A number of factors, such as the technological developments in magnetic resonance imaging (MRI) systems, rising cases of chronic illnesses, improving healthcare infrastructure, growing aging population, surging government support for MRI, and increasing awareness on the early diagnosis of diseases, are projected to boost the MRI systems market at a CAGR of 5.2% in the forecast period (2018–2023).

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The primary factor improving the MRI systems market growth prospects is the surging aging population. The aged population is increasing continuously at a high rate due to the rising life expectancy across the world. As elderly people require extensive medical care, healthcare facilities are increasingly procuring technologically advanced radiology equipment. Also, geriatric care is complex and requires advanced treatment through cutting-edge technology. Apart from the general radiology services, MRI systems provide a better classification of musculoskeletal ailments, and they are used to generate better images of suspected soft-tissue mass.
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The field strength segment of the MRI systems market is categorized into high field, very-high field, low-to-mid field, and ultra-high field. Among these, the high field category held the largest share in 2017 in the market, and it is projected to witness the same trend in the coming years. This is attributed to the improved efficiency, high accuracy, and faster imaging capability of high-field MRI systems, due to which these systems are widely used in healthcare settings across the world.

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Globally, North America was the largest MRI systems market in 2017. This is attributed to the growing geriatric population, high healthcare investments, and advanced healthcare industry, which promote the adoption of these devices in the region. Whereas, the Asia-Pacific (APAC) market is likely to witness the fastest growth during the forecast years, owing to the improving healthcare infrastructure, surging aging population, technological developments in imaging modalities, and rising cases of chronic diseases. For instance, as per Cancer Australia, around 138,321 new cases of cancer were diagnosed in the country in 2018.

Thus, the rising incidence of chronic diseases and the surging aging population are expected to propel the growth of the market during the forecast period.