Market Trends of US Magnetic Resonance Imaging Industry
Neurology Segment is Expected to Witness Significant Growth Over the Forecast Period
Magnetic resonance imaging (MRI) produces detailed images of body structures, including tissues, organs, bones, and nerves. A stroke, traumatic brain injury, brain and spinal cord tumors, inflammation, infection, vascular irregularities, epilepsy-related brain damage, improperly formed brain regions, and various neurodegenerative diseases can all be identified using an MRI. The neurology segment is expected to witness significant growth in the studied market owing to the increased utilization of MRI imaging in neurology disease detection and the emergence of advanced MRI equipment for neurology. Further, the rise in neurological diseases, such as Alzheimer’s disease, dementia, etc., is expected to create a demand for MRI devices in the United States, which is likely to fuel the segment's growth over the forecast period. For instance, according to the Alzheimer’s Disease Facts and Figures 2023 report, 6.7 million Americans aged 65 and older are estimated to be diagnosed with Alzheimer’s dementia in 2023. Also, this number is projected to rise to 12.7 million in the United States by 2050.
Furthermore, the presence of prominent companies operating in the magnetic resonance imaging equipment business and an increase in regulatory approvals for their products are expected to bolster segment growth over the study period. For instance, in November 2021, GE Healthcare received FDA 510(k) clearance for the SIGNA 7.0T magnetic resonance imaging (MRI) scanner. SIGNA 7.0T may image anatomy, function, metabolism, and microvasculature in the brain and joints with incredible resolution and detail. It is also expected to be used in research into psychiatric disorders such as Alzheimer's disease and mild traumatic brain injury. Similarly, in June 2021, South Texas Health System installed a high-resolution 1.2 Tesla Open MRI system in its emergency room in Weslaco. These hospitals have a view to provide patients with a 270-degree unobstructed view and provide advanced technology. It offers neuro, vascular, and body imaging capabilities.
Thus, owing to the increased neurological diseases and advanced MRI imaging equipment for neurology disease detection, the studied segment is expected to grow significantly over the forecast period.
Closed MRI segment is Expected to Witness a Significant Growth Over the Forecast Period
A closed MRI machine is a capsule or tube-like space in which the patient can lie in the center while images are taken of their body. The system includes a large magnet and radio wave that sends and receives signals to and from the body. The closed MRI segment is expected to witness significant market growth due to the rise in chronic diseases, product launches, and rapid technological advancements in closed MRI systems. For instance, according to the December 2022 update Parkinson’s Foundation, approximately one million people had Parkinson's disease (PD) in the United States in 2022. In contrast, the number is projected to rise to 1.2 million by 2030. Thus, the high prevalence of chronic neurological disorders is expected to increase the demand for closed MRI systems, thereby contributing to the segment growth over the forecast period.
Furthermore, various key players’ strategic activities across France are expected to bolster segment growth in the coming years. For instance, in March 2022, United Imaging received a contract from Vizient, Inc. for its entire DR (X-ray) and MR (magnetic resonance) systems portfolio. The agreement expands the number of modalities offered through Vizient by United Imaging, which last year also received a contract for its suite of cutting-edge CT (computed tomography) equipment. Similarly, advanced technology additions into closed MRI systems are expected to augment the segment growth over the study period. For instance, in April 2022, SCHILLER USA launched an MRI-compatible patient monitor, MAGLIFE RT-1.
Furthermore, in May 2022, Bruker launched 7 Tesla and 9.4 Tesla conduction-cooled Maxwell magnets for its market-leading preclinical magnetic resonance imaging (MRI) systems portfolio. These are used for closed MRI systems. Thus, such advancements in MRI are expected to increase the demand to adopt closed MRI systems, fueling the market growth over the forecast period.
Therefore, due to the high prevalence of chronic diseases and strategic activities such as product launches and various contracts by the key players, the studied segment is expected to grow significantly over the study period.
