PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1457055
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1457055
The North America MRI market is projected to grow at a CAGR of 7.68% to reach US$4.308 billion by 2029, up from US$2.567 billion in 2022.
MRI is a medical imaging technique that uses a powerful magnetic field, radio waves, and a computer to generate detailed images of the body's internal structures, particularly soft tissues. It is commonly used for diagnosing and monitoring various medical conditions, including neurological disorders, musculoskeletal issues, cardiovascular diseases, and tumors. MRI is also safer than ionizing radiation, making it a preferred option for certain patients. The North America MRI market is a significant part of the medical imaging industry, involving the production, sales, and utilization of MRI equipment and services. Factors influencing the market include technological advancements, healthcare infrastructure, regulatory landscape, and the prevalence of diseases requiring advanced imaging for accurate diagnosis. Technological innovations in MRI systems, such as higher field strengths and improved imaging protocols, drive the market's growth.
The presence and quality of healthcare infrastructure, including hospitals and diagnostic imaging centers, also play a crucial role in shaping the MRI market. Regulatory factors, including approval processes and safety standards, influence the introduction and adoption of new MRI technologies in the market. Furthermore, increasing healthcare expenditure is further augmented to support the market growth. The market is segmented based on the following: by type, by application, by country, and by target audience.
The increasing prevalence of chronic diseases and the presence of well-developed healthcare infrastructure, along with the presence of key market players in the region who are constantly evolving and launching advanced MRI systems into the market, are projected to drive the overall market growth during the forecast period. For instance, around 126.9 million adults were suffering from some sort of cardiovascular disease between 2015 and 2018 and around 121.5 million adults were facing hypertension issues, which has increased the demand for MRI systems to detect and diagnose the state of blood vessels and anatomy of the heart (Source: American Heart Association). Major players in the market are making significant developments by launching new and advanced MRI systems in the region. For instance, Hyperfine Inc. received approval from FDA for its advanced bedside magnetic resonance imaging (MRI) system called the Swoop Portable MRI Device. The new MRI system is less costly, consumes less power, and has a lighter weight in comparison to the traditional MRI systems. Due to the above-mentioned factors, it can be concluded that the North American MRI market is growing rapidly.
Open MRI systems are expected to dominate the growth segment during the forecast period. Open MRI systems have a lot of space and a large opening as compared to closed MRI systems, so they are suitable for claustrophobic and obese people. The major advantage offered by open MRI systems is their affordable and efficient cost. Many countries across the region are adopting open MRI machines to provide more comfort to their citizens. For instance, Washington County Memorial Hospital in the United States has installed an Open Bore, 1.5 Tesla, magnetic resonance imaging (MRI) system.
Moreover, with the rising cases of neurological diseases, the demand for open MRI systems is expected to grow, which in turn is expected to drive the overall market growth. Key players in the market are launching advanced open MRI systems, which are anticipated to have a positive impact on the market growth. For instance, Fujifilm Healthcare Americas Corporation has introduced the Velocity MRI System, which is an open-type MRI system. It is designed to streamline workflow and enhance the patient experience with its unique integrated radiofrequency (RF) coils and open gantry system.
Market Segmentation