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MRI Systems Market size to accrue $12 Bn by 2032

  • Published Date: April 14, 2023

Magnetic Resonance Imaging (MRI) Systems Market size is anticipated to reach USD 12 billion in revenue by 2032, according to a new research report by Global Market Insights Inc.

Escalating incidences of chronic disease globally are acting as a major factor driving the magnetic resonance imaging systems industry trends. According to the World Health Organization (WHO), chronic diseases are the leading cause of death worldwide, accounting for 73% of all deaths globally. This rise in chronic disease burden is accelerating the demand for MRI systems to cater to the need for early diagnosis of patients. In the U.S., four out of ten people and six out of ten have three or more chronic conditions.

Efficient results among diverse patients to fuel open MRI systems industry expansion

The open MRI systems market is poised to depict growth at a 5% CAGR between 2023 and 2032. Open MRI systems offer patients a more convenient and less restricting experience than traditional closed MRI machines because of their wide-open architecture, allowing more space and less confinement. Open MRI systems provide greater access to people who are obese or overweight as well as people with impairments, making it a primary choice by professionals.

Advancements in noise cancellation technology to increase high-field strength MRI systems industry share

The deployment of magnetic resonance imaging systems with high field strength is speculated to be worth over USD 4 billion by 2032 as a result of the consistent emphasis on developing MRI systems that are more comfortable and safer for patients in contrast to traditional high-strength systems that produce significant levels of noise and discomfort during scanning. For instance, several manufacturers are creating systems with gentler gradients and acoustic noise reduction technologies such as Siemens Healthineers’ 7T MRI scanners.

Positive inclination of clinical specialists towards MRI systems to push oncology segment progress

Heavy demand for MRI scanners, especially across oncology-based treatments. The MRI systems market size from the oncology segment is primed to amass more than USD 3 billion in revenue by the end of 2032. Brain, liver, breast, and prostate malignancies can be easily detected and localized with MRI technology. Clinical specialists extensively use the vast data of MRI to provide information regarding tumors.

Browse key industry insights spread across 257 pages with 319 market data tables & 19 figures & charts from the report, “MRI Systems Market Size By Architecture (Open System, Closed System), By Application (Oncology, Neurology, Musculoskeletal, Vascular, Gastroenterology, Cardiology), By Field Strength (Low Field Strength, Mid Field Strength, High Field Strength), By End-use (Hospitals, Imaging Centers, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:

Mounting number of specialized centers to augment the uptake of MRI systems in imaging centers

The deployment of magnetic resonance imaging systems in imaging centers is foreseen to rise rapidly and exhibit over 5.5% CAGR from 2023 to 2032. MRI technology can be used to identify a wide range of conditions affecting the brain, spine, joints, abdomen, and other parts of the body. MRI imaging is useful for identifying soft tissues that may not be seen with traditional imaging techniques such as X-rays or CT scans.

As per the Definitive Healthcare platform, there were nearly 18,861 imaging centers across the U.S. as of February 2023. Subsequently, this upsurge in the presence of imaging centers is likely to foster segment development.

Increasing road accidents in developing nations to bolster Asia Pacific industry expansion

The Asia Pacific MRI systems market is projected to surpass USD 2 billion in valuation by the end of 2032. The growing aging population, the surging prevalence of chronic diseases, and improved healthcare infrastructure in the APAC region are contributing to a positive market outlook. Moreover, the escalating incidences of accidents in countries such as India are further speculated to boost regional business value through the forecast period.

Prominent product innovation efforts to remain a key progression strategy

Some key players profiled in the MRI systems industry report include GE Healthcare, Siemens AG, Sanrad Medical Systems Pvt. Ltd., Esaote SpA, Fonar Corporation, and Neusoft Medical Systems Co., among others.

Authors: Rupali Swain, Subodh Kharad