U.S. Magnetic Resonance Imaging Equipment Market Size, Share, Future Analysis, 2026-2034

Market Overview

According to Fortune Business Insights, the U.S. magnetic resonance imaging equipment market size was valued at USD 1.54 billion in 2023 and is projected to grow at a CAGR of 4.9% during the forecast period.

Fortune Business Insights™ has deep-dived into these insights in its latest research report, titled “U.S. Magnetic Resonance Imaging Equipment Market.”

The analysis shows that rising incidences of cancer, chronic conditions, and trauma cases among the U.S. population have significantly increased the use of magnetic resonance imaging (MRI) equipment for disease diagnosis. For example, according to statistics from the American College of Rheumatology 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. Although the COVID-19 pandemic negatively impacted the market in 2020 due to a decline in patient visits, the potential advantages of MRI systems—such as non-invasiveness and highly efficient imaging—indicate a strong, recovering demand across U.S. healthcare settings.

Major Players Profiled in the Market Report:

•         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.)

Segments

Robust Presence and New Product Launches to Propel 1.5 T Segment GrowthBased on 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 and dominates the market owing to the robust presence of this equipment across U.S. healthcare settings and a rise in product launches across several clinical applications. For instance, in November 2021, FUJIFILM Healthcare Americas Corporation launched the Velocity MRI System and Echelon Oval 1.5T MRI system to promote fast abdominal and orthopedic imaging.

High Procedure Volume and Favorable Reimbursements to Drive Musculoskeletal Segment ExpansionBy application, the market is categorized into musculoskeletal, cardiology, body imaging, neurology, and others. The musculoskeletal segment dominated the market with the highest share in 2022 due to the large volume of musculoskeletal procedures, the high efficacy of MRI equipment in soft tissue imaging, and rising reimbursements. According to the American Roentgen Ray Society (ARRS) in March 2021, musculoskeletal MRI examinations increased by 35.40% in the U.S. from 2005 to 2020 due to expanded reimbursement policies by federal agencies such as Medicare.

Hospitals to Dominate the Market Due to a Large Installed Base and High Patient VisitsBased on end-user, the market is segmented into hospitals, ambulatory surgical centers, and diagnostic centers. The hospitals segment held a dominant share of the market in 2022 owing to a massive installed base of MRI systems and a steady rise in patient visits for disease diagnosis. According to OECD statistics, around 19.1 million diagnostic screenings using MRI equipment were performed in U.S. hospitals in 2021.

Geographically, the market is studied thoroughly across the United States healthcare landscape, including region-wise installed base imaging systems.

For detailed market insights: https://www.fortunebusinessinsights.com/u-s-magnetic-resonance-imaging-equipment-market-107974

Report Coverage

The report offers:

•         Major growth drivers, restraining factors, opportunities, and potential challenges for the market.

•         Comprehensive insights into region-wise installed base imaging systems and distributor analysis for significant companies.

•         List of major industry players.

•         Key strategies adopted by the market players and an overview of technological developments.

•         The latest industry developments include product launches, partnerships, mergers, and acquisitions.

Drivers & Restraints

Technological Advancements in MRI Devices to Propel Market GrowthA key driving factor contributing substantially to the market's growth is the increasing technological advancement in magnetic resonance imaging devices across several clinical applications. Leading market players are focusing on introducing technologically advanced systems, such as portable and AI-powered open MRI systems, fueling U.S. market growth. For example, 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 (RSNA).

However, the high installation and maintenance costs associated with MRI equipment lead to an overall high cost of ownership, which may hamper market growth by limiting adoption in small and mid-sized facilities with budgetary constraints. According to Excedr statistics from February 2023, installing a high-end system (more than 1.5 T to 3T) can cost as much as USD 3.0 million in the U.S., while maintenance for a high and closed system can exceed USD 10,000 per month. Additionally, product recalls and the low sensitivity of these systems toward detecting calcifications and hemorrhages further restrict market growth.

Regional Insights

Widespread Institutional Adoption of High-Strength Systems Propels Market Growth in the U.S.The U.S. market is experiencing significant growth driven by the rapid adoption of advanced imaging modalities across its extensive network of hospitals and academic medical centers. Following a temporary dip in 2020 due to the COVID-19 pandemic, the U.S. healthcare system has seen a strong rebound in diagnostic screenings, supported by federal reimbursement policies like Medicare and a high prevalence of chronic conditions requiring advanced diagnostics.

Furthermore, U.S. medical institutions are rapidly adopting ultra-high-strength systems. According to an article published by the University of Texas Southwestern Medical Center in September 2021, more than 30 institutions across the U.S. have already installed a 7 Tesla MRI system, highlighting the country's strong investment in cutting-edge diagnostic infrastructure.

U.S. Magnetic Resonance Imaging Equipment Market Future Growth:The U.S. magnetic resonance imaging equipment market is experiencing robust growth, fueled by a strong shift toward ultra-high-strength 7 Tesla (7T) systems, artificial intelligence (AI) integration, and portable imaging solutions. Healthcare providers are increasingly drawn to 7T MRI systems due to their ability to image less than a millimeter of tissue and their clinical benefits, such as multinuclear imaging and ultra-high-resolution spectroscopy. These capabilities offer superior imaging potential for complex applications like epilepsy, neurodegenerative diseases, and multiple sclerosis. Additionally, there is growing interest in lower-field, specialized research systems (such as 0.55 Tesla) and virtual software renovations that enhance scanner performance across existing fleets.

Competitive Landscape

Presence of Diverse MRI Portfolios and R&D Collaborations to Propel Market GrowthThe market features prominent players like GE HealthCare, Siemens Healthineers AG, and Koninklijke Philips N.V., alongside emerging players such as Shenzhen Anke Hi-tech Co., Ltd. and Neusoft Medical Systems Co. Ltd. These leading companies maintain dominance through extensive product portfolios of varying applications and strengths, aggressive R&D initiatives, and organic strategies like academic collaborations. For example, in November 2022, Siemens Healthineers AG collaborated with researchers at the USC Viterbi School of Engineering to design clinical and research applications for a new class of 0.55 Tesla MRI systems. Earlier, in November 2021, Koninklijke Philips N.V. launched an AI-enabled MR portfolio of innovative diagnostic systems at RSNA 2021 to expand its market share.

Key Industry Development

•         November 2022: GE HealthCare announced the launch of SIGNA Experience, a platform of four synergistic technologies including SIGNA One, artificial intelligence (AI), workflow solutions, and AIR coils to ensure optimal MRI scanning for physicians, technologists, and patients.

•         May 2021: RSIP Vision announced a new prostate magnetic resonance imaging equipment-to-ultrasound registration tool, providing 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, a virtual renovation software that enhances scanner performance across existing MRI fleets.

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