Magnetic Resonance Imaging Market Size

Magnetic Resonance Imaging (MRI) Market Analysis

The Magnetic Resonance Imaging Market size is estimated at USD 9.58 billion in 2024, and is expected to reach USD 12.88 billion by 2029, growing at a CAGR of 6.10% during the forecast period (2024-2029).

During the early pandemic, due to the lockdown restrictions, suspension of non-urgent scheduled visits and hospitalizations, and stringent social distancing norms, the demand for MRI imaging was reduced, which affected the market studied. For instance, the research study published in the MDPI journal in November 2021 reported that the total imaging volumes were reduced by 22.7% in 2020 compared to 2019 in Saudi Arabia. It also reported that MRI volumes were reduced to 74% in the country.

However, as MRI scan helps visualize bony architecture variations and guide clinicians in planning surgical treatment in COVID-19 patients, the market started gaining pace. COVID-19 had initially slowed down the growth of the MRI market, but the market is currently in recovering phase. It is expected to regain its growth during the forecast period.

Factors such as the introduction of hybrid MRI systems, availability of universal health coverage in North America, Europe, and several Asian countries, and increasing adoption in emerging markets coupled with the growing burden of diseases are propelling the market's growth.

Multimodality imaging is playing a crucial role, primarily after the introduction of integrated positron emission tomography/computed tomography (PET/CT) and the commercialization of combined PET/magnetic resonance imaging (PET/MRI) systems. This is expected to have a significant impact on the growth of the studied market. For instance, according to the research study published in BRJ Journal in July 2021, simultaneous PET-MRI scanning combined with a single image reconstruction framework enables the comprehensive assessment of cardiovascular disease with improved PET image quality that could significantly improve the diagnosis of heart diseases. Such studies demonstrate that hybrid imaging systems can improve diagnosis and are expected to boost market growth.

The other growth driving factor for the MRI market during the forecast period includes the presence of universal health coverage in many major countries around the world, which reduces the cost of various procedures including MRI, and encourages people to take tests or treatment at regular intervals. For example, in the United States, about 80%-90% of the citizens have health coverage which is primarily covered by Medicare, Medicaid, and the State Children's Health Insurance Program (SCHIP). In Canada, Medicare provides health insurance to its citizens.

Furthermore, the increasing adoption of MRI systems in emerging markets is due to the establishment of new facilities in different countries worldwide. For instance, in November 2021, a sophisticated MRI facility was launched at the National Brain Research Centre (NBRC), Manesar, in Haryana, India. The National Brain Research Centre (NBRC) is India's premier institute dedicated to neuroscience research and education, and MRI Scanner PRISMA 3T MRI from Siemens was installed at the facility.

Thus, owing to the abovementioned factors, the MRI market is expected to project significant growth during the forecast period. However, due to the high cost of the MRI systems and associated procedures coupled with the decreasing helium availability, the growth of the MRI market is expected to be hampered.