North America Open System MRI Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 596.56 Million |
| Market Size (2029) | USD 872.89 Million |
| CAGR (2024 - 2029) | 7.91 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Open System MRI Market Analysis
The North America Open System MRI Market size is estimated at USD 596.56 million in 2024, and is expected to reach USD 872.89 million by 2029, growing at a CAGR of 7.91% during the forecast period (2024-2029).
- COVID-19 had a significant impact on the North American open system MRI market. In the initial pandemic waves, strict lockdown measures suspended non-urgent scheduled visits and hospitalizations. It declined demand for MRI imaging, affecting the studied market. For instance, in March 2020, the American College of Radiology (ACR) updated its guidelines for MRI use by recommending that practitioners minimize the use of MRI except when necessary and postpone all non-urgent or non-emergent exams. Thus, COVID-19 initially slowed down the growth of the Open MRI market, but the market is currently in a recovery phase. It is expected to regain its market growth momentum during the forecast period.
- Open MRI systems are helpful for claustrophobic patients. Claustrophobia and other anxiety manifestations are commonly encountered during MRI, and patient motion, lack of cooperation, or other patient factors could compromise MRI workflow. Hence, the open system is preferred and quickly replaces the closed one. Furthermore, a rise in the aging population and an increase in chronic disease incidence in North America are expected to drive the market's growth.
- For instance, as per the data published by the American Cancer Society in 2023, more than 1.9 million new cancer cases are likely to be diagnosed in the United States in 2023. Of these, 238,340 lung and bronchus cancer cases, 300,590 breast cancer cases, and 288,300 prostate cancer cases were expected to be reported in 2023. This is anticipated to increase the demand for MRI scans for proper diagnosis and treatments. Furthermore, new product launches and approvals are also likely to propel the market growth over the forecast period. However, the high cost of open MRI systems is anticipated to restrain the market growth.
North America Open System MRI Market Trends
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.
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.
North America Open System MRI Industry Overview
North America Open System MRI Market is slightly consolidated in nature due to the presence of limited companies operating globally. The competitive landscape includes an analysis of a few global companies with significant market shares, including Koninklijke Philips N.V., Siemens Healthcare, Canon Medical Systems Corporation, GE Healthcare, and FUJIFILM Corporation.
North America Open System MRI Market Leaders
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Siemens Healthcare
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Canon Medical Systems Corporation
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ESAOTE SPA
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Koninklijke Philips N.V.
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GE Healthcare
*Disclaimer: Major Players sorted in no particular order
North America Open System MRI Market News
- December 2023: Philips North America LLC recalled Panorama 1.0T HFO owing to the risk of explosion caused by excessive pressure buildup of helium gas during a quench procedure.
- October 2023: Esaote launched an updated S-Scan Open MRI System, which allows clinicians to reduce artifacts, scan times, and background noise through SpeedUp and TR reduction technologies.
North America Open System MRI Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
-
4.2 Market Drivers
- 4.2.1 Increasing Number of MRI Procedures
- 4.2.2 Increasing Applications in Clinical Diagnosis and Increasing Disease Burden
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4.3 Market Restraints
- 4.3.1 High Cost of Open MRI Systems
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
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5.1 By Resolution
- 5.1.1 Low-Field Scanner
- 5.1.2 Mid-Field Scanner
- 5.1.3 High-Field Scanner
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5.2 By Application
- 5.2.1 Neurology
- 5.2.2 Gastroenterology
- 5.2.3 Cardiology
- 5.2.4 Oncology
- 5.2.5 Other Applications
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5.3 Geography
- 5.3.1 United States
- 5.3.2 Canada
- 5.3.3 Mexico
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Koninklijke Philips N.V.
- 6.1.2 Siemens Healthcare
- 6.1.3 ESAOTE SA
- 6.1.4 Canon Medical Systems Corporation
- 6.1.5 GE Healthcare
- 6.1.6 Fonar Corporation
- 6.1.7 Neusoft Corporation
- 6.1.8 Hyperfine, Inc.
- 6.1.9 Time Medical Systems
- 6.1.10 FUJIFILM Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityNorth America Open System MRI Industry Segmentation
Magnetic resonance imaging (MRI) uses a strong magnetic field and radio waves to create detailed images of the organs and tissues within the body. Open MRI systems have a magnetic field at the top and bottom and do not enclose the patient in a tunnel. This prevents patients from becoming claustrophobic.
The North American open system MRI market is segmented by resolution, application, and geography. By resolution, the market is segmented into low-field scanner, mid-field scanner, and high-field scanner. By application, the market is segmented into neurology, gastroenterology, cardiology, oncology, and other applications. The report also offers the market size and forecasts for three countries across the region. For each segment, the market sizing and forecasts have been done on the basis of value (USD).
| By Resolution | Low-Field Scanner |
| Mid-Field Scanner | |
| High-Field Scanner | |
| By Application | Neurology |
| Gastroenterology | |
| Cardiology | |
| Oncology | |
| Other Applications | |
| Geography | United States |
| Canada | |
| Mexico |
North America Open System MRI Market Research FAQs
How big is the North America Open System MRI Market?
The North America Open System MRI Market size is expected to reach USD 596.56 million in 2024 and grow at a CAGR of 7.91% to reach USD 872.89 million by 2029.
What is the current North America Open System MRI Market size?
In 2024, the North America Open System MRI Market size is expected to reach USD 596.56 million.
Who are the key players in North America Open System MRI Market?
Siemens Healthcare, Canon Medical Systems Corporation, ESAOTE SPA, Koninklijke Philips N.V. and GE Healthcare are the major companies operating in the North America Open System MRI Market.
What years does this North America Open System MRI Market cover, and what was the market size in 2023?
In 2023, the North America Open System MRI Market size was estimated at USD 549.37 million. The report covers the North America Open System MRI Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Open System MRI Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Open System MRI in North America Industry Report
Statistics for the 2024 Open System MRI in North America market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Open System MRI in North America analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
