MRI Systems Market Size, Share, Trends and Revenue | Siemens Healthineers (Germany), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands)

MRI Systems Market in terms of revenue was estimated to be worth $5.2 billion in 2023 and is poised to reach $6.6 billion by 2028, growing at a CAGR of 5.0% from 2023 to 2028 according to a new report by MarketsandMarkets. The major factors driving the growth of this market include the launch of technologically advanced products by the key players and rising demand for early diagnosis. Recent technological advancements support improved sensitivity and high image quality. These systems helps with early detection of any complications and are expected to witness the rise in adoption in the coming years.

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Ultra-high-field MRI systems segment to register significant growth rate over the forecast period of 2023-2028.

Based on the field strength, the global MRI systems market is segmented into low-to-mid-field MRI systems, high & very-high-field MRI systems, and ultra-high-field MRI systems. The ultra-high-field MRI systems segment is anticipated to register the highest growth rate over the forecast period. The high & very-high-field MRI systems segment accounted for the highest share of the MRI systems market in 2022.

Brain & neurological MRI application segment accounted for the largest share of the MRI systems market, by application in 2022.

Based on application, the MRI systems market is segmented into brain and neurological MRI, spine and musculoskeletal MRI, pelvic and abdominal MRI, vascular MRI, breast MRI, cardiac MRI, and other applications. The brain and neurological MRI segment accounted for the largest share of the market in 2022 and is also expected to grow at the highest CAGR during the forecast period.

Factors such as the availability of novel software and rising adoption of high-end instruments in end user facilities drive the growth of the market.

The hospitals segment accounted for the largest share of the MRI systems market, by end user, in 2022

Based on end user, the global MRI systems market is segmented into hospitals, diagnostic imaging centers, and other end users. The hospitals segment accounted for the largest share of the market in 2022. Consistent rise in the number of hospitals and rising old-age population are driving the growth of this segment.

The Asia Pacific market to register the highest growth in the market during the forecast period

The Asia Pacific MRI systems market is anticipated to register the highest growth from 2023 to 2028. The key players of MRI systems market are focusing on expanding their footprint in the APAC region. This region is witnessing a significant rise in the adoption of MRI systems by different end user facilities in the region. Improvements in healthcare systems and government initiatives for increasing the awareness and utilization of MR imaging are offering significant growth opportunities for the key players.

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MRI Systems Market Dynamics:

Drivers:

Growing geriatric population and subsequent rise in the associated diseases

Restraints:

High cost of MRI systems

Opportunities:

Growth opportunities in emerging countries

Challenge:

Shortage of trained professionals

Key Market Players of MRI Systems Industry:

As of 2022, prominent players in the MRI systems market are Siemens Healthineers (Germany), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), FUJIFILM Corporation (Japan) among others.

A breakdown of the primary participants referred to for MRI Systems industry report is provided below:

By Company Type: Tier 1-48%, Tier 2-36%, and Tier 3- 16%
By Designation: Director-level-14%, C-level-10%, and Others-76%
By Region: North America-40%, Europe-32%, Asia Pacific-20%, Latin America-5%, Middle East and Africa-3%

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