US MRI Market

US MRI Market

Magnetic resonance imaging is a medical imaging technique, used in radiology to produce pictures of the anatomy and the physiological processes of the body in both health and the disease. These pictures are further used to detect and diagnose the presence of abnormalities in the body.

Rising Prevalence of Chronic Diseases and Increasing Technological Advancements to Fuel Market

The rising prevalence of chronic diseases is expected to boost the market. For instance, According to the US health department, 6 out of 10 adults in the US have a chronic disease and 4 in 10 live with more than 2 chronic diseases or disorders. They account for hundreds of billions of dollars in health care spending every year. The chronic diseases include asthma, cancer, cardiovascular disease, depression and diabetes. Thus, the increasing prevalence of chronic diseases is driving the market.

The increasing technological advancements in MRI are expected to boost the market. For instance, in October 2017, the FDA cleared the first 7T MRI system, more than doubling the static magnetic field strength available for use in the US. The Magnetom Terra from Siemens Healthineers is the first 7T MRI system cleared for clinical use in the United States. Also, In May 2017, Biotronik launched the first US Food and Drug Administration (FDA)-approved cardiac rhythm management (CRM) devices with technology that automatically recognizes when a patient enters a magnetic resonance imaging (MRI) environment. The MRI AutoDetect technology ensures patients with CRM devices can safely undergo MRI scans while minimizing programming burdens for hospitals. Thus, the increasing technological advancements in MRI are driving the market.

High cost of MRI systems, and Depleting helium gas sources to hinder market progress

The high cost of MRI systems is likely to hamper the market. For instance, according to Nerd Wallet Health, the average cost of an MRI in the US was $2,611. Diagnostic Imaging Cost has increased in recent years. The medical imaging costs increased an average of 7.8% per year; imaging costs increased 8.3% per year. Although highly variable over the study period, as a percentage of total imaging costs, CT and MR imaging costs appeared to remain stable relative to costs of other imaging modalities.

Closed MRI Anticipated to Gain Notable Traction

By type, closed MRI, is likely to grow at a rapid CAGR in the forecast period. This is owing to the fact that closed MRI systems facilitate scans which are more accurate and of high resolution over open MRI system. Strong closed MRI magnets help examine areas that aren’t visible to the weaker open MRI machines, which is driving the market for closed MRIs. Closed MRIs that enable silent scan (as low as 3 decibels), with magnetic resonance image compilation have high demand within market.

Highly Concentrated Competitive Market with Few Major Contributors

The US MRI market is highly competitive. Key market players include – GE Healthcare, Siemens Healthcare, Philips Healthcare, Hitachi Medical Corporation, Esaote SpA, Canon Medical Systems USA Inc, Mindray Medical, Neusoft Medical Systems, Fonar Corporation, and Aspect Imaging.

Key players are highly investing in R&D for advent of first-in-class products to sustain and improve market competitiveness. Few competitors are also adopting inorganic growth strategies such as mergers & acquisitions to diversify product portfolio and improve geographic footprint.

US MRI Market Taxonomy:

By Type

• Closed MRI
• Open MRI

By Field Strength

• High field MRI Systems
• Low field MRI Systems
• Medium field MRI Systems

By Application

• Musculoskeletal
• Oncology
• Neurology
• Cardiology
• Gastroenterology
• Others

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