MRI Systems Market worth US$9.01 billion by 2030 with 6.5% CAGR | MarketsandMarkets™
The global MRI Systems Market, valued at US$6.15 billion in 2024, is forecasted to grow at a robust CAGR of 6.5%, reaching US$6.56 billion in 2025 and an impressive US$9.01 billion by 2030. The market for MRI systems is expected to grow significantly due to the rising burden of diseases, particularly neurological and musculoskeletal conditions, which are projected to increase in the coming years. The growing aging population, along with the increasing prevalence of chronic diseases like cancer, is likely to raise the demand for MRI systems worldwide. Additionally, regulatory support in the form of encouragement for innovations and more favourable reimbursement policies will contribute to the growth of the MRI systems market.
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By Based on field strength, The global MRI systems market is categorized based on field strength into three segments: low-to-mid-field, high & very-high-field, and ultra-high-field MRI systems. The ultra-high-field sector is projected to experience the highest CAGR during the forecast period. Ultra-high-field MRI systems offer a superior signal-to-noise ratio (SNR), which translates into higher-resolution imaging and enhanced contrast. This high sensitivity facilitates an improved visualization of intricate details and pathologies, particularly in neuroimaging applications. As radiologists and healthcare providers increasingly prioritize MRI systems that deliver optimal SNR performance, the demand for ultra-high-field systems is accelerating, positioning it for robust growth.
By on application, the MRI systems market is segmented into brain & neurological MRI, spine & musculoskeletal MRI, pelvic & abdominal MRI, vascular MRI, breast MRI, cardiac MRI, and other applications. The brain & neurological MRI segment accounted for the largest share of the market in 2024 and is also expected to grow at the highest CAGR during the forecast period. The increasing prevalence of neurological disorders—such as stroke, dementia, Parkinson’s disease, and epilepsy—correlates with the significantly growing aging population. These conditions necessitate MRI procedures for precise diagnosis, which is expected to escalate the demand for MRI scans and consequently expand the MRI systems market. The other factors that propel market growth include the introduction of advanced software solutions and the rising integration of high-performance imaging instruments in clinical settings, which also help in segment growth. The advanced software and high-performance imaging instruments ensure.
By end user, the global MRI systems market is categorized according to its end users, which primarily include hospitals, diagnostic imaging centres, and other miscellaneous entities within the healthcare sector. Among these segments, hospitals are projected to dominate the market, holding the largest share in 2024. This trend can be attributed to several factors, including the ongoing expansion of hospital infrastructure, which is designed to accommodate the growing demand for advanced medical imaging technologies. Additionally, hospitals are increasingly equipped with the financial resources necessary to invest in state-of-the-art MRI systems. This financial capability allows them to enhance their diagnostic capabilities and improve patient care, leading to significant growth in the hospital segment of the MRI market. With advancements in technology and increasing patient volumes, this segment is expected to experience robust development in the coming years.
By geography, North America accounted for the largest share of the market in 2024. The growth of this region is characterized by extensive technological innovations supported by a well-established healthcare infrastructure. It is home to key players in the manufacturing and distribution of MRI systems. In the last five years, major developments, expansions, and deals have taken place here. Positive macroeconomic indicators, such as favourable funding scenarios for startups, manufacturing-friendly regulatory frameworks, and strong healthcare spending, have indirectly supported market growth. These factors have contributed to North America acquiring a significant share of the MRI systems market.
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The key players profiled in the MRI systems market are Siemens Healthineers (Germany), GE HealthCare (US), Koninklijke Philips N.V. (Netherlands), FUJIFILM Corporation (Japan), Canon Inc. (Japan), Fonar Corporation (US), Esaote S.p.A (Italy), Shanghai United Imaging Healthcare Co., Ltd (China), Aspect Imaging Ltd. (US), and Time Medical Holding (Hong Kong).
Siemens Healthineers (Germany):
Siemens is a leading player in the MRI systems market and is known for its strong portfolio of imaging products. The company operates R&D facilities in Germany, the US, China, and India. Siemens provides diverse products and services, including point-of-care diagnostics, laboratory testing, diagnostic and therapeutic screening, and molecular medicine. With a broad geographic presence, Siemens has a direct footprint in over 70 countries across Europe, the Americas, Asia, Oceania, Africa, and the Middle East. Its primary manufacturing sites are in the US, Germany, and China. The company continually invests in R&D to develop innovative and technologically advanced products. Siemens distributes its products in over 180 countries through various distributors and sales channels.
GE HealthCare (US):
GE HealthCare is headquartered in Illinois, US. The company provides a comprehensive range of products in medical imaging and information technologies, medical diagnostics, disease research, biopharmaceutical manufacturing, drug discovery, and related technologies. Its medical diagnostics and medical imaging portfolio includes various diagnostic solutions, such as molecular imaging, ultrasound, and magnetic resonance imaging technologies. GE HealthCare has a strong global presence, operating in over 140 countries across North America, South America, Europe, the Middle East, the Asia Pacific, and Africa. The company has employed inorganic growth strategies, including acquisitions, to enhance its market position.
Koninklijke Philips N.V. (Netherlands)
Philips is a leader in magnetic resonance imaging, patient monitoring, image-guided therapy, and health informatics. Through its Diagnosis & Treatment segment, Philips offers solutions in diagnostic imaging, image-guided therapy, and ultrasound. The company’s strategy emphasizes product launches and collaborations to enhance its market share. Primarily, Philips pursues inorganic growth strategies, such as agreements and partnerships, to establish a strong position in the imaging market. The company has also invested significantly in research and development for product advancement. Philips operates globally, with 93 production sites in 25 countries and a sales and service network extending to over 100 countries. Key subsidiaries include Philips Medical Systems in Belgium and Philips Electronics India Limited.
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