Magnetic Resonance Imaging (MRI) Market to Hit US$ 13.5 Billion by 2034 at 6.6% CAGR

Overview

New York, NY – June 12, 2025: The global Magnetic Resonance Imaging (MRI) market is projected to grow significantly, from US$ 7.1 billion in 2024 to approximately US$ 13.5 billion by 2034, at a compound annual growth rate (CAGR) of 6.6%. North America is expected to lead the market, holding more than 41.2% of the global share. The growth is being supported by the increasing demand for early diagnostics, expanding healthcare infrastructure, and rapid technological advancements in imaging systems. MRI is widely favored for its safety, non-invasive nature, and detailed imaging, making it a critical tool for diagnosis and treatment planning across multiple specialties.

One of the main drivers of this growth is the global rise in chronic and neurological diseases. Conditions such as cancer, cardiovascular diseases, and musculoskeletal disorders are becoming more prevalent. For example, the United States alone reported over 1.9 million new cancer cases in 2023. MRI plays a central role in the diagnosis and monitoring of these illnesses due to its superior image resolution and absence of radiation risks. Its application is particularly vital in neuroimaging, oncology, and musculoskeletal scans, where accuracy and detail are essential for effective treatment.

Advancements in MRI technology are further fueling market expansion. Modern systems now offer improved image quality, faster scan times, and enhanced patient comfort. Innovations include the development of open and portable MRI scanners that reduce anxiety for claustrophobic patients and increase accessibility at the point of care. Integration with artificial intelligence (AI), cloud-based platforms, and predictive maintenance tools is also improving workflow efficiency and equipment uptime, especially in high-demand environments like emergency and outpatient care.

Healthcare infrastructure growth and increased government investments in diagnostic capabilities are contributing significantly. Countries are actively increasing their inventory of MRI machines to address access gaps and reduce wait times. For instance, Canada expanded its MRI capacity from 19 units in 1990 to 266 by 2009. Similar efforts are being seen in low- and middle-income countries (LMICs), supported by public health initiatives and partnerships aimed at bringing advanced diagnostics to underserved regions. AI-enabled maintenance tools are helping to optimize usage and extend equipment life in these settings.

Lastly, regulatory support and educational programs are reinforcing MRI adoption. International bodies like the World Health Organization (WHO) and the International Society for Magnetic Resonance in Medicine (ISMRM) are promoting best practices and training. Programs such as “Teach the Teacher” are focused on upskilling healthcare professionals, especially radiology technicians, to ensure MRI systems are used effectively and safely. These capacity-building efforts are essential in maintaining high diagnostic accuracy and expanding access to MRI services globally.

Key Takeaways

• In 2024, the global MRI market recorded revenue of US$ 7.1 billion and is projected to reach US$ 13.5 billion by 2034.
• The MRI market is growing at a compound annual growth rate (CAGR) of 6.6% over the forecast period from 2025 to 2034.
• Among system architectures, closed MRI systems dominated in 2024, holding a substantial market share of 69.4% due to higher image quality and precision.
• By field strength, mid field MRI systems led the market with a 42.7% share, offering a balance between image clarity and cost-efficiency.
• In terms of applications, brain and neurological imaging emerged as the top segment in 2024, contributing 28.6% to the overall market revenue.
• The hospital segment accounted for the largest share of end-user revenue in 2024, representing 58.2% of the MRI market due to higher patient volume.
• Imaging centers, ambulatory surgical centers, and other facilities also contributed to demand, but at lower shares compared to hospitals.
• Geographically, North America led the global MRI market in 2024, commanding a dominant regional share of 41.2% due to advanced healthcare infrastructure.

Emerging Trends

• Low-Field MRI (0.55T Systems): Low-field MRI systems, such as those operating at 0.55 Tesla, are gaining popularity in clinical imaging. These systems offer clear benefits, especially for patients with metal implants. They reduce image distortion and are better at scanning air-filled organs like the lungs. Despite operating at lower field strength than traditional 1.5T or 3T machines, they produce diagnostic-quality images. These systems are also quieter and more affordable. Lower power usage and lighter infrastructure requirements make them suitable for emerging healthcare settings. This trend is expanding access to MRI in underserved areas while reducing technical challenges in sensitive cases.
• Helium-Free Cooling Systems: New helium-free MRI systems are reshaping scanner design and hospital logistics. Traditional MRI systems depend on liquid helium for cooling superconducting magnets, but helium is costly and increasingly scarce. Helium-free technologies either use no helium or use sealed, ultra-low volumes that do not require refilling. This shift helps lower maintenance costs and simplifies installation, especially in locations with limited infrastructure. Additionally, these systems support environmental goals by reducing dependence on rare resources. As helium shortages continue, helium-free MRI is becoming a practical and sustainable solution for hospitals and diagnostic centers globally.
• Accelerated Imaging Technologies: Accelerated imaging in MRI is improving patient experience and clinical efficiency. Techniques such as compressed sensing, parallel imaging, and simultaneous multi-slice acquisition reduce scan time by 40–50%. In some cases, scanning speeds are up to 40× faster. This helps patients stay more comfortable and reduces motion artifacts during imaging. Faster scans also allow hospitals to examine more patients in less time, improving throughput. These technologies are especially useful in emergency and pediatric settings, where long scan times are difficult to manage. Improved speed does not sacrifice image quality, thanks to advanced software algorithms and signal optimization.
• Real-Time MRI Capabilities: Real-time MRI is transforming dynamic imaging by providing fast and continuous updates. These systems can generate image updates every 20–30 milliseconds, which is equivalent to 30–50 frames per second. This allows clinicians to visualize moving organs, such as the heart or joints, without requiring breath-holds or repeat scans. Real-time MRI is particularly helpful for imaging speech, swallowing, and cardiovascular activity. Patients benefit from shorter exam times and less discomfort. Clinicians gain better insight into body functions as they happen. This development is making MRI more functional in both diagnostic and research settings.
• AI and Cloud Integration in MRI: Artificial Intelligence (AI) is bringing automation and accuracy to MRI. AI-based software can reconstruct and segment images faster and more precisely. This leads to clearer scans and quicker diagnoses. When combined with cloud platforms, MRI data can be stored, analyzed, and shared securely across institutions. Emerging tools such as 6G connectivity, federated learning, and blockchain technology are also enhancing data protection and access. These systems support real-time collaboration among radiologists, even in remote areas. AI and cloud solutions are helping streamline workflows, reduce human error, and improve healthcare delivery in imaging services.
• Ultra-High Field MRI (7T–11.7T): Ultra-high field MRI systems, operating above 7 Tesla, are offering unmatched image resolution. For example, the 11.7T Iseult MRI scanner can visualize the brain at nearly the cellular level. These systems provide up to 10× more detail than standard 3T machines. While not yet widely available in clinical settings, they are essential in research. High-resolution scans are helping scientists better understand neurological disorders, such as Alzheimer’s and epilepsy. These scanners can detect subtle brain changes that lower field machines miss. As technology evolves, ultra-high field MRI may support earlier and more precise diagnosis of complex brain conditions.
• Sodium and Synthetic MRI Techniques: Specialized MRI methods, such as Sodium MRI (^23Na-MRI) and Synthetic MRI, are expanding the diagnostic capabilities of radiology. Sodium MRI measures sodium levels in tissue, which can indicate cell damage or disease. For example, stroke-affected brain tissue shows about 50% more sodium than healthy areas. This helps assess the extent of damage. Synthetic MRI, on the other hand, uses one scan to generate multiple contrast images using parametric maps like T1 and T2. This reduces scanning time and improves post-processing flexibility. Both methods offer more specific clinical insights and are particularly useful in neurology and oncology.

Use Cases

• Neurology and Neurodegenerative Diseases: Ultra-high field MRI, such as 11.7 Tesla systems, enables extremely detailed imaging of neural structures. These advanced systems can scan thousands of neurons in just four minutes. In comparison, conventional 3 Tesla MRI systems typically visualize around 600,000 neurons in total. Sodium MRI further enhances neurological imaging by detecting changes in tissue sodium concentration (TSC). In stroke patients, affected regions of the brain may show nearly 50% higher TSC. This information allows physicians to assess infarct zones in real-time and respond faster. Such imaging helps improve diagnosis and monitoring in conditions like multiple sclerosis, Alzheimer’s disease, and acute strokes.
• Oncology and Tumor Characterization: MRI is a powerful tool for detecting and staging tumors. Sodium MRI (^23Na-MRI) highlights metabolic abnormalities in malignant tissues. Studies have shown that tumor regions often display 50–60% higher sodium levels compared to healthy tissue. In prostate cancer, TSC values have been found to correlate with Gleason scores. This makes MRI effective not only for detection but also for grading disease severity. Dynamic contrast-enhanced MRI and diffusion-weighted imaging also support tumor characterization. These methods help in identifying tumor boundaries, monitoring therapy response, and minimizing unnecessary biopsies by improving diagnostic accuracy.
• Cardiac Imaging: Real-time MRI enables detailed imaging of the heart in motion. It can record up to 50 frames per second (fps) even when the patient is breathing normally. This capability eliminates the need for ECG gating during imaging. It is especially useful for patients with arrhythmias or difficulty holding their breath. The technology provides functional assessment of myocardial motion, blood flow, and heart wall abnormalities. In addition, cardiac MRI supports non-invasive visualization of congenital defects, ischemia, or cardiomyopathies. This enhances diagnostic precision in emergency and chronic cardiac care.
• Joint and Musculoskeletal Diagnostics: MRI plays a crucial role in evaluating joint movement and musculoskeletal conditions. Rapid imaging, with frame rates as fast as 20 milliseconds, enables clear visualization of joint motion during real-time activity. This is particularly useful in assessing complex joints such as the wrist or the temporomandibular joint. Amplified MRI (aMRI) further boosts precision by detecting subtle sub-voxel tissue motion. These advancements aid in diagnosing mechanical disorders and monitoring rehabilitation progress. They are especially valuable for understanding issues like joint instability, soft tissue injuries, or biomechanical changes following stroke or hydrocephalus.
• Interventional Procedures and MR-Guided Therapy: MRI is increasingly used to guide minimally invasive treatments. MRI-guided focused ultrasound (MRgFUS) is applied to treat uterine fibroids, essential tremors, and some neurological disorders. During the procedure, MRI provides real-time temperature mapping to ensure safety and accuracy. Additionally, robotic interventions now integrate MRI-compatible servomotors. These systems operate efficiently in strong magnetic environments like 3 Tesla scanners. As a result, surgeons can perform precise, image-guided procedures with minimal risk. This combination enhances outcomes in both therapeutic and diagnostic interventions.
• Critical Care and Portable Imaging: Portable MRI systems, typically operating at 0.3 to 0.5 Tesla, are transforming critical care. These compact units can be deployed bedside in intensive care units (ICUs) or even inside ambulances. This removes the need to transport unstable patients, improving safety and access. Bedside MRI is particularly beneficial for stroke, trauma, or unconscious patients. It provides timely brain scans and helps in monitoring treatment response. These systems are increasingly being adopted in emergency medicine and military healthcare settings due to their speed, portability, and cost efficiency.
• Remote Diagnostics and Teleradiology: Teleradiology is expanding access to MRI services in remote and underserved regions. In Australia, remote “cockpit” MRI operations have conducted over 1,000 scans in just 400 hours. These systems allow radiologists to operate MRI scanners from distant locations, improving efficiency and extending service hours. This model helps reduce workforce strain and enhances diagnostic capacity during nights and weekends. Patients in rural areas benefit from timely imaging without the need to travel long distances. Teleradiology ensures broader access to advanced diagnostic services, especially where specialists are scarce.

Conclusion

In conclusion, the Magnetic Resonance Imaging (MRI) market is growing steadily due to rising healthcare needs, better diagnostic tools, and faster imaging technologies. MRI continues to be a trusted method for safe and detailed scans, supporting early diagnosis and effective treatment. Innovations such as portable units, AI integration, and helium-free systems are improving access and reducing operational challenges. As healthcare systems expand globally, the demand for MRI will keep increasing across hospitals, imaging centers, and remote areas. Training programs and global partnerships are also helping to build the skilled workforce needed to use these advanced systems. Overall, MRI is becoming more accessible, efficient, and essential in modern medical care.

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