Magnetic Resonance Imaging Market Growth & Trends
The global magnetic resonance imaging market size is expected to reach USD 9.1 billion by 2030, registering a CAGR of 6.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing prevalence of chronic diseases and increasing demand for early diagnostic techniques are the factors expected to drive the market growth.
In addition, the growing adoption of less invasive procedures is also contributing to the growth of the market. Moreover, the growing number of clinical trials to understand the effectiveness and efficiency of MRI machines in various clinical applications is also expected to boost the market growth. End-users such as research institutes and universities are frequently studying the efficiency of MRI devices with high field strength such as 7T, 10T, and 10.5T.
The growing number of research studies will help in unlocking the potential usage and advantages of high-field MRI machines for various preclinical as well as clinical applications. Currently, 7T MRI machines are only effective in brain and knee imaging, largely due to the absence of the advanced coil required for these high-field machines. Therefore, the development of advanced coils to expand the application of 7T MRI machines is expected to propel market growth during the forecast period.
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Magnetic Resonance Imaging Market Report
Report Attribute Details
Market size value in 2023 — USD 5.73 billion
Revenue forecast in 2030 — USD 9.1 billion
Growth rate — CAGR of 6.8% from 2023 to 2030
Base year for estimation — 2022
Historical data — 2018–2020
Forecast period — 2023–2030
Magnetic Resonance Imaging Market Highlights
- The adoption of advanced imaging technologies is augmenting the growth of the MRI market
- The open system is anticipated to be the fastest-growing segment during the forecast period due to its efficiency to accommodate all sizes of patients without feeling claustrophobic
- MRI for neurological and brain disorders dominated the market largely due to the growing number of neurological conditions and increasing demand for the less invasive diagnostic procedure
- The high-field MRI segment is expected to experience the fastest growth largely due to its efficiency to provide detailed images for diagnosis
- Imaging centers are expected to exhibit the highest growth rate during the forecast period. Government initiatives to improve primary care is one of the major factors impacting the segment growth
- In 2022, North America dominated the global space with the largest revenue share owing to continuous research and high adoption of advanced techniques in the region
- Asia Pacific is anticipated to grow at the fastest growth rate largely due to the growing number of clinical studies in the region for high-field MRI machines
