Charting the Rise: MRI Technologies Soar with a 6.4% CAGR (2023-2028)

Medical Magnetic Resonance Imaging (MRI): Technologies and Global Markets" is a study or report that looks at MRI technology used in healthcare and its worldwide market. It explores how MRI works, its different types, any advancements in the technology, a

May 03, 2024

Boston: “According to the latest BCC Research study, the demand for Medical Magnetic Resonance Imaging (MRI): Technologies and Global Markets expected to grow from $7.2 billion in 2023 and will reach $9.8 billion by the end of 2028 at a compound annual growth rate (CAGR) of 6.4% from 2023 through 2028”

This report gives you details about the medical MRI market, including how it works, how much money it makes, new advancements in technology, important companies that make MRI machines, and who they're up against in the industry.

Some Interesting Facts

  • A new MRI device, MAGNETOM Freemax, from the Helium Independent facility, is smaller and doesn't need long helium pipes anymore, making it easier to use.
  • Siemens partnered with Ohio State University to develop a new MRI tech called High-V MRI (also known as .55T). It's good for imaging implants, reduces certain imaging challenges, and can help with lung scans.
  • Low-field MRI is a new way of doing MRI scans with machines that have much lower power than usual. These machines are more portable and can be used at the bedside in places like intensive care units. They're safe around metal and make it easier to scan very sick patients.

To explore more insights and details about the Medical Magnetic Resonance Imaging (MRI): Technologies and Global Markets, click here to gain a deeper understanding of its complexities.

Medical Magnetic Resonance Imaging (MRI): Technologies and Global Markets is driven by factors such as:

1. Increasing demand for advanced imaging technologies: People want better imaging tools for their health. That includes things like MRI and CT scans. As technology gets better, people expect clearer pictures and more accurate results. This is important for finding and treating diseases earlier, planning treatments better, and making sure patients get the best care possible.

2. Rising global geriatric population.: means there are more older people worldwide. This is because people are living longer, and there are fewer babies being born in many places. As a result, there are more seniors aged 65 and older compared to younger age groups. This trend has big effects on healthcare because older adults often need more medical attention and support as they age and face health challenges.

3. Growing prevalence of chronic diseases.: More and more people are dealing with long-term health problems like diabetes, heart disease, cancer, and lung issues. This is because we're living longer, not always making the healthiest choices, and environmental factors play a role too. With better ways to detect and treat these conditions, there's a bigger need for healthcare services to help people manage and treat them.

4. Increased healthcare spending.: simply means that we're spending more money on healthcare. This includes things like doctor visits, treatments, medicines, and hospital stays. There are a few reasons for this, like more people needing healthcare as they get older, better medical technology, and more chronic diseases. So, healthcare systems, governments, and individuals are putting more money into healthcare to make sure everyone can get the care they need.

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Report Synopsis

 Report Metrics


 Base year considered


 Forecast Period considered


 Base year market size

 $6.8 billion

 Market Size Forecast

 $9.8 billion

 Growth Rate

 CAGR of 6.4% for the forecast period of 2023-2028

 Segment Covered

 Architecture, Field Strength, Application, End User, and Region

 Regions covered

 North America, Europe, Asia-Pacific, and Rest of the World   (RoW)

 Countries covered           

 U.S., Canada, Germany, the U.K., France, Italy, Spain, China, I   India, Japan, Australia, South Korea, the Middle East and   Africa,  and South America

 Key Market Drivers

  • Increasing demand for advanced imaging technologies.
  • Rising global geriatric population.
  • Growing prevalence of chronic diseases.
  • Increased healthcare spending.


Segmentation Analysis:

By Architecture:

MRI machines come in different designs. Closed MRI systems are like a tunnel, which some people might find a bit tight. Open MRI systems have more space around the patient, so they're less confining. Extremity MRI systems are made specifically for scanning certain body parts, like arms or legs. Each type has its advantages, depending on the patient's needs and comfort level.

By Field Strength:

MRI machines vary in the strength of the magnetic field they use. Low-medium field MRI machines have a moderate magnetic field strength, while high field MRI machines have stronger magnetic fields. Very high and ultra-high field MRI machines have even stronger magnetic fields. The strength of the magnetic field affects the quality and detail of the images produced during the scan. So, depending on what doctors need to see, they might use different types of MRI machines with varying field strengths.

By Application:

MRI technology is used for different purposes, depending on the part of the body being scanned. Spine MRI focuses on imaging the spine, Brain MRI is for examining the brain, while Vascular and cardiac MRI looks at blood vessels and the heart. Extremities and musculoskeletal MRI are for scanning arms, legs, or joints, and Head and neck MRI focuses on those areas. Whole body MRI scans the entire body, and Abdominal and pelvis MRI concentrates on the stomach and pelvic region. There are also other specialized uses for MRI technology depending on specific medical needs.

By Application:

MRI machines are used by different types of facilities. Diagnostic imaging laboratories use them for various medical scans, while hospitals have MRI machines for diagnosing and treating patients. There are also other places where MRI machines might be found, depending on specific needs or settings.

This report on medical magnetic resonance imaging (MRI): technologies and global markets provide comprehensive insights and analysis, addressing the following key questions:

1. What is the projected market size and growth rate of the market?

  • The Magnetic Resonance Imaging (MRI) market was valued at $6.8 billion in 2022 and will reach $9.8 billion by 2028. The market is expected to witness a CAGR of 6.4% from 2023 to 2028.

2. What are the key factors driving the growth of the market?

  • Key factors which are driving the growth are increasing demand for advanced imaging technologies, increasing geriatric population across the globe, increasing prevalence of chronic diseases, rising healthcare spending.

3. What segments are covered in the market?

  • The global MRI market is segmented based on architecture, field strength, application, end-user, and region.

4. By architecture, which segment will dominate the market by the end of 2028?

  • Closed MRI segment will dominate the market in 2028.

5. Which region has the highest market share in the market?

  • North America holds the highest share of the market.

Some of the Key Market Players Are:


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Medical Magnetic Resonance Imaging (MRI): Technologies and Global Markets( HLC078F )
Publish Date: Apr 2024    

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