Magnetic Resonance Imaging (MRI) Market Size, Share, Growth Analysis, By architecture(Closed MRI systems, Standard bore MRI, Wide bore MRI and Open MRI systems), By Field Strength(Low Field Strength, mid Field Strength and high Field Strength), By Region - Industry Forecast 2024-2031

Magnetic Resonance Imaging Market size was valued at USD 5.20 billion in 2022 and is poised to grow from USD 5.57 billion in 2023 to USD 9.64 billion by 2031, growing at a CAGR of 7.10% in the forecast period (2024-2031).

Magnetic Resonance Imaging (MRI) is a powerful diagnostic tool for detecting diseases related to spine lesions, tumours, and strokes that affect blood vessels and the brain. The rising prevalence of diseases is propelling the market forward. According to the International Agency for Research on Cancer, there will be 19,292,789 new cancer cases worldwide in 2020. Furthermore, the growing demand for quick and accurate diagnostic procedures is expected to drive the adoption of MRI machines. These MRI machines are being installed in a number of countries. According to the OECD, the number of MRI units installed in the United States in 2020 was 34.54 per million population. In addition, the incorporation of artificial intelligence in MRI is expected to boost market growth.

Diagnostic technique advancements such as open MRI, visualisation software, and superconducting magnets are propelling the MRI market forward. The most recent advancements in MRI technology have been in the software. Furthermore, the development of cardiac pacemaker-compatible MRI systems is expected to propel the cardiology segment's market growth. In addition, various paramagnetic contrast agents, such as gadolinium-DTPA, are administered intravenously to provide sharp, precise, and accurate images in a shorter time frame. These MRI technological advancements are expected to drive market growth over the forecast period.

US Magnetic Resonance Imaging Market is poised to grow at a sustainable CAGR for the next forecast year.