Magnetic Resonance Imaging (MRI) Equipment Market to be Worth USD 12.20 Billion by 2032; Major Player’s Focus on Developing and Launching Technologically Advanced Products Aid Market Expansion

The global magnetic resonance imaging (MRI) equipment market size was valued at USD 7.41 billion in 2023. The market is projected to grow from USD 7.76 billion in 2024 to USD 12.20 billion by 2032, exhibiting a CAGR of 5.8% during the forecast period.

Fortune Business Insights™ presents this information in its report titled, “Magnetic Resonance Imaging (MRI) Equipment Market Size, Share & Industry Analysis, By Strength (Less than 1.5T, 1.5T, and More than 1.5T), By Application (Musculoskeletal, Neurology, Cardiology, Body Imaging, and Others), By End-User (Hospitals & ASCs and Diagnostic Centers), and Regional Forecast, 2024-2032”.

Magnetic resonance imaging (MRI) equipment is a technique used in clinics and hospitals to diagnose and produce detailed images of the body’s insides. This equipment uses strong magnetic fields and radio waves to diagnose the body’s insides. The major market players' robust focus on developing and launching technologically advanced products to meet the surging demand among the patient population and healthcare providers drives market expansion.

The market was hampered amid the COVID-19 pandemic, with the decrease in revenues witnessed by the key players owing to the reduced magnetic resonance imaging (MRI) equipment sales globally.

Siemens Healthineers AG Introduced MAGNETOM Viato.Mobile to Expand its Product Portfolio

In December 2023, Siemens Healthineers AG introduced MAGNETOM Viato.Mobile in Canada. MAGNETOM Viato.Mobile is the company’s latest mobile MRI scanner, which was introduced to expand its product portfolio and brand presence in Canada.

Surging Prevalence of Chronic Conditions to Drive Market Growth

The rising prevalence of chronic conditions, including cancer and neurological disorders, such as Parkinson’s disease, epilepsy, and Alzheimer’s disease, drives the magnetic resonance imaging (MRI) equipment market growth. The surging initiatives by major players, healthcare organizations, and others to raise awareness related to chronic conditions drive the diagnosis rate among the population.

However, the complex infrastructure and varied costs for proper installation and care of the equipment may impede market growth.

Growing Focus of Key Players on R&D Drives Market Expansion

In terms of the competitive landscape, the market for magnetic resonance imaging (MRI) equipment consists of key players, including GE Healthcare, Siemens Healthineers AG, and others. The growing focus of these key players on robust R&D and launching technologically advanced products to strengthen their product portfolio drives market expansion.

Notable Industry Development

• December 2023 – Siemens Healthineers AG announced the launch of MAGNETOM Cima.X, a 3 T MRI system in Canada. MAGNETOM Cima.X offers comprehensive and accurate diagnosis capabilities, transforming patient care and strengthening the company's position in Canada's healthcare market.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/magnetic-resonance-imaging-mri-equipment-market-100087

List of the Companies Profiled in the Report:

• GE Healthcare (U.S.)


• Koninklijke Philips N.V. (Netherlands)


• Siemens Healthineers AG (Germany)


• CANON MEDICAL SYSTEMS CORPORATION (Japan)


• FUJIFILM Corporation (Japan)


• ESAOTE SPA (Italy)


• Time Medical Holding (china)


• SHENZHEN BASDA MEDICAL APPARATUS CO., LTD. (China)


• FONAR Corp. (U.S.)

Further Report Findings:

• Asia Pacific held the dominant magnetic resonance imaging (MRI) equipment market share and was valued at USD 3.37 billion in 2023. The surging adoption of a strong potential patient base, advanced systems, and growing awareness related to advanced diagnostics owing to increasing chronic disease prevalence drives the market growth in Asia Pacific.


• North America is expected to be the second fastest-growing region in the market during the forecast period, owing to the strong presence of key medical imaging companies.


• Europe is expected to grow significantly during the forecast period owing to the surging volume of medical imaging procedures, rising healthcare expenditure, and adoption of technologically advanced systems across Europe.


• The rising development of healthcare infrastructure, including diagnostics systems and a growing number of medical imaging procedures, is expected to witness a steady CAGR in Latin America over the projected period.

Table of Segmentation: