North America Open MRI System Market To Generate Revenue worth $1,380.8 Million by 2030
- Published: July 2023
The North American open MRI system market is projected to generate USD 1,380.8 million revenue by 2030, advancing at a CAGR of 6.7% during 2022–2030. The key factors driving the market are the increasing prevalence of chronic and acute diseases and rising geriatric population.
In addition, open MRI systems are more economical than the closed systems in terms of maintenance costs and upfront costs. This is because the former utilize permanent magnets and have a cryogen-free design. Such features become ideal if liquid helium is not readily accessible, or if it is highly costly.
Additionally, the system requires less engineering manpower during installation and servicing. From the reduced full-service charges, which result in saving 40 to 50% of the expenses in comparison to conventional MRI systems, to the higher patient scan volumes, such systems usually help medical centers recover their spending in a short time. Therefore, the affordability of open MRI systems is driving the growth of the market.
Advanced Open Systems Are Gaining Widespread Preference
The advanced open MRI category is expected to grow the fastest, with a CAGR of around 8%, during the forecast period. This type of MRI is completely open behind, above, and in the front, thus offering the patient more freedom and the doctor greater ease of imaging. With these variants, doctor can image patient in the sitting, lying down, bending, and even standing positions. It is also ideal for larger patients as they need not be in a small, suffocating space.
Moreover, this design allows patients to relax during the exam, which makes it a good option for children, as parents can stand with them during the whole process.
Moreover, in Canada, the demand for open MRI systems is burgeoning due to the growing geriatric population, the rising prevalence of neurodegenerative diseases, and the increasing cases of cancer in the country. Cancer remains the leading cause of death in Canada. An estimated 2 in 5 Canadians will be diagnosed with it in their lifetime, and about 1 in 4 will die of it. In 2021, an estimated 229,200 Canadians were diagnosed with cancer, and 84,600 died of it. Lung, breast, colorectal, and prostate cancers are expected to remain the most-commonly diagnosed cancers, having accounted for 46% of all the diagnoses in 2021.
However, Canada has a lower rate of MRI scanning machines among the advanced economies across the world, with 10.35 scanners per million people, compared to 55.21 in Japan, 40.44 in the U.S., and 34.71 in Germany. This is expected to boost the market growth by offering medical device companies to target the large untapped market here.
In addition, the Canadian medical imaging industry is technologically advanced, creating a robust source of employment and flourishing as a destination for capital investment. The industry is growing due to the improving government programs and policies for players manufacturing these systems and the increasing demand for advanced medical devices. Moreover, British Columbia’s strong economic growth and fiscal discipline have enabled the government to return a dividend to British Columbians, by investing to further improve patient access. Over the past decade, it acquired 16 new MRI scanners for hospitals.
Moreover, the government has employed generous R&D tax credits programs and developed specialized facilities to support companies in the country. Additionally, companies in Canada in association with hospitals, support regulatory frameworks for medical imaging, integrating social, health, economic, and other conditions within a public safety framework. Additionally, Canadian healthcare facilities are advancing rapidly and offering better treatments. Moreover, the country has a favorable public and private health insurance system, which enables people to avail of quality healthcare.
Major players operating in the North American open MRI system market include Koninklijke Philips N.V., Siemens AG, GE Healthcare Technologies Inc., Esaote S.p.A., FUJIFILM Holdings Corporation, FONAR Corporation, Neusoft Medical Systems Co. Ltd., Time Medical Holdings, Canon Medical Systems Corporation, and Medonica Co. LTD.