Market Size of North America Open System MRI Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 596.56 Million |
| Market Size (2029) | USD 872.89 Million |
| CAGR (2024 - 2029) | 7.91 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Open System MRI Market Analysis
The North America Open System MRI Market size is estimated at USD 596.56 million in 2024, and is expected to reach USD 872.89 million by 2029, growing at a CAGR of 7.91% during the forecast period (2024-2029).
- COVID-19 had a significant impact on the North American open system MRI market. In the initial pandemic waves, strict lockdown measures suspended non-urgent scheduled visits and hospitalizations. It declined demand for MRI imaging, affecting the studied market. For instance, in March 2020, the American College of Radiology (ACR) updated its guidelines for MRI use by recommending that practitioners minimize the use of MRI except when necessary and postpone all non-urgent or non-emergent exams. Thus, COVID-19 initially slowed down the growth of the Open MRI market, but the market is currently in a recovery phase. It is expected to regain its market growth momentum during the forecast period.
- Open MRI systems are helpful for claustrophobic patients. Claustrophobia and other anxiety manifestations are commonly encountered during MRI, and patient motion, lack of cooperation, or other patient factors could compromise MRI workflow. Hence, the open system is preferred and quickly replaces the closed one. Furthermore, a rise in the aging population and an increase in chronic disease incidence in North America are expected to drive the market's growth.
- For instance, as per the data published by the American Cancer Society in 2023, more than 1.9 million new cancer cases are likely to be diagnosed in the United States in 2023. Of these, 238,340 lung and bronchus cancer cases, 300,590 breast cancer cases, and 288,300 prostate cancer cases were expected to be reported in 2023. This is anticipated to increase the demand for MRI scans for proper diagnosis and treatments. Furthermore, new product launches and approvals are also likely to propel the market growth over the forecast period. However, the high cost of open MRI systems is anticipated to restrain the market growth.
