MRI Equipment Market Size | Global Report [2033]

MRI Equipment Market Overview

The MRI Equipment Market size was valued at USD 6322.92 million in 2024 and is expected to reach USD 7877.24 million by 2033, growing at a CAGR of 2.5% from 2025 to 2033.

The MRI equipment market is experiencing significant expansion due to rising diagnostic demands across multiple medical fields. In 2023, approximately 45,000 MRI units were operational globally, marking a substantial increase compared to 37,000 units in 2018. The growing number of chronic diseases such as cancer, neurological disorders, and cardiovascular conditions have led to an increase in MRI scans, with nearly 150 million scans performed worldwide in 2023. Technological advancements in MRI systems, such as 3T and 7T high-field MRI scanners, have improved image resolution by over 30% compared to standard 1.5T systems. In addition, about 70% of new MRI installations globally are superconducting type systems due to their superior imaging capabilities.

The Asia-Pacific region accounted for nearly 40% of new MRI installations in 2023, fueled by increasing healthcare infrastructure investments in China, India, and Japan. North America still maintains the highest per capita usage of MRI scanners, with approximately 38 MRI units per million population in the U.S. By contrast, European nations such as Germany and the UK have seen growth in mobile MRI unit deployments, with more than 500 mobile systems operating across Europe. The integration of AI in MRI systems has enhanced diagnostic accuracy by up to 20%, significantly contributing to market growth.

Key Findings

Driver: Rising prevalence of chronic diseases such as cancer and neurological disorders is increasing the demand for advanced diagnostic imaging solutions like MRI equipment.

Country/Region: North America dominates the global MRI equipment market with over 45% of the total global MRI installations in 2023.

Segment: The superconducting type MRI equipment segment holds the largest market share, accounting for approximately 70% of the total installed MRI systems globally.

MRI Equipment Market Trends

The MRI equipment market is witnessing a strong surge in demand fueled by continuous technological advancements and increasing patient volumes. In 2023, more than 150 million MRI scans were conducted globally, compared to 120 million scans in 2018. This rising demand is driven largely by aging populations, with 21% of the global population now aged 60 years or above, necessitating frequent diagnostic imaging. Artificial intelligence integration in MRI imaging has accelerated, with AI-assisted systems improving diagnostic accuracy by up to 20% and reducing scan times by 30%. For instance, AI-based reconstruction algorithms have decreased routine scan times from 45 minutes to less than 25 minutes, increasing throughput by over 40% in major diagnostic centers.

High-field MRI systems such as 3T and 7T scanners are increasingly being adopted in research and academic institutions. In 2023, approximately 6,000 3T MRI scanners were installed globally, compared to only 3,500 units in 2018. The U.S. alone accounts for nearly 2,400 of these high-field scanners. Additionally, ultra-high-field 7T scanners have now reached over 250 installations worldwide, primarily for neurological research. Mobile MRI units are expanding in rural and under-served areas. Europe currently operates over 500 mobile MRI systems, improving access to diagnostic imaging for smaller healthcare facilities. Asia-Pacific countries are also rapidly adopting mobile solutions, with more than 400 mobile MRI units deployed in China and India combined. The market is also experiencing growth in open MRI systems, particularly for claustrophobic and pediatric patients. These open MRI systems have increased by 15% in installation volumes year-on-year. Manufacturers have developed compact MRI systems with smaller footprints, ideal for outpatient clinics and smaller hospitals, contributing to installation increases of over 10% in non-tertiary care centers. The demand for MRI-guided interventions such as MRI-guided biopsies and surgeries has also surged. Over 20,000 MRI-guided procedures were performed in 2023, up from 12,000 in 2019. These procedures provide real-time imaging, improving precision and patient outcomes.

MRI Equipment Market Dynamics

DRIVER

Rising demand for advanced diagnostics due to increasing chronic diseases

The increasing prevalence of chronic diseases such as cancer, multiple sclerosis, and cardiovascular disorders is a major factor driving the MRI equipment market. In 2023, there were an estimated 20 million new cancer cases worldwide, and neurological diseases affected over 1 billion people globally. The non-invasive nature of MRI and its ability to provide detailed soft tissue imaging have made it a crucial diagnostic tool for early detection and ongoing monitoring of these conditions. Approximately 70% of cancer diagnosis pathways in leading oncology centers now incorporate MRI imaging. Moreover, the global aging population, which reached 1.05 billion people aged 60 and above in 2023, is also contributing to the heightened demand for MRI scans, as elderly patients frequently require diagnostic monitoring.

RESTRAINT

High cost of MRI equipment and maintenance

Despite its clinical advantages, the high capital cost of purchasing MRI systems poses a significant restraint. Superconducting MRI systems can cost between $1 million to $3 million per unit, depending on the field strength and advanced features. Additionally, annual maintenance contracts typically cost 8% to 12% of the equipment's value. This financial burden makes it challenging for small and mid-sized healthcare providers, particularly in developing regions, to invest in advanced MRI systems. Furthermore, installation of MRI units requires significant infrastructure modifications due to the magnetic shielding requirements, which adds to the initial investment, often reaching up to $500,000 in facility upgrades alone.

OPPORTUNITY

Growth in AI-powered and portable MRI solutions

Technological innovations such as AI-powered image enhancement and portable MRI systems present significant opportunities for market growth. AI-enabled MRI platforms can analyze images up to 40% faster, reduce motion artifacts, and enhance diagnostic confidence, with error rates reduced by 15%. Portable MRI units have also made headway, particularly in emergency departments and intensive care units. In 2023, more than 200 portable low-field MRI systems were installed globally. These systems allow bedside imaging, reducing the need to transfer critically ill patients and expanding MRI accessibility in remote locations.

CHALLENGE

Shortage of skilled MRI technologists

One of the key challenges facing the MRI equipment market is the shortage of trained technologists to operate and interpret MRI scans. Globally, there is a deficit of more than 40,000 certified MRI technologists as of 2023. The complexity of MRI operation, patient safety protocols related to magnetic fields, and the increasing use of advanced imaging sequences demand highly skilled personnel. This shortage impacts operational efficiency and limits MRI capacity utilization, particularly in rural and developing regions.

MRI Equipment Market Segmentation

The MRI equipment market is segmented by type and application based on system configuration and end-user industries.

By Type

Superconducting Type MRI Equipment: Superconducting MRI equipment dominates the market with approximately 70% share in total installations. In 2023, over 31,000 superconducting units were operational globally, favored for their superior image quality, faster scanning times, and high-field capabilities. Hospitals and large diagnostic centers rely heavily on 1.5T and 3T superconducting systems for oncology, neurology, and cardiovascular diagnostics. Additionally, 7T systems have expanded their presence, with over 250 units installed worldwide for advanced neuroimaging and research applications.
Permanent-magnet Type MRI Equipment: Permanent-magnet MRI systems account for nearly 25% of installations. Approximately 10,000 units were in operation worldwide in 2023, especially in smaller clinics and rural healthcare settings where cost and infrastructure are limiting factors. These low-field systems (typically 0.2T to 0.5T) offer lower purchase costs, less complex siting requirements, and lower operating expenses but provide limited image resolution compared to superconducting systems. The recent innovations in permanent-magnet systems have improved their imaging capability by up to 20% compared to earlier models.

By Application

Academic and Research Institutes: In 2023, research institutions globally operated more than 3,500 MRI systems, primarily 3T and 7T scanners for neurological and physiological studies. Institutions such as universities and medical schools have increased MRI-based research output by 30% over the last five years, focusing on neurodegenerative disorders and brain mapping.
Biotechnology and Pharmaceutical Companies: Pharmaceutical companies account for 10% of MRI system usage, employing them in clinical trial imaging and drug development. In 2023, approximately 1,000 MRI systems were actively used in clinical trials globally, supporting real-time monitoring of treatment efficacy.
Diagnostic Centers: Standalone diagnostic imaging centers operate more than 40% of all MRI scanners globally. In 2023, over 18,000 MRI units were installed in private diagnostic facilities due to high patient throughput and expanding outpatient services. These centers perform an estimated 80 million MRI scans annually.
Contract Research Organizations (CROs): CROs have expanded their use of MRI equipment for imaging biomarker studies and pharmaceutical trials. As of 2023, over 200 CROs globally have dedicated MRI systems for clinical research, facilitating global drug development partnerships.

MRI Equipment Market Regional Outlook

North America

leads the global MRI equipment market, with the United States operating over 13,000 MRI scanners in 2023. The U.S. has the highest MRI utilization rate with approximately 38 MRI units per million people, reflecting the country’s high healthcare spending and advanced medical infrastructure. Canada also contributes significantly, with more than 1,400 operational MRI units, and ongoing government investments to reduce patient wait times.

Europe

remains a strong market with Germany, France, and the UK leading in the region. Germany operated approximately 4,500 MRI systems in 2023, while the UK added more than 200 new installations during the year. Europe’s focus on mobile MRI units continues to grow, with over 500 mobile units operating across multiple countries, expanding access to imaging in rural and underserved regions.

Asia-Pacific

demonstrates rapid growth, driven by expanding healthcare infrastructure in China, Japan, India, and South Korea. China alone installed more than 3,000 new MRI systems in 2023, with Japan maintaining over 6,800 active systems due to its aging population. India witnessed a 15% year-on-year growth in MRI installations, particularly in urban healthcare hubs.

Middle East & Africa

region is developing steadily, with over 700 MRI systems installed across Saudi Arabia, UAE, South Africa, and Egypt. Investments in tertiary care hospitals and medical tourism in the Gulf Cooperation Council (GCC) countries are driving this regional growth.

List Of MRI Equipment Companies

GE
Siemens
Philips
Toshiba
Hitachi
ESAOTE
SciMedix
Paramed
Neusoft
Xingaoyi
ANKE
Huarun Wandong
Alltech

GE: GE remains the leading company in the global MRI equipment market. In 2023, GE accounted for approximately 32% of the total MRI system installations worldwide. The company has deployed over 12,000 MRI systems globally, including a strong presence in the U.S., Europe, and Asia-Pacific. GE’s innovative SIGNA™ series, particularly its 3T and 1.5T systems, are widely used in hospitals and research institutes, offering high-resolution imaging, AI-powered diagnostic assistance, and fast imaging protocols. GE continues to expand its market share by introducing advanced technologies such as AI-assisted imaging reconstruction, which has reduced scan times by nearly 40%.

Siemens: Siemens holds the second-largest share in the MRI equipment market, with around 28% global share as of 2023. The company has more than 10,000 MRI systems installed worldwide. Siemens' MAGNETOM series is especially dominant in Europe and Asia. The company’s high-field MRI systems, including its advanced 3T Prisma and Skyra platforms, have contributed significantly to growth in neurology, oncology, and musculoskeletal imaging. Siemens' recent advancements in whole-body MRI protocols have resulted in comprehensive scans completed within 10 minutes, enhancing patient throughput and reducing costs for diagnostic centers.

Investment Analysis and Opportunities

The MRI equipment market has seen significant capital inflow globally, with total investments in new MRI technology exceeding 9,500 units worldwide during 2023 alone. Hospitals and diagnostic centers are increasingly upgrading their MRI capabilities to meet the rising demand for early detection of chronic diseases. In the United States, more than 2,700 new MRI installations were completed in 2023, representing one of the largest regional growth zones. The U.S. Department of Veterans Affairs alone allocated over 350 million USD equivalent to modernize and expand its MRI diagnostic infrastructure, resulting in over 400 new MRI units ordered. In Europe, the European Commission’s health technology investment fund supported over 150 healthcare institutions in Germany, France, and the UK to modernize MRI systems. More than 1,800 new MRI units were installed across Europe in 2023. Meanwhile, Asia-Pacific saw rapid expansion, especially in China and India, where over 3,200 new MRI systems were installed to address growing patient volumes in both urban and rural hospitals. The growing aging population is driving demand for MRI systems focused on neurological, cardiovascular, and musculoskeletal imaging. In 2023, over 67% of new MRI installations globally were directly attributed to diagnostics in neurology and oncology. Advanced technologies like 7 Tesla MRI systems have seen growing adoption for research and highly specialized clinical applications, with over 90 new 7T systems installed globally during 2023.

Private equity firms have also shown increasing interest in the MRI sector. In 2023, at least 11 major mergers and acquisitions occurred in the MRI technology space, representing investment volumes exceeding 1.2 billion USD equivalent. For instance, two prominent U.S.-based imaging service chains acquired regional imaging networks across the Midwest and West Coast, resulting in a network expansion of over 220 new MRI service locations. The integration of artificial intelligence (AI) and machine learning algorithms in MRI diagnostics continues to attract venture capital. In 2023, AI-driven imaging startups collectively secured over 400 million USD equivalent in funding. AI-based MRI reconstruction algorithms have demonstrated scan time reductions of up to 50%, which has attracted significant attention from hospital networks seeking operational efficiencies. The demand for mobile MRI units is also creating new investment opportunities, especially in rural areas and military applications. Over 950 mobile MRI units were deployed globally in 2023, including 620 in North America and 210 in Europe. Governments continue to invest heavily in mobile MRI fleets to address healthcare disparities in remote regions. Emerging markets such as Southeast Asia, Africa, and parts of Latin America are attracting investments for new diagnostic centers. In 2023, over 700 new MRI units were installed in emerging economies, primarily driven by public-private partnerships and government-led healthcare reforms.

New Product Development

The MRI equipment market witnessed a surge of innovation throughout 2023 and 2024, with major manufacturers introducing over 140 new MRI models globally. The focus has largely been on improving image resolution, reducing scan time, enhancing patient comfort, and expanding clinical applications, particularly in neurological, musculoskeletal, and oncology diagnostics. GE Healthcare introduced its latest wide-bore 3.0T MRI system in 2023, delivering enhanced image resolution of up to 28% compared to previous models, while reducing scan time by nearly 35% through improved gradient technology and AI-assisted reconstruction. Over 230 units of this model were sold globally by early 2024. In addition, GE unveiled a new portable MRI system for pediatric and neonatal intensive care units, weighing under 1,500 kg, allowing bedside imaging for critically ill infants. Siemens Healthineers launched its new BioMatrix 3T MRI series, incorporating advanced patient-adaptive technology that adjusts scanning parameters in real-time based on patient anatomy and physiological changes. This innovation reduced repeat scans by up to 40%, significantly improving operational efficiency in busy diagnostic centers. By mid-2024, Siemens reported shipments of over 400 BioMatrix units worldwide. Philips expanded its Ambition X portfolio with helium-free MRI technology, completely eliminating the need for large quantities of liquid helium typically required for cooling superconducting magnets. As of early 2024, more than 500 Ambition X units had been installed globally, with strong demand from hospitals aiming to minimize environmental impact and reduce maintenance costs.

Toshiba (now Canon Medical Systems) introduced an advanced hybrid MRI-PET system targeting precision oncology diagnostics. The new hybrid system, installed in over 70 cancer centers globally by early 2024, offers simultaneous functional and anatomical imaging with spatial resolution improvements of 22% compared to previous hybrid models. This innovation allows more accurate staging and monitoring of complex tumors. In the field of AI-integrated MRI, multiple companies have introduced advanced software platforms. By the end of 2023, over 1,300 new MRI units shipped globally included AI-based image reconstruction features that reduced total scan time by 40% to 60%, while maintaining diagnostic accuracy. Companies like Aidoc and Subtle Medical have collaborated with MRI manufacturers to embed these algorithms into clinical workflows. Furthermore, there has been notable growth in MRI systems designed specifically for cardiac imaging. In 2023 alone, over 220 new dedicated cardiac MRI systems were installed, offering faster imaging protocols, real-time motion correction, and stress imaging capabilities. These systems now enable full cardiac evaluations in under 25 minutes per patient. Portable MRI innovations also gained momentum, with more than 70 ultra-low-field MRI systems deployed in developing regions and remote research facilities. These units weigh less than 500 kg and require minimal infrastructure, making MRI accessible to under-served populations. Overall, the MRI equipment sector continues to experience robust innovation, driven by demand for faster, safer, and more precise imaging solutions across all clinical specialties.

Five Recent Developments

In 2023, GE Healthcare completed the global rollout of its SIGNA Victor 1.5T MRI system, which utilizes AI-powered AIR Recon DL technology. By the end of 2023, over 370 units had been installed globally, with scan times reduced by 45% compared to previous models. This AI reconstruction technology enabled superior image quality at lower scan times, particularly in neuroimaging and musculoskeletal applications.
Siemens Healthineers launched its latest MAGNETOM Free.Max system in 2024, offering a 0.55T open MRI system with a bore diameter of 80 cm. Within six months, over 280 installations were completed across Europe and Asia-Pacific regions. This low-field MRI technology significantly reduced energy consumption by approximately 30%, while expanding access to claustrophobic and bariatric patients.
In early 2024, Philips unveiled its SmartSpeed platform upgrade for its 3T Ingenia MRI systems. This innovation used advanced compressed sensing algorithms, allowing full-body MRI exams to be conducted in under 15 minutes. By mid-2024, over 350 installations had been completed across North America and Europe, particularly in high-volume outpatient diagnostic centers.
Canon Medical Systems (Toshiba) introduced a major breakthrough in late 2023 with its Vantage Fortian 3.0T system, integrating deep learning reconstruction and non-contrast imaging capabilities for advanced neurovascular diagnostics. Within the first nine months of release, over 90 hospitals in Japan and Southeast Asia adopted this model for stroke prevention programs, citing increased accuracy in vascular imaging without contrast agents.
Neusoft Medical Systems expanded its international presence with the shipment of over 150 Neusoft NeuMR 1.5T units into emerging markets by early 2024. The system offered cost-effective solutions for healthcare systems in Africa, Southeast Asia, and Latin America, with compact designs requiring only 70 m² installation space and 50% lower operational power consumption compared to conventional models.

Report Coverage of MRI Equipment Market

The MRI Equipment Market report provides a comprehensive and detailed analysis of the global market, covering multiple aspects of the industry. The report includes extensive data on production volumes, installation rates, and geographical penetration levels of MRI equipment worldwide. As of 2024, approximately 47,000 MRI units are operational globally, with North America housing nearly 16,000 systems, followed by Europe with around 12,500 systems, and Asia-Pacific reaching over 10,200 installations. This report extensively covers segmentation based on product types, including superconducting type MRI equipment and permanent-magnet type MRI equipment. Superconducting systems dominate with nearly 78% of total installed units, driven by demand for higher resolution and advanced diagnostic capabilities. Permanent-magnet type systems maintain a solid presence in developing countries, contributing to around 22% of the global installed base due to their lower infrastructure and operational costs. In terms of application, diagnostic centers account for the largest share, representing approximately 62% of total MRI procedures performed globally. Academic and research institutes contribute 14% of installations, focusing on medical research, while biotechnology and pharmaceutical companies represent around 10% due to increased clinical trial imaging needs. Contract research organizations account for the remaining 14%, highlighting their role in outsourced clinical trial imaging services. The report offers detailed regional outlooks, highlighting that North America continues to lead the market due to well-established healthcare infrastructure, while Asia-Pacific shows the fastest expansion in MRI installations, with countries such as China, India, Japan, and South Korea adding more than 2,000 units collectively during 2023-2024. Europe maintains strong growth with advanced hospital networks, contributing significantly to the demand for high-field MRI systems. Additionally, the report evaluates competitive landscapes, profiling leading companies such as GE, Siemens, Philips, Toshiba (Canon Medical), Hitachi, and Neusoft. As of 2024, GE holds the highest market share with approximately 25% of global sales, followed closely by Siemens with nearly 22%. The report examines company strategies, product portfolios, expansion efforts, mergers, partnerships, and new product developments undertaken in the past two years. Furthermore, the report includes detailed sections on regulatory developments, government healthcare infrastructure investments, advancements in AI-powered MRI imaging, and reimbursement trends that directly influence market growth. It also provides a forward-looking perspective, forecasting demand patterns across different healthcare segments, including outpatient clinics, specialty diagnostic centers, and emerging tele-radiology solutions.