U.S. Magnetic Resonance Imaging Market Size, Share & Trends Analysis Report By Architecture, By Field Strength, By Application (Brain & Neurological, Vascular), By End-Use, By Region,- Industry Analysis, Size, Share, Growth, Trends, and Forecast 2024-2033

U.S. Magnetic Resonance Imaging Market Size and Growth

The U.S. magnetic resonance imaging market size was exhibited at USD 2.95 billion in 2023 and is projected to hit around USD 5.49 billion by 2033, growing at a CAGR of 6.4% during the forecast period 2024 to 2033.

Key Takeaways:

• The closed systems segment held the largest share of 71.0% in 2023. 
• The open MRI systems showed the highest growth rate of 7.6% CAGR.
• The mid field strength accounted for the largest share of ~48.0% in the field strength segment.
• High field strength is expected to witness the highest CAGR of 7.6% during the forecast period.
• The brain and neurological segment accounted for the largest share of ~22.5% in 2023.
• The hospital segment accounted for the largest share of ~38.0% in the end-use segment.

U.S. Magnetic Resonance Imaging Market by Overview 

The U.S. Magnetic Resonance Imaging (MRI) market continues to witness substantial growth, fueled by technological advancements, increasing prevalence of chronic diseases, and rising demand for non-invasive diagnostic procedures. This overview provides a comprehensive analysis of the current landscape, key trends, growth drivers, and future prospects shaping the MRI market in the United States.

U.S. Magnetic Resonance Imaging Market Growth Factors

The growth of the U.S. Magnetic Resonance Imaging (MRI) market is propelled by several key factors. Firstly, technological advancements in MRI systems, including higher magnetic field strength and improved imaging resolution, drive market expansion by enhancing diagnostic accuracy and efficiency. Secondly, favorable reimbursement policies for MRI procedures encourage healthcare providers to offer these services, contributing to market growth. Additionally, the increasing prevalence of chronic diseases necessitates the use of MRI for early detection and treatment planning, further fueling market demand. Moreover, the shift towards outpatient imaging centers for MRI services, driven by factors such as convenience and cost-effectiveness, expands market accessibility and utilization. These growth factors collectively underscore the promising trajectory of the U.S. MRI market."

Report Scope of The U.S. Magnetic Resonance Imaging Market

U.S. Magnetic Resonance Imaging Market By Architecture Insights

The closed systems segment held the largest share of 71.0% in 2023. Precise images are created using closed MRI systems as they employ strong magnetic field and high radiofrequency waves. A closed MRI structure permits accurate analysis and precise slice selection. One of the major drawbacks of these systems is the tremendous noise. Thus, patients in these closed MRI systems may experience claustrophobia and other mental disturbances.

The open MRI systems showed the highest growth rate of 7.6% CAGR. Numerous market players focus on the development of these systems as it overcomes the issues of closed MRI systems. Pediatric patients are mainly diagnosed in these systems as it eliminates the effect of claustrophobia and anxiety. However, certain diagnostic areas can’t be appropriately scanned using these systems, thus, radiologists prefer closed MRI systems.

U.S. Magnetic Resonance Imaging Market By Field Strength Insights

The mid field strength accounted for the largest share of ~48.0% in the field strength segment. Most MRI scans are conducted in MRI systems magnitude of 1.5T to 3.0T. Optimum absorption rate, accuracy of images with reduced frequency of multiple scans, implant safety, affordable scanning cost, ease of working, and high usage rate of the radiation technician, are the factors for the large market size.

High field strength is expected to witness the highest CAGR of 7.6% during the forecast period. High field strength is gaining large research potential due to their ability to scan even critical areas and produce accurate images. These systems produce 7.0T magnetic strength and numerous market leaders have received FDA clearance for the market launch. For instance, GE Healthcare’s Signa 7.0T MRI system was approved by the FDA in 2020 for use in research and clinical setting to efficiently identify neurological and musculoskeletal diseases.

U.S. Magnetic Resonance Imaging Market By Application Insights

The brain and neurological segment accounted for the largest share of ~22.5% in 2023. Radiologists often prefer MRI scans over other imaging modalities due to the better scan quality and identification of minute abnormalities. Breast imaging held the second largest share due to the growing prevalence of the disease and need to identify risk factors related to the disease.

Breast cancer is highly prevalent in females than any other cancer. Nearly 264,000 cases of breast cancer in women are diagnosed each year and 42,000 women die due to inappropriate diagnosis. Therefore, MRI techniques help in providing quantitative information about cancer by identifying the biological and physical properties of the tissue. MRI is rapidly becoming the preferred method for spinal and musculoskeletal imaging.

U.S. Magnetic Resonance Imaging Market By End-use Insights

The hospital segment accounted for the largest share of ~38.0% in the end-use segment. Presence of skilled staff, improved diagnostic capabilities, high reimbursement ratio, and increased admission rate for emergency cases, are the factors responsible for its large market size. Imaging center market is expected to expand with the highest CAGR of 7.9% during the forecast period. Increased series of funding from a venture capitalist, collaboration with large hospitals, inclination towards affordable diagnostic testing, are the factors propelling the system growth during the forecast period.

The ambulatory care centres segment is also expected to experience a significant growth rate during the forecast period. Growing government initiatives to improve and increase the number of ambulatory care centres to increase reach in rural areas are the factors expected to propel the segment growth during the forecast period.

Some of the prominent players in the U.S. Magnetic Resonance Imaging Market include:

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

Segments Covered in the Report

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the U.S. Magnetic Resonance Imaging Market

Architecture

• Closed System
• Open System

Field Strength

• Low Field Strength
• Mid Field Strength
• High Field Strength

Application

• Obstructive Sleep Apnea (OSA)
• Brain And Neurological
• Spine And Musculoskeletal
• Vascular
• Abdominal
• Cardiac
• Breast
• Other

End-Use

• Hospitals
• Imaging Centers
• Ambulatory Surgical Centers
• Others