Market Size of US Magnetic Resonance Imaging Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 3.42 Billion |
Market Size (2029) | USD 4.58 Billion |
CAGR (2024 - 2029) | 5.95 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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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.
US Magnetic Resonance Imaging Industry Segmentation
As per the scope of the report, magnetic resonance imaging is a medical imaging technique used in radiology to produce pictures of the anatomy and the body's physiological processes. These pictures are further used to diagnose and detect the presence of abnormalities in the body.
The United States magnetic resonance imaging market is segmented by architecture (closed MRI systems and open MRI systems), field strength (low field MRI systems, high field MRI systems, very high field MRI systems, and ultra-high field MRI systems), and application (oncology, neurology, cardiology, gastroenterology, musculoskeletal, and other applications).
The report offers the value (in USD) for the above segments.
By Architecture | |
Closed MRI Systems | |
Open MRI Systems |
By Field Strength | |
Low Field MRI Systems | |
High Field MRI Systems | |
Very High Field MRI Systems and Ultra-high MRI Systems |
By Application | |
Oncology | |
Neurology | |
Cardiology | |
Gastroenterology | |
Musculoskeletal | |
Other Applications |
US Magnetic Resonance Imaging Market Size Summary
The United States magnetic resonance imaging (MRI) market is poised for significant growth over the forecast period, driven by the increasing prevalence of chronic diseases and technological advancements in MRI systems. The market, which experienced a downturn due to the COVID-19 pandemic, is expected to recover and expand as healthcare services resume normal operations. The rise in chronic conditions such as cancer, cardiovascular, and musculoskeletal diseases is anticipated to boost the demand for MRI services. Additionally, strategic activities by key players, including product launches and collaborations, are expected to further enhance market growth. The introduction of advanced MRI systems, such as ViewRay’s MRIdian MRI-guided radiation therapy system and United Imaging’s Ultra-Wide-Bore uMR OMEGA MRI system, underscores the industry's commitment to improving diagnostic capabilities and patient care.
The neurology segment is expected to witness substantial growth, fueled by the increased utilization of MRI imaging for neurological disease detection and the emergence of advanced MRI equipment. The high burden of neurological disorders, including Alzheimer’s disease and dementia, is likely to drive demand for MRI devices. Regulatory approvals for advanced MRI systems, such as GE Healthcare's SIGNA 7.0T scanner, are expected to bolster segment growth. The closed MRI segment is also anticipated to grow significantly due to the high prevalence of chronic neurological disorders and rapid technological advancements. Key players like Siemens Healthcare, GE HealthCare, Canon Inc., and Koninklijke Philips N.V. dominate the market, but mid-size and smaller companies are gaining traction by offering innovative products at competitive prices. Overall, the US MRI market is set to expand, supported by technological innovations and strategic industry activities.
US Magnetic Resonance Imaging Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Growing Burden of Chronic Diseases
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1.2.2 Advancements in MRI Systems and Availability of Universal Health Coverage
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1.3 Market Restraints
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1.3.1 High Cost of MRI Systems
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD)
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2.1 By Architecture
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2.1.1 Closed MRI Systems
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2.1.2 Open MRI Systems
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2.2 By Field Strength
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2.2.1 Low Field MRI Systems
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2.2.2 High Field MRI Systems
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2.2.3 Very High Field MRI Systems and Ultra-high MRI Systems
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2.3 By Application
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2.3.1 Oncology
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2.3.2 Neurology
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2.3.3 Cardiology
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2.3.4 Gastroenterology
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2.3.5 Musculoskeletal
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2.3.6 Other Applications
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US Magnetic Resonance Imaging Market Size FAQs
How big is the US Magnetic Resonance Imaging Market?
The US Magnetic Resonance Imaging Market size is expected to reach USD 3.42 billion in 2024 and grow at a CAGR of 5.95% to reach USD 4.58 billion by 2029.
What is the current US Magnetic Resonance Imaging Market size?
In 2024, the US Magnetic Resonance Imaging Market size is expected to reach USD 3.42 billion.