Magnetic Resonance Imaging Market Size Worth USD 12.85 Billion by 2034 | CAGR: 6.3%

The global magnetic resonance imaging market size is expected to reach USD 12.85 billion by 2034, according to a new study by Polaris Market Research. The report “Global Magnetic Resonance Imaging Market Size, Share, Trends, Industry Analysis Report: By Architecture (Open Systems, and Closed Systems), Field Strength, Application, End Use, and Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2025 - 2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Magnetic resonance imaging (MRI) is a non-invasive diagnostic imaging technique that utilizes powerful magnetic fields and radio waves to generate detailed images of internal organs, soft tissues, and anatomical structures without ionizing radiation. The magnetic resonance imaging market is undergoing a robust transformation driven by rising clinical demand for advanced imaging modalities that support early disease detection, treatment planning, and precision medicine. MRI’s unparalleled soft tissue contrast and evolving functional imaging capabilities are fueling its widespread adoption across a spectrum of clinical specialties, particularly in neurology, oncology, and musculoskeletal diagnostics. Technological innovation remains at the core of magnetic resonance imaging market growth, with advancements in AI-enabled image reconstruction, real-time scanning, and noise reduction techniques significantly enhancing diagnostic speed and accuracy. The industry is also witnessing increased traction in workflow automation and integration of MRI systems into digital health ecosystems, boosting magnetic resonance imaging market expansion.

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A growing shift toward outpatient imaging services, rising healthcare digitization, and demand for non-invasive diagnostic tools are further contributing to evolving market dynamics. Moreover, the emergence of compact, energy-efficient MRI systems and developments in ultra-high field strength imaging present substantial Magnetic Resonance Imaging market opportunities, particularly in enhancing clinical outcomes and research applications. Strategic collaborations, AI-driven analytics, and a focus on patient-centric imaging continue to redefine competitive positioning. The convergence of innovation, clinical need, and healthcare economics positions the magnetic resonance imaging market as a critical component of modern diagnostic infrastructure, poised for sustained growth across both core clinical environments and next-generation imaging paradigms.

Magnetic Resonance Imaging Market Report Highlights

• In terms of architecture, in 2024, the closed systems segment held the largest market share due to their superior magnetic field strength.
• Based on end use, •   The brain & neurological segment accounted for the largest market share in 2024 due to the high diagnostic reliance on MRI for neurodegenerative.
• In 2024, the North America magnetic resonance imaging market is accounted for the largest share due to the region’s well-established healthcare infrastructure, high diagnostic imaging volumes, and early adoption of advanced technologies.
• The Asia Pacific magnetic resonance imaging market is projected to experience the significant growth during the forecast period driven by increasing healthcare expenditure, expanding access to diagnostic services, and rising investments in imaging infrastructure across emerging economies.
• Some of the global key market players are Aurora Imaging Technologies, Inc.; Bruker Corporation; Canon Medical Systems; Esaote SPA; Fujifilm Holdings Corporation; GE Healthcare; Hitachi Healthcare (Hitachi High-Tech Corporation); Hologic Inc.; Koninklijke Philips N.V.; Shimadzu Corporation; Siemens Healthineers.

Polaris Market Research has segmented the magnetic resonance imaging market report based on architecture, field strength, application, end use and region:

By Architecture Outlook (Revenue USD Billion 2020 - 2034)

• Open Systems
• Closed Systems

By Field Strength Outlook (Revenue USD Billion 2020 - 2034)

• Low
• Mid
• High

By Application Outlook (Revenue USD Billion 2020 - 2034)

• Obstructive Sleep Apnea
• Brain & Neurological
• Spine & Musculoskeletal
• Vascular
• Abdominal
• Cardiac
• Breast
• Others

By End Use Outlook (Revenue USD Billion 2020 - 2034)

• Hospitals
• Imaging Centers
• Ambulatory Surgical Centers
• Others

By Regional Outlook (Revenue USD Billion 2020 - 2034)

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Malaysia
  • South Korea
  • Indonesia
  • Australia
  • Vietnam
  • Rest of Asia-Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America