North America Magnetic Resonance Imaging Devices Market – Industry Trends and Forecast to 2030

North America Magnetic Resonance Imaging Devices Market Analysis and Size

According to the International Agency for Research on Cancer (Globocan), approximately 1.11 million cancer cases were reported in Africa in 2020, with this figure expected to rise to 2.08 million by 2040. Furthermore, because the elderly population is more prone to chronic diseases, the importance of diagnostic imaging in the country is growing. Similarly, the United States Census Bureau reported in 2021 that 74.4 million people in the African region are 65 and older, with this figure expected to rise to 235.1 million by 2050. Medical imaging is especially important in the care of the elderly, who have complex symptomatology and a high prevalence of musculoskeletal diseases, necessitating sensitive imaging modalities. Thus, the rising prevalence of cancer and the growing geriatric population are increasing demand for disease diagnosis via imaging techniques, which will drive the growth of market.

Data Bridge Market Research analyses that the magnetic resonance imaging devices market which is USD 2816.51 million in 2022, is expected to reach USD 3825.04 million by 2030, at a CAGR of 3.9% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

North America Magnetic Resonance Imaging Devices Market Scope and Segmentation

Market Definition

Magnetic resonance imaging is a medical imaging technique that creates detailed images of tissues and organs in the body using computer-generated radio waves and a magnetic field. MRI machines can also produce 3D images that can be viewed from various angles. It is a non-invasive technique used by doctors to study tissues, organs, and the skeletal system. MRI is commonly used to monitor spinal cord and brain imaging tests.

North America Magnetic Resonance Imaging Devices Market Dynamics

Drivers

• Rise in geriatric population

The market is expanding as a result of the rising elderly population in the area. Aging of the brain is more common in the older population. There is a lot of inter-individual variation in the complicated and varied process of cerebral ageing. The market is fuelled by structural magnetic resonance imaging (MRI), which can be utilized to recognize and measure non-disease-related ageing of the cerebral white matter. For instance, an article published in April 2021 with the title "Predictive determinants of epilepsy outcome in a sample of Egyptian pre-old and elderly population" detailed the rising prevalence of epilepsy and other brain illnesses among the elderly Egyptian population. Magnetic resonance imaging (MRI) can be performed to discover any significant disorders that may have caused the seizure, which can be a serious epileptic seizure. Since there are many age-related ailments in Africa due to the large geriatric population, imaging diagnostics are projected to increase, pushing the market to grow.

Opportunities

• Government Initiatives

Government initiatives are propelling the market. For instance, The National Cancer Strategic for South Africa, reported in November 2020 that the South African government's strategic framework had provided a platform for equitable access to cancer prevention and control, with a particular emphasis on establishing new approaches and strengthening existing and sustaining infrastructure and equipment to ensure timely and appropriate access to diagnostic and treatment services. Thus, such government initiatives improve cancer diagnostic facilities for South Africans, driving demand for magnetic resonance imaging devices.

Restraints/Challenges

• High Costs

The high price of MRI systems is expected to hamper the market growth. Furthermore, even refurbished low-field MRI systems can cost several million dollars. Expensive MRI systems hinder the market growth, inconsistent MRI systems in some patient population hamper the market growth, high maintenance and servicing charges.

This magnetic resonance imaging devices market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the magnetic resonance imaging devices market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

COVID-19 Impact on Magnetic Resonance Imaging Devices Market

The COVID-19 outbreak had a minimal effect on the magnetic resonance imaging devices. There have been restrictions on the use of MRIs, as there is a high risk of contamination due to the use of large equipment, which has hampered market growth because of the government's lockdown and social distance restrictions imposed in response to the COVID-19 pandemic epidemic. Furthermore, guidelines state that radiologists should only use diagnostic imaging equipment to diagnose COVID-19 patients when absolutely necessary. The postponement of non-essential medical services due to the covid-19 epidemic hampered market growth even more. Several issues arose, such as the impact on outpatient imaging services, which harmed the industry.

Recent Development

• In 2022, Under the Rays of Hope training programme, the International Atomic Energy Agency (IAEA) partnered with GE Healthcare to train professionals from Africa in medical imaging techniques such as PET-CT and PET-MRI, which provide a more accurate diagnosis of diseases such as cancer. As a result, such collaborations results in better MRI services in the region.
• In 2022, Medical services in Kilifi County received a Sh 1.5 billion fund from the country's government for the construction of equipped cancer screening and treatment facilities, as well as radiology facilities that included computerised tomography scan (CT-Scan) and magnetic resonance imaging (MRI) facilities.

North America Magnetic Resonance Imaging Devices Market Scope

The magnetic resonance imaging devices market is segmented on the basis of type, process, modality, field strength, architecture, application, distribution channel and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Conventional
• Bio-based

Process

• Trans-Esterification
• Direct Esterification

Field Strength

• High-Field Magnetic Resonance Imaging (MRI) Systems (1.5t to 3t)
• Low-To-Mid-Field Magnetic Resonance Imaging (MRI) Systems (<1.5t)
• Very-High-Field Magnetic Resonance Imaging (MRI) Systems (4t and Above)

Architecture

• Closed Magnetic Resonance Imaging (MRI) Systems
• Standard Bore Magnetic Resonance Imaging (MRI)
• Wide-Bore Magnetic Resonance Imaging (MRI)
• Open Magnetic Resonance Imaging (MRI) Systems

Modality

• Stationary System
• Portable/Mobile System
• Point-of-Care (POC) System

Application

• Oncology
• Neurology
• Cardiology
• Gastroenterology
• Musculoskeletal
• Other Applications

End Users

• Hospitals
• Imaging Centers
• Ambulatory Surgical Centers
• Mammography
• Oncology
• Pelvic and Abdominal
• Gynecology
• Urology
• Dental
• Other Applications

Distribution Channel

• Direct Tender
• Retail Sales

Magnetic Resonance Imaging Devices Market Regional Analysis/Insights

The magnetic resonance imaging devices market is analyzed and market size insights and trends are provided by country, type, process, modality, field strength, architecture, application, distribution channel and end-user as referenced above.

The countries covered in the magnetic resonance imaging devices market report are U.S., Canada and Mexico in North America.

U.S. is expected to dominate the magnetic resonance imaging devices market due to the rising acceptance of magnetic resonance imaging technology for the diagnosis of neurological diseases as well as the rising incidence of chronic disease in the area, there are now more magnetic resonance imaging machines than ever before.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The magnetic resonance imaging device market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for magnetic resonance imaging devices market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the magnetic resonance imaging devices market. The data is available for historic period 2011-2021.

Competitive Landscape and Magnetic Resonance Imaging Devices Market Share Analysis

The magnetic resonance imaging devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to magnetic resonance imaging devices market.

Some of the major players operating in the magnetic resonance imaging devices market are:

• Siemens (Germany)
• General Electric (U.S.)
• Koninklijke Philips N.V., (Netherlands)
• Hitachi Ltd., (Japan)
• CANON MEDICAL SYSTEMS CORPORATION (Japan)
• Sanrad Medical Systems Private Limited (India)
• ESAOTE SPA (Italy)
• Aspect Imaging Ltd. (Israel)
• FONAR Corp., (U.S.)
• Shenzhen Anke High-tech Co., Ltd., (China)
• Neusoft Corporation (China)
• AURORA HEALTHCARE US CORP (U.S.)
• Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)

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