Market Trends of North America Magnetic Resonance Imaging (MRI) Industry
This section covers the major market trends shaping the North America MRI market according to our research experts:
Open MRI Systems are Expected to Grow with High CAGR in the Architecture Segment Over the Forecast Period
An open MRI system has a larger opening compared to a standard MRI system. Claustrophobic people may feel better by using an open MRI machine. An open MRI system is also easy to use for people who are very obese or overweight. It provides a more relaxed, less confining environment and lowers noise levels making it less stressful as compared to a closed system. Also, the shape of the system allows patients of all shapes and sizes to be able to make use of an MRI to accurately diagnose their problems, and it is preferred by patients having claustrophobia; thus, the demand for open MRI systems is expected to increase over the years which will drive growth in the studied segment.
Furthermore, with the growing demand for MRI systems around the world, their adoption is increasing, which will further augment the growth of the studied segment. For instance, in April 2021, Vancouver Coastal Health acquired the MRI scanner and other assets from Canadian Magnetic Imaging Ltd., a private clinic. This contains a Siemens Magnetom Espree1.5T MRI Open Bore MRI, underwent a thorough assessment prior to the acquisition, and will provide robust service for the people. Such acquisitions will lead to a rise in MRI services, thereby leading to increased adoption and driving this segment's growth.
In addition, rising initiatives from the key market players for the launch of innovative market products and approval from the regulatory authorities will lead to driving market growth. For instance, in February 2022, The Food and Drug Administration approved Esaote's Magnifico Open MRI, a new open whole-body MRI system, and it is available for purchase in the United States. This will lead to increased adoption of such innovative open MRI scanners, driving this segment's growth.
Therefore, owing to the above-mentioned factors, Open MRI systems are expected to show a significant share over the forecast period.
United States is Expected to Show a Significant Market Share in the Market Studied
The United States holds a significant share due to the strong foothold of key market players in the country, developed healthcare infrastructure, rising initiatives of key market players,
Increasing disorders such as cardiovascular disorders are expected to increase market growth during the forecast period. For instance, according to the Alzheimer's Association, the number of Americans living with Alzheimer's is growing rapidly. As per the Alzheimer's Association 2021 Alzheimer's Disease Facts and Figures, an estimated 6.2 million Americans aged 65 and older were living with Alzheimer's dementia in 2021 in the United States. By 2050, the number of people aged 65 and older with Alzheimer's dementia is projected to increase to 12.7 million. With this increasing burden of neurological disorders such as Alzheimer's in the country, the adoption of MRI is expected to increase for the diagnosis and treatment of such diseases, which is expected to increase market growth over the forecast period.
In addition, the rise in the launch of new MRI machines in the United States is also expected to drive market growth in this region. For instance, in November 2021, GE Healthcare launched SIGNA Hero, a new 3.0T magnetic resonance imaging (MRI) system that provides better image quality, enhanced workflows, increased productivity, improved patient comfort, and greater sustainability. Such launch of advanced products in the market is expected to show increased adoption, driving the market growth over the forecast period.
Hence, owing to the above factors, the segment is expected to show growth over the forecast period.
