U.S. Magnetic Resonance Imaging Market
U.S. Magnetic Resonance Imaging Market Size, Share & Industry Analysis, By Field Strength (Low-field MRI Systems, Mid-field MRI Systems, High-field MRI Systems), By Architecture (Closed MRI Systems, Open MRI Systems), By Application (Neurological and Brain, Spine and Musculoskeletal, Vascular, Abdominal, Cardiac, Breast, Other Applications), By End User (Hospitals, Ambulatory Surgical Centers, Diagnostic Imaging Centers), By Region (Northeast, Midwest, South, West) - Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Market Overview:
The U.S. Magnetic Resonance Imaging (MRI) Market is projected to grow at a CAGR of XX% from 2024 to 2031, with the market value expected to reach USD YY by 2031 from USD XX in 2024. The South region currently dominates the market, driven by its large population, high healthcare expenditure, and presence of major healthcare facilities. Key metrics include increasing prevalence of chronic diseases, technological advancements in MRI systems, and growing demand for early and accurate diagnosis.
The MRI market in the United States is rapidly expanding due to factors such as an ageing population, an increase in the frequency of neurological and oncological illnesses, and ongoing technological advancements in MRI. The company is also benefiting from the growing use of MRI in sports medicine and the expansion of outpatient imaging facilities.
Market Dynamics:
Market Trend: Adoption of artificial intelligence in MRI systems
The use of artificial intelligence (AI) and machine learning (ML) into MRI systems is a significant achievement for the US industry. AI is being used to improve image quality, minimise scan times, and increase diagnostic accuracy. For example, one study published in the Journal of Magnetic Resonance Imaging found that AI-assisted MRI could shorten scan times by up to 75% while maintaining image quality. Major MRI manufacturers are incorporating artificial intelligence (AI) technology into their devices to automate picture analysis and help radiologists spot errors. For example, GE Healthcare's AIRx technology employs deep learning algorithms to schedule brain MRI scans automatically, saving patient setup time and enhancing scan consistency.
Market Driver: Increasing prevalence of chronic diseases and aging population
The MRI market is primarily driven by the increased frequency of chronic diseases and the ageing population in the United States. According to the Centres for Disease Control and Prevention (CDC), six out of every ten persons in the United States have at least one chronic disease, with four out of ten suffering from two or more. MRIs are widely used to diagnose and monitor cardiovascular disease, cancer, and neurological disorders. Furthermore, the US Census Bureau predicts that by 2030, all baby boomers will be over 65, increasing the number of Medicare beneficiaries and demand for diagnostic imaging services. For example, the American Cancer Society anticipates that 1.9 million new cancer cases will be identified in the United States by 2024, with many requiring MRI scans for diagnosis and treatment planning.
Market Restraint: High costs associated with MRI systems and scans
The high cost of MRI systems and scans is a substantial barrier to market growth. The average cost of a new MRI scanner ranges from $1 million to $3 million, with some high-end systems topping $5 million. Smaller hospitals and imaging centres may struggle to meet these high capital requirements. Furthermore, despite efforts to lower healthcare expenses, patients continue to pay exorbitant fees for MRIs. According to the Health Care Cost Institute, the average cost of an MRI scan in the United States was $1,325 in 2020, with significant variance depending on state and provider. These high costs may restrict access to MRI services, particularly for the uninsured or underinsured, affecting market growth.
Segment Overview:
High-field MRI Systems dominate the U.S. Magnetic Resonance Imaging market
The High-field MRI Systems category now dominates the US Magnetic Resonance Imaging market. This supremacy is due to the higher picture quality, shorter scan times, and expanded capabilities provided by high-field MRI equipment, which typically has field strengths ranging from 1.5T to 3T.
According to recent market data, 3T MRI systems are gaining popularity due to their capacity to provide higher resolution pictures and increase diagnostic accuracy. According to a survey done by the IMV Medical Information Division, 3T MRI systems accounted for around 30% of new MRI unit purchases in the United States in 2020, with this percentage likely to rise in subsequent years.
The sector is also seeing technological advances, such as the development of ultra-high-field MRI equipment (7T or higher) for research and specialised clinical uses. For example, in 2020, the FDA approved the first 7T MRI scanner for clinical use in the United States, creating new opportunities for neurological and musculoskeletal imaging.
Regional Outlook:
The South leads the U.S. Magnetic Resonance Imaging market with robust healthcare infrastructure
The South now dominates the US Magnetic Resonance Imaging market due to its huge population, high healthcare spending, and the presence of significant healthcare facilities and research organisations. The rising prevalence of chronic diseases, combined with increased investment in healthcare technologies, reinforces the region's leadership.
According to the United States Census Bureau, the South is the most populous region, accounting for more than 38% of the total US population. This vast population base, combined with a higher prevalence of obesity and related health conditions in some southern regions, drives up demand for diagnostic imaging services such as MRI.
The region is home to several well-known medical institutes and research groups that drive MRI technology and application development. For example, the Texas Medical Centre in Houston, the world's biggest medical complex, is home to multiple institutes at the forefront of MRI research and clinical applications.
Investment in healthcare infrastructure in the South is also fuelling market expansion. For example, the University of Alabama in Birmingham recently announced a $70 million investment in new imaging technologies, such as enhanced MRI scanners, to improve its diagnostic and research programs.
Competitive Intelligence:
The magnetic resonance imaging market in the United States is dominated by huge multinational enterprises and specialised medical imaging firms. Market leaders use a variety of strategies, including technical innovation, strategic ties with healthcare providers, and service offering development.
Siemens Healthineers has maintained a strong market position with its diverse MRI equipment portfolio, which includes the MAGNETOM series. The company has focused on creating AI-powered solutions to improve MRI operations and image quality. In 2020, Siemens' imaging industry in the Americas made $3.7 billion in revenue.
GE Healthcare has concentrated on the development of advanced MRI technologies, such as the SIGNA range of MRI scanners. The business has been investing in artificial intelligence and digital solutions to increase MRI productivity and patient satisfaction. In 2020, GE Healthcare's US imaging division produced around $4.5 billion in revenue.
Philips Healthcare has focused patient-centric developments in MRI, such as Ambient Experience technology, which reduces patient anxiety while scanning. The company has also expanded its offering of AI-powered MRI products. Philips announced substantial growth in its diagnostic imaging business in North America, with revenue expected to reach $2.9 billion by 2020.
Emerging enterprises, such as Canon Medical Equipment USA, Inc., are gaining traction by focussing on developing low-cost, technologically advanced magnetic resonance imaging devices. These companies are exploiting partnerships with research institutes and healthcare providers to increase market presence and drive innovation.
Analyst Opinion:
The magnetic resonance imaging market in the United States is expected to expand further due to technological developments, rising healthcare spending, and increased demand for precise diagnostic tools. The industry is likely to move towards more patient-friendly and efficient MRI equipment, with an emphasis on shorter scan periods and more patient comfort.
The advancement of portable and point-of-care MRI technologies is an extremely interesting topic to follow. These advancements have the potential to expand the use of MRI outside traditional hospital settings, potentially revolutionising emergency care and rural healthcare delivery.
The market is also expected to see more integration of MRI with other imaging modalities and treatment planning systems, particularly in oncology and neurology. Companies who can provide full, integrated imaging solutions will surely have a competitive advantage in this changing market scenario.
Major Players:
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Siemens Healthineers
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GE Healthcare
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Philips Healthcare
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Canon Medical Systems USA, Inc.
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Hitachi Healthcare Americas
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Aspect Imaging
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Bruker Corporation
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Esaote North America
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Fonar Corporation
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Aurora Imaging Technology, Inc.
Key Developments:
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August 2023: Siemens Healthineers introduces a new AI-powered MRI system that can cut scan durations by up to 50% while preserving image quality.
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May 2023: GE Healthcare announced a collaboration with a large U.S. healthcare provider to deploy its most latest MRI equipment across many facilities, with an emphasis on increasing neurological imaging capabilities.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Regional Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Region) (Premium)
5. COMPANY PROFILES
5.1. Siemens Healthineers
5.2. GE Healthcare
5.3. Philips Healthcare
5.4. Canon Medical Systems USA, Inc.
5.5. Hitachi Healthcare Americas
5.6. Aspect Imaging
5.7. Bruker Corporation
5.8. Esaote North America
5.9. Fonar Corporation
5.10. Aurora Imaging Technology, Inc. (LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Adoption of artificial intelligence in MRI systems
6.1.2. Development of patient-friendly MRI designs
6.1.3. Growing focus on specialty-specific MRI systems
6.2. Market Drivers
6.2.1. Increasing prevalence of chronic diseases and aging population
6.2.2. Technological advancements in MRI systems
6.2.3. Rising demand for early and accurate diagnosis
6.3. Market Restraints
6.3.1. High costs associated with MRI systems and scans
6.3.2. Shortage of skilled MRI technicians
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY FIELD STRENGTH (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. Low-field MRI Systems
7.1.1. <0.5T
7.1.2. 0.5T
7.2. Mid-field MRI Systems
7.2.1. >0.5T to <1.5T
7.3. High-field MRI Systems
7.3.1. 1.5T
7.3.2. 3.0T
7.3.3. >3.0T
8. BY ARCHITECTURE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Closed MRI Systems
8.1.1. Standard Bore
8.1.2. Wide Bore
8.2. Open MRI Systems
8.2.1. Standard Open
8.2.2. Advanced Open
9. BY APPLICATION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. Neurological and Brain
9.1.1. Brain Tumor
9.1.2. Stroke
9.1.3. Multiple Sclerosis
9.2. Spine and Musculoskeletal
9.2.1. Spinal Cord Injuries
9.2.2. Joint Disorders
9.3. Vascular
9.4. Abdominal
9.5. Cardiac
9.6. Breast
9.7. Other Applications
10. BY END USER (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
10.1. Hospitals
10.1.1. Public Hospitals
10.1.2. Private Hospitals
10.2. Ambulatory Surgical Centers
10.3. Diagnostic Imaging Centers
10.3.1. Independent Centers
10.3.2. Hospital-affiliated Centers
11. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
11.1. Northeast
11.1.1. By Field Strength
11.1.2. By Architecture
11.1.3. By Application
11.1.4. By End User
11.2. Midwest
11.2.1. By Field Strength
11.2.2. By Architecture
11.2.3. By Application
11.2.4. By End User
11.3. South
11.3.1. By Field Strength
11.3.2. By Architecture
11.3.3. By Application
11.3.4. By End User
11.4. West
11.4.1. By Field Strength
11.4.2. By Architecture
11.4.3. By Application
11.4.4. By End User
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
By Field Strength:
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Low-field MRI Systems
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Mid-field MRI Systems
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High-field MRI Systems
By Architecture:
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Closed MRI Systems
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Open MRI Systems
By Application:
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Neurological and Brain
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Spine and Musculoskeletal
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Vascular
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Abdominal
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Cardiac
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Breast
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Other Applications
By End User:
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Hospitals
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Ambulatory Surgical Centers
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Diagnostic Imaging Centers
By Region:
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Northeast
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Midwest
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South
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West
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