U.S. Magnetic Resonance Imaging Equipment Market Size, Share, Analysis, By Strength (Less than 1.5 T, 1.5 T, and More than 1.5 T), By Application (Musculoskeletal, Neurology, Cardiology, Body Imaging, and Others), By End-User (Hospitals, Ambulatory Surgical Centers, and Diagnostic Centers), and Country Forecast, 2024-2032

The U.S. magnetic resonance imaging equipment market size was worth USD 1.54 billion in 2023 and is projected to grow at a CAGR of 4.9% during the forecast period. 

The rising incidences of cancer and trauma cases among the U.S. population have increased the use of imaging systems such as magnetic resonance imaging equipment for disease diagnosis. Moreover, potential advantages of these systems, such as non-invasiveness and efficient imaging, are further driving device adoption across healthcare settings.

• According to the American College of Rheumatology statistics in July 2022, around 1.3 million people in the U.S. suffer from rheumatoid arthritis, representing 0.6 to 1.0% of the total U.S. population.

The COVID-19 pandemic had a negative impact on the market in 2020, owing to a decline in patient visits for disease diagnosis across health systems and low demand for MRI systems across the country.

LATEST TRENDS 

Rising Adoption of 7T Magnetic Resonance Imaging Systems

The rising emphasis on product launches by major players in the high-strength segment, such as 7 Tesla systems, combined with the rising adoption of this equipment across the U.S. healthcare systems, is one of the major trends in the market.

• According to an article published by the University of Texas Southwestern Medical Center in September 2021, more than 30 institutions in the U.S. had a 7 Tesla MRI installed, with the ability to image less than a millimeter of tissue.

Moreover, the clinical benefits of these devices over other systems, such as multinuclear imaging, ultra-high resolution spectroscopy, and superior imaging potential for clinical applications such as epilepsy, neurodegenerative diseases, and multiple sclerosis, further augment their adoption in the U.S. market.

DRIVING FACTORS

Technological Advancements to Drive Market Growth

A key driving factor expected to contribute substantially to the market's growth is the increasing technological advancements in magnetic resonance imaging devices across several clinical applications. The leading market players are now focusing on introducing technologically advanced systems, such as portable and AI-powered open MRI systems, in the country, further driving the market growth.

• In November 2022, Siemens Healthineers AG launched the second-generation Magnetom Terra X 7-tesla, Cima X 3-tesla scanner, and the Viato Mobile, a mobile 1.5-tesla scanner at the Radiological Society of North America.

Thus, the rising presence of advanced product launches and the increasing need for advanced medical imaging modalities across healthcare systems are fueling the U.S. magnetic resonance imaging equipment market growth. 

RESTRAINING FACTORS

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High Costs of Systems to Hamper Market Growth

Magnetic resonance imaging equipment are associated with high installation and maintenance costs, leading to overall high ownership cost. This limits the adoption of these systems in small and mid-sized facilities owing to budgetary constraints.

• As per Excedr statistics in February 2023, a high-end system (more than 1.5 T to 3T) installation can cost as high as USD 3.0 million in the U.S. As per similar statistics, the maintenance for a high and closed system can cost more than USD 10,000 per month.

Moreover, other factors, such as product recalls of imaging systems and the low sensitivity of these systems toward detection of calcifications & hemorrhages, further restrict the market growth.

SEGMENTATION

By Strength Analysis

In terms of strength, the market is segmented into 1.5 T, less than 1.5 T, and more than 1.5 T.

The 1.5 T segment held the highest market share in 2022, attributed to the robust presence of this equipment across the U.S. healthcare settings. Moreover, the rise in product launches of these devices by significant players across several clinical applications further boosts the market growth.

• In November 2021, FUJIFILM Healthcare Americas Corporation announced the launch of the Velocity MRI System and Echelon Oval 1.5T MRI system at the Radiological Society of North America (RSNA) 2021 conference for promoting fast abdominal and orthopedic imaging across healthcare settings.

By Application Analysis

Based on application, the market is segmented into musculoskeletal, cardiology, body imaging, neurology, and others.

The musculoskeletal segment dominated the market with the highest market share in 2022 due to the large volume of musculoskeletal procedures and the high efficacy of magnetic resonance imaging equipment in soft tissue imaging. Moreover, the rise in reimbursements for musculoskeletal examinations further drove the market growth.

• According to an article published by the American Roentgen Ray Society (ARRS) in March 2021, the number of musculoskeletal magnetic resonance imaging examinations has continually exemplified by a 354.0% in the U.S., from 2005 to 2020, owing to an increase in reimbursement policies by federal agencies such as the medicare.

By End-User Analysis

The market is segmented into hospitals, ambulatory surgical centers, and diagnostic centers based on end-user.

The hospitals segment held a dominant share of the market in 2022, owing to a large installed base of magnetic resonance imaging systems. Moreover, the rise in patient visits at hospital settings for disease diagnosis across the U.S., further augmented the segment share.

• According to OECD statistics published in 2021, the total diagnostic screening using magnetic resonance imaging equipment performed in U.S. hospitals was around 19.1 million in 2021.

KEY INDUSTRY PLAYERS

Presence of Diverse Magnetic Resonance Imaging Portfolio among Key Players to Help Maintain Market Dominance

The market consists of several established players in medical imaging, such as GE HealthCare, Siemens Healthineers AG, and Koninklijke Philips N.V. The established companies have a robust global presence and extensive product portfolio comprising systems of varying applications and strengths.

• In November 2021, Koninklijke Philips NV launched an AI-enabled MR portfolio of innovative diagnostic systems at the Radiological Society of North America (RSNA) 2021 to expand its portfolio in imaging systems.

Moreover, rising initiatives of key players on R&D in the country and organic strategies such as collaborations for developing technologically advanced systems further propel the U.S. magnetic resonance imaging equipment market share.

• In November 2022, Siemens Healthineers AG and researchers at the USC Viterbi School of Engineering collaborated on designing a series of clinical and research applications for a new class of magnetic resonance imaging systems. This system developed by Siemens Healthineers features a new field strength of 0.55 Tesla and will open up new opportunities for practitioners and researchers.

Similarly, the high focus of emerging players, such as Shenzhen Anke Hi-tech Co., Ltd. and Neusoft Medical Systems Co. Ltd., on expanding their existing portfolio across the country will further augment their market growth over the forecast period.

LIST OF KEY COMPANIES PROFILED:

• GENERAL ELECTRIC COMPANY (GE Healthcare) (U.S.)


• Siemens Healthineers AG (Germany)


• Koninklijke Philips N.V. (Netherlands)


• Canon Medical Systems Corporation (Japan)


• Hitachi, Ltd. (Japan)


• Esaote SpA (Italy)


• Time Medical Holding (Hong Kong)


• Shenzhen Anke Hi-tech Co., Ltd. (China)


• Neusoft Medical Systems Co. Ltd. (U.S.)


• Fonar Corporation (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• November 2022: GE HealthCare announced the launch of SIGNA Experience, a platform of four synergistic technologies such as SIGNA One, artificial intelligence (AI), workflow solutions, and AIR coils to ensure the optimistic magnetic resonance imaging scanning available for the physician, technologists, and the patient.


• May 2021 - RSIP Vision announced a new prostate magnetic resonance imaging equipment-to-ultrasound registration tool. It provides a robust method that utilizes a registered MRI scan of the prostate to visualize information on top of an input-output ultrasound image.


• March 2021: Subtle Medical announced that it received clearance from the U.S. Food and Drug Administration (FDA) for the second generation of its SubtleMR imaging technology. This software is a virtual renovation to existing MRI machines that can enhance scanner performance across the entire fleet.

REPORT COVERAGE

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The U.S. magnetic resonance imaging equipment market report provides a detailed market analysis. It focuses on key aspects, such as market size & market forecast, of critical regions. It also focuses on the overview of technological developments, region-wise installed base imaging system, and distributor analysis for the significant companies.

Besides this, the report offers insights into the market trends and highlights, market statistics, and key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the market's growth in recent years.

Report Scope & Segmentation