Magnetic Resonance Imaging (MRI) Systems Market Trends, Size, Segment and Growth by Forecast to (2021-2031)

Magnetic Resonance Imaging (MRI) Systems Market

Magnetic Resonance Imaging (MRI) Systems Market Outlook (2024–2031)

The global magnetic resonance imaging (MRI) systems market is projected to grow from US$ 14,168.84 million in 2024 to US$ 20,333.64 million by 2031, registering a CAGR of 5.3% during the forecast period (2025–2031).

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Executive Summary and Global Market Overview

The MRI systems market is experiencing steady growth, primarily driven by the rising prevalence of neurological disorders, cancer, and cardiovascular diseases, all of which require advanced imaging tools for accurate diagnosis and effective treatment planning.

Technological advancements—including the development of high-field MRI systems and the integration of AI-powered image analysis—are significantly enhancing scan speed, diagnostic accuracy, and clinical efficiency. These innovations are expanding the applications of MRI across healthcare settings.

Moreover, increased healthcare investments and the expansion of medical infrastructure in developing countries are improving access to MRI technologies, further supporting market growth. The adoption of artificial intelligence is proving transformative, optimizing image interpretation, streamlining workflows, and opening new opportunities for innovation and efficiency in radiology.

However, the market continues to face cost-related barriers. The high upfront investment, coupled with ongoing maintenance and service expenses, can be prohibitive—particularly for low-resource healthcare settings and smaller facilities.

Despite these challenges, sustained innovation and growing diagnostic demand are expected to drive continued momentum in the MRI systems market throughout the forecast period.

Magnetic Resonance Imaging (MRI) Systems Market Segmentation Analysis

Key segments that contributed to the derivation of the magnetic resonance imaging (MRI) systems market analysis are type, field strength, mobility, application, and end user.

• By type, the magnetic resonance imaging (MRI) systems market is segmented into closed MRI systems and open MRI systems. The closed MRI systems segment dominated the market in 2024.
• By field strength, the magnetic resonance imaging (MRI) systems market is segmented into low-field MRI systems, mid field MRI systems, and high & ultra-high field MRI systems. The mid field MRI systems segment dominated the market in 2024.
• In mobility, the market is segmented into fixed and portable. The fixed segment held the largest share of the market in 2024.
• By application, the magnetic resonance imaging (MRI) systems market is segmented into neurology, oncology, cardiology, orthopedics, gastroenterology, gynecology, and other. The neurology segment dominated the market in 2024.
• By end user, the market is segmented into hospitals, specialty clinics, diagnostics imaging centers, academic & research institutes, and others. The hospitals segment held the largest share of the market in 2024.

Magnetic Resonance Imaging (MRI) Systems Market – Key Drivers and Opportunities

Rising Prevalence of Chronic Diseases
The increasing incidence of chronic illnesses—particularly neurological disorders—continues to drive the global MRI systems market. MRI plays a crucial role in accurately diagnosing and monitoring conditions affecting the brain and spinal cord, offering high-resolution imaging without exposing patients to ionizing radiation. For example, the World Health Organization reported in August 2023 that over 1.8 million people globally are affected by multiple sclerosis. With growing awareness and early detection of neurological conditions, the demand for MRI scans has surged. Furthermore, advances in MRI technology now enable the detection of even minor abnormalities, reinforcing its importance in complex neurological care.

Technological Advancements in MRI Systems
Ongoing technological innovations have significantly enhanced MRI capabilities and clinical value. Notably, high-field MRI systems (such as 3 Tesla and above) offer improved image clarity, enabling the detection of subtle changes, especially in neuroimaging. Faster scan sequences have improved patient throughput and satisfaction. Additionally, the integration of artificial intelligence in MRI systems has transformed image processing by automating routine tasks, minimizing diagnostic errors, and enabling more precise interpretations by radiologists.

The emergence of portable MRI systems has further expanded access, making advanced imaging available in emergency rooms, ICUs, and remote care settings. These advancements have collectively improved diagnostic accuracy, operational efficiency, and the overall versatility of MRI systems.

Market Size and Share Analysis

• By Type: The market is segmented into closed and open MRI systems. In 2024, closed MRI systems led the market due to their higher magnetic field strength and superior imaging capabilities, making them preferable for complex diagnostics in hospitals and advanced centers.
• By Field Strength: MRI systems are classified into low-field, mid-field, and high/ultra-high-field. Mid-field MRI systems (1.5–3T) held the largest market share in 2024, offering a balanced blend of cost-efficiency, performance, and wide clinical application.
• By Mobility: The market includes fixed and portable MRI systems. Fixed MRI systems dominated in 2024, driven by better infrastructure support, high throughput, and suitability for complex, high-field imaging.
• By Application: Major segments include neurology, oncology, cardiology, orthopedics, gastroenterology, gynecology, and others. Neurology emerged as the leading segment in 2024 due to the high demand for detailed imaging in brain and spinal disorders.
• By End User: Segments include hospitals, specialty clinics, ambulatory surgical centers, and diagnostic centers. Hospitals held the largest market share in 2024, attributed to their comprehensive infrastructure, skilled workforce, and high patient volumes across diverse diagnostic applications.

Market leaders and key company profiles

  GE HealthCare

  Siemens Healthineers AG

  FUJIFILM Holdings Corporation

  Canon Inc.

  Koninklijke Philips N.V.

  HYPERFINE, INC.

  Esaote SPA

  Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

Magnetic Resonance Imaging (MRI) Systems Market Report Coverage and Deliverables

The "Magnetic Resonance Imaging (MRI) Systems Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:

• Medical magnetic resonance imaging (MRI) systems market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Medical magnetic resonance imaging (MRI) systems market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed Porter's Five Forces and SWOT analysis
• Medical magnetic resonance imaging (MRI) systems market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the magnetic resonance imaging (MRI) systems market
• Detailed company profiles

The geographical scope of the magnetic resonance imaging (MRI) systems market report is divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. The magnetic resonance imaging (MRI) systems market in Asia Pacific is expected to grow significantly during the forecast period.

The Asia Pacific magnetic resonance imaging (MRI) systems market is segmented into China, Japan, South Korea, India, Australia, New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Taiwan, Bangladesh and Rest of Asia. The market in Asia Pacific is the fastest growing market in the global magnetic resonance imaging market. This is due to developing healthcare infrastructure and rising awareness of sophisticated diagnostic imaging. Increasing neurological disorders and chronic diseases are propelling demand for precise and non-surgical diagnostic tools like MRI. Due to technological advancements (such as the use of high-field MRI systems, the incorporation of Al, etc.) advancement in the diagnostic ability is occurring all over the region. Recently launched government efforts and rising healthcare spending will help to mitigate access to MRI services especially as emerging economies like China and India become more prevalent. As disposable cash increases and the middle class grows, markets across the Asia Pacific regions will expand due to rising urbanization and overall healthcare access. However, roadblocks remain to market growth including high cost and lack of equipment access in rural jurisdictions. Overall the Asia Pacific region provides a large and rapidly modernized patient base for MRI equipment suppliers and manufacturers.

Magnetic Resonance Imaging (MRI) Systems Market News and Key Development:

The magnetic resonance imaging (MRI) systems market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the key developments in the magnetic resonance imaging (MRI) systems market are:

• On May 12, 2025, GE Healthcare unveiled SIGNA Sprint, an ultra-premium wide bore 1.5T high-performance gradient MRI system, at the International Society for Magnetic Resonance in Medicine (ISMRM) 2025.
• On December 5, 2024, GE Healthcare, a US-based multinational medical device manufacturing company, announced the launch of three new advanced deep learning image processing and reconstruction solutions for their Recon DL MRI system. These MRI systems have AI-powered algorithms for enhanced image quality and streamlined workflows.

Key Sources Referred:

• The World Bank
• World Health Organization (WHO)
• Center for Disease Control and Prevention (CDC)
• American Society of Radiologic Technologists
• Society for Magnetic Resonance in Medicine (ISMRM)
• Global Cancer Observatory
• American Academy of Neurology
• World Federation of Neurology
• Medicines and Healthcare Products Regulatory Agency (MHRA)
• Company website
• Accompany annual reports
• Company investor presentations

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Author's Bio
Akshay
Senior Market Research Expert at Business Market Insights