Market Trends of North America Open System MRI Industry
The Oncology Segment in Application is Expected to Hold a Significant Market Share During the Forecast Period
- MRI is an imaging test that can be used to detect tumor/cancerous cells in the body. It is also used to look for signs that cancer may have metastasized. MRI system uses powerful magnets and radio waves to make detailed, computer-generated cross-section pictures of the body, which is later used by doctors in the diagnosis of cancerous cells/tissue. The growing burden of cancer and developments in the field, coupled with the launch of MRI products, are propelling the market segment's growth.
- For instance, according to Canadian Cancer Statistics, published in October 2021, it was estimated that 229,200 Canadians were diagnosed with cancer in 2021. It was also reported that lung, breast, colorectal, and prostate cancers are expected to remain the most commonly diagnosed cancers, accounting for 46% of all diagnoses in 2021 in the country.
- An increasing number of product launches are expected to further drive the segment's growth. For instance, in December 2021, Fujifilm Healthcare Americas Corporation launched the Velocity MRI System, a high-field open MRI system. In another instance, in July 2022, Canon Medical launched the Vantage Fortian at the Radiological Society of North America (RSNA) 2021. Thus, an increasing number of product launches are anticipated to drive the segment's growth.
- Thus, owing to the abovementioned factors, the oncology segment of the market is expected to register high growth during the forecast period.
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The United States is Expected to Hold a Significant Market Share During the Forecast Period
- The United States has been the hub of all major research and development activities related to open-system MRI for many years due to its advanced healthcare infrastructure. Furthermore, the rising prevalence of various chronic diseases and the rising geriatric population in the country are significant factors driving the market's growth.
- According to a Centers for Disease Control and Prevention (CDC) report updated in October 2022, in the United States, about 20.1 million adults aged 20 and older have coronary artery disease, accounting for about 7.2% of the population. Furthermore, according to the data from the World Bank Group, in 2022, the geriatric population increased from 16.6% of the total population in 2020 to 17.0% in 2021 in the United States. Thus, the increasing prevalence of cardiovascular disorders and the geriatric population is leading to the growing adoption of open-system MRI in the United States.
- Moreover, according to the Alzheimer's Association, in the United States, an estimated 6.7 million people age 65 and older will be living with Alzheimer's in 2023. In addition, according to the CDC, approx. 795,000 people have a stroke annually, and about 610,000 of these are the first or new stroke cases in the United States. Thus, the high incidence of such neurological diseases surges the demand for accurate diagnosis. Hence, it drives the growth of the studied market in the United States. Thus, the United States is likely to dominate the market over the forecast period.
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