BRICS Magnetic Resonance Imaging (MRI) Systems Market Outlook (2021-2031)

The market for magnetic resonance imaging (MRI) systems in the BRICS nations is projected to grow significantly, reaching an estimated US$ 3,407.8 million by 2031, up from US$ 1,969.8 million in 2024. This growth translates to a compound annual growth rate (CAGR) of 8.1% from 2025 to 2031.

Executive Summary and Market Analysis

The BRICS countries—Brazil, Russia, India, China, and South Africa—represent a diverse and rapidly evolving market for MRI systems. Several factors are driving this growth, including increased healthcare spending, a rising prevalence of chronic diseases, and a strong commitment to enhancing healthcare infrastructure. However, the market's dynamics and levels of maturity differ significantly across these nations.

China and Russia are at the forefront of technological advancements in MRI systems. China, in particular, is experiencing robust growth in domestic manufacturing, with local companies increasingly competing with international firms. There is a notable demand for advanced high-field MRI systems in major urban areas and specialized healthcare facilities. Conversely, Brazil, India, and South Africa face distinct challenges and opportunities. While there is a rising demand for high-end MRI systems in private hospitals and urban diagnostic centers, these countries also require more affordable solutions. This has resulted in a substantial market for low-field and refurbished MRI systems, which are essential for improving access in rural and underserved regions. Common challenges across the BRICS nations include the high initial costs of MRI equipment, a shortage of qualified radiologists and technicians, and inconsistent reimbursement policies.

Market Segmentation Analysis

The MRI systems market can be segmented based on type, field strength, mobility, application, and end user.

Type: The market is divided into closed MRI systems and open MRI systems, with closed MRI systems dominating the market in 2024.
Field Strength: MRI systems are categorized into low-field, mid-field, and high & ultra-high field systems. The mid-field segment was the largest in 2024.
Mobility: The market is segmented into fixed and portable MRI systems, with fixed systems leading in market share in 2024.
Application: The applications of MRI systems include neurology, oncology, cardiology, orthopedics, gastroenterology, gynecology, and others, with neurology being the most significant segment in 2024.
End User: The end users of MRI systems include hospitals, specialty clinics, diagnostic imaging centers, academic and research institutions, among others, with hospitals holding the largest market share in 2024.

Market Outlook

The BRICS nations are poised to be a key growth area in the MRI systems market, driven by large populations, an increasing prevalence of chronic and neurological diseases, and improved access to advanced diagnostic services. China and India are leading in terms of MRI installations and procedure volumes, propelled by rapid healthcare infrastructure development, urbanization, and heightened awareness of the importance of early disease detection.

Brazil is witnessing steady adoption of MRI technology in both public and private hospitals, particularly in urban areas where the demand for advanced imaging services is high. Despite facing economic challenges, Russia continues to expand its diagnostic capabilities in major cities, with a growing uptake of mid- and high-field MRI systems. While affordability and reimbursement issues remain significant barriers across these markets, government investments, local manufacturing initiatives, and collaborations with global imaging companies are gradually enhancing access to MRI technology. Overall, the BRICS nations are expected to play a crucial role in the global expansion of the MRI market in the coming years.

Country Insights

The BRICS MRI systems market can be further analyzed by country, including Russia, Brazil, South Africa, India, China, as well as Egypt, Indonesia, Saudi Arabia, and the UAE. China holds the largest market share as of 2024, bolstered by substantial government investment, high procedural volumes, and strong local manufacturing capabilities.

India follows closely, with rapid growth driven by private diagnostic centers and medical tourism, particularly for mid-field and cost-effective MRI systems. Brazil is seeing consistent adoption of MRI technology through urban hospital networks and private providers, although regional disparities in access persist. Russia, with its robust public healthcare system, continues to enhance MRI access across provincial hospitals while also advancing the adoption of high-field systems in research institutions. Collectively, the BRICS market reflects a unique blend of demand driven by volume, innovation, and challenges related to accessibility.

Company Profiles

Key players in the BRICS MRI systems market include GE HealthCare, Siemens Healthineers AG, FUJIFILM Holdings Corporation, Canon Inc., Koninklijke Philips N.V., HYPERFINE, INC., Esaote SPA, Shanghai United Imaging Healthcare Co., LTD, FONAR Corp., and Neusoft Medical Systems. These companies are employing strategies such as market expansion, product innovation, and mergers and acquisitions to maintain competitiveness and deliver innovative solutions to their customers. Show more