United States MRI Market to Grow at a CAGR of 5.7% during Forecast Period

Published | 02 November 2022

The United States MRI Market is growing at a high CAGR because of the increasing demand for advanced imaging modalities for the early detection of disorders has led to increased adoption of MRI systems across the United States. Moreover, government policies and the high demand for effective diagnostic tools propel the MRI market's growth.

A recent study by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the United States MRI Market is projected to grow at a CAGR of 5.7% during the forecast period. The United States MRI market is booming because chronic disease prevalence and dependence on diagnostic tools are expected to influence the MRI market growth. Government initiatives that support the healthcare industry and extend its reach to all facets of society through reimbursement rules are anticipated to favor market expansion. However, the incomparability of MRI systems in patients and reimbursement rates act as a restraining factor for the market growth.

Demand for diagnostic services for growing diseases is driving the MRI market.

The main factors driving this market's growth are the rising prevalence of chronic diseases and the expanding use of diagnostic services. Additionally, the capacity of magnetic resonance imaging (MRI) to diagnose various illnesses early, such as orthopedic and cardiovascular, significantly boosts the success rates of the therapy, which further encourages its acceptance worldwide and hastens the market's expansion. Future expansion of the magnetic resonance imaging (MRI) market's growth rate will be facilitated by growing public awareness of the advantages of early diagnosis and the introduction of MRI-compatible pacemakers.

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Government policies promoting the healthcare sector are expected to positively drive the United States MRI market.              

Growth in the healthcare industry is also anticipated as the government attempts to increase access to high-quality healthcare facilities. Universal health coverage, which lowers the cost of various procedures like MRIs and encourages people to have tests or treatments at regular intervals, is anticipated to impact the growth of the market under study substantially. In the United States, about 80%-90% of the citizens have health coverage primarily covered by Medicare, Medicaid, and the State Children's Health Insurance Program (SCHIP) is the driving factor for the MRI market during the forecast period 2022-2028.

The incompatibility of MRI systems is restraining the growth of the market.

The magnetic resonance imaging (MRI) market is expected to face challenges in the forecast period of 2022–2028 due to the incompatibility of MRI systems in some patients and the lowering reimbursement rates for MRI treatments. These factors significantly impact the pocket of patients; therefore, some tend not to go for MRI as one of the factors hampering the market. In addition, a high level of technical skill is required to handle modern, sophisticated MRI equipment, which will be challenging given the developments in MRI systems hampering the market growth in the United States.

Oncology and hospital in segmental coverage is anticipated to hold a sizable market share

Throughout the projected period, the oncology segment in application is anticipated to hold a sizable market share. MRI systems are anticipated to rise with the burden of cancer cases. MRI is used to diagnose cancer and tumors as well as to plan treatments such as radiation therapy or surgery for cancer patients. As a result, due to the widespread use of MRI systems in cancer diagnoses and treatment, together with the rising incidence of cancer, the MRI market is anticipated to grow. In 2021, the hospital segment retained the most significant share, mainly due to the increasing number of MRI equipment installed in hospitals. The imaging centers are anticipated to increase at the fastest rate; government initiatives to expand the supply of ambulatory care facilities to expand access in rural areas are expected to drive the MRI market.

Impact of COVID-19 on the United States MRI Market

The COVID-19 pandemic had a marginally negative impact on the magnetic resonance imaging (MRI) market. There are high odds of contamination due to massive machinery, which has restricted the market's growth. As a result, the government has imposed lockdown and social distance limitations to contain the COVID-19 pandemic epidemic. Additionally, radiologists who are diagnosing COVID-19 patients should only use diagnostic imaging technology when it is necessary. The delay of non-essential medical treatments during the covid-19 outbreak also impacted the market's expansion. The market was significantly affected by several obstacles, such as the influence on outpatient imaging services.

Competitive Landscape

Key players operating in the United States MRI market are GE Healthcare, Philips Healthcare (USA), Siemens Medical Solutions USA Inc., Canon Medical Systems USA, Inc., Hitachi Medical Systems America Inc., Hologic, Inc., Aurora Imaging Technologies, Inc., Fonar Corporation, Esaote North America, Inc., Alltech Medical Systems America, Inc, Mindray Medical, Neusoft Medical Systems USA Inc, Aspect Imaging and other prominent players. For instance, a strategic partnership between Philips and Akumin Inc., a leading provider of outpatient diagnostic imaging services in the United States, was announced in June 2021. Through this partnership, Akumin's outpatient imaging centers will be able to use Philips' new Radiology Operations Command Center, and the two companies will collaborate to develop clinical standards for Akumin's MR and CT imaging modalities.

Hitachi Medical Systems introduced two permanent open MRI systems in March 2021 at the European Congress of Radiology.

The field strength of 0.55T Magetom Free. Siemens Healthineers unveiled Max in November 2020, expanding the clinical possibilities for MRI equipment. This technique enables reliable scanning of patients with implants and improves pulmonary imaging with MRI.

Don’t miss the business opportunity in the United States MRI Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and statistics of the United States MRI Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the United States MRI Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the market's growth drivers, challenges, and competitive dynamics.

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