Breast MRI Market: Insights into Cost-Effectiveness and Accessibility

In 2024, the global breast MRI market was valued at USD 2.30 billion and is projected to grow to USD 5.28 billion by 2033, reflecting a compound annual growth rate (CAGR) of 9.70% from 2025 to 2033. This growth is driven by advancements in MRI technology and the increasing global burden of breast cancer.

Rising awareness and widespread breast cancer screening initiatives are key factors contributing to market expansion. The growing incidence of breast cancer continues to be a major driver of demand for breast MRI, which serves as a critical diagnostic and screening tool, especially for individuals at high risk. Breast MRI is instrumental in identifying additional malignant lesions within the breast.

According to the World Health Organization (February 2025), approximately 1 in 20 women globally will be diagnosed with breast cancer in their lifetime. If current trends persist, annual new breast cancer cases could reach 3.2 million by 2050, with an estimated 1.1 million related deaths per year. In 2022, approximately 2.3 million new cases and 670,000 deaths were reported globally. This rising prevalence significantly boosts the need for effective imaging tools like breast MRI.

In addition to global growth, key regions—including Asia, Europe, North America, and Latin America—are experiencing high rates of breast cancer, with incidence projected to rise sharply by 2030. This highlights the increasing regional demand for advanced diagnostic technologies such as breast MRI, which aids in early detection, thorough evaluation, and effective disease management.

Key Market Trends & Insights

• Regional Insights: North America held the largest market share in 2024, accounting for 44.79% of the global market. The region is projected to continue growing at the fastest pace due to the strong presence of major players like GE Healthcare, Siemens Healthineers, and Philips Healthcare, as well as the widespread use of advanced imaging infrastructure.

• By Product: The systems segment dominated the market with a 75.44% revenue share in 2024. This is driven by the increasing adoption of high-tech MRI systems and innovations in imaging. Notably, in February 2025, researchers at the University of Waterloo unveiled an AI-enhanced MRI method.

• By Condition: The malignant segment led with 84.18% of the market share in 2024 and is expected to grow fastest, due to the widespread use of breast MRI in detecting, characterizing, and staging cancerous tumors.

• By Imaging Technique/Contrast Use: Contrast-Enhanced MRI (CE-MRI) was the leading segment in 2024, supported by growing approvals for contrast agents. For example, Guerbet’s Elucirem (Gadopiclenol) received European Commission approval in December 2023 for use in breast and other organ imaging.

• By End Use: Hospitals and clinics dominated with a 42.46% market share in 2024, benefiting from established imaging infrastructure, skilled radiologists, and high patient throughput.

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Market Size & Forecast

• 2024 Market Size: USD 2.30 Billion

• 2033 Projected Market Size: USD 5.28 Billion

• CAGR (2025-2033): 9.70%

• North America: Largest market in 2024

Key Companies & Market Share Insights

Leading players in the breast MRI market are focusing on strategic initiatives such as regional expansion, product innovation, and partnerships to enhance their market position. Companies like GE Healthcare, Siemens Healthineers, and Philips Healthcare continue to play a pivotal role in shaping the industry.

Key Players

• GE HealthCare

• Siemens Medical Solutions USA, Inc.

• Koninklijke Philips N.V.

• CANON MEDICAL SYSTEMS USA, INC.

• FUJIFILM

• United Imaging Healthcare Co., Ltd.

• AURORA HEALTHCARE US CORP

• Quality Electrodynamics (QED)

• MR Instruments, Inc.

• iCAD, Inc

• Subtle Medical, Inc.

• Arterys (Tempus)

• Esaote

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Conclusion

The global breast MRI market is set for substantial growth, driven by technological advancements and the escalating global burden of breast cancer. Increased awareness, enhanced screening programs, and a strong push for early diagnosis are propelling demand for MRI as a vital diagnostic tool. With North America leading the way and technological innovations such as AI-enhanced imaging on the rise, the breast MRI market is well-positioned to experience significant expansion through 2033.