Press Release   -

Global MRI Market Accelerates as Key Players Invest in High-Field Systems and Precision Imaging Technologies

The global MRI (Magnetic Resonance Imaging) Market is set to experience steady growth over the coming decade as healthcare providers worldwide adopt advanced diagnostic imaging solutions to meet rising demand for non-invasive, radiation-free imaging. According to the latest research from Vantage Market Research, the market is estimated at USD 8.15 billion in 2024 and is forecast to reach USD 12.725 billion by 2035, expanding at a CAGR of 4.15 % from 2025 to 2035. This press release outlines the key takeaways, detailed market summary, segmentation insights, regional trends, major company activities, recent developments, market dynamics, and report scope.

Key Takeaways

1. In 2024, the MRI market size is estimated at USD 8.15 billion.
2. The market is projected to grow to USD 12.725 billion by 2035, with a CAGR of 4.15% (2025-2035).
3. Growth is driven by rising prevalence of chronic diseases (neurological, oncological, musculoskeletal), favourable reimbursement policies in developed markets, technological advancements (higher field strengths, AI integration), and increasing imaging infrastructure investments in emerging markets.
4. The market remains concentrated among a few global players, with strong competition and continuous innovation in system architecture, field strength, and end-user delivery models.
5. Key opportunities exist in developing markets (Asia Pacific, Latin America, MEA), in adjunct applications (e.g., hybrid PET/MR, MRI-guided interventions), and in low/ultra-low field MRI systems that reduce cost and infrastructure burden.

Key Market Trends & Insights

The MRI market is evolving under multiple converging trends. First, the rise in chronic diseases (including cancer, neurological disorders, cardiovascular and musculoskeletal conditions) fuels demand for advanced imaging modalities. According to Vantage, MRI usage is increasing alongside the global burden of chronic illness. Second, there is a strong push for non-ionising diagnostic modalities; MRI fulfils this need as a radiation‐free imaging option with high soft tissue contrast. Third, advances in AI and automation are shortening scan times, improving workflow efficiency, and reducing the total cost of ownership, which enhances market adoption. Fourth, the growth of emerging markets, especially in Asia Pacific, is creating new opportunities as healthcare infrastructure expands.

Market Size & Forecast

Based on Vantage Market Research data, the global MRI market is estimated at USD 8.15 billion in 2024 and is expected to grow to USD 12.725 billion by 2035, representing a CAGR of approximately 4.15% over the 2025-2035 period. This forecast takes into account the base year of 2024 and incorporates factors such as rising imaging demand, moderate price erosion, wider adoption of MRI systems globally, and incremental upgrades of installed base.

The MRI market is moderately concentrated, dominated by a handful of major global vendors who control system architecture, brand recognition, installed base support and global distribution. These include names such as Siemens Healthineers, GE HealthCare, Philips Healthcare, Canon Medical Systems Corporation, and others. Characteristics of the market include: high system cost, long sales cycles (often 6–12 months or more from order to installation), dependency on hospital or imaging centre budgets, regulatory and reimbursement frameworks varying by region, and growing importance of service contracts, training and operator efficiency.

Architecture Insights

The MRI market is primarily segmented into open MRI systems and closed MRI systems. Closed MRI systems dominate due to their higher magnetic field strengths, superior image resolution, and wide adoption across hospitals and diagnostic centers. Open MRI systems, with their patient-friendly design, are gaining traction among claustrophobic and pediatric patients, as well as in outpatient settings. The trend toward compact, helium-free, and portable architectures is further enhancing accessibility, especially in cost-sensitive and infrastructure-limited healthcare environments.

Field Strength Insights

MRI systems are categorized into low-to-mid field (<1.5 T), high field (1.5–3 T), very high field (4–5 T), and ultra-high field (>6 T). High-field systems remain the industry standard, balancing diagnostic accuracy with operational efficiency. Very high and ultra-high field MRI scanners are expanding in academic and research institutions for advanced neuro and musculoskeletal imaging. Meanwhile, low-field and emerging ultra-low-field systems are attracting attention in developing regions due to affordability, lower helium dependency, and easier site installation.

Application Insights

MRI applications cover neurology, musculoskeletal (MSK)/spine, cardiovascular, abdominal & prostate, head & neck, orthopaedic, and others. Neurology represents the largest segment, owing to the growing incidence of brain and spinal disorders and increasing demand for neuroimaging. Musculoskeletal and orthopaedic applications show consistent adoption driven by sports injuries, arthritis, and ageing populations. Cardiovascular and abdominal MRI usage is expanding for early cancer and cardiac disease detection. The versatility of MRI across soft-tissue and functional imaging underpins its broad clinical utility.

Regional Insights

North America MRI Market Trends

In North America, the MRI market leads globally thanks to high healthcare expenditure, well-established imaging infrastructure, broad reimbursement coverage and rapid uptake of advanced diagnostic systems. According to Vantage, North America is the largest region for MRI. Hospitals increasingly adopt high field MRI (3T and above) and hybrid modalities. The region sees early roll-out of AI workflows, sustainability-oriented systems (e.g., helium-free), and vendor-service models. While volume growth may moderate in mature segments, renovation of installed base and upgrades drive revenue.

Europe MRI Market Trends

Europe shows moderate growth driven by ageing population, increasing chronic disease burden and expanding imaging infrastructure in Eastern Europe. While Western Europe is relatively mature, opportunities lie in replacement of older scanners with next-gen systems, adoption of AI/automation and expansion of outpatient imaging centres. Reimbursement environments are more constrained, and the heterogeneous regulatory & reimbursement landscape across countries influences uptake. Sustainability and energy efficiency also shape procurement decisions across Europe.

Asia Pacific MRI Market Trends

Asia Pacific is the fastest-growing region in the MRI market, as flagged by Vantage. Growth is driven by rising healthcare investment, expanding private imaging centres, government commitments to health infrastructure, increasing incidence of chronic diseases and expanding middle-class healthcare demand. Countries such as China, India, Southeast Asia and others present substantial potential for MRI adoption. However, infrastructure constraints (power, cooling, skilled operators) and cost sensitivity influence vendor strategies, with emergence of low/ultra-low field MRI and lower cost models.

Latin America MRI Market Trends

Latin America presents moderate growth opportunity as imaging access expands and private healthcare gains share. MRI adoption lags mature markets but is rising as capital equipment affordability improves and diagnostic demand increases. Key drivers include rising chronic disease burden and government healthcare spending. However, reimbursement delays, lower imaging density and infrastructure challenges (siting, cooling, service) remain limiting factors.

Middle East & Africa MRI Market Trends

The Middle East & Africa region is at a nascent stage worldwide in MRI adoption but presents emerging opportunity. Growth is underpinned by expansion of private healthcare facilities, investment in diagnostic centres, and government initiatives to upgrade imaging infrastructure. Challenges include limited reimbursement models, shortage of trained personnel, import tariffs, and power/infrastructure constraints. Nevertheless, installation of compact MRI systems and public-private partnerships are unlocking growth.

Top Key Players MRI Market

1. Siemens Healthineers
2. GE HealthCare
3. Philips Healthcare
4. Canon Medical Systems Corporation
5. Esaote S.p.A.
6. Bruker Corporation
7. Neusoft Medical Systems Co., Ltd.
8. Fonar Corporation

These companies are investing heavily in system innovation, AI integration, field strength upgrades, service/support models, and global expansion.

Recent Developments

1. In February 2024, Siemens Healthineers introduced its new “Magnetom Flow” 1.5 T platform with a closed helium circuit, no quench pipe, AI-based image reconstruction and compact footprint – aimed at improved sustainability and workflow efficiency.
2. In December 2024, Siemens Healthineers and Profound Medical Corp. announced a co-sales and co-marketing agreement to commercialise a new MRI-guided prostate therapy solution combining Profound’s TULSA-PRO system and Siemens’ Magnetom Free.Max scanner.
3. In May 2025, Siemens Healthineers showcased the “Magnetom Flow RT Pro Edition” for MRI in radiation therapy locations, featuring helium-independent cooling, AI-powered reconstruction and placement near linear accelerators.

Market Scope

The Global MRI Market Report by Vantage Market Research provides an in-depth analysis of market size, forecasts, trends, and competitive landscape from 2024 to 2035. It covers segmentation by Architecture (Open and Closed MRI), Field Strength (Low to Ultra-High Field), and Application (Neurology, Musculoskeletal, Cardiovascular, and Others) across major regions North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The report also evaluates key drivers, restraints, opportunities, and technological advancements shaping the MRI industry.

Market Dynamics

Driver

A primary growth driver is the rising prevalence of chronic and neurological disorders globally, increasing demand for advanced diagnostic imaging techniques such as MRI. As noted by Vantage, MRI is increasingly used for early-stage diagnoses and planning of treatments in diseases such as cancer and neurological conditions.

Restraint

One significant restraint is the high cost of MRI systems (capital investment, installation, maintenance), which limits adoption in smaller hospitals and in emerging markets. The need for infrastructure (power, cooling, site planning) and trained operators also constrains growth.

Opportunity

There is a notable opportunity in emerging markets (Asia Pacific, Latin America, MEA) where imaging density is low, and private healthcare expansion is rapid. Additionally, growth in hybrid imaging (e.g., PET/MR), MRI-guided therapy, ultra-low field MRI systems, and AI/automation offer new value propositions.

Challenges

Key challenges include reimbursement restrictions, long replacement cycles of installed base, competition from other imaging modalities (CT, ultrasound), and supply‐chain constraints (e.g., helium availability, magnet materials). Ensuring system uptime and service support in remote regions also remains an operational challenge.

Market Segmentation

1. By Architecture/Type: Open MRI, Closed MRI systems
2. By Field Strength: Low Field Strength, Mid Field Strength, High Field Strength
3. By Application: Obstructive Sleep Apnea (OSA), Brain and neurological, Spine and musculoskeletal, Vascular, Abdominal, Cardiac, Breast, Others
4. By End-User: Hospitals, Imaging centers, Ambulatory Surgical Centers, Others
5. By Region: North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Frequently Asked Questions

Q1. What was the global MRI market size in 2024?

A1. According to Vantage Market Research, the global MRI market size in 2024 is estimated at USD 8.15 billion.

Q2. What is the expected market size by 2035 and what is the CAGR?

A2. The market is projected to reach USD 12.725 billion by 2035, growing at a CAGR of approximately 4.15% during the period from 2025 to 2035.

Q3. Which region leads the MRI market?

A3. North America is identified as the largest region in the global MRI market according to the Vantage report.

Q4. Who are the key players in the MRI market?

A4. Key players include Siemens Healthineers, GE HealthCare, Philips Healthcare, Canon Medical Systems, Esaote, Bruker, Neusoft, Fonar, among others.

Q5. What are the major growth drivers?

A5. The major growth drivers are rising prevalence of chronic diseases, need for non-invasive imaging, technological innovations (AI, automation, hybrid systems), and expanding adoption in emerging markets.