United States Magnetic Resonance Imaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

United States Magnetic Resonance Imaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The United States Magnetic Resonance Imaging market was valued at USD 2,945.98 million in 2021 and is projected to register a CAGR of 5.9% during the forecast period (2022-2027).

In January 2020, the Food and Drug Administration (FDA) was committed to safeguarding the United States from risks such as COVID-19. The Food and Drug Administration provides timely guidelines to aid in the pandemic response. The guidance provides a policy to help expand the availability and capability of medical x-ray, ultrasound, and magnetic resonance imaging systems, as well as image analysis software used to diagnose and monitor medical conditions while mitigating circumstances that could lead to COVID-19 exposure in patients, healthcare providers, and healthcare technology management (HTM). Therefore, as per the guidance to expand the availability of MRI facilities in hospitals and other healthcare facilities, they might have to increase the usage of MRI or need to install new MRI systems. This is expected to increase demand for MRI systems in the United States. Additionally, as per the National Institutes of Health (NIH) 2021 data, 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 in the United States. As much as 30% of the 28 million COVID-19 cases recorded in the United States can lead to long-term symptoms. Hence, the crucial role of MRI in COVID-19 has helped the market sustain its momentum during the pandemic.

With the increasing prevalence of chronic ailments such as cancer, cardiovascular diseases, and musculoskeletal diseases, and the technological advancements in the country, the magnetic resonance imaging (MRI) market is expected to grow in the United States. Additionally, the rising burden of chronic diseases will ultimately lead to high utilization of imaging modalities. For instance, according to the American Cancer Society’s 2021 report, about 1,898,160 cancer cases (970,250 in males and 927,910 in females) were expected to be diagnosed in 2021 in the United States, and 608,570 Americans were expected to die from it. The high number of cancer population indicates the need for diagnostic imaging as early detection of cancer can prevent life threatening effects casused by the disease. Hence, the demand for MRI scans is expected to increase in the country.

Therefore. the market studied is expected to witness significant growth in the United States over the forecast period.

Key Market TrendsNeurology is Expected to Witness Significant Growth in the Future

Magnetic resonance imaging (MRI) produces detailed images of body structures, including tissues, organs, bones, and nerves. Neurological uses include diagnosing brain and spinal cord tumors, eye disease, inflammation, infection, and vascular irregularities that may lead to stroke. MRI may also detect degenerative disorders such as multiple sclerosis and document brain injury from trauma. So, in the above conditions, the MRI is largely preferred.

Owing to the presence of major companies operating in the magnetic resonance imaging equipment business, the United States is witnessing an increase in the number of MRI scans available in hospitals. For instance, in November 2021, GE Healthcare received United States FDA 510(k) clearance for SIGNA 7.0T magnetic resonance imaging (MRI) scanner. SIGNA 7.0T may image anatomy, function, metabolism, and microvasculature in the brain and joints with incredible resolution and detail. It is also expected to be used in research into psychiatric disorders such as Alzheimer's disease and mild traumatic brain injury.

Furthermore, in June 2021, South Texas Health System installed a high resolution 1.2 Tesla Open MRI system in its emergency room in Weslaco. These hospitals have a view to provide patients with a 270-degree unobstructed view and provide advanced technology. It offers neuro, vascular, and body imaging capabilities.

With the upbringing of advanced magnetic resonance imaging equipment in the country, companies are providing reliability to healthcare professionals as well as the patients which is augmenting the demand for MRI scans in the United States and ultimately contributing to the market growth.

Competitive Landscape

The United States magnetic resonance imaging market is highly competitive and consists of several major players. In terms of market share, a few of the major players currently dominate the market. However, with technological advancements and quality service provisions, mid-size to smaller companies are increasing their market presence by introducing new products at less prices. Companies, like Siemens Healthineers, GE Healthcare, Canon Medical Systems, and Philips Healthcare, hold a significant market share in the magnetic resonance imaging market.

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