North America MRI Market - Forecasts from 2024 to 2029

North America MRI Market - Forecasts from 2024 to 2029

The North America MRI market is projected to grow at a CAGR of 7.68% to reach US$4.308 billion by 2029, up from US$2.567 billion in 2022.

MRI is a medical imaging technique that uses a powerful magnetic field, radio waves, and a computer to generate detailed images of the body's internal structures, particularly soft tissues. It is commonly used for diagnosing and monitoring various medical conditions, including neurological disorders, musculoskeletal issues, cardiovascular diseases, and tumors. MRI is also safer than ionizing radiation, making it a preferred option for certain patients. The North America MRI market is a significant part of the medical imaging industry, involving the production, sales, and utilization of MRI equipment and services. Factors influencing the market include technological advancements, healthcare infrastructure, regulatory landscape, and the prevalence of diseases requiring advanced imaging for accurate diagnosis. Technological innovations in MRI systems, such as higher field strengths and improved imaging protocols, drive the market's growth.

The presence and quality of healthcare infrastructure, including hospitals and diagnostic imaging centers, also play a crucial role in shaping the MRI market. Regulatory factors, including approval processes and safety standards, influence the introduction and adoption of new MRI technologies in the market. Furthermore, increasing healthcare expenditure is further augmented to support the market growth. The market is segmented based on the following: by type, by application, by country, and by target audience.

MARKET DRIVERS:

High prevalence of chronic diseases is anticipated to propel the North America MRI market growth.

The increasing prevalence of chronic diseases and the presence of well-developed healthcare infrastructure, along with the presence of key market players in the region who are constantly evolving and launching advanced MRI systems into the market, are projected to drive the overall market growth during the forecast period. For instance, around 126.9 million adults were suffering from some sort of cardiovascular disease between 2015 and 2018 and around 121.5 million adults were facing hypertension issues, which has increased the demand for MRI systems to detect and diagnose the state of blood vessels and anatomy of the heart (Source: American Heart Association). Major players in the market are making significant developments by launching new and advanced MRI systems in the region. For instance, Hyperfine Inc. received approval from FDA for its advanced bedside magnetic resonance imaging (MRI) system called the Swoop Portable MRI Device. The new MRI system is less costly, consumes less power, and has a lighter weight in comparison to the traditional MRI systems. Due to the above-mentioned factors, it can be concluded that the North American MRI market is growing rapidly.
Open MRI is anticipated in the growth of the MRI market.

Open MRI systems are expected to dominate the growth segment during the forecast period. Open MRI systems have a lot of space and a large opening as compared to closed MRI systems, so they are suitable for claustrophobic and obese people. The major advantage offered by open MRI systems is their affordable and efficient cost. Many countries across the region are adopting open MRI machines to provide more comfort to their citizens. For instance, Washington County Memorial Hospital in the United States has installed an Open Bore, 1.5 Tesla, magnetic resonance imaging (MRI) system.

Moreover, with the rising cases of neurological diseases, the demand for open MRI systems is expected to grow, which in turn is expected to drive the overall market growth. Key players in the market are launching advanced open MRI systems, which are anticipated to have a positive impact on the market growth. For instance, Fujifilm Healthcare Americas Corporation has introduced the Velocity MRI System, which is an open-type MRI system. It is designed to streamline workflow and enhance the patient experience with its unique integrated radiofrequency (RF) coils and open gantry system.

Key Developments:

December 2023- Siemens Healthineers has introduced the MAGNETOM Viato.Mobile, a mobile MRI scanner with BioMatrix technology and AI power, in Canada. This innovative solution offers high-quality imaging directly to patients' doorsteps, enhancing mobile diagnostic capabilities. The mobile trailer setup is suitable for short-term and long-term deployment, providing coverage for underserved regions. Operation and service can be done remotely via fixed internet or 5G connection, reducing on-site staff and allowing specialists to work from home.
June 2023- Esaote North America has secured a national group purchasing agreement with Premier, Inc. for the O-scan Dedicated extremity MRI system. The cryogen-free system can be used standalone or in conjunction with existing imaging suites, enhancing throughput and reducing scheduling challenges. Esaote is known for its dedicated MRI systems, ultrasound point-of-care, and Healthcare IT workflow solutions. Premier, a leading healthcare improvement company, aims to transform healthcare by integrating data, analytics, and other services to improve care and outcomes at lower costs.
November 2022- United Medical Imaging Healthcare has begun installing Fujifilm's ARIETTA 650 DeepInsight™ ultrasound systems in its radiology facilities in southern California. The systems are the first in the US to include DeepInsight technology, which uses cognitive technology to extract only necessary information from image raw data, resulting in clearer images.

Market Segmentation
By Type
Closed
Open
By Application
Screening
Diagnosis
Treatment Monitoring
Research
By Country
USA
Canada
Mexico