accuracy of MRI procedures. AI-powered systems accelerate image acquisition and reconstruction, significantly reducing scan times while preserving high image quality. 

This improvement increases patient comfort and boosts workflow efficiency in clinical settings. AI also plays a critical role in image interpretation, assisting radiologists in identifying abnormalities such as tumors or lesions with greater precision and consistency.

Personalized AI-driven imaging protocols help tailor scans to individual patient needs, reducing the likelihood of repeat examinations. Beyond image processing, AI streamlines administrative tasks like scheduling and reporting, optimizing resource utilization and enabling faster diagnosis. 

As AI integration deepens, MRI systems are becoming smarter and more efficient, driving improved patient outcomes and broader adoption across healthcare facilities.

• In February 2024, Siemens Healthineers introduced the Magnetom Flow, a 1.5 Tesla MRI system, at the European Congress of Radiology. Featuring AI for better image quality and faster examinations, the system also uses a virtually helium-free cooling design, reducing operational costs and simplifying installation with its compact footprint.

Magnetic Resonance Imaging Market Report Snapshot

Segmentation	Details
By Architecture	Open Systems, Closed Systems
By Field Strength	High & Very High, Low & Medium, Ultra High
By Application	Obstructive Sleep Apnea, Brain & Neurological, Spine & Musculoskeletal, Vascular, Abdominal, and Others
By End Use	Hospitals, Imaging Centers, Ambulatory Surgical Centers, and Others
By Region	North America: U.S., Canada, Mexico
	Europe: France, UK, Spain, Germany, Italy, Russia, Rest of Europe
	Asia-Pacific: China, Japan, India, Australia, ASEAN, South Korea, Rest of Asia-Pacific
	Middle East & Africa: Turkey, U.A.E, Saudi Arabia, South Africa, Rest of Middle East & Africa
	South America: Brazil, Argentina, Rest of South America

Market Segmentation

• By Architecture (Open Systems, Closed Systems): The open systems segment earned USD 4.49 billion in 2024 due to increasing demand for patient comfort and reduced claustrophobia during scans.
• By Field Strength (High & Very High, Low & Medium, Ultra High): The high & very high segment held 38.46% of the market in 2024, due to its superior image resolution and growing applications in advanced diagnostic procedures.
• By Application (Obstructive Sleep Apnea, Brain & Neurological, Spine & Musculoskeletal, Vascular, Abdominal, and Others): The obstructive sleep apnea segment is projected to reach USD 2.90 billion by 2032, owing to increasing awareness and diagnosis rates of sleep disorders worldwide.
• By End Use (Hospitals, Imaging Centers, Ambulatory Surgical Centers, and Others): The imaging centers segment is anticipated to grow at a CAGR of 6.34% during the forecast period, due to the demand for specialized outpatient imaging services.

Magnetic Resonance Imaging Market Regional Analysis

By region, the global market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

North America magnetic resonance imaging market share stood at around 34.07% in 2024, with a valuation of USD 2.47 billion. The region's strong position in the market can be attributed to the advanced healthcare infrastructure, widespread adoption of advanced MRI technologies, and increasing prevalence of chronic and neurological diseases. 

Moreover, the presence of a well-established medical research community and substantial healthcare spending further fuels market growth. Additionally, key market players headquartered in the region and continuous technological innovations are driving the expansion of MRI services.

• In April 2024, Q Bio Inc. unveiled Tensor Field Mapping (TFM), an advanced MRI technology that provides consistent, quantifiable data across different machines. TFM reduces computational power and enhances accuracy, enabling AI-driven diagnostics and personalized medicine in Q Bio’s upcoming full-body scanner.

Furthermore, the region benefits from comprehensive reimbursement policies and a supportive regulatory framework that facilitates the adoption of advanced imaging modalities, boosting healthcare providers’ and patients’ confidence in MRI diagnostics.

• In November 2023, Magnetica Limited partnered with Televere Systems, LLC as the U.S. distributor for its helium-free MRI technology. These compact, cryogen-free MRI systems require less infrastructure and are designed for versatile deployment, with FDA clearance expected by mid-2024.

The magnetic resonance imaging industry in Asia-Pacific is poised for significant growth at a CAGR of 6.96% over the forecast period. This growth is attributed to rising healthcare expenditure and increasing awareness about the benefits of early and accurate disease diagnosis using advanced imaging techniques. 

The region’s expanding medical infrastructure and government initiatives to improve healthcare access and quality are supporting the adoption of MRI technology across urban and rural areas. 

Moreover, the presence of a large patient population with chronic and lifestyle-related diseases is fueling the demand for advanced diagnostic solutions. Continued technological innovation, strategic collaborations, and the entry of key market players are further propelling the Asia-Pacific market.

• In August 2023, the Union Ministry launched India’s first affordable, lightweight, and ultrafast 1.5 Tesla MRI scanner developed by Voxelgrids Innovations Pvt Ltd. Supported by the Department of Biotechnology, this innovation aims to reduce cost and accessibility of MRI scans. With an investment of USD 2 million , the project promotes India’s self-reliance in medical technology, cutting import dependence and saving foreign exchange.

Regulatory Frameworks

• In the United States, the Food and Drug Administration (FDA) regulates magnetic resonance imaging (MRI) systems. The FDA ensures that MRI devices meet stringent safety and efficacy standards before they are approved for clinical use.
• In the United Kingdom, the Medicines and Healthcare Products Regulatory Agency (MHRA) regulates MRI equipment. The MHRA provides detailed guidance to ensure the safe use of MRI systems, focusing on minimizing risks related to magnetic fields, radiofrequency exposure, and patient safety during imaging procedures.
• In the European Union, Directive 2011/65/EU restricts the use of certain hazardous substances in electrical and electronic equipment, including MRI devices.
• In Japan, the Pharmaceuticals and Medical Devices Agency (PMDA) regulates MRI systems, overseeing product approval and post-market surveillance to ensure compliance with safety standards. The agency also promotes the adoption of advanced imaging technologies through streamlined regulatory pathways to support timely access for patients.
• In China, the National Medical Products Administration (NMPA) regulates MRI systems to ensure safety and effectiveness. It enforces strict device registration, clinical evaluation, and post-market surveillance requirements to maintain high standards in medical imaging technology.

Competitive Landscape

Market participants in the magnetic resonance imaging industry are embracing cutting-edge technologies and AI to enhance imaging quality, speed, and accuracy. Manufacturers are investing in advanced hardware designs, such as high-field magnets and open-bore systems, alongside software innovations like machine learning for image reconstruction and automated anomaly detection. 

These advancements reflect a commitment to improving patient comfort and clinical outcomes and address the demand for efficient and reliable diagnostic tools across diverse medical specialties. Continuous innovation, coupled with strategic partnerships between technology providers and healthcare institutions, is strengthening the market’s competitiveness and driving its sustained growth.

• In February 2024, Philips and Synthetic MR launched Smart Quant Neuro 3D, an AI-powered MRI technology for improved diagnosis and monitoring of neurological disorders. The system offers automated 3D brain tissue segmentation and precise volume measurements, helping clinicians track disease progression and treatment effectiveness.

List of Key Companies in Magnetic Resonance Imaging Market:

• GE HealthCare
• Siemens Healthcare Private Limited
• FUJIFILM Corporation
• Koninklijke Philips N.V.
• Esaote SPA
• Hologic, Inc
• CANON MEDICAL SYSTEMS CORPORATION
• AURORA HEALTHCARE US CORP
• FONAR Corp
• Shanghai United Imaging Healthcare Co., LTD
• SternMed GmbH
• Time Medical Holding
• Neusoft Medical Systems Co., Ltd.
• Aspect Imaging Ltd.
• Bruker

Recent Developments (Partnerships/Agreements/Product Launch)

• In May 2025, Siemens Healthineers launched the Magnetom Flow RT Pro Edition, a 1.5 Tesla MRI system tailored for radiation therapy. Featuring AI-powered imaging and a helium-independent design, it enables faster scans, efficient installation, and sustainable radiotherapy workflows.
• In April 2025, NYC Health + Hospitals/Gotham Health launched advanced MRI services at its Brooklyn Broadway clinic, offering versatile imaging for brain, spine, chest, abdomen, and extremities. This expansion improves access to cutting-edge diagnostics for all patients, regardless of income or insurance status.
• In March 2025, Hyperfine announced a collaboration with NVIDIA to enhance its Swoop Portable MR Imaging system using AI and accelerated computing. The partnership aims to improve image quality, reduce scan times, and expand access to neuroimaging in underserved areas.
• In April 2024, Canon Medical launched the Vantage Galan 3T / Supreme Edition MRI system, featuring advanced AI-driven imaging and faster scan times to enhance image quality and patient comfort. This system leverages Canon’s Real-time platform and a Japan-made magnet to deliver robust performance in high-end clinical applications.
• In August 2023, Fujifilm Healthcare Americas Corporation introduced the ECHELON Synergy, a 1.5 Tesla MRI system featuring AI-powered Deep Learning Reconstruction technology for faster scans and sharper images. Designed for patient comfort, it includes a wide bore, noise-reducing gradients, and antibacterial coatings to enhance safety and experience.