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 segmented By Architecture (Closed MRI Systems, Open MRI Systems), By Field Strength (Low Field MRI Systems, Medium Field MRI Systems, Very High Field MRI Systems and Ultra High MRI Systems), By Application (Oncology, Neurology, Cardiology, Gastroenterology, Musculoskeletal, Other Applications) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers the value (in USD million) for the above segments.

Market Snapshot

North America Magnetic Resonance Imaging Market-1
Study Period: 2019-2027
Base Year: 2021
CAGR: 5.8 %

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Market Overview

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.

Scope of the Report

As per the scope of the report, Magnetic Resonance Imaging (MRI) devices are electromagnetic imaging devices, which make use of radiofrequency to produce medical images. The North America Magnetic Resonance Imaging (MRI) Market is segmented By Architecture (Closed MRI Systems, Open MRI Systems), By Field Strength (Low Field MRI Systems, Medium Field MRI Systems, Very High Field MRI Systems and Ultra High MRI Systems), By Application (Oncology, Neurology, Cardiology, Gastroenterology, Musculoskeletal, Other Applications) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.

By Architecture
Closed MRI Systems
Open MRI Systems
By Field Strength
Low Field MRI Systems
Medium Field MRI Systems
Very High Field MRI Systems and Ultra High MRI Systems
By Application
Oncology
Neurology
Cardiology
Gastroenterology
Musculoskeletal
Other Applications
Geography
United States
Canada
Mexico

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Key Market Trends

Open 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. 

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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.

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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.

Recent Development

  • In July 2022, Promaxo sold its in-office MRI system to two-physician practices on the East Coast of the United States. Promaxo’s single-sided MRI with an AI-based imaging system empowers practices and hospitals to accurately and seamlessly guide prostate interventions under the Promaxo scanner.
  • In July 2022, UF Health housed an MRI device that will provide personalized cancer treatment by combining extremely detailed magnetic resonance imaging, or MRI, with precision radiotherapy.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Introduction of Hybrid MRI Systems

      2. 4.2.2 Availability of Universal Health Coverage in North America

      3. 4.2.3 Increasing Emphasize on Early Diagnosis

    3. 4.3 Market Restraints

      1. 4.3.1 High Cost of MRI Systems

      2. 4.3.2 Declining Helium Availability

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 5.1 By Architecture

      1. 5.1.1 Closed MRI Systems

      2. 5.1.2 Open MRI Systems

    2. 5.2 By Field Strength

      1. 5.2.1 Low Field MRI Systems

      2. 5.2.2 Medium Field MRI Systems

      3. 5.2.3 Very High Field MRI Systems and Ultra High MRI Systems

    3. 5.3 By Application

      1. 5.3.1 Oncology

      2. 5.3.2 Neurology

      3. 5.3.3 Cardiology

      4. 5.3.4 Gastroenterology

      5. 5.3.5 Musculoskeletal

      6. 5.3.6 Other Applications

    4. 5.4 Geography

      1. 5.4.1 United States

      2. 5.4.2 Canada

      3. 5.4.3 Mexico

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Bruker Corporation

      2. 6.1.2 Esaote SpA

      3. 6.1.3 Fonar Corporation

      4. 6.1.4 GE Healthcare (GE Company)

      5. 6.1.5 FUJIFILM Corporation

      6. 6.1.6 Neusoft Medical Systems Co., Ltd

      7. 6.1.7 Koninklijke Philips

      8. 6.1.8 Siemens Healthineers

      9. 6.1.9 Aurora Imaging Technology

      10. 6.1.10 Canon Medical Systems Corporation

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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Frequently Asked Questions

The North America Magnetic Resonance Imaging (MRI) Market market is studied from 2019 - 2027.

The North America Magnetic Resonance Imaging (MRI) Market is growing at a CAGR of 5.8% over the next 5 years.

Koninklijke Philips NV, Siemens Healthineers, Canon Medical Systems Corporation, GE Healthcare (GE Company), FUJIFILM Corporation are the major companies operating in North America Magnetic Resonance Imaging (MRI) Market.

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