U.S. Magnetic Resonance Imaging Market Share, Insight, Report, Trends, Analysis, & Forecast

SKU: DMMD2091 | Last Updated On: May 25 2022 | Available Formats

> U.S. Magnetic Resonance Imaging Market Expected to reach a high CAGR of ~4.6% By 2029: DataM Intelligence

U.S. Magnetic Resonance Imaging Market is segmented 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), and By Region – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The "U.S. Magnetic Resonance Imaging Market" is expected to grow at a CAGR of 4.6% during the forecasting period (2022-2029).

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.

Market Dynamics

The major driving forces are the increasing technological advancements in MRI, increasing applications in clinical diagnosis, and the increasing prevalence of chronic diseases.

The rising prevalence of chronic diseases is expected to boost the market. For instance, According to the U.S. health department, 6 out of 10 adults in the U.S. have a chronic disease and 4 in 10 live with more than 2 chronic diseases or disorders. They accounts 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 United States. 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 U.S. 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.

However, high cost of MRI systems, and depleting helium gas sources are restraining the growth of the market.

The high cost of MRI systems is likely to hamper the market. For instance, according to NerdWallet Health, the average cost of an MRI in the U.S. 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.

Market Segmentation

The U.S. magnetic imaging resonance (MRI) market can be segmented by type into Closed MRI Systems, and Open MRI Systems.

Closed MRI systems is expected to grow at a high rate over the forecast period, 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), Magnetic Resonance image compilation have high demand within market.

The U.S. magnetic imaging resonance (MRI) market can be segmented by field strength into Low-Field MRI Systems, Medium Field MRI Systems, and High Field MRI Systems.

High Field MRI Systems segment is expected to grow at a high rate over the forecast period. High-field MRI, have stronger magnets and higher field strength (Tesla), produces much better images and fulfils smaller field of view needs that the low-field systems aren’t capable of, such as neurology. MRI scanners above 1.0 Tesla are considered high field MRI segment. The range extends up to 7.0T and above. High field MRIs are primarily used in imaging centers and hospitals for improved quality of images. The need for higher quality images would drive the market growth for high field MRI market.

The U.S. magnetic imaging resonance (MRI) market can be segmented by application into oncology, neurology, cardiology, gastroenterology, musculoskeletal, and others.

Musculoskeletal segment is expected to grow at a significant rate over the forecast period. This is owing to the increasing incidence of musculoskeletal disorders and the increased preference of MRI in diagnosing the disorders. For instance, According to, US Department of Health and Human Services, CDC, in 2016, 29.2% of all adults in the Midwest United States had back pain problems. Magnetic resonance imaging is preferred for medical evaluation of the musculoskeletal (MSK) system to diagnose or evaluate joint disorders such as degenerative arthritis, tears of the menisci, ligaments and tendons (knee) or rotator cuff (shoulder) & labrum (shoulder or hip), fractures (in selected patients), spinal disk abnormalities (such as a herniated disk), the integrity of the spinal cord after trauma. Thus, the increasing incidence of musculoskeletal disorders and the increased preference of MRI in diagnosing the musculoskeletal disorders are driving the market.

Oncology segment is expected to grow at a high rate over the forecast period. This is owing to the increasing incidence of cancers and the increased preference of MRI in diagnosing the cancers. The oncology imaging system plays a significant role in the detection of cancer as it provides a detailed insight into the exact location and extent of the disease. The MRI systems not only helps in the detection of the tumour, but also helps in the evaluation of therapeutic & post-therapeutic changes, complications of treatments and follow-up for finding the early detection of recurrence.

Competitive Landscape

The major players operating in the U.S. magnetic imaging resonance (MRI) market are 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.

The key players are adopting various strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, which are contributing to the growth of the U.S. magnetic imaging resonance (MRI) market. For instance,

In November 2018, GE Healthcare announced new applications and smart devices built on Edison – a platform that helps accelerate the development and adoption of Artificial Intelligence (AI) technology and empower providers to deliver faster, more precise care.

In June 2018, Philips received U.S. FDA 510(k) clearance for its Ingenia Elition MR solution.

In June 2018, Canon Medical Systems Corporation (Canon Medical) announced the showcasing of a new Ultra-High Resolution research-enabled 3T MRI System, representing the latest addition to its Magnetic Resonance Imaging portfolio, at the ISMRM-ESMRMB 2018 Joint Annual Meeting in Paris, France.

Why Purchase the Report?

  • Visualize the composition of the U.S. magnetic imaging resonance (MRI) market across each type, field strength, and application, highlighting the key commercial assets and players.

  • Identify commercial opportunities in the U.S. magnetic imaging resonance (MRI) market by analyzing trends and co-development deals.

  • Excel data sheet with thousands of data points of the U.S. magnetic imaging resonance (MRI) market-level 4/5 segmentation.

  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

  • Type mapping in excel for the key Services of all major market players.

The U.S. magnetic imaging resonance (MRI) Market report would provide access to an approx, 39 market data tables, 28 figures, and 220 pages.

Target Audience:

  • Equipment Suppliers/ Buyers

  • Type Providers/ Buyers

  • Industry Investors/Investment Bankers

  • Education & Research Institutes

  • Research Professionals

  • Emerging Companies

  • Manufacturers

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