Global Magnetic Resonance Imaging Equipment Market Report and Forecast 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