United States Magnetic Resonance Imaging Market Insights Forecasts to 2033

• The U.S. Magnetic Resonance Imaging Market Size was valued at USD 1.70 Billion in 2023.
• The Market Size is Growing at a CAGR of 6.36% from 2023 to 2033
• The U.S. Magnetic Resonance Imaging Market Size is Expected to Reach USD 3.15 Billion by 2033

The U.S. Magnetic Resonance Imaging Market Size is Anticipated to Exceed USD 3.15 Billion by 2033, Growing at a CAGR of 6.36% from 2023 to 2033.

Market Overview

Magnetic Resonance Imaging is a non-invasive test that allows for images of nearly every internal structure found in the human body, including bones, muscles, organs, and blood vessels. Magnetic resonance imaging scanners create a picture of the body by using a large magnet and radio waves. Magnetic resonance imaging (MRI) scans are very much advised to detect abnormalities appropriately in the neurological area, musculoskeletal region, abdomen, cardiac, and breasts. Ongoing research is being done to develop a system of MRI that is minimally invasive, AI tools that ease the workload of the radiologist, and MRI artifact stabilization software, which are present market trends that boost growth in the market. Growth factors for the market include increased usage of integrated systems (PET/MRI), precise and accurate detection of soft tissues, and a rise in cancer and cardiac cases. The introduction of AI in MRI systems allows time reduction in the length of MRI scans, better efficient imaging, and reduced rescans. Examples include Siemens Healthineers partnering with Heart Vista to make available its AI-guided software through MRI scanners made by Siemens Healthineers. 

Report Coverage

This research report categorizes the market for the US magnetic resonance imaging market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the United States magnetic resonance imaging market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the U.S. magnetic resonance imaging market.

Driving Factors

Rising health concerns are increasing the demand for medical imaging technologies in various healthcare centers to diagnose. Also, rising health consciousness and the importance of health insurance are fuelling high growth in the market. Thus, this factor raises the growth of the market. Advances in technology by players. For instance, a few high-end MRI scanners, such as multi-contract MRI scanners, and silent MRI scanning technologies, among others, allow radiologists to alter the contrast of patients' images post-scanning-that is, contrast that could not have been achieved through traditional imaging. A US medical technology company, Fujifilm Healthcare Americas Corporation, recently unveiled its new velocity MRI System, which is a high-end high-field open MRI system.

Restraining Factors

Decline in diagnostic scans, sales of newer MRI systems were also in decline, economic set back faced by the hospitals and diagnostic centers, fear of viral spread, lack of skilled technicians, halt in logistics, and reduced production capacity due to national lockdowns were some of the major reasons why the market dipped.

Market Segmentation

The US magnetic resonance imaging market share is classified into architecture and application.

• The closed MRI systems segment is expected to hold a significant market share through the forecast period.

The United States magnetic resonance imaging market is segmented by architecture into closed MRI systems and open MRI systems. Among these, the closed MRI systems segment is expected to hold a significant market share through the forecast period. This is attributed to a precise image produced by closed MRI systems because they work on a strong magnetic field along with high radiofrequency waves. The closed structure of an MRI allows for the proper examination and correct slice selection.

• The neurology segment is expected to dominate the US market during the projected period.

Based on the application, the United States magnetic resonance imaging market is divided into oncology, neurology, cardiology, gastroenterology, musculoskeletal, and others. Among these, the neurology segment is expected to dominate the US magnetic resonance imaging market during the projected period. This is attributed to the preference of radiologists for MRI scans as against the other imaging modalities due to the better quality of the scan and minutely detailed abnormalities.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the United States magnetic resonance imaging market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• GE Healthcare
• Siemens AG
• Toshiba Corporation
• Aurora Imaging Technologies, Inc.
• Koninklijke Philips N.V.
• Esaote SPA
• Sanrad Medical Systems Pvt ltd
• Fujifilm
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In September 2023, A symposium introduced UB researchers and Western New York attendees to the capabilities of the Philips MR 7700, a cutting-edge 3 Tesla MRI scanner. The event aimed to expand the user base and enhance imaging applications in research, ultimately advancing health initiatives and funding opportunities.

Market Segment

This study forecasts revenue at U.S., regional, and country levels from 2020 to 2033. Spherical Insights has segmented the United States magnetic resonance imaging market based on the below-mentioned segments:

United States Magnetic Resonance Imaging Market, By Architecture

• Closed MRI Systems
• Open MRI Systems

United States Magnetic Resonance Imaging Market, By Application

• Oncology
• Neurology
• Cardiology
• Gastroenterology
• Musculoskeletal
• Other