U.S. Magnetic Resonance Imaging (MRI) Market

  • The U.S. Magnetic Resonance Imaging (MRI) Market is expected to grow at a CAGR of XX% to reach a market value of USD XX million by 2026.

  • Magnetic resonance imaging (MRI) is a medical imaging technique used in radiology to form pictures of the anatomy and the physiological processes of the body in both health and disease.
  • MRI is the best tool for diagnostic imaging as it provides morphological images with the highest spatial resolution and unmatched soft tissue contrast as well as the unique functional information of complex body parts and systems such as the central nervous system (CNS).
  • MRI scanners use strong magnetic fields, magnetic field gradients, and radio waves to generate images of the organs in the body. MRI does not involve X-rays or the use of ionizing radiation, which distinguishes it from CT or CAT scans and PET scans.


U.S. Magnetic Resonance Imaging Market Dynamics

  • The global market for U.S. Magnetic Resonance Imaging (MRI) Market is primarily driven by the increasing incidences of chronic diseases in the U.S. and aging population.
  • The growing frequencies of cardiac, neurological, gastrointestinal disorders and cancers require advanced diagnostic tools like MRI. With increasing technological advancements in MRIs to capture high-quality images of soft tissue, ligaments and other body organs, the market is expected to increase.

  • Recently advancements in MRI technology have been on the software side, enabling faster contrast scans, greatly simplified cardiac imaging workflows, and allowing MR scans of the lungs.
  • Other factors propelling the growth of the MRI market in the US are increasing investments in the medical imaging market from the public-private organization for improvement and modernization of diagnostic imaging facilities.
  • Increased government expenditure over healthcare facilities would also aid the market positively.
  • However, the high cost of MRI machines due to stringent tax policies and costly set-up of the room which hosts these machines adds to the overall cost of the system may hamper the growth of the U.S. Magnetic Resonance Imaging (MRI) Market.


U.S. Magnetic Resonance Imaging Market Segmentation Analysis

  • By type, the U.S. Magnetic Resonance Imaging (MRI) Market is segmented into closed and open MRI systems. Closed MRI System accounted for the largest market share.
  • It can be attributed to closed MRI systems scans are more accurate and of high resolution over the open MRI system. Strong closed MRI magnets help examine areas that aren’t visible to the weaker open MRI machines, and the can enable silent scan (as low as 3 decibels) are factors contributing to its high demand within the market.
  • However, claustrophobic, anxious and obese patients face difficulties with closed MRIs which might hamper the growth of closed MRIs.
  • The Open MRI system is the fastest growing segment in the type category, in the U.S. owing it to the growing demand due to its advantages over conventional MRI systems. Open MRI systems provide more comfort to the patients and are especially ideal for patients who are claustrophobic or nervous about imaging procedures.
  • By field strength, the U.S. Magnetic Resonance Imaging (MRI) Market is segmented into low, medium and high field MRI systems. High-field MRI system accounts for the largest market share followed by Medium Field MRI system share in the field strength segment.
  • High-field MRI, have stronger magnets and higher field strength (Tesla), produces much better images and fulfills smaller field of view needs that the low-field systems aren’t capable.
  • High field MRIs can cover imaging needs from standard musculoskeletal studies to advanced work in cardiac, neurology, and specific spectroscopy scanning.
  • The demand for higher quality images drives the market growth for high field MRI market. However, the high cost of equipment and installation might hamper market growth.
  • By application, the U.S. Magnetic Resonance Imaging (MRI) Market is segmented into oncology, neurology, cardiology, gastroenterology, musculoskeletal, and others. Oncology holds a significant market share is owing to the rising incidents of cancer.
  • The oncology imaging market focuses on significant cancer indications such as breast cancer, lung cancer, colorectal cancer, and prostate cancer, among others through MRI scans. MRI systems have become one of the significant potential tools in early cancer detection helps in decreasing the mortality rate due to cancer.
  • The oncology imaging system provides a detailed insight into the exact location and extent of the disease. It helps in the evaluation of therapeutic & post-therapeutic changes, complications of treatments and follow-up for finding the early detection of recurrence. One of the fastest growing shares is cardiology attributing to the increased cardiovascular diseases and as cardiac imaging mostly uses MRI.
  • MRI offers better spatial and temporal resolution and does not expose patients to ionizing radiation. Cardiovascular diseases are a significant cause of global deaths in the United States. About 610,000 people die of heart disease in the United States every year. Coronary heart disease (CHD) is the most common type of heart disease, killing over 370,000 people annually.
  • Cardiac MRI is used to detect or monitor cardiac disease and to evaluate the heart’s anatomy and function in patients with both heart disease present at birth and heart diseases that develop after birth.


U.S. Magnetic Resonance Imaging Market Geographical Analysis

  • The United States is one of the major regions for diagnostic imaging market owing it to the rising incidents of chronic diseases and disorders.
  • The number of new cases is continuously increasing per year which will boost the market growth for the diagnostic imaging market. According to the U.S. health department, every six out of ten adults in the U.S. have a chronic disease, and four in ten live with more than two chronic diseases or disorders.
  • They account for billions of dollars in health care spending every year. Chronic conditions include asthma, cancer, cardiovascular disease, depression, and diabetes.
  • Other factors such as the high spending of GDP in healthcare stimulant growth of the market for MRIs in the region. According to The National Health Expenditure Accounts (NHEA), the US spent around 20% of its GDP on healthcare in 2017.
  • According to the US Census Bureau, the United States is the most substantial revenue generating region for the diagnostic imaging centers.
  • The improved spending capability and physicians’ inclination towards MR imaging over other conventional medical imaging modalities is fueling demand for MRI across this region.


U.S. Magnetic Resonance Imaging Market Competitive Analysis

  • Key players are adopting strategies such as mergers and acquisitions, partnerships, and regional expansion to stand out as strong competitors in the market. New and innovative product launches, as well as FDA approvals, are other strategies adopted by lead players to improve their market presence.
  • January 2019, The U.S. Food and Drug Administration (FDA) cleared the Magnetom Lumina 3 Tesla (3T) magnetic resonance imaging (MRI) scanner from Siemens Healthcare.
  • The Magnetom Lumina features BioMatrix patient personalization technology, which significantly improves productivity while ensuring consistent quality.
  • December 2018, Siemens Healthcare introduced the Magnetom Altea 1.5 Tesla (1.5T) magnetic resonance (MR) scanner, equipped with BioMatrix patient personalization technology.
  • The Magnetom Altea has BioMatrix technology that includes the Select&Go Interface, powered by artificial intelligence (AI) to enhance workflow productivity.
  • January 2018, Hitachi Healthcare Americas Corporation, a wholly owned subsidiary of Hitachi, Ltd. and a leading provider of medical imaging modalities, announced that it agreed to acquire VidiStar, a Greenville, SC-based company. Hitachi aims to advance the company’s informatics strategy and analytics capabilities to improve workflow and intelligence for physicians, particularly with those providers conducting diagnostic ultrasound examinations through the acquisition of VidiStar.
  • October 2017, FDA cleared the first 7T MRI system from Siemens Healthcare. The Magnetom Terra is the first 7T MRI system cleared for clinical use, and it doubled the static magnetic field strength available for use in the U.S. First approved indications for the system are the system’s neurological and musculoskeletal (MSK).
  • In 2016, Siemens announced the FDA clearance for the Magnetom Amira 1.5T system.
  • In 2015, Toshiba acquired Olea Medical SA. The acquisition aimed to accelerate the growth of Toshiba’s MRI with the help of Olea’s cutting-edge software technology for advanced post-processing and image analysis
  • Major players for the MRI industry include GE Healthcare, Siemens Healthcare, Philips Healthcare, and Hitachi Medical Corporation.


Why Purchase the Report?

  • Visualize the composition of the U.S. Magnetic Resonance Imaging (MRI) Market across each indication, in terms of type and treatment options, highlighting the key commercial assets and players.
  • Identify commercial opportunities in U.S. Magnetic Resonance Imaging (MRI) Market by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of the U.S. Magnetic Resonance Imaging (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.
  • Product mapping in excel for the key products of all major market players.


Target Audience:

  • Equipment Suppliers/ Buyers
  • Service Providers/ Buyers
  • Industry Investors/Investment Bankers
  • Education & Research Institutes
  • Research Professionals
  • Emerging Companies
  • Manufacturers

U.S. Magnetic Resonance Imaging Market

1. U.S. Magnetic Resonance Imaging Market – Scope and Methodology

1.1. Research Methodology

1.2. Scope of the market

2. U.S. Magnetic Resonance Imaging Market – Industry Trends

2.1. Key Trends and Developments

3. U.S. Magnetic Resonance Imaging Market Outlook

3.1. Drivers

3.2. Restraints

3.3. Impact Analysis

3.4. Porter’s 5 Forces

3.5. Regulatory Scenario

3.6. Technological Advancement

3.7. Supply Chain

4. U.S. Magnetic Resonance Imaging Market – Segmentation Analysis

4.1. By Type

4.1.1. Closed MRI Systems

4.1.2. Open MRI Systems

4.2. By Field Strength

4.2.1. Low-Field MRI Systems

4.2.2. Medium Field MRI Systems

4.2.3. High Field MRI Systems

4.3. By Application

4.3.1. Oncology

4.3.2. Neurology

4.3.3. Cardiology

4.3.4. Gastroenterology

4.3.5. Musculoskeletal

4.3.6. Others

5. U.S. Magnetic Resonance Imaging Market – Competitive Analysis

5.1. Competitive Scenario

5.2. Key Strategies adopted by Manufacturers

5.3. Product Benchmarking

6. U.S. Magnetic Resonance Imaging Market – Company Profiles

6.1. GE Healthcare

6.2. Siemens Healthcare

6.3. Philips Healthcare

6.4. Hitachi Medical Corporation

6.5. Esaote SpA

6.6. Canon Medical Systems USA Inc.

6.7. Mindray Medical

6.8. Neusoft Medical Systems

6.9. Fonar Corporation

6.10. Aspect Imaging

7. U.S. Magnetic Resonance Imaging Market – Appendix

7.1. Sources

7.2. List of Tables

7.3. Expert Panel Validation

7.4. Disclaimer

7.5. Contact Us

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