Report Overview

United States MRI market is growing owing to the prevalence of chronic diseases and technological advancements in MRI. In addition, the growing demand for quick and effective diagnostic tools leads to the increment in the application of clinical diagnosis, propelling the growth of the United States MRI market.

United States MRI Market - Industry Trends & Forecast Report 2028

United States MRI market exhibiting a CAGR of 5.7% during the forecast period. The rapid expansion of the market is predominantly due to the increasing prevalence of chronic diseases coupled with technological advancements such as the demand for non-invasive diagnoses in the MRI market. Moreover, demand for quick and effective diagnostic tools and equipment is also propelling the adoption of MRI machines across the United States.

MRI - Overview

A medical imaging technology called magnetic resonance imaging (MRI) is used in radiology to create images of the anatomy and physiological functions of the body in both health and sickness. Anomalies in the body are further detected and diagnosed using these images, and it can diagnose conditions like tumors, strokes, and spine lesions affecting the brain and blood arteries. According to the OECD, there were 34.54 MRI units installed in the United States for every million people in 2020.

United States MRI Market Forecast and Trends

Growth Drivers

Increasing technological advancements in MRI

The primary cause of the rising demand for MRI machines is diffusion-weighted MR imaging to detect stroke as soon as it occurs. The first 7T MRI scanner approved for clinical use in the United States is the Siemens Healthineers Magnetom Terra. Most of the most recent improvements in MRI technology relate to the software. The development of MRI systems compatible with cardiac pacemakers is anticipated to fuel market expansion in the cardiology sector. Additionally, different paramagnetic contrast agents, including gadolinium-DTPA, are injected intravenously to provide clear, correct images more quickly. During the forecast period, these MRI technology improvements are anticipated to drive market expansion in the United States.

Increasing applications in clinical diagnosis

The surge is aiding the increased use of MRI scanners across the United States in demand for quick and efficient diagnostic tools and technology to anticipate correct patient treatment results. The MRI market is expanding due to improvements in diagnostic methods like open MRI, visualization software, and superconducting magnets. Additionally, the MRI AutoDetect technology ensures that patients using CRM devices can safely have MRI scans while reducing the programming demands on hospitals. Additionally, the expanding use of intraoperative MRI in fields like neurosurgery is anticipated to fuel market expansion in the United States.

Increasing prevalence of chronic diseases.

Asthma, cancer, cardiovascular disease, depression, and diabetes are examples of chronic diseases. A key factor driving the MRI industry is the rising incidence of cardiovascular disease and cancer. The U.S. health department reports that 4 in 10 persons in the country are living with more than two chronic diseases, and 6 out of 10 adults in the country have a chronic disease. They are responsible for hundreds of billions of dollars in annual health care spending. As a result, the MRI market is driven by the rising prevalence of chronic disorders in the United States.

Restraints

The high cost of MRI systems is restraining the growth of the market.

The high price of MRI systems will probably hamper the market. The machines are expensive to purchase and install, which is affecting market expansion. A low- to medium-strength MRI machine typically costs more than USD 1 million. For instance, the average price of an MRI in the United States was USD 2,611, according to NerdWallet Health. The price of diagnostic imaging has gone up recently, and the cost of medical imaging climbed by 8.3% annually, compared to the industry average of 7.8%. Despite being the demand for advanced imaging systems, high cost is limiting the growth of the MRI market in the United States.

Impact of COVID-19 on the United States MRI Market

MRI makers have kept up with technological advancements by developing artificial intelligence (AI) products. This aided radiologists in understanding disorders connected to COVID-19 and lingering symptoms. As clinicians monitor patient recovery and search for the underlying causes of long-term COVID-19 symptoms, MRI is anticipated to play a critical role. Despite the increasing demand for MRI equipment in the diagnosis of COVID-19, the market contract in 2020 because of a fall in the diagnostic screening of other diseases to keep social distancing and isolation.

United States MRI Market - By Field Strength

The magnetic imaging resonance (MRI) market can be divided by field strength into High Field, Medium Field, and Low Field MRI Systems. Since high magnetic frequency MRI systems are evolving quickly, the market is anticipated to rise rapidly over the forecast period. Stronger magnets and greater field strength in high-field MRI systems create far superior images and meet the smaller field of view requirements, such as in neurology, that low-field systems cannot meet. High-field MRI scanners are those with a Tesla rating of one or higher. High-field MRIs are generally employed in imaging facilities and hospitals for better image quality. The requirement for better pictures would drive the high field MRI market growth.

United States MRI Market - By Architecture

The market for magnetic imaging resonance (MRI) systems can be divided into closed and open MRI systems based on type. The closed MRI systems sector is anticipated to hold a significant market share for the forecasted period. Compared to open MRI systems, closed MRI systems provide detailed pictures that provide more accurate and high-quality results. Additionally, with greater sensitivity, doctors can read, diagnose, and treat patients. The demand for MRI machines is fueled by the production of high-quality images through strong magnetic fields. The market for closed MRIs is being driven by the strong closed MRI magnets' ability to analyze regions that are invisible to the less powerful open MRI machines driving the MRI market in the United States.

United States MRI Market - By Application

The MRI market can be segmented by application into Musculoskeletal, Oncology, Neurology, Cardiology, and Others. The musculoskeletal segment is expected to grow significantly over the forecast period owing to the increasing incidence of musculoskeletal disorders and increased preference for MRI in diagnosing disorders such as degenerative arthritis, menisci tears, ligaments and tendons, and fractures. Therefore, the rise in musculoskeletal disorders and the preference for MRI in their diagnosis are what are propelling the market. Due to the rising incidence of malignancies and the growing desire for using MRI to diagnose cancers by giving a thorough understanding of the precise position and extent of the tumor, the oncology segment is anticipated to expand rapidly over the course of the forecast period.

Competitive Landscape

Key players leading the United States MRI market are GE Healthcare, Philips Healthcare (USA), Siemens Medical Solutions USA Inc., Hitachi Medical Systems America Inc., Hologic, Inc., Aurora Imaging Technologies, Inc., Canon Medical Systems USA, 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.

The market leaders retain their supremacy by new service developments, incorporating cutting-edge technology into their machines, and releasing upgraded products for customers. Various tactics, including product launches, mergers & acquisitions, collaborations, and partnerships, are used.

Recent Development

• In November 2018, to enable healthcare professionals to provide quicker, more accurate care, GE Healthcare unveiled new applications & smart devices built on the Edison platform. This platform supports the adoption and development of Artificial Intelligence (AI) technologies.

• In November 2021, by accelerating MR exams, streamlining processes, enhancing diagnostic quality, and assuring the efficiency and sustainability of radiology operations, Philips launched an AI-enabled MR imaging portfolio that it hopes will increase the efficiency and sustainability of radiology operations.

Scope of the Report

By Field Strength

• High Field MRI Systems

• Medium Field MRI Systems

• Low Field MRI Systems

By Architecture

• Closed MRI Systems

• Open MRI Systems

By Application

• Musculoskeletal

• Oncology

• Neurology

• Cardiology

• Gastroenterology

• Abdominal

• Other

By End User

•  Hospitals

•  Imaging Centers

•  Ambulatory Surgical Centers  

•  Others