United States Mri Market
United States MRI Market, Field Strength (High Field MRI Systems, Medium Field MRI systems, and Low Field MRI Systems); Architecture (Closed MRI Systems and Open MRI Systems); Application (Musculoskeletal, Oncology, Neurology, Cardiology, Gastroenterology, Abdominal and Others); End-user (Hospitals, Imaging Centers, Ambulatory Surgical Centers, and Others); Trend Analysis, Competitive Market Share & Forecast, 2018-2028
- Published Date: November 2022
- Report ID: BWC22487
- Available Format: PDF
- Page: 123
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
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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.
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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
Attributes |
Details |
Years Considered |
Historical data – 2018-2021 |
Base Year – 2021 |
|
Estimated Year - 2022 |
|
Forecast – 2022 – 2028 |
|
Facts Covered |
Revenue in USD Billion |
Product Service/Segmentation |
By Field Strength, By Architecture, By Application, By End User |
Key Players |
Key players operating in 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. |
By Field Strength
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High Field MRI Systems
-
Medium Field MRI Systems
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Low Field MRI Systems
By Architecture
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Closed MRI Systems
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Open MRI Systems
By Application
-
Musculoskeletal
-
Oncology
-
Neurology
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Cardiology
-
Gastroenterology
-
Abdominal
-
Other
By End User
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Hospitals
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Imaging Centers
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Ambulatory Surgical Centers
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Others
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- United States MRI Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Increasing technological advancements in MRI
- Increasing applications in clinical diagnosis
- Increasing prevalence of chronic diseases
- Restraints
- The high cost of MRI systems
- Opportunities
- Government policies promoting the healthcare sector
- Challenges
- The incompatibility of MRI systems
- Growth Drivers
- Technological Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- United States MRI Market Overview
- Market Size & Forecast by Value, 2018–2028
- By Value (USD Million)
- Market Share & Forecast
- 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
- Others
- By End User
- Hospitals
- Imaging Centers
- Ambulatory Surgical Centers
- Others
- By Field Strength
- Market Size & Forecast by Value, 2018–2028
- Competitive Landscape
- List of Key Players and Their Offerings
- Market Share Analysis, 2021
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Development (Merger, Acquisition, Partnership.)
- Impact of Covid-19 on United States MRI Market
- Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, SWOT, and Strategic Outlook) **
- 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
- Other prominent players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumptions & Limitations
- Qualitative Research
*Financial information in case of non-listed companies will be provided as per availability
**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
List Of Figures
Figure 1 United States MRI Market Segmentation
Figure 2 United States MRI Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2021
Figure 4 United States MRI Market Share, By Value (USD Million), 2018–2028
Figure 5 United States MRI Market Share, By Field Strength, By Value, 2018–2028
Figure 6 United States MRI Market Share, By Architecture, By Value, 2018–2028
Figure 7 United States MRI Market Share, By Application, By Value, 2018–2028
List Of Tables
Table 1 United States MRI Market Size, By Field Strength, By Value, 2018–2028
Table 2 United States MRI Market Size, By Architecture, By Value, 2018–2028
Table 3 United States MRI Market Size, By Application, By Value, 2018–2028
Table 4 GE Healthcare Company Overview
Table 5 GE Healthcare Financial Overview
Table 6 Philips Healthcare (USA) Company Overview
Table 7 Philips Healthcare (USA) Financial Overview
Table 8 Siemens Medical Solutions USA Inc. Company Overview
Table 9 Siemens Medical Solutions USA Inc. Financial Overview
Table 10 Canon Medical Systems USA, Inc. Company Overview
Table 11 Canon Medical Systems USA, Inc. Financial Overview
Table 12 Hitachi Medical Systems America Inc. Company Overview
Table 13 Hitachi Medical Systems America Inc. Financial Overview
Table 14 Hologic, Inc. Company Overview
Table 15 Hologic, Inc. Financial Overview
Table 16 Aurora Imaging Technologies, Inc. Company Overview
Table 17 Aurora Imaging Technologies, Inc. Financial Overview
Table 18 Fonar Corporation Company Overview
Table 19 Fonar Corporation Financial Overview
Table 20 Esaote North America, Inc. Company Overview
Table 21 Esaote North America, Inc. Financial Overview
Table 22 Alltech Medical Systems America, Inc Company Overview
Table 23 Alltech Medical Systems America, Inc Financial Overview
Table 24 Mindray Medical Company Overview
Table 25 Mindray Medical Financial Overview
Table 26 Neusoft Medical Systems USA Inc Company Overview
Table 27 Neusoft Medical Systems USA Inc Financial Overview
Table 28 Aspect Imaging Company Overview
Table 29 Aspect Imaging Financial Overview
Market Segmentation
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
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