Staff report
The global magnetic resonance imaging market size was estimated at $6.64 billion in 2023 and is anticipated to grow at a compound annual growth rate (CAGR) of 6.5% over the forecast period, according to Grand View Research.
Magnetic resonance imaging (MRI) is a highly effective diagnostic tool for identifying conditions associated with spinal lesions, tumors, as well as strokes affecting blood vessels and the brain. The increasing prevalence of these diseases is expected to play an important role in the market growth. For instance, according to the National Center for Health Statistics, in 2023, almost 1,958,310 new cancer cases and 609,820 cancer deaths are estimated to occur in the U.S. In addition, the growing demand for quick and effective diagnostic procedures is expected to contribute to the adoption of MRI machines. Various countries are installing these machines.
“As per OECD, in 2021, the number of MRI units installed in the U.S. was 38 per million population. Constant technological advancements, such as the integration of artificial intelligence (AI) in MRI, are further expected to contribute to the overall market growth,” the Grand View Research website states. “For instance, in August 2023, FUJIFILM Healthcare Americas Corporation received U.S. FDA clearance for its 1.5 Tesla MRI system, the ECHELON Synergy. The system utilizes Synergy DLR, a technology developed by Fujifilm that leverages artificial intelligence (AI) for Deep Learning Reconstruction (DLR). This technology enhances image sharpness and accelerates scanning, resulting in improved throughput, image quality, and patient satisfaction. Most of the recent advancements in MRI technology have primarily focused on software improvements.”
“Furthermore, the introduction of MRI systems that are compatible with cardiac pacemakers is anticipated to drive market expansion within the cardiology segment,” it adds. “MRI manufacturers have continued to innovate with newer technology and AI-based solutions. This helped radiologists to effectively and efficiently understand COVID-19-related diseases and residual symptoms. Magnetic resonance imaging is expected to play a crucial role, as clinicians monitor patient recovery and look for the underlying reasons for long-term COVID-19 symptoms. Despite the growing need for MRI machines in the diagnosis of COVID-19, the reduction in diagnostic screening (a decline of 47.5% was observed in 2020 compared to 2019) hampered the market growth in 2020.”
The MRI Market size was valued at $6.9 billion in 2022 and is anticipated to reach $12.8 billion by 2032, according to DataHorizzon Research.
“The market growth of magnetic resonance imaging (MRI) is driven by the high prevalence of chronic diseases and increasing demand for diagnostic services. MRI’s ability to detect early conditions like cardiovascular and orthopedic ailments helps improve treatment outcomes, thus accelerating its global adoption and market expansion,” DataHorizzon Research states.
“The MRI market is experiencing growth due to a rise in the number of aging individuals susceptible to certain medical conditions. The early detection of such ailments and increased awareness amongst the public, coupled with the introduction of MRI-compatible pacemakers and government initiatives to enhance access to quality health care facilities, are expected to drive the expansion of the market,” DataHorizzon Research adds.
Mordor Intelligence reports that the magnetic resonance imaging market size is estimated at $9.58 billion in 2024, and is expected to reach $12.88 billion by 2029, growing at a CAGR of 6.10% during the forecast period (2024-2029).
Transparency Market Research projects that the overall sales revenue for magnetic resonance imaging is estimated to reach $10.6 billion by the end of 2031.
