What Is Driving the Growth of the Magnetic Resonance Imaging Equipment Market?

The Magnetic Resonance Imaging Equipment Market is expanding steadily due to the rising prevalence of chronic diseases, increasing demand for early diagnosis, and advancements in imaging technologies. In 2025, the global market was valued at USD 6.91 Billion and is projected to grow at a CAGR of 6.20% from 2026 to 2035, reaching approximately USD 12.61 Billion by 2035.

Magnetic Resonance Imaging (MRI) is a non-invasive diagnostic tool widely used to visualize soft tissues, organs, and internal structures without radiation exposure. The growing burden of neurological disorders, musculoskeletal conditions, cardiovascular diseases, and cancer has significantly boosted the demand for MRI systems worldwide.

Additionally, technological innovations such as AI-assisted imaging, portable MRI systems, and high-field strength machines are reshaping the competitive landscape.

Why Is the Magnetic Resonance Imaging Equipment Market Growing Globally?

The Magnetic Resonance Imaging Equipment Market is growing due to several interrelated factors:

  • Increasing aging population

  • Rising cases of cancer and cardiovascular diseases

  • Growing preference for non-invasive diagnostic procedures

  • Expanding healthcare infrastructure in emerging economies

  • Technological advancements improving image quality and scan speed

MRI systems are considered the gold standard for diagnosing complex neurological and musculoskeletal disorders. Hospitals and imaging centers continue to upgrade their systems to improve diagnostic accuracy and workflow efficiency.

What Is Magnetic Resonance Imaging (MRI) Equipment?

MRI equipment uses strong magnetic fields and radio waves to generate detailed images of internal body structures. Unlike CT scans or X-rays, MRI does not use ionizing radiation, making it safer for repeated imaging.

Modern MRI systems are equipped with:

  • Advanced gradient coils

  • High-performance magnets

  • AI-powered image reconstruction software

  • Enhanced patient comfort designs

The technology is continuously evolving to deliver faster scans, improved resolution, and better patient experience.

Market Size and Forecast (2026–2035)

The market was valued at USD 6.91 Billion in 2025. With a projected CAGR of 6.20%, it is expected to reach USD 12.61 Billion by 2035.

The growth trajectory is supported by:

  • Rising diagnostic imaging demand

  • Increasing hospital investments in advanced equipment

  • Growing medical tourism

  • Integration of AI and cloud-based imaging platforms

Emerging markets in Asia Pacific and Latin America are expected to significantly contribute to future revenue growth.

Market Breakup by Strength

Low to Mid Field (<1.5T)

These systems are cost-effective and suitable for basic imaging needs. They are widely used in small clinics and diagnostic centers.

High Field (1.5T to 3T)

High-field MRI systems dominate the market due to superior image quality and faster scan times. They are commonly used in hospitals for complex neurological and cardiac imaging.

Very High and Ultra High Field (>4T)

These advanced systems provide exceptional image resolution and are primarily used in research institutions and specialized centers.

The 1.5T to 3T segment accounts for the largest market share due to its balance between performance and cost.

Market Breakup by Architecture

Closed MRI Systems

Closed MRI systems are the most common type, offering high magnetic strength and detailed imaging. However, they may cause discomfort for claustrophobic patients.

Wide-bore MRI Systems

Wide-bore systems offer improved patient comfort while maintaining high image quality. They are gaining popularity in hospitals.

Open MRI Systems

Open MRI systems are ideal for pediatric, obese, or claustrophobic patients. Although they generally operate at lower magnetic strengths, technological improvements are enhancing their performance.

Closed MRI systems currently dominate due to higher diagnostic precision.

Market Breakup by Application

Musculoskeletal

MRI is widely used to diagnose joint injuries, ligament tears, and spinal disorders.

Neurology

One of the largest application segments. MRI is essential for diagnosing stroke, brain tumors, epilepsy, and multiple sclerosis.

Cardiology

Cardiac MRI helps assess heart structure, function, and congenital defects.

Vascular

Used for detecting aneurysms and vascular abnormalities.

Gastroenterology

Assists in evaluating liver, pancreas, and abdominal disorders.

Oncology

Plays a critical role in cancer detection, staging, and treatment monitoring.

Neurology and oncology represent the fastest-growing application segments due to rising disease prevalence.

Market Breakup by End User

Hospitals

Hospitals account for the largest share due to high patient inflow and access to capital investments.

Ambulatory Surgical Centres

These centers increasingly adopt compact MRI systems for outpatient procedures.

Diagnostic/Imaging Centres

Independent imaging centers are expanding, especially in urban regions.

Others

Includes research institutions and specialty clinics.

Hospitals remain the dominant end-user segment globally.

Regional Insights

North America

North America leads the market due to advanced healthcare systems, high healthcare expenditure, and strong adoption of innovative imaging technologies.

Europe

Europe maintains a significant share supported by government-funded healthcare and technological advancements.

Asia Pacific

Asia Pacific is the fastest-growing region, driven by expanding healthcare infrastructure, rising chronic disease burden, and increasing investments in diagnostic facilities.

Latin America

Gradual growth supported by improving access to imaging services.

Middle East and Africa

Market growth is fueled by healthcare modernization and medical tourism initiatives.

Competitive Landscape

The MRI equipment market is highly competitive, with global players investing heavily in R&D and technological innovation.

Key companies include:

  • General Electric Company

  • Koninklijke Philips N.V.

  • Canon Medical Systems Corporation

  • Siemens Healthineers AG

  • Fujifilm Corporation

  • Shenzhen Anke High-tech Co., Ltd.

  • Fonar Corporation

  • Esaote Spa

  • Hitachi, Ltd.

  • Mindray Bio-Medical Electronics Co., Ltd.

  • Bruker Corporation

  • Hyperfine

These companies focus on innovation in high-field MRI systems, portable imaging devices, AI integration, and workflow optimization.

Key Market Drivers

  • Rising global prevalence of chronic diseases

  • Growing demand for early and accurate diagnosis

  • Increasing healthcare expenditure

  • Technological advancements in imaging

  • Expanding medical tourism

Market Challenges

  • High installation and maintenance costs

  • Requirement for skilled technicians

  • Limited access in low-income regions

  • Reimbursement limitations in certain countries

Despite these challenges, continued innovation and expanding healthcare infrastructure will support sustained growth.

Future Outlook and Opportunities

The future of the magnetic resonance imaging equipment market includes:

  • AI-powered image analysis

  • Portable and low-cost MRI systems

  • Faster scanning technologies

  • Cloud-based image storage and tele-radiology integration

As healthcare systems prioritize precision diagnostics and patient-centered care, MRI equipment demand is expected to remain strong through 2035.

FAQs

1. What is the current size of the Magnetic Resonance Imaging Equipment Market?

The Magnetic Resonance Imaging Equipment Market was valued at USD 6.91 Billion in 2025 and is projected to reach USD 12.61 Billion by 2035, growing at a CAGR of 6.20%.

2. What factors are driving the Magnetic Resonance Imaging Equipment Market growth?

Growth is driven by increasing chronic disease prevalence, rising diagnostic imaging demand, technological advancements, and expanding healthcare infrastructure.

3. Which MRI field strength segment dominates the market?

High-field MRI systems (1.5T to 3T) dominate due to superior image quality and widespread clinical adoption.

4. Which region leads the global MRI equipment market?

North America currently leads due to advanced medical infrastructure, high healthcare spending, and early technology adoption.

5. What is the future outlook for the MRI equipment market?

The market is expected to grow steadily through 2035, driven by AI integration, portable MRI innovations, and expanding diagnostic imaging needs worldwide.