North America Magnetic Resonance Imaging (MRI) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The North America Magnetic Resonance Imaging (MRI) Market is segmented By Architecture (Closed and Open MRI Systems), By Field Strength, By Application and Geography.

Market Snapshot

North America Magnetic Resonance Imaging Market-1
Study Period: 2018 - 2026
Base Year: 2020
CAGR: 5.5 %

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Market Overview

The North America Magnetic Resonance Imaging (MRI) Market is expected to register a CAGR of 5.5% during the forecast period. The major factors attributing to the growth of the market are introduction of hybrid MRI systems, availability of universal health coverage in North America, and increasing emphasis on early diagnosis.

The usage of MRI is steadily growing, for instance, personalized care is evolving as an integral part of medicine where molecular imaging is increasing its contribution significantly through the use of non-invasive processes for accurate diagnosis and determination of diseases. Multimodality imaging is playing a crucial role after the introduction of integrated positron emission tomography/computed tomography (PET/CT) and then commercialization of combined PET/magnetic resonance imaging (PET/MRI) systems.

According to the American Heart Association Research 2018 report, approximately 2,300 Americans die due to cardiovascular diseases each day, an average of one death every 38 seconds. 

Similarly, MRI has been used with other powerful imaging techniques, such as when MRI is combined with radiography, it is used to treat infertility patients. The combination of Magnetic Particle Imaging (MPI) with MRI provides access to high-quality images of tissues and organ inside the body. All these factors are helping the market growth. However, there are few factors which may restrain the market growth such as the high cost of MRI systems.

Scope of the Report

As per scope of the report, MRI devices are electromagnetic imaging devices, which make use radiofrequency to produce medical images. The North America magnetic resonance imaging (MRI) market is segmented by architecture, field strength, application, and geography.

By Architecture
Closed MRI Systems
Open MRI Systems
By Field Strength
Low Field MRI Systems
Medium Field MRI Systems
Very High Field MRI Systems & 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. However, not all the medical diagnostic centers have this kind of open MRI machines. The major advantage of the open MRI systems is its cost, regardless of some exceptions.

Many developing countries are investing in these open MRI machines for the betterment of people. This is fueling the demand for open MRI systems. For instance, in the Washington County Memorial Hospital in the United States planned to install the Open Bore, 1.5 Tesla, magnetic resonance imaging (MRI) system in April 2018, which is a step toward adoption of the open MRI systems. Additionally, companies, such as Hitachi, are having a well known product for the open MRI systems.

Furthermore, according to the American Cancer Society, estimated that in 2020 there will be about 1.8 million new cancer cases diagnosed and approximately 606,520 cancer deaths in the United States. Hence, owing to above factors the segment is expected to show growth over the forecast period.

NA MRI key trend 3.png

Competitive Landscape

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

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 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

    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 & 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 Hitachi Medical Systems

      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 2018 - 2026.

The North America Magnetic Resonance Imaging (MRI) Market is growing at a CAGR of 5.5% over the next 5 years.

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

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