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Global Magnetic Resonance Imaging Equipment Market Report: By Strength: Low to Mid Field (<1.5T), High Field (1.5T to 3T), Very High and Ultra High Field (>4T); By Architecture: Closed MRI Systems, Wide-bore MRI Systems, Open MRI Systems; By Application; By End User; Regional Analysis; Market Dynamics; Supplier Landscape; 2024-2032
Global Magnetic Resonance Imaging Equipment Market Outlook
The global magnetic resonance imaging equipment market size was valued at USD 6.51 billion in 2023, driven by increasing prevalence of chronic diseases across the globe. The market is expected to grow at a CAGR of 6.2% during the forecast period of 2024-2032, with the values likely to attain USD 11.19 billion by 2032.
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Global Magnetic Resonance Imaging Equipment Market Overview
Magnetic Resonance Imaging (MRI) is a technique utilized for medical imaging to scan the body by applying strong magnetic fields and radio waves to produce detailed images of the internal structures of our body. The magnetic resonance imaging equipment market demand is driven by the rising prevalence of diseases such as tumors, cancer, sclerosis, and scoliosis, among different age groups of the population. Consequently, the market players have increased their focus on developing and launching advanced MRI systems with artificial intelligence and machine learning integration.
With the growing awareness of a proper healthcare system, governments of different countries around the world are increasing their focus on their healthcare infrastructure development. In addition, there has been a trend in the development of high-field strength MRI equipment.
New Product Launches to Boost the Magnetic Resonance Imaging Equipment Market Growth
In August 2023, FUJIFILM Healthcare Americas Corporation announced the FDA 510(k) clearance for ECHELEON Synergy , their novel 1.5 Tesla magnetic resonance imaging system. To provide improved image quality and prompt scans, the system uses the company’s artificial intelligence powered proprietary Deep Learning Reconstruction (DLR) technology. In addition, the system is also equipped with AutoExam One Touch that offers automated workflow for brain and knee exams. The system can accommodate a patient weighing up to 550 pounds and also contains SoftSound™ gradient technology to improve patient experience by reducing acoustic noise.
Increasing Integration of Machine Learning and Artificial Intelligence Technologies
The growing convergence of novel technologies such as artificial intelligence and machine learning in the existing systems is anticipated to boost the magnetic resonance imaging equipment market share during the forecast period. In November 2023, Canon Medical Systems USA Inc., introduced Precise IQ Engine (PIQE*) . It uses high resolution deep learning resolution (powered by Altivity) as a new approach to integrate AI and provide smarter and improved solutions for better quality and insight in the MRI scans. To boost productivity and offer precise patient solutions, the system is equipped with Tablet UX remote software to monitor exams, facilitate enhanced patient and healthcare professional communication, and even register patients remotely.
Rising Collaborations to Provide Effective Solutions
In June 2023, Phillips entered a partnership with Polarean, a medical imaging company to offer advanced insights to combat the rising incidence of respiratory illnesses. Combined with Polarean’s XENONVIEW, Philips MR 7700 multi-nuclei MRI scanner aims to evaluate the lung ventilation with xenon gas MR imaging. Lung ventilation evaluation can help with the treatment and management of multiple pulmonary conditions such as chronic obstructive pulmonary disease (COPD), asthma, cystic fibrosis, and bronchopulmonary dysplasia (BPD). Leveraging the hyperpolarization physics expertise of Polarean, the image quality is expected to improve by several folds. The increasing number of collaborations to improve the efficiency, affordability and precision of imaging services is a major factor bolstering the magnetic resonance imaging equipment market size.
Growing Prevalence for Portable MRI Equipment
To tackle the obstacles associated with conventional MRI systems, the medical device landscape has been witnessing increased technological advancements. In November 2023, Phillips showcased BlueSeal MR Mobile unit , the first and only 1.5T fully sealed mobile MRI system with helium free operation. The lightweight and easy to move system can be easily installed at convenient places for both patients as well as healthcare practitioners. Along with improving the imaging quality, the integration of Philips’ BlueSeal magnet technology has helped in saving around 1.5 litres of helium, making it a sustainable method as well.
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Global Magnetic Resonance Imaging Equipment Market Segmentation
Market Breakup by Strength
- Low to Mid Field (<1.5T)
- High Field (1.5T to 3T)
- Very High and Ultra High Field (>4T)
Market Breakup by Architecture
- Closed MRI Systems
- Wide-bore MRI Systems
- Open MRI Systems
Market Breakup by Application
- Musculoskeletal
- Neurology
- Cardiology
- Vascular
- Gastroenterology
- Oncology
- Others
Market Breakup by End User
- Hospitals
- Ambulatory Surgical Centres
- Diagnostic/Imaging Centres
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Global Magnetic Resonance Imaging Equipment Market Regional Analysis
The United States is poised to hold a major portion of the global magnetic resonance imaging equipment market share in the forecast period. The market share can be attributed to the presence of a robust and technically advanced healthcare and research infrastructure. Moreover, the presence of prominent healthcare companies aid the market value by bringing new and improved techniques to offer better patient outcomes.
The Asia Pacific region is witnessing significant improvements in the healthcare infrastructure to meet the rising magnetic resonance imaging equipment market demand. In April 2023, Siemens Healthineers launched a new MRI manufacturing facility in Bengaluru, India. The newly launched facility is focused on manufacturing MAGNETOM Free.Star , a helium free approach to high-quality MRI in the nation. In addition, technology driven, and emerging startups are also launching new products in the market. In August 2023, India-based Voxelgrids , launched an advanced and affordable MRI scanner with the aid of BIRAC (Biotechnology Industry Research Assistance Council) fundings.
Global Magnetic Resonance Imaging Equipment Market: Competitor Landscape
In October 2023, Phillips announced their collaboration with Quibim to deliver artificial intelligence-based imaging solutions in prostate exams to combat the rising cases of prostate cancer. Prostate cancer detection is largely based on prostate-specific antigen (PSA) screening blood test; however, recent research has shown that MRI exams are more successful to provide appropriate guidance for tumour management and treatment. The partnership is based on leveraging Quibim’s artificial intelligence (AI) based QP-Prostate software to offer meaningful quantitative data and automate real-time prostate gland segmentation in the images. Such strategic collaborations are indicative of the current market trend which involves companies undergoing product portfolio expansions along with bringing latest innovations into their existing product lines.
The key features of the magnetic resonance imaging equipment market report include patent analysis, grants analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:
- General Electric Company
- Koninklijke Philips N.V.
- Canon Medical Systems Corporation
- Siemens Healthineers AG
- Fujifilm Corporation
- Shenzhen Anke High-tech Co., Ltd.
- Fonar Corporation
- Philips Healthcare
- Esaote Spa
- Sanrad Medical systems Pvt. ltd.
- Aurora Healthcare
- Barco N.V.
- Hitachi, Ltd. (Hitachi Medical Corporation)
- Mindray Bio-Medical Electronics Co., Ltd.
- Bruker Corporation
- Hyperfine
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Strength |
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| Breakup by Architecture |
|
| Breakup by Application |
|
| Breakup by End User |
|
| Breakup by Region |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
1.1 Objectives of the Study
1.2 Key Assumptions
1.3 Report Coverage – Key Segmentation and Scope
1.4 Research Methodology
2 Executive Summary
3 Global Magnetic Resonance Imaging Equipment Market Overview
3.1 Global Magnetic Resonance Imaging Equipment Market Historical Value (2017-2023)
3.2 Global Magnetic Resonance Imaging Equipment Market Forecast Value (2024-2032)
4 Global Magnetic Resonance Imaging Equipment Market Landscape*
4.1 Global Magnetic Resonance Imaging Equipment Developers Landscape
4.1.1 Analysis by Year of Establishment
4.1.2 Analysis by Company Size
4.1.3 Analysis by Region
4.2 Global Magnetic Resonance Imaging Equipment Product Landscape
4.2.1 Analysis by Strength
4.2.2 Analysis by Type
4.2.3 Analysis by Applications
5 Global Magnetic Resonance Imaging Equipment Market Dynamics
5.1 Market Drivers and Constraints
5.2 SWOT Analysis
5.2.1 Strengths
5.2.2 Weaknesses
5.2.3 Opportunities
5.2.4 Threats
5.3 Porter’s Five Forces Model
5.3.1 Bargaining Power of Suppliers
5.3.2 Bargaining Power of Buyers
5.3.3 Threat of New Entrants
5.3.4 Threat of Substitutes
5.3.5 Degree of Rivalry
5.4 Key Demand Indicators
5.5 Key Price Indicators
5.6 Industry Events, Initiatives, and Trends
5.7 Value Chain Analysis
6 Global Magnetic Resonance Imaging Equipment Market Segmentation (2017-2023)
6.1 Global Magnetic Resonance Imaging Equipment Market (2017-2023) by Strength
6.1.1 Market Overview
6.1.2 Low to Mid Field (<1.5T)
6.1.3 High Field (1.5T to 3T)
6.1.4 Very High and Ultra High Field (>4T)
6.2 Global Magnetic Resonance Imaging Equipment Market (2017-2023) by Architecture
6.2.1 Market Overview
6.2.2 Closed MRI Systems
6.2.3 Wide-bore MRI Systems
6.2.4 Open MRI Systems
6.3 Global Magnetic Resonance Imaging Equipment Market (2017-2023) by Application
6.3.1 Market Overview
6.3.2 Musculoskeletal
6.3.3 Neurology
6.3.4 Cardiology
6.3.5 Vascular
6.3.6 Gastroenterology
6.3.7 Oncology
6.3.8 Others
6.4 Global Magnetic Resonance Imaging Equipment Market (2017-2023) by End User
6.4.1 Market Overview
6.4.2 Hospitals
6.4.3 Ambulatory Surgical Centres
6.4.4 Diagnostic/Imaging Centres
6.4.5 Others
6.5 Global Magnetic Resonance Imaging Equipment Market (2017-2023) by Region
6.5.1 Market Overview
6.5.2 North America
6.5.3 Europe
6.5.4 Asia Pacific
6.5.5 Latin America
6.5.6 Middle East and Africa
7 North America Magnetic Resonance Imaging Equipment Market (2017-2023)
7.1 North America Magnetic Resonance Imaging Equipment Market (2017-2023) by Strength
7.1.1 Market Overview
7.1.2 Low to Mid Field (<1.5T)
7.1.3 High Field (1.5T to 3T)
7.1.4 Very High and Ultra High Field (>4T)
7.2 North America Magnetic Resonance Imaging Equipment Market (2017-2023) by End User
7.2.1 Market Overview
7.2.2 Hospitals
7.2.3 Ambulatory Surgical Centres
7.2.4 Diagnostic/Imaging Centres
7.2.5 Others
7.1 North America Magnetic Resonance Imaging Equipment Market (2017-2023) by Country
7.1.1 United States of America
7.1.2 Canada
8 Europe Magnetic Resonance Imaging Equipment Market (2017-2023)
8.1 Europe Magnetic Resonance Imaging Equipment Market (2017-2023) by Strength
8.1.1 Market Overview
8.1.2 Low to Mid Field (<1.5T)
8.1.3 High Field (1.5T to 3T)
8.1.4 Very High and Ultra High Field (>4T)
8.2 Europe Magnetic Resonance Imaging Equipment Market (2017-2023) by End User
8.2.1 Market Overview
8.2.2 Hospitals
8.2.3 Ambulatory Surgical Centres
8.2.4 Diagnostic/Imaging Centres
8.2.5 Others
8.3 Europe Magnetic Resonance Imaging Equipment Market (2017-2023) by Country
8.3.1 United Kingdom
8.3.2 Germany
8.3.3 France
8.3.4 Italy
8.3.5 Others
9 Asia Pacific Magnetic Resonance Imaging Equipment Market (2017-2023)
9.1 Asia Pacific Magnetic Resonance Imaging Equipment Market (2017-2023) by Strength
9.1.1 Market Overview
9.1.2 Low to Mid Field (<1.5T)
9.1.3 High Field (1.5T to 3T)
9.1.4 Very High and Ultra High Field (>4T)
9.2 Asia Pacific Magnetic Resonance Imaging Equipment Market (2017-2023) by End User
9.2.1 Market Overview
9.2.2 Hospitals
9.2.3 Ambulatory Surgical Centres
9.2.4 Diagnostic/Imaging Centres
9.2.5 Others
9.3 Asia Pacific Magnetic Resonance Imaging Equipment Market (2017-2023) by Country
9.3.1 China
9.3.2 Japan
9.3.3 India
9.3.4 ASEAN
9.3.5 Australia
9.3.6 Others
10 Latin America Magnetic Resonance Imaging Equipment Market (2017-2023)
10.1 Latin America Magnetic Resonance Imaging Equipment Market (2017-2023) by Strength
10.1.1 Market Overview
10.1.2 Low to Mid Field (<1.5T)
10.1.3 High Field (1.5T to 3T)
10.1.4 Very High and Ultra High Field (>4T)
10.2 Latin America Magnetic Resonance Imaging Equipment Market (2017-2023) by End User
10.2.1 Market Overview
10.2.2 Hospitals
10.2.3 Ambulatory Surgical Centres
10.2.4 Diagnostic/Imaging Centres
10.2.5 Others
10.3 Latin America Magnetic Resonance Imaging Equipment Market (2017-2023) by Country
10.3.1 Brazil
10.3.2 Argentina
10.3.3 Mexico
10.3.4 Others
11 Middle East and Africa Magnetic Resonance Imaging Equipment Market (2017-2023)
11.1 Middle East and Africa Magnetic Resonance Imaging Equipment Market (2017-2023) by Strength
11.1.1 Market Overview
11.1.2 Low to Mid Field (<1.5T)
11.1.3 High Field (1.5T to 3T)
11.1.4 Very High and Ultra High Field (>4T)
11.2 Middle East and Africa Magnetic Resonance Imaging Equipment Market (2017-2023) by End User
11.2.1 Market Overview
11.2.2 Hospitals
11.2.3 Ambulatory Surgical Centres
11.2.4 Diagnostic/Imaging Centres
11.2.5 Others
11.3 Middle East and Africa Magnetic Resonance Imaging Equipment Market (2017-2023) by Country
11.3.1 Saudi Arabia
11.3.2 United Arab Emirates
11.3.3 Nigeria
11.3.4 South Africa
11.3.5 Others
12 Patent Analysis
12.1 Analysis by Type of Patent
12.2 Analysis by Publication year
12.3 Analysis by Issuing Authority
12.4 Analysis by Patent Age
12.5 Analysis by CPC Analysis
12.6 Analysis by Patent Valuation
12.7 Analysis by Key Players
13 Grants Analysis
13.1 Analysis by year
13.2 Analysis by Amount Awarded
13.3 Analysis by Issuing Authority
13.4 Analysis by Grant Application
13.5 Analysis by Funding Institute
13.6 Analysis by Departments
13.7 Analysis by Recipient Organization
14 Funding Analysis
14.1 Analysis by Funding Instances
14.2 Analysis by Type of Funding
14.3 Analysis by Funding Amount
14.4 Analysis by Leading Players
14.5 Analysis by Leading Investors
14.6 Analysis by Geography
15 Partnership and Collaborations Analysis
15.1 Analysis by Partnership Instances
15.2 Analysis by Type of Partnership
15.3 Analysis by Leading Players
15.4 Analysis by Geography
16 Regulatory Framework
16.1 Regulatory Overview
16.1.1 US FDA
16.1.2 EU EMA
16.1.3 INDIA CDSCO
16.1.4 JAPAN PMDA
16.1.5 Others
17 Supplier Landscape
17.1 General Electric Company
17.1.1 Financial Analysis
17.1.2 Product Portfolio
17.1.3 Demographic Reach and Achievements
17.1.4 Mergers and Acquisitions
17.1.5 Certifications
17.2 Koninklijke Philips N.V.
17.2.1 Financial Analysis
17.2.2 Product Portfolio
17.2.3 Demographic Reach and Achievements
17.2.4 Mergers and Acquisitions
17.2.5 Certifications
17.3 Canon Medical Systems Corporation
17.3.1 Financial Analysis
17.3.2 Product Portfolio
17.3.3 Demographic Reach and Achievements
17.3.4 Mergers and Acquisitions
17.3.5 Certifications
17.4 Siemens Healthineers AG
17.4.1 Financial Analysis
17.4.2 Financial Portfolio
17.4.3 Demographic Reach and Achievements
17.4.4 Mergers and Acquisitions
17.4.5 Certifications
17.5 Fujifilm Corporation
17.5.1 Financial Analysis
17.5.2 Product Portfolio
17.5.3 Demographic Reach and Achievements
17.5.4 Mergers and Acquisitions
17.5.5 Certifications
17.6 Shenzhen Anke High-tech Co., Ltd.
17.6.1 Financial Analysis
17.6.2 Product Portfolio
17.6.3 Demographic Reach and Achievements
17.6.4 Mergers and Acquisitions
17.6.5 Certifications
17.7 Fonar Corporation
17.7.1 Financial Analysis
17.7.2 Product Portfolio
17.7.3 Demographic Reach and Achievements
17.7.4 Mergers and Acquisitions
17.7.5 Certifications
17.8 Philips Healthcare
17.8.1 Financial Analysis
17.8.2 Product Portfolio
17.8.3 Demographic Reach and Achievements
17.8.4 Mergers and Acquisitions
17.8.5 Certifications
17.9 Esaote Spa
17.9.1 Financial Analysis
17.9.2 Product Portfolio
17.9.3 Demographic Reach and Achievements
17.9.4 Mergers and Acquisitions
17.9.5 Certifications
17.10 Sanrad Medical systems Pvt. ltd.
17.10.1 Financial Analysis
17.10.2 Product Portfolio
17.10.3 Demographic Reach and Achievements
17.10.4 Mergers and Acquisitions
17.10.5 Certifications
17.11 Aurora Healthcare
17.11.1 Financial Analysis
17.11.2 Product Portfolio
17.11.3 Demographic Reach and Achievements
17.11.4 Mergers and Acquisitions
17.11.5 Certifications
17.12 Barco N.V.
17.12.1 Financial Analysis
17.12.2 Product Portfolio
17.12.3 Demographic Reach and Achievements
17.12.4 Mergers and Acquisitions
17.12.5 Certifications
17.13 Hitachi, Ltd. (Hitachi Medical Corporation)
17.13.1 Financial Analysis
17.13.2 Product Portfolio
17.13.3 Demographic Reach and Achievements
17.13.4 Mergers and Acquisitions
17.13.5 Certifications
17.14 Mindray Bio-Medical Electronics Co., Ltd.
17.14.1 Financial Analysis
17.14.2 Product Portfolio
17.14.3 Demographic Reach and Achievements
17.14.4 Mergers and Acquisitions
17.14.5 Certifications
17.15 Bruker Corporation
17.15.1 Financial Analysis
17.15.2 Product Portfolio
17.15.3 Demographic Reach and Achievements
17.15.4 Mergers and Acquisitions
17.15.5 Certifications
17.16 Hyperfine
17.16.1 Financial Analysis
17.16.2 Product Portfolio
17.16.3 Demographic Reach and Achievements
17.16.4 Mergers and Acquisitions
17.16.5 Certifications
List not exhaustive
18 Global Magnetic Resonance Imaging Equipment Market - Distribution Model (Additional Insight)
18.1 Overview
18.2 Potential Distributors
18.3 Key Parameters for Distribution Partner Assessment
19 Key Opinion Leaders (KOL) Insights (Additional Insight)
20 Company Competitiveness Analysis (Additional Insight)
20.1 Very Small Companies
20.2 Small Companies
20.3 Mid-Sized Companies
20.4 Large Companies
20.5 Very Large Companies
21 Payment Methods (Additional Insight)
21.1 Government Funded
21.2 Private Insurance
21.3 Out-of-Pocket
*Additional insights provided are customisable as per client requirements.
* The coverage of the Market Landscape section depends on the data availability and may cover a minimum of 80% of the total market. The EMR team strives to make this section as comprehensive as possible.
Key Questions Answered in the Report
The market attained a value of about USD 6.51 billion in 2023 driven by growing prevalence of chronic diseases across the globe.
The market is anticipated to grow at a CAGR of 6.2% during the forecast period of 2024-2032, likely to reach a market value of USD 11.19 billion by 2032.
The market demand is driven by the increasing integration of artificial intelligence and machine learning in the MRI equipment along with a surge in collaborations between companies to offer sustainable and environment friendly solutions.
The growing prevalence for portable and compact MRI systems is a major market trend. In November 2023, Phillips launched BlueSeal MR Mobile unit, the first and only 1.5T fully sealed mobile MRI system with helium free operation. The portable system can be easily placed anywhere as per patient convenience.
Based on types, the market is divided into closed MRI systems and open MRI systems.
Low field, mid field and high field are common strength types available in the market.
Common application areas include musculoskeletal, neurology, cardiology, vascular, abdominal and others.
Major end users include hospitals, ambulatory surgical centres, diagnostic or imaging centres among others.
The major regions of the market include North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is currently leading the global market.
Key players involved in the market are General Electric Company, Koninklijke Philips N.V., Canon Medical Systems Corporation, Siemens Healthineers AG, Fujifilm Corporation, Shenzhen Anke High-tech Co., Ltd., Fonar Corporation, Philips Healthcare, Esaote Spa, Sanrad Medical systems Pvt. ltd., Aurora Healthcare, Barco N.V., Hitachi, Ltd. (Hitachi Medical Corporation), Mindray Bio-Medical Electronics Co., Ltd., Bruker Corporation, and Hyperfine.
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