MRI Systems Market To Generate $14,880 Million Revenue by 2030

The global MRI systems market was valued USD 8,924 million in 2022, which is expected to reach USD 14,880 million by 2030, progressing with a CAGR of 6.60% during 2022–2030. The rising prevalence of chronic diseases, surging geriatric population, growing awareness on the early diagnosis of diseases, and technological advancements are the key factors boosting the growth globally.

Demand for Open Variants Growing due to Their Preference among the Obese and Claustrophobic

On the basis of architecture, the MRI market has been categorized into closed and open MRI. Of the two, open variants are expected to witness the faster growth during 2022–2030, registering a CAGR of 8.2% during the forecast period. Since the elderly are often uncomfortable with the idea of undergoing long-duration scanning inside closed scanners, the demand for open variants is expected to be high.

Fixed, High-Field-Strength MRI Systems Are Most Popular

Based on type, the market has been classified into fixed and mobile. In 2022, fixed systems generated significant in the MRI market. This can be mainly attributed to the high adoption of these variants in hospitals and diagnostic centers.

The MRI market has also been categorized into high, very high, low-to-mid, and ultra-high, based on field strength. The high category dominated the segment during the historical period. This can be mainly ascribed to the fact that scanners with a high field strength have a faster imaging capability compared to low-field-strength variants. Thus, the former is primarily used for the scanning of the abdomen and the chest.

MRIs Used Most Widely to Detect Brain, Head, and Neck Issues

Overall, MRI scanners are used in the brain, head, and neck; spine; pelvis and abdomen; breast; musculoskeletal; vascular; cardiac; and other areas. Brain, head, and neck imaging is the largest application of these systems, in terms of both market size and growth. MRI systems are largely used for the scanning of the brain, head, and neck, owing to the increasing number of brain injury cases globally.

Market Is Projected To Witness Fastest Growth in Asia-Pacific (APAC)

During 2022–2030, the market is expected to witness the fastest growth in the APAC region, with a 7.4% CAGR. The demand for these imaging solutions in the region is primarily driven by the improving healthcare infrastructure, increasing prevalence of chronic diseases, and technological advancements in imaging modalities. For instance, according to the Australian Institute of Health and Welfare, about 151,000 new cases of cancer were diagnosed in Australia in 2021, and the number was expected to reach 162,000 by the end of 2022. The surging geriatric population is another key factor driving the growth of the market in the APAC region. According to the World Bank, the share of the elderly in the total population of APAC increased from 8.7% in 2017 to 9.5% in 2021

Market Players Collaborating with Healthcare Firms and Academic Institutes to Offer Advanced Products

Companies operating in the MRI systems industry are collaborating with healthcare firms and academic institutes to offer innovative products. For instance, in February 2022, a medical artificial intelligence company, named PMX, signed a joint development agreement with the Center for MRI Research and Zuckerman Mind Brain Behavior Institute (ZMBBI) at Columbia University to make brain disease diagnoses more effective in the U.S.

PMX aims to develop easily accessible tools for diagnosing and treating dementia. The neurology solutions (BrainOMX) of PMX will utilize technology that was created in collaboration with ZMBBI.

Some of the key players operating in the global MRI systems market are Siemens AG, General Electric Company, Esaote S.p.A., Hitachi Ltd., Fonar Corporation, Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Neusoft Medical Systems Co. Ltd., AURORA HEALTHCARE US CORP., Bruker Corporation, Time Medical Holdings, and Aspect Imaging Ltd.