US Magnetic Resonance Imaging Market Size

US Magnetic Resonance Imaging Market Analysis

The US Magnetic Resonance Imaging Market size is estimated at USD 3.42 billion in 2024, and is expected to reach USD 4.58 billion by 2029, growing at a CAGR of 5.95% during the forecast period (2024-2029).

COVID-19 significantly impacted the United States magnetic resonance imaging market since most healthcare areas, including elective treatments, screening, emergency department visits, and imaging examinations, saw reductions during the initial wave of COVID-19. For instance, a study published by researchers from the University of Southern California in April 2023 in the MDPI journal stated that, in the outpatient setting, delays were seen in many imaging modalities, and the largest decreases were seen in the modalities of mammography, MRI, and CT with over 12,000 imaging delays. Thus, the pandemic significantly impacted the market due to the significant reduction in MRI services. However, as the pandemic restrictions are eased, the market is expected to witness substantial growth due to the rise in chronic diseases and increased adoption of MRI services in hospitals.

With the increasing prevalence of chronic ailments such as cancer, cardiovascular diseases, and musculoskeletal diseases and the country's technological advancements in MRI systems, the magnetic resonance imaging (MRI) market is expected to grow in the United States. For instance, according to the American Cancer Society 2023 Cancer Statistics, the new number of cancer cases is estimated to be 1.95 million in the United States in 2023. This estimation includes 1.01 million males and 948,000 cases of females. The high burden of cancer is expected to augment the demand for MRI services for imaging, thereby boosting market growth over the forecast period.

Additionally, key players and their strategic activities, such as product launches, partnerships, and collaborations, are expected to bolster the MRI market in the United States over the forecast period. For instance, in March 2023, GenesisCare, an integrated cancer care provider, launched ViewRay’s advanced MRIdian MRI-guided radiation therapy system at the Lee Health Regional Cancer Center, Florida. Providing access to the precision of MRIdian Stereotactic MRI-guided Adaptive Radiotherapy (SMART) therapy in a community cancer care setting will likely reduce the burden of cancer treatment for patients who choose GenesisCare. Similarly, in June 2022, United Imaging, a manufacturer of advanced medical imaging and radiotherapy equipment, installed a 75 cm, Ultra-Wide-Bore uMR OMEGA MRI system at Memorial MRI and Diagnostic, a leader in diagnostic and imaging services in Texas.

Thus, owing to the increase in chronic disease that utilizes MRI imaging for disease detection and the rise in strategic activities by the key players, the studied market is expected to witness significant growth over the forecast period. However, the high cost of the MRI system is expected to restrain the market growth over the forecast period.