MRI Systems Market

Market Study on MRI Systems: Market Proliferating on Back of Rising Need for Advanced Diagnostic Imaging Tests

MRI Systems Market Segmented By Open MRI Systems, Closed MRI Systems, Architecture in Hospital, Ambulatory Surgical Centers, Diagnostic Centers, Academic & Research Institutes

  • December-2021
  • PMRREP2982
  • 214 Pages
  • Healthcare

Market Snapshot

The global MRI systems market was valued at US$ 8 Bn in 2020, and is expected to register a CAGR of 6.5% over the forecast period (2021-2031). As per Persistence Market Research’s projections, 1.5T MRI systems and 3T MRI systems, together, hold a substantial 81.5% share in the global market for Magnetic Resonance Imaging (MRI) systems. MRI systems hold nearly 33% share of the overall US$ 24.5 Bn medical imaging market.

MRI Systems Market Size (2020)

US$ 8 Bn

Projected Market Value (2031)

US$ 16.1 Bn

Global Market Growth Rate (2021-2031)

6.5% CAGR

Market Share of Top 5 Countries


Find Out More about the Report Coverage


  • GE Healthcare
  • Koninklijke Philips N.V.,
  • Siemens Healthineers
  • Neusoft Medical Systems
  • Aspect Imaging
  • Canon Medical Systems, Inc.,
  • Hitachi Medical Systems
  • Esaote S.p.A
  • Fonar Corporation
  • AllTech Medical Systems

Demand Analysis of MRI Systems from 2016 to 2020 Vs Market Outlook for 2021 to 2031

Increasing incidence of brain aneurysm and traumatic brain injury, growing demand for non-invasive medical techniques, and increase in product acceptance due to improved warrantees and service plans by product manufacturers are anticipated to drive global demand for MRI systems.

Over the years, there has been an increase in the number of cases of brain aneurysm, which has resulted in increased usage of image diagnosis detection methods such as MRI systems to pinpoint the location, size, type, and other characteristics of the aneurysm.

According to the Foundation of Brain Aneurysm, almost 500,000 deaths worldwide occur due to brain aneurysms. Also, in the United States, around 6.5 million people suffer from unruptured brain aneurysm. This has predominately increased demand for MRI scanners and related equipment.

The global market for MRI systems is expected to register a CAGR of 6.5% during the forecast period (2021-2031).

Customize this Report

Explore Intelligence Tailored to Your Business Goals.

What are the Key Opportunities for Manufacturer in MRI Systems?

Significant investments in product development, manufacturers’ efforts to explore more applications of MRI systems, and rapidly improving healthcare infrastructure in emerging Asian economies present lucrative market opportunities for MRI system providers.

Product launches and approvals have emerged as a key growth strategy adopted by leading MRI system suppliers. Pursuing this growth strategy helps manufacturers in the diagnostic imaging market to strengthen their product portfolios and gain market share through increased MRI system shipments.

The magnetic resonance imaging market is a technological-driven space, which witnesses the development of innovative MRI systems.

  • For instance, Hyperfine (U.S.), in February 2020, received U.S. FDA 510(k) approval for its bedside MRI system. This innovative bedside system is a portable point-of-care MRI device that can be operated using an Apple iPad.
  • Additionally, Hyperfine’s portable MRI device can be moved directly and plugged into normal electrical wall outlets. Moreover, this system is 20X less in cost, utilizes 35X less power, and has 10X less weight.

Market Research Methodology - Perfected through Years of Diligence

A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.

Get actionable insights on Ship Repair And Maintenance Services Market

What are the Factors Restraining Demand for MRI Systems?

The cost of MRI scanners is relatively high as compared to other medical imaging devices. Besides, overall cost of MRI systems also includes the cost of installation, huge space, training and consultation of the operators, and the cost of maintenance.

Besides the fixed costs of these systems, the consumables used for MRI systems along with the software and customized services also account for a large proportion of the overall cost. Thus, high cost of purchase and initial outlay payment while making purchase are limiting MRI systems market growth to some extent.

Apart from this, one of the major concerns for MRI product manufacturers has been product recalls and adverse events such as post-scanning challenges associated with the use of MRI machines in examining brain structures and diagnosing brain disorders.

  • For instance, in 2018, GE Healthcare recalled SIGNA Explorer (1.5 T) and GE SIGNA Creator (1.5 T) MRI systems to address safety concerns under FDA regulations. The system had failure in monitor function, resulting in higher thermal dose to patients.

Such limitations contribute toward declining growth of the magnetic resonance imaging industry.


Explore Persistence Market Research’s expertise in promulgation of the business !

Country-wise Insights

Why is the U.S. a Leading Market for MRI Systems?

Growing burden of neurological and spinal disorders is expected to positively drive magnetic resonance imaging system adoption during 2021-2031.

For instance, an article published on Alzheimer’s in the U.S. estimated that 5.5 million people across age groups are suffering from Alzheimer’s disorders, out of which, 5.3 million are above 65 years of age and 200,000 are the younger population suffering from early onset of the Alzheimer’s disease. Also, spinal disorders such as vertebral osteomyelitis are on the rise.

Thus, owing to high need for advanced imaging modalities for early detection of neurological disorders has led to increased adoption of MRI systems across hospitals, diagnostic centres, and ambulatory surgical centres, which are the major end users of these systems across the U.S.

What Allows Germany to Dominate the Market for MRI Systems in Europe?

Germany dominates the European market for MRI systems with more than 20% market share.

The German market is Europe's largest and capable of embracing revolutionary medical imaging technologies. At the same time, large number of qualified users provides a strong foundation for the advancement of medical imaging technology in the country.

  • German start-up DeepSpin GmbH is developing cost-effective, AI-based, portable MRI machines. With this development, the company aims to ensure the availability and accessibility of these machines globally.

Such developments are expected to propel MRI system unit sales in the German market over the coming years.

How are MRI Equipment Suppliers Targeting the Emerging Market of India?

India is expected to hold nearly 35% of the South Asia market share throughout the forecast period. With strong business prospects in India, MRI equipment companies are focusing on widening their product portfolios by developing MRI systems catering to the requirements of the Indian market in order to enhance patient care.

Moreover, various start-ups are receiving venture capital investments to develop portable MRI machines.

  • For instance, in September 2021, Zoho invested US$ 5 million (~INR 35 crore) in Voxelgrids – an MRI tech start-up based out of Chennai, India. The company is engaged in the manufacturing of 1.5T MRI scanners (comes with imaging software) that are lightweight, portable, and easy to install, operate, and maintain even in remote locations.

Factors such as these are expected to have a positive impact on magnetic resonance imaging system market growth in the country.

Category-wise Insights

Why are 1.5T Strength MRI Systems Hugely Popular across Regions?

By strength type, 1.5T MRI systems hold a high market share of 46.7%, and the segment is set to expand at CAGR of 6.4% through 2031.

In the United States and other key geographies, 1.5T short-bore MRI machines are considered regular technology for MRI scanners. A 1.5T strength MRI machine is faster than a lower strength MRI system and is suitable for abdominal and chest MRI scans.

A 1.5T magnet produces more signal than a 1.2T magnet, and that extra output can be used to run shorter scan durations, minimise any motion distortion, and provide higher-quality images.

Will Open MRI Systems Continue to Account for the Highest Market Share by Architecture?

By architecture type, open MRI systems hold around 57.6% of the market share, and this trend is expected to be continued throughout the forecast period. Open magnetic resonance imaging devices reduce claustrophobia and deliver optimal patient comfort, especially for oversized/obese patients.

Additionally, cryogen-free open MRI systems that use permanent magnets reduce maintenance expenses, proving to be a cost-effective solution. Thus, the aforementioned factors are expected to positively drive demand growth of open MRI systems during the study period.

Impact of COVID-19 Crisis

The COVID-19 pandemic had a negative impact on MRI equipment installation because of policy initiatives to slow down COVID-19 spread, which, in turn, delayed purchases and lead to reconsideration of investment decisions due to widespread financial difficulty.

Furthermore, shifting government policies and quarantine restrictions made it impossible for freight service operators to keep freight moving smoothly. Also, massive disruption in the global supply chain had an adverse impact on the running of the market.

However, as the situations eases, and due to ongoing developments and introduction of new MRI systems, the industry will be able to deliver considerable growth prospects in the post-pandemic phase.

Competitive Landscape

The global MRI devices market is marked by the presence of established as well as emerging market players. These players are making significant research & development, as a result of which, there are continuous new product launches and approvals. Availability of advanced MRI products will further strengthen their market presence.

  • Hitachi Medical Systems, in March 2021, launched two permanent open MRI systems at the European Congress of Radiology.
  • In November 2020, Siemens Healthineers introduced Magetom Free.Max with a field strength of 0.55T, which broadens the range of clinical applications for MRI systems. This system comes with improved pulmonary imaging with MRI and allows the accurate scanning of patients with implants.
  • Philips Healthcare, in March 2018, introduced the 3Tesla MRI Scanner called Ingenia Eliton 3.0T. This system offers 50% reduction in scanning time along with improved image scanning.

Similarly, recent developments by MRI device manufacturers have been tracked by the team at Persistence Market Research, which are available in the full report.

MRI Systems Industry Report Scope



Forecast Period


Historical Data Available for


Market Analysis

  • US$ Mn for Value
  • Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • The Middle East & Africa

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Argentina
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Poland
  • China
  • Japan
  • India
  • Australia
  • New Zealand
  • GCC Countries
  • South Africa

Key Market Segments Covered

  • Strength Type
  • Architecture Type
  • End User
  • Region

Key Companies Profiled

  • Siemens Healthineers
  • GE Healthcare
  • Neusoft Medical Systems, Inc.
  • Aspect Imaging
  • Canon Medical Systems, Inc.
  • Hitachi Medical Systems
  • AllTech Medical Systems
  • Koninklijke Philips N.V.
  • Fonar


Available upon Request

Key Segments Covered in MRI Systems Industry Research

By Strength Type

  • <0.5T MRI Systems
  • 1.5T MRI Systems
  • 3T MRI Systems
  • >3T MRI Systems

By Architecture Type

  • Open MRI Systems
  • Closed MRI Systems

By End User

  • MRI Systems for Hospitals
  • MRI Systems for Ambulatory Surgical Centres
  • MRI Systems for Diagnostic Centres
  • MRI Systems for Academic & Research Institutes

- FAQs -

The global MRI systems market is worth US$ 8.6 Bn at present, and is set to expand 1.9X over the next ten years.

The market for MRI systems is expected to top US$ 16 Bn by 2031, while expanding at a CAGR of 6.5%.

From 2016-2020, MRI system sales increased at 4.4% CAGR.

Technological advancements, continuous product development & new launches, and increasing consolidation among industry players are some of the key trends being witnessed in this marketplace.

The U.S., Germany, China, Japan, and India are expected to drive most of the demand for MRI equipment and devices.

North America is one of the key markets for MRI systems, with the U.S. expected to account for nearly 97.8% share of the North American market.

Demand of MRI systems in Europe is expected to register a growth rate of 5.5% during the forecast period.

Demand for MRI systems is expected to around 7.9% CAGR through 2031 in East Asia.

The market in Japan is projected to expand at a CAGR of 5.2%, while that in South Korea at 5.1% from 2021-2031.


Peripheral Iv Catheter Market

High incidence of needlestick injuries is persuading healthcare professionals to use drug delivery devices that reduce such a risk and increase patient comfort. Thus, rise in needlestick injuries is promoting the use of safer devices, thereby surging the growth of the peripheral intravenous catheters market..

Aneurysm Clips Market

Global aneurysm clips market at a sluggish rate of 1.7% during 2018–2028. Global revenue is slated to reach US$ 21.5 Mn by the end of 2018..

Neurovascular Embolization Devices Market

The report on neurovascular embolization devices market further projects significant growth potential with average year-on-year growth rate estimated at 4.4% through 2028..

Cervical Total Disc Replacement Market

Discover Cervical Total Disc Replacement (CTDR) Market size, share, revenue, CAGR, valuation, growth demand, competitive landscape, top manufacturer & projections.

Our Clients

Our Clients