North America Magnetic Resonance Imaging (MRI) Market Size

North America Magnetic Resonance Imaging (MRI) Market Analysis

The North America Magnetic Resonance Imaging Market size is estimated at USD 3.93 billion in 2024, and is expected to reach USD 5.26 billion by 2029, growing at a CAGR of 5.96% during the forecast period (2024-2029).

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 a report from the Canadian Association of Radiologists 2021, the COVID-19 pandemic has had a dire effect on wait times for medical imaging procedures across the country. They wait an average of 89 days for MRI imaging. This is 20 to 52 days longer than the recommended 30-day wait time. Thus, a lower number of patient visits for medical imaging procedures adversely impacted the market. However, as the number of COVID-19 cases decreased, the market started to recover, leading to a rise in operations. For instance, according to the press release by GE Healthcare in March 2021, imaging modalities like magnetic resonance imaging (MRI) are expected to 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, the strong foothold of key market players, well-defined healthcare infrastructure, among others. The rising prevalence of diseases in North America is expected to drive market growth further. According to Parkinson's News Today 2021, an estimated 7 to 10 million people worldwide have Parkinson's disease, and approximately 60,000 Americans are diagnosed with this disease. Neurological disorders often require constant imaging during the treatment to understand the disease and the effects of treatment. Thus, the increasing prevalence of Parkinson's disease is expected to increase the market growth. Similarly, as per the data from the American Heart Association 2022, in Mexico, 56.1% of adults have high levels of LDL-C, or bad cholesterol, which is thought to be the primary risk factor for cardiovascular disease. Such a huge number of cardiac patients in North America will lead to increased adoption of MRI devices in North America for the diagnosis of cardiovascular diseases, driving the market growth.

Furthermore, the rise in initiatives from the key market players for the launch of innovative products in the market is expected to bolster market growth. For instance, in November 2021, FUJIFILM Healthcare Americas Corporation launched the 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 highly innovative products, driving the market growth. Thus, the increasing prevalence of chronic diseases in the region, coupled with initiatives by market players, is expected to increase market growth over the forecast period.

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