North America Magnetic Resonance Imaging (MRI) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America Magnetic Resonance Imaging (MRI) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The North America Magnetic Resonance Imaging (MRI) Market is expected to register a CAGR of 5.8% during the forecast period (2022-2027).

COVID-19 has impacted the market growth during the pandemic due to the growth in MRI examinations to evaluate the lasting effects of COVID-19 in patients. For instance, according to the news published by GE Healthcare in March 2021, imaging modalities like magnetic resonance imaging (MRI) will play an important role as clinicians monitor patient recovery and search for the underlying causes of lasting COVID-19 symptoms. This will lead to increased adoption of MRI to understand COVID-19 diseases, driving the market growth.

The major factors attributing to the growth of the market are the introduction of hybrid MRI systems, availability of universal health coverage in North America, and increasing emphasis on early diagnosis, strong foothold of key market players, well-defined healthcare infrastructure, among others.

Furthermore, rise in initatives from the key market players for the launch of innovative products in the market is expected to bolser the market growth. For instance, in November 2021 FUJIFILM Healthcare Americas Corporation launched velocity MRI System, its advanced, high-field open MRI system during the 2021 Radiological Society of North America (RSNA) conference. Such launches will lead to increased adoption of the highly innovative products, driving the market growth.

Rising prevalence of diseases in the North America is expected to drive the market growth further. For instance, according to the Heart and Stroke Foundation of Canada in 2022, there are 750,000 people living with heart failure and 100,000 people are diagnosed with this incurable condition each year. In addition, according to the Centre for Disease Control and Prevention in July 2022, in every 34 seconds in the United States one person dies from cardiovascular disease. Such a huge number of cardiac patients in the North America will lead to increased adoption of MRI devices in North America for the diagnosis of cardiovascular diseases, driving the market growth.

All these factors are helping the market growth. However, there are few factors such as the high cost of MRI systems which may restrain the market growth.

Key Market TrendsOpen MRI Systems are Expected to Grow with High CAGR in the Architecture Segment Over the Forecast Period

An open MRI system has a larger opening compared to that of a standard MRI system. Claustrophobic people may feel better by using an open MRI machine. An open MRI system is also easy to use for people who are very obese or overweight. It provides a more relaxed, less confining environment and lowers noise levels making it less stressful as compared to a closed system. Also, the shape of the system allows patients of all shapes and sizes to be able to make use of an MRI to accurately diagnose their problems and, it is preferred by patients having claustrophobia thus, the demand for open MRI systems is expected to increase over the years which will drive growth in the studied segment.

Furthermore, with the growing demand for MRI systems around the world, their adoption is increasing which will further augment the growth of the studied segment. For instance, in April 2021, Vancouver Coastal Health acquired the MRI scanner and other assets from Canadian Magnetic Imaging Ltd., a private clinic. This contains a Siemens Magnetom Espree1.5T MRI Open Bore MRI, underwent a thorough assessment prior to the acquisition, and will provide robust service for the people. Such acquisitions will lead to rise in MRI services, thereby leading to increased adoption, driving this segment growth.

In addition, rising initiatives from the key market players for the launch of innovative market products and approval from the regulatory authorities will lead to drive the market growth. For instance, in February 2022, The Food and Drug Administration has approved Esaote’s Magnifico Open MRI, a new open whole-body MRI system and it is available for purchase in the United States. This will lead to increased adoption of such innovative open MRI scanners, driving this segment growth.

Therefore, owing to the above mentioned factors, the Open MRI systems is expected to show a significant share over the forecast period.

United States is Expected to Show a Significant Market Share in the Market Studied

The United States holds a significant share due to the strong foothold of key market players in the country, developed healthcare infrastructure, rising initiatives of key market players,

According to the American Cancer Society, estimated that in January 2022 there will be 1.9 million new cancer cases and 609,360 deaths from cancer are expected to occur in the United States 2022, which is about 1,670 deaths a day. The high incidence of cancer cases in the United States is therefore expected to drive the growth of the market studied due to the rise in adoption of MRI for the diagnosis of cancer.

In addition, the rise in the launch of new MRI machines in the United States is also expected to drive market growth in this region. For instance, in November 2021, GE Healthcare launched SIGNA Hero, a new 3.0T magnetic resonance imaging (MRI) system that provides better image quality, enhanced workflows, increased productivity, improved patient comfort, and greater sustainability. Such launch of improved products in the market is expected to show increased adoption, driving the market growth over the forecast period.

Hence, owing to the above factors the segment is expected to show growth over the forecast period.

Competitive Landscape

The North America Magnetic Resonance Imaging market is consolidated. In terms of market share, few of the major players currently dominate the market. With the increasing prevalence of diseases, technological advancements, and increasing aging population few other players are also expected to enter the market in the coming years. Some of the major players in the market are GE Healthcare, Hitachi Medical Systems, Koninklijke Philips NV, Siemens Healthineers, and Canon Medical Systems Corporation among others.

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