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:
Segments
Robust Presence and New Product Launches to Propel 1.5 T Segment Growth
Based 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 Expansion
By 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.