USA MRI Market - Forecasts from 2024 to 2029

USA MRI Market - Forecasts from 2024 to 2029

The USA MRI market is expected to grow at a CAGR of 8.26%, reaching a market size of US$1.846 billion in 2029 from US$1.059 billion in 2022.

Magnetic Resonance Imaging (MRI) is a non-invasive medical imaging technique that uses magnets, radio waves, and a computer to generate detailed images of the body's internal structures. MRI is particularly useful for visualizing soft tissues, organs, and structures like the brain, spinal cord, joints, and muscles. The USA MRI market encompasses the manufacturing, distribution, installation, and maintenance of MRI machines and the provision of MRI services in healthcare facilities. Key factors influencing the market include the advanced healthcare infrastructure, clinical applications, research and development, high patient demand, competitive market landscape, regulatory environment, healthcare expenditure, and widespread patient access to MRI services. The FDA oversees the safety and efficacy of MRI systems, and the high level of healthcare expenditure supports investments in medical technologies. Factors such as the rising prevalence of cancer and cardiovascular disease are expected to act as major growth drivers for the growth of the USA MRI market. Moreover, the growing demand for effective diagnostic tools and equipment that can provide accurate results for providing effective treatment is further expected to increase the demand for MRI machines.

MARKET DRIVERS:

Technological advancement is predicted in the market growth

Factors contributing to the growth of the market in the country are growing technological advancement in the diagnostic field and the widening application of MRI in the medical field. As per the estimates published by the Organisation for Economic Co-operation and Development (OECD), around 40 million MRI scans are performed every year across the United States. Some of the key market players are providing training courses to physicians to spread awareness about the latest technology that is being used in the diagnostic field. For instance, Bruker BioSpin is offering training courses for MRI customers in the US and Europe. The training course covers a wide range of applications, which include introductory classes and advanced operator courses. Owing to technological advancements, the market is expected to witness significant growth in the coming years.
The rising requisite of open MRI systems is anticipated to dominate the 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. People in countries such as the USA and Canada are adopting open MRI machines to provide more comfort to patients. For instance, Washington County Memorial Hospital in the United States has installed an Open Bore, 1.5 Tesla, magnetic resonance imaging (MRI) system.

MARKET RESTRAINT
The high cost of MRI equipment

Although the market is witnessing a robust demand during the forecast period for efficient management and treatment of chronic diseases, certain limitations are restricting the growth of the market. One such factor is the high costs associated with the installation and maintenance of imaging equipment. Installation and maintenance of these systems require a skilled workforce and complex infrastructure with high associated costs, which many small hospitals or medical institutions cannot afford.

Key Developments:

November 2023- Royal Philips is showcasing the world's first mobile MRI system with helium-free operations at #RSNA23. The BlueSeal MR Mobile, the industry's first 1.5T fully sealed magnet, delivers patient-centric MRI services where and whenever needed. Unlike other mobile MRI scanners, it is more agile and lightweight, allowing it to be located in more convenient places for patients. The first BlueSeal MR Mobile unit, developed for outpatient radiology and oncology solutions provider Akumin, will debut at #RSNA23. With over 600 systems installed globally, the MRI scanners are equipped with Philips' BlueSeal magnet technology, which has saved over 1.5 million liters of helium since 2018.
November 2023- Cleveland Clinic and Canon Inc. are forming a strategic research partnership to develop innovative imaging and healthcare IT technologies to improve diagnosis, care, and outcomes for patients. The partnership aims to establish a comprehensive imaging research center in Cleveland's Fairfax neighborhood, potentially including a shared workspace. The center will focus on cardiology, neurology, and musculoskeletal medicine, with three major components: pre-clinical imaging, human imaging, and image analysis. The center will be part of the Cleveland Innovation District, a $500 million public-private partnership aimed at accelerating research, creating jobs, and educating the workforce.
November 2022- Canon Medical has revamped its MRI workflow with intelligent remote tablet and in-room camera solutions. The Vantage Galan 3T and Vantage Orian 1.5T systems now feature new AI technologies for automated scan planning for the Liver, Prostate, and Whole Spine, and noise removal for improved SNR. The new systems have a refined look, innovative workflow solutions, and accelerated scan technology, contributing to reduced procedure time. The mobile interface allows remote monitoring and seamless data integration, while an AI-driven ceiling camera automatically checks patient position and coil setup.

Market Segmentation

The USA MRI market has been analyzed through the following segments:

By Type
Closed
Open
By Application
Screening
Diagnosis
Treatment Monitoring
Research