Top 6 Companies in the Global Artificial Intelligence in MRI Market

The global artificial intelligence in MRI market was valued at USD 1.83 billion in 2023, driven by the increasing demand for aesthetic procedures and rising acceptance of cosmetic surgery across the globe. The market is anticipated to grow at a CAGR of 5.60% during the forecast period of 2024-2032, with the values likely to reach USD 2.99 billion by 2032.

Magnetic resonance imaging (MRI) is a non-invasive medical imaging technique that provides detailed images of organs and tissues inside the body. It is widely used for diagnosing a variety of conditions, including neurological, musculoskeletal, and cardiovascular disorders. The integration of Artificial Intelligence (AI) in MRI technology is revolutionising the healthcare sector by improving diagnostic accuracy, reducing scan times, and enhancing image quality, thereby driving greater patient care outcomes.

The artificial intelligence in the MRI market is witnessing robust growth, driven by advancements in AI technologies and the increasing demand for efficient diagnostic tools. AI-powered MRI systems are capable of automating image analysis, enabling faster and more accurate diagnosis. Additionally, AI algorithms can assist in identifying subtle patterns and anomalies that may be missed by the human eye, thereby reducing diagnostic errors. Key market drivers include the growing demand for enhanced imaging, the increasing adoption of AI in medical imaging, and the rising prevalence of chronic diseases. Moreover, the continuous improvement in AI algorithms and deep learning models is pushing the boundaries of MRI technology.

The debut of AI-driven MRI systems at key medical conferences is a significant trend bolstering market growth. For instance, in September 2024, Canon Medical USA, a leading player in the MRI market, announced its debut of AI-powered MRI systems at the Radiological Society of North America (RSNA) 2024 conference. Among their innovations is the Vantage Galan 3T/Supreme Edition, released commercially earlier in 2024. This cutting-edge system leverages AI to provide enhanced imaging capabilities, marking a significant step forward in AI-powered diagnostic tools. With these advancements, AI's role in MRI is poised to expand rapidly, revolutionising diagnostics and contributing significantly to market growth in the coming years.

Major Companies Shaping the Global Artificial Intelligence in MRI Market in 2024

1.    Resonance Health Ltd

Resonance Health Ltd, headquartered in Australia, specialises in medical imaging software and services, focusing on non-invasive imaging solutions. The company's portfolio includes AI-powered tools for the analysis of MRI scans, particularly for liver diseases and iron overload conditions. Recently, Resonance Health has expanded its offerings, aiming to leverage AI to enhance diagnostic accuracy and workflow efficiency. This growth trend positions the company well in the AI-powered MRI market. As AI technology advances, Resonance Health's innovations are expected to drive further adoption, enhancing both clinical decision-making and patient care.

2.    Zebra Medical Vision Inc.

Zebra Medical Vision is a leader in deep-learning AI for medical imaging analytics. Its portfolio includes AI-powered solutions that can analyse CT, MRI, and X-ray images for faster, more accurate diagnoses. In November 2020, Zebra Medical formed a significant partnership with Clalit Health Services, Israel’s largest mandated health service organisation, becoming the first to implement cloud-based imaging AI on a large scale. This collaboration optimises patient care by integrating AI between data, radiologists, and physicians. The impact of this partnership will likely accelerate AI adoption in the MRI market, improving workflow efficiency and reducing diagnostic costs, which can be pivotal in the forecast period.

3.    Samsung Electronics Co. Ltd

Samsung Electronics Co. Ltd, a global leader in consumer electronics and semiconductor technology, is also making significant strides in the AI-powered MRI market. In June 2024, Samsung announced its plans to revolutionise the AI space with the unveiling of its AI Solutions platform. The platform integrates cutting-edge technologies from its semiconductor and memory businesses to offer AI-driven solutions for healthcare applications, including MRI imaging. By leveraging its expertise, Samsung is poised to enhance the accuracy and efficiency of AI in diagnostic imaging, particularly in MRI, thereby boosting market growth in the coming years.

4.    Arterys Inc.

Arterys Inc., a pioneering medical imaging company based in the United States, specialises in cloud-based AI-powered imaging solutions. Its portfolio includes AI tools for MRI analysis, particularly for cardiovascular and neurological applications. Arterys’ AI technology facilitates faster diagnosis and real-time imaging analysis, allowing healthcare providers to deliver timely care. With the rise in demand for efficient diagnostic tools, Arterys is set to drive the expansion of the AI in MRI market, providing healthcare professionals with state-of-the-art technology that enhances decision-making and operational efficiency.

5.    GE Healthcare

GE Healthcare, part of General Electric, is a leader in medical imaging technology, offering AI-powered MRI systems designed to optimise diagnostic processes. In October 2024, GE HealthCare integrated third-party AI-enabled applications into its True PACS and Centricity PACS systems. This collaboration with Blackford aims to ease the radiologist’s workload, improving diagnosis speed and treatment times. With healthcare professionals facing burnout due to excessive workloads, GE Healthcare's integration of AI solutions is expected to improve radiologists’ efficiency and alleviate stress, positioning the company as a key player and fostering market growth.

6.    Koninklijke Philips N.V.

Koninklijke Philips N.V. is renowned for its advanced healthcare technologies, including AI-enhanced MRI systems. In December 2024, Philips announced a collaborative research initiative with the Mayo Clinic to advance MRI applications, particularly for cardiac imaging. By harnessing AI, Philips aims to shorten MRI exam times and streamline workflow for radiologists. This partnership will likely drive innovation in the MRI market, improving diagnostic capabilities and operational efficiency, which will accelerate the adoption of AI technology and lead to substantial market growth in the coming years.