Non-volatile magnetic random access memories such as spin-transfer torque (STT)-MRAM and next generation spin-orbit torque (SOT)-MRAM are emerging as key enabling low-power technologies, which are expected to spread over large markets from embedded memories to the Internet of Things. Concurrently, the development and performances of devices based on two-dimensional (2D) van der Waals heterostructures bring ultra-compact multilayer compounds with unprecedented material-engineering capabilities. Here, we first provide an overview of the current developments and challenges in the field, and then outline the opportunities which can arise by implementing 2D materials into spin-based memory technologies. We highlight the fundamental properties of atomically smooth interfaces, the reduced material intermixing, the crystal symmetries and the proximity effects as the key drivers for possible disruptive improvements for MRAM at advanced technology nodes.